04801nam 2200709Ia 450 991079235210332120230725023253.01-282-54842-597866125484200-470-62235-00-470-62116-8(CKB)2670000000014458(EBL)822358(OCoLC)815954899(SSID)ssj0000358703(PQKBManifestationID)11265271(PQKBTitleCode)TC0000358703(PQKBWorkID)10381578(PQKB)11550319(MiAaPQ)EBC1698803(MiAaPQ)EBC510190(Au-PeEL)EBL1698803(CaPaEBR)ebr10381094(CaONFJC)MIL254842(OCoLC)609861469(Au-PeEL)EBL510190(EXLCZ)99267000000001445820091209d2010 uy 0engurcn|||||||||txtccrThe death of capital[electronic resource] how creative policy can restore stability /Michael E. Lewitt1st ed.Hoboken, N.J. John Wiley & Sonsc20101 online resource (307 p.)Description based upon print version of record.0-470-46650-2 Includes bibliographical references and index.The Death of Capital: How Creative Policy Can Restore Stability; Contents; Acknowledgments; Introduction: The 2008 Crisis-Tragedy or Farce?; Seeds of Instability; A Word on Speculation; Financialization; The Corruption of Moral Sentiments; Low Rates and Lax Rules; The Global Liquidity Bubble; A Crisis of Confidence; Why Finance Matters; Global Threats Require Systemic Stability; A Few Words about This Book; Chapter 1: The Death of Capital; The Four Essential Characteristics of Capital; How Capital Dies; The Failure of Risk Management; Chapter 2: Capital IdeasAdam Smith and the Tyranny of Crowds Karl Marx and the Origins of Opacity; John Maynard Keynes; Hyman Minsky; Lessons on Capital from the Masters; Chapter 3: Empty Promises; Promises Aren't What They Used to Be; The Digitalization of Promises; Collateralized Mortgage Obligations; HSBC Drinks the Mortgage Kool-Aid; A Fetish Is Not a Promise; Chapter 4: Financialization; Money Begetting Money; Power Begetting Power; Theories of Financialization; The Monetization of Values; Chapter 5: From Innovators to Undertakers; The History of Private Equity Funds; From Boom to BustPrivate Equity Fees: The New Agency Problem The Myth of Private Equity Returns; Men Behaving Badly; Private Equity and Cheap Debt: Birds of a Feather Flop Together; Private Equity Goes Public: A Study in the Oxymoronic; Taxing Labor as Capital; Calling Dr. Kervorkian?; Private Equity: The Long-Term Damage; Reform of Private Equity Firms; Chapter 6: Welcome to Jurassic Park; Isla Nublar; The New DNA of Finance; Warning Signs; Dinosaurs Turn on Their Makers; Bear Stearns: First Casualty; American International Group (AIG)-Second Casualty; The Bond Insurers-Third CasualtyTaming the Beasts (Regulating Credit Derivatives)Chapter 7: The Road to Hell; Satan in the Garden; Reverse Black Swans; Birth of the Prudent Man; The Fallacy of Diversification; Chapter 8: Finance after Armageddon; Obama Goes to Wall Street; Principles of Reform; Impose a Tax on Speculation; End Balkanized Regulation; Too Big to Fail; Improving Capital Adequacy; Reforming Monetary Policy; Enhancing Systemic Transparency; Conclusion: "This Is Later"; Notes; Bibliography and Other Sources; About the Author; IndexIn The Death of Capital, respected portfolio manager and longtime investment professional Michael Lewitt looks at how the U.S. economy has increasingly been dominated by short-term speculation rather than industrial expansion in recent years. These disastrous trends, described here as financialization, ignore the fact that capital itself is a highly unstable process rather than a fixed object or category. As a result of our failure to understand the true nature of capital, we have developed a financial and regulatory system that does exactly the opposite of what it should be doing-favorCapitalCapitalismUnited StatesFinanceUnited StatesGlobal Financial Crisis, 2008-2009Capital.CapitalismFinanceGlobal Financial Crisis, 2008-2009.332/.041Lewitt Michael E1524937MiAaPQMiAaPQMiAaPQBOOK9910792352103321The death of capital3766024UNINA