LEADER 04195nam 2200661Ia 450 001 9910462377303321 005 20210514024255.0 010 $a1-4008-4639-0 024 8 $a40022449167 035 $a(CKB)2670000000358326 035 $a(EBL)1131668 035 $a(OCoLC)842919696 035 $a(SSID)ssj0000872036 035 $a(PQKBManifestationID)12355793 035 $a(PQKBTitleCode)TC0000872036 035 $a(PQKBWorkID)10829831 035 $a(PQKB)11785499 035 $a(MiAaPQ)EBC1131668 035 $a(OCoLC)966766347 035 $a(MdBmJHUP)muse54645 035 $a(DE-B1597)474143 035 $a(OCoLC)979624324 035 $a(DE-B1597)9781400846399 035 $a(Au-PeEL)EBL1131668 035 $a(CaPaEBR)ebr10695160 035 $a(EXLCZ)992670000000358326 100 $a20121109d2013 uy 0 101 0 $aeng 135 $aurun#---|u||u 181 $ctxt 182 $cc 183 $acr 200 10$aPolitical bubbles$b[electronic resource] $efinancial crises and the failure of American democracy /$fNolan McCarty, Keith T. Poole, Howard Rosenthal 205 $aCourse Book 210 $aPrinceton $cPrinceton University Press$dc2013 215 $a1 online resource (369 p.) 300 $aDescription based upon print version of record. 311 0 $a0-691-16572-6 311 0 $a0-691-14501-6 320 $aIncludes bibliographical references and index. 327 $tFront matter --$tContents --$tAcknowledgments --$tIntroduction --$tPart I: The Political Bubble. Why Washington Allows Financial Crises to Occur --$tChapter 1. Bubble Expectations --$tChapter 2. Ideology --$tChapter 3. Interests --$tChapter 4. Institutions --$tChapter 5. The Political Bubble of the Crisis of 2008 --$tPart II. Pops. Why Washington Delays in Solving Financial Crises --$tChapter 6. Historical Lessons of the Responses to Pops --$tChapter 7. The Pop of 2008 --$tChapter 8. "Populism --$tChapter 9 . How to Waste a Crisis --$tEpilogue --$tNotes --$tBibliography --$tName Index --$tSubject Index 330 $aBehind every financial crisis lurks a "political bubble"--policy biases that foster market behaviors leading to financial instability. Rather than tilting against risky behavior, political bubbles--arising from a potent combination of beliefs, institutions, and interests--aid, abet, and amplify risk. Demonstrating how political bubbles helped create the real estate-generated financial bubble and the 2008 financial crisis, this book argues that similar government oversights in the aftermath of the crisis undermined Washington's response to the "popped" financial bubble, and shows how such patterns have occurred repeatedly throughout US history. The authors show that just as financial bubbles are an unfortunate mix of mistaken beliefs, market imperfections, and greed, political bubbles are the product of rigid ideologies, unresponsive and ineffective government institutions, and special interests. Financial market innovations--including adjustable-rate mortgages, mortgage-backed securities, and credit default swaps--become subject to legislated leniency and regulatory failure, increasing hazardous practices. The authors shed important light on the politics that blinds regulators to the economic weaknesses that create the conditions for economic bubbles and recommend simple, focused rules that should help avoid such crises in the future. The first full accounting of how politics produces financial ruptures, Political Bubbles offers timely lessons that all sectors would do well to heed. 606 $aFinancial crises$zUnited States$xHistory$y21st century 606 $aGlobal Financial Crisis, 2008-2009$xPolitical aspects 608 $aElectronic books. 615 0$aFinancial crises$xHistory 615 0$aGlobal Financial Crisis, 2008-2009$xPolitical aspects. 676 $a330.973/0931 700 $aMcCarty$b Nolan M$0477592 701 $aPoole$b Keith T$01033067 701 $aRosenthal$b Howard$f1939-$0103050 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910462377303321 996 $aPolitical bubbles$92451315 997 $aUNINA