LEADER 04801nam 2200709Ia 450 001 9910809190603321 005 20230725023253.0 010 $a1-282-54842-5 010 $a9786612548420 010 $a0-470-62235-0 010 $a0-470-62116-8 035 $a(CKB)2670000000014458 035 $a(EBL)822358 035 $a(OCoLC)815954899 035 $a(SSID)ssj0000358703 035 $a(PQKBManifestationID)11265271 035 $a(PQKBTitleCode)TC0000358703 035 $a(PQKBWorkID)10381578 035 $a(PQKB)11550319 035 $a(MiAaPQ)EBC1698803 035 $a(MiAaPQ)EBC510190 035 $a(Au-PeEL)EBL1698803 035 $a(CaPaEBR)ebr10381094 035 $a(CaONFJC)MIL254842 035 $a(OCoLC)609861469 035 $a(Au-PeEL)EBL510190 035 $a(EXLCZ)992670000000014458 100 $a20091209d2010 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe death of capital$b[electronic resource] $ehow creative policy can restore stability /$fMichael E. Lewitt 205 $a1st ed. 210 $aHoboken, N.J. $cJohn Wiley & Sons$dc2010 215 $a1 online resource (307 p.) 300 $aDescription based upon print version of record. 311 $a0-470-46650-2 320 $aIncludes bibliographical references and index. 327 $aThe 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 Ideas 327 $aAdam 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 Bust 327 $aPrivate 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 Casualty 327 $aTaming 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; Index 330 $aIn 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-favor 606 $aCapital 606 $aCapitalism$zUnited States 606 $aFinance$zUnited States 606 $aGlobal Financial Crisis, 2008-2009 615 0$aCapital. 615 0$aCapitalism 615 0$aFinance 615 0$aGlobal Financial Crisis, 2008-2009. 676 $a332/.041 700 $aLewitt$b Michael E$01717915 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910809190603321 996 $aThe death of capital$94114522 997 $aUNINA