Isaac / Meyer Senseless Panic

How Washington Failed America
1. Auflage 2012
ISBN: 978-1-118-47332-0
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 240 Seiten, E-Book

The truth about the 2008 economic crisis from a Washingtoninsider
The 1980s opened with the prime interest rate at an astonishing21.5 percent, leading to a severe recession with unemploymentreaching nearly 11 percent. Depression-like conditions befell thecountry, the entire thrift industry was badly insolvent and themajor money center banks were loaded with third world debt. Some3,000 bank and thrifts failed, including nine of Texas' tenlargest, and Continental Illinois, which, at the time, was theseventh largest bank in the nation. These severe conditions werenot only handled without creating a panic, the economy actuallyembarked on the longest peacetime expansion in history.
In Senseless Panic: How Washington Failed America,William M. Isaac, Chairman of the Federal Deposit InsuranceCorporation (FDIC) during the banking and S&L crises of the1980s, details what was different about 2008's meltdown thatallowed the failure of a comparative handful of institutions tonearly shut down the world's financial system. The book alsotells the rousing story of Isaac's time at the FDIC.
* Details the mistakes that led to the panic of 2008 and2009
* An updated paperback revision of the bestselling book on the2008 economic crisis, including a fascinating new Epilogue
* Demystifies the conditions America faced in 2008
* Provides a road map for avoiding similar shutdowns and panicsin the future
* Includes a foreword by Federal Reserve Chairman PaulVolcker
Senseless Panic is a provocative, quick-paced, andthoughtful analysis of what went wrong with the nation's bankingsystem, a blunt indictment of United States policy, and a road mapfor making sure it doesn't happen again.

Autoren/Hrsg.

Isaac, William M.

Meyer, Philip C.

Weitere Mitwirkende

Volcker, Paul A.

Inhaltsverzeichnis

Foreword ix
Acknowledgments xiii
Introduction xv
Part One: No Calm Before the Storm 1
Chapter 1 Home Alone 3
Chapter 2 The Early Years (1978 -1981) 13
Chapter 3 The Savings Bank and S&L Crises 22
Chapter 4 Penn Square Fails 29
Chapter 5 The Butcher Empire Collapses 47
Chapter 6 Deposit Insurance Reform/Tackling Wall Street 53
Chapter 7 Continental Illinois Topples 64
Chapter 8 Preparing to Leave 86
Chapter 9 Lessons Learned 92
Part Two: Here We Go Again 99
Chapter 10 Policy Mistakes--1989 through 2007 101
Chapter 11 The Subprime Mortgage Problem 113
Chapter 12 SEC and FASB Blunders 118
Chapter 13 Schizophrenic Failure Resolution 131
Chapter 14 The $700 Billion Bailout 148
Chapter 15 Never Again 161
Afterword 177
Epilogue 180
Authors' Notes on Sources 208
About the Authors 209
Index 211

Über Autor(innen)

William M. Isaac is Senior Managing Director and GlobalHead of Financial Institutions for FTI Consulting and Chairman ofFifth Third Bancorp. Both are positions he assumed after this bookwas published in its hardcover edition. He served as Chairman ofthe Federal Deposit Insurance Corporation during the banking andS&L crises of the 1980s, when some 3,000 banks and thriftsfailed, including nine of the ten largest Texas banks as well asContinental Illinois, then the nation's seventh largest bank. Isaacwrites frequently for the Wall Street Journal, Financial Times,Forbes, Washington Times, Washington Post, New York Times, AmericanBanker, and other leading publications; testifies beforeCongress; and makes regular appearances on leading radio andtelevision programs.