Casino capitalism
Subtitle: how the financial crisis came about and what needs to be done now
By: Hans-Werner Sinn
Publisher: Oxford University Press
Published: 2010
Place of publication: Oxford; New York
Language: eng
Number of pages: 374
ISBN-13: 9780199588275
Subjects: Moral and ethical aspects; Global Financial Crisis, 2008-2009; Government policy; Social responsibility of business; Economics; Banks and banking
Description: In Casino Capitalism Hans-Werner Sinn examines the causes of the banking crisis, points out the flaws in the economic rescue packages, and presents a master plan for the reform of financial markets. Sinn argues that the crisis came about because limited liability induced both Wall Street and Main Street to gamble with real estate properties. He meticulously describes the process of lending to American homeowners and criticizes both the process of securitizing and selling mortgage claims to the world, as well as the poor job rating agencies did in providing transparency. He argues that the American Dream has ended because the world now realizes that this dream was built on loans that are never likely to be repaid. -- Book jacket.
Notes: Includes bibliographical references and indexes.