Title: Panic
Description: [The authors] reveal the Crash of 2008 as the "predictable outcome of an ideology that has dominated the American financial establishment for upwards of forty years." This "ideology of modern finance" replaced the capitalist's appreciation for free markets as a context for human creativity with the worship of efficient markets as substitutes for that creativity. The capitalist understands free markets as an arena for the contending judgments of free men. ... Under the influence of contemporary financial theory, bankers and regulators abandoned basic tools of financial analysis and judgment ... [and] combined to create financial institutions with balance sheets no one could judge--Dust jacket.
Subjects: Government policy, Finance, Capitalism, Mortgages, Psychological aspects, Economic policy, Financial crises, Investments, History
Places: United States, Wall Street (New York, N.Y.)
Time periods: 21st century, 2001-2009