TY  - BOOK
AU  - McCarty,Nolan
AU  - Poole,Keith T.
AU  - Rosenthal,Howard
TI  - Political Bubbles: Financial Crises and the Failure of American Democracy 
SN  - 9780691145013
AV  - HB3717 2008 .M34 2013
U1  - 330.973/0931 23
PY  - 2013///]
CY  - Princeton, NJ : 
PB  - Princeton University Press, 
KW  - Financial crises
KW  - United States
KW  - History
KW  - 21st century
KW  - Global Financial Crisis, 2008-2009
KW  - Political aspects
KW  - POLITICAL SCIENCE / History & Theory
KW  - bisacsh
N1  - Frontmatter --; Contents --; Acknowledgments --; Introduction --; Part I: The Political Bubble. Why Washington Allows Financial Crises to Occur --; Chapter 1. Bubble Expectations --; Chapter 2. Ideology --; Chapter 3. Interests --; Chapter 4. Institutions --; Chapter 5. The Political Bubble of the Crisis of 2008 --; Part II. Pops. Why Washington Delays in Solving Financial Crises --; Chapter 6. Historical Lessons of the Responses to Pops --; Chapter 7. The Pop of 2008 --; Chapter 8. "Pop"ulism --; Chapter 9 . How to Waste a Crisis --; Epilogue --; Notes --; Bibliography --; Name Index --; Subject Index; restricted access; Issued also in print
N2  - Behind 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
UR  - https://doi.org/10.1515/9781400846399?locatt=mode:legacy
UR  - https://www.degruyter.com/isbn/9781400846399
UR  - https://www.degruyter.com/cover/covers/9781400846399.jpg
ER  -