Slapped by the Invisible Hand

Slapped by the Invisible Hand

The Panic of 2007

Book - 2010
Rate this:
"Originally written for a conference of the Federal Reserve, Gary Gorton's "The Panic of 2007" garnered enormous attention and is considered by many to be the most convincing take on the recent economic meltdown. Now,in Slapped by the Invisible Rand, Gorton builds upon this seminal work, explaining how the securitized banking system, the nexus of financial markets and instruments unknown to most people, stands at the heart of the financial crisis." "Gorton shows that the Panic of 2007 was not so different from the Panic of 1907 or 1893, except that, in 2007, most people had never heard of the markets that were involved and didn't know how they worked or what their purposes were. Terms such as "subprime mortgage." "asset-backed commercial paper conduit," "structured investment vehicle," "credit derivative," "securitization," and "repo market" were meaningless." "In this volume, Gorton makes these complicated features and their impact crystal clear. He shows that the securitized banking system is, in fact, a real banking system, allowing institutional investors and firms to make enormous short-term deposits. But as with any banking system, it was vulnerable to a panic. Indeed, the events starting in August 2007 can best be understood not as a retail panic involving individuals but as a wholesale panic involving institutions, where large financial firms "ran" on other financial firms, making the system insolvent."--BOOK JACKET.
Publisher: Oxford ; New York : Oxford University Press, 2010
ISBN: 9780199734153
0199734151
Characteristics: 223 p. : ill. ; 25 cm

Opinion

From the critics


Community Activity

Comment

Add a Comment

There are no comments for this title yet.

Age

Add Age Suitability

There are no ages for this title yet.

Summary

Add a Summary

There are no summaries for this title yet.

Notices

Add Notices

There are no notices for this title yet.

Quotes

Add a Quote

There are no quotes for this title yet.

Explore Further

Browse by Call Number

Subject Headings

  Loading...

Find it at SBL

  Loading...
[]
[]
To Top