Why are we in such a financial mess instantly? There are numerous proximate causes: over-leverage, worldwide imbalances, harmful financial technology that end in widespread underestimation of hazard.
Nevertheless these are all indicators. Until we isolate and cope with elementary causes, we’ll fail to extirpate the sickness. ECONned is the first book to take a look at the unquestioned place of economists as protection-makers, and how they helped create an unmitigated monetary disaster.
Proper right here, Yves Smith appears at how economists in key protection positions put doctrine sooner than exhausting proof, ignoring the deteriorating circumstances and rising dangers that finally led them, and us, off the cliff and into financial meltdown. Intelligently written for the layman, Smith takes us on a terrifying investigation of the financial realm over the past twenty-5 years of misrepresentations, naive interpretations of monetary circumstances, rationalizations of harmful outcomes, and rejection of clear indicators of rising instability.
In eConned, author Yves Smith reveals:
–why the measures taken by the Obama Administration are mere palliatives and are unlikely to pave the easiest way for a robust restoration
–how economists have come to play a profoundly anti-democratic place in protection
–how financial fashions and concepts which were discredited larger than thirty years up to now are nonetheless also used by banks, regulators, and consumers
–how administration and employees of foremost financial corporations looted them, enriching themselves and leaving the mess to taxpayers
–how financial regulation enabled predatory conduct by Wall Street within the path of consumers
–how economics has no idea of financial methods, however economists fearlessly prescribe strategies to deal with them
- File Size: 2226 KB
- Print Length: 369 pages
- Publisher: St. Martin’s Press; 1 edition (February 19, 2010)
- Publication Date: October 11, 2011
- Sold by: Macmillan
- Language: English
- ASIN: B0038YQWC0
- Text-to-Speech: Enabled
- X-Ray for Textbooks: Enabled
- Word Wise: Enabled
- Lending: Not Enabled
- Enhanced Typesetting: Enabled