Anmerkung: |
Die Krise von 2007ff wird aus nicht-marxistischer Sicht gedeutet. Materalreich, detailliert, letztenendes aber unschlüssig bis hilflos, was die Frage nach den Ursachen der beschriebenen "Ursachen" angeht. Das ist natürlich in erster Linie die Antwort auf die Frage, worin denn nun das systemische besteht, das während und nach der Krise so oft beschworen wird.
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Inhalt: |
1 Introduction: The Financial Crisis of Our Time 1 Before the Great Depression 2 From the Great Depression to Financial Deregulation 4 From Financial Deregulation to the Savings and Loan Crisis 10 2 From Securitization to Subprime 16 The Development of Securitization 16 The Process of Securitization: An Overview 26 Credit Enhancement 33 The Subprime Difference 35 3 Before the Deluge 38 Subprime Lending: To the Peak 38 The Height of Subprime Lending 46 4 From the Subprime Crisis to Financial Disaster: An Overview 57 The Housing Peak to Hints of Something Wrong 57 The Slide Accelerates 59 Mortgage-Backed Securities and Foreclosures 61 No Relief in 2008 63 The Climax? 67 Back from the Brink 72 5 Extinctions 74 Among the Ruins 74 From Countrywide to IndyMac 75 IndyMac 77 Washington Mutual 80 Wachovia 82 Bank Extinctions, Banking Consolidation, and Too-Big-to-Fail 84 6 The End of Investment Banking 87 Big Brains, Big Egos, and Big Pay 87 Bear Stearns 88 The Bankruptcy of Lehman Brothers 96 Merrill Lynch: The Herd Goes to the Abattoir 98 Goldman Sachs, Morgan Stanley, and the Week That Remade Wall Street 102 7 When Zombies Walk the Earth 109 Fannie Mae and Freddie Mac 110 AIG 117 Citigroup: The Biggest Zombie of Them All 124 Zombies and the Future 126 8 Policy Responses and the Beginnings of Recovery 128 Unfurling the TARP 129 The Market Reacts 131 The TARP Evolves 133 Introduction of the TALF 136 Instituting More Programs 138 Support for the Auto Industry 138 Support for Home Owners 139 Green Shoots in the Financial Sector 139 Initial Cost Assessment 140 9 Causes of the Financial Crisis: Macroeconomic Developments and Federal Policy 143 The Basic Story 144 Macroeconomic Developments 146 Federal Stimulative Policy and Legislation 148 Attempts to Combat Mortgage Lending Discrimination and to Expand Home Ownership to Minorities 149 National Homeownership Strategy 151 The Causal Role of the GSEs 155 10 Causes of the Financial Crisis: The Failure of Prudential Regulation 160 Regulation of Depository Institutions 162 Regulation of Lines of Business 162 Capital Requirements 163 Interaction Between Capital Regulation and Credit Derivatives 166 Regulation of Size and Scope—″Too Big to Fail″ 167 Restrictions on Concentration of Risk 169 Regulation of Securities Markets and Supporting Institutions 170 Capital Regulations 170 Off-Balance Sheet Corporate Entities 173 Credit-Rating Agencies 174 Mark-to-Market Accounting Rules 178 Complex Financial Derivatives 181 The Regulation of AIG 181 Poor Regulation of Mortgage Industry 183 Emergency Responses to the Crisis and ″Really Too Big to Fail″ 184 Defects in Regulatory Architecture 186 11 Causes of the Financial Crisis: From Aspiring Home Owner to Mortgage Lender 187 The Borrower 190 The Lender 191 The Appraiser 195 The Mortgage Broker 197 The Mortgage Frenzy, the Originator, and Underwriting Standards 203 12 Causes of the Financial Crisis: From Securitizer to Ultimate Investor 208 Purchasing Mortgages 209 Creating Securities and Obtaining Ratings 211 9 Causes of the Financial Crisis: Macroeconomic Developments and Federal Policy 143 The Basic Story 144 Macroeconomic Developments 146 Federal Stimulative Policy and Legislation 148 Attempts to Combat Mortgage Lending Discrimination and to Expand Home Ownership to Minorities 149 National Homeownership Strategy 151 The Causal Role of the GSEs 155 10 Causes of the Financial Crisis: The Failure of Prudential Regulation 160 Regulation of Depository Institutions 162 Regulation of Lines of Business 162 Capital Requirements 163 Interaction Between Capital Regulation and Credit Derivatives 166 Regulation of Size and Scope—″Too Big to Fail″ 167 Restrictions on Concentration of Risk 169 Regulation of Securities Markets and Supporting Institutions 170 Capital Regulations 170 Off-Balance Sheet Corporate Entities 173 Credit-Rating Agencies 174 Mark-to-Market Accounting Rules 178 Complex Financial Derivatives 181 The Regulation of AIG 181 Poor Regulation of Mortgage Industry 183 Emergency Responses to the Crisis and ″Really Too Big to Fail″ 184 Defects in Regulatory Architecture 186 11 Causes of the Financial Crisis: From Aspiring Home Owner to Mortgage Lender 187 The Borrower 190 The Lender 191 The Appraiser 195 The Mortgage Broker 197 The Mortgage Frenzy, the Originator, and Underwriting Standards 203 12 Causes of the Financial Crisis: From Securitizer to Ultimate Investor 208 Purchasing Mortgages 209 Creating Securities and Obtaining Ratings 211
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