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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