PDF Reading Slapped by the Invisible Hand: The Panic of 2007 (Financial Management Association Survey and Synthesis) English 199734151 PDF

Slapped by the Invisible Hand: The Panic of 2007 (Financial Management Association Survey and Synthesis)

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 Hand, 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 Panics of 1907 or of 1893, except that, in 2007, most people had never heard of the markets that were involved, didn't know how they worked, or what their purposes were. Terms like subprime mortgage, asset-backed commercial paper conduit, structured investment vehicle, credit derivative, securitization, or repo market were meaningless. In this superb volume, Gorton makes all of this 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 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. An authority on banking panics, Gorton is the ideal person to explain the financial calamity of 2007. Indeed, as the crisis unfolded, he was working inside an institution that played a central role in the collapse. Thus, this book presents the unparalleled and invaluable perspective of a top scholar who was also a key insider.

Product details

• Hardcover : 199 pages


• Title : Slapped by the Invisible Hand: The Panic of 2007 (Financial Management Association Survey and Synthesis)


• Language : English


• ISBN-10 : 199734151

 

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Slapped by the Invisible Hand: The Panic of 2007 by Gary B
Now, in Slapped by the Invisible Hand, Gorton builds upon this seminal work, explaining how the securitized banking system, the nexus of financial markets and inst. 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 ...
Slapped by the Invisible Hand: The Panic of 2007
"Slapped by the Invisible Hand is essential to understanding the deep weakness in the banking sector that led to the financial crisis. Like consumer banks before the Great Depression, the 'shadow banking market' is vulnerable to runs and panics and hysteria, and we are all, in turn, vulnerable to it.
Slapped by the Invisible Hand Gary B Gorton Oxford
Slapped By the Invisible Hand is not a conventional retrospective. Instead it is a real time chronicle of what the authorities were told at key points in the drama by a practitioner who was steeped in the history of banking as well...it is a major contribution." David Warsh, Economic Principals.
Slapped by the Invisible Hand [11 98 MB]
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[PDF] Slapped in the Face by the Invisible Hand: Banking
DOI: 10.2139 SSRN.1401882 Corpus ID: 167980357. Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007 @article{Gorton2009SlappedIT, title={Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007}, author={G. Gorton}, journal={Entrepreneurship & Economics eJournal}, year={2009} }
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Slapped by the Invisible Hand 04 12 2009 05:12 am ET Updated May 25, 2011 Captain "Sully" Sullenberger earned a hero status when he executed a perfect emergency water landing in the Hudson River a month ago.

Book title: Slapped by the Invisible Hand: The Panic of 2007 (Financial Management Association Survey and Synthesis)
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