Slapped by the Invisible Hand

Slapped by the Invisible Hand
By:Gary B. Gorton
Published on 2010-03-08 by Oxford University Press

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.

This Book was ranked at 4 by Google Books for keyword money and banking.

Book ID of Slapped by the Invisible Hand's Books is 8mExI4boLqIC, Book which was written byGary B. Gortonhave ETAG "qDJVkNGj14k"

Book which was published by Oxford University Press since 2010-03-08 have ISBNs, ISBN 13 Code is 9780199742110 and ISBN 10 Code is 0199742111

Reading Mode in Text Status is true and Reading Mode in Image Status is true

Book which have "240 Pages" is Printed at BOOK under CategoryBusiness and Economics

This Book was rated by 2 Raters and have average rate at "5.0"

This eBook Maturity (Adult Book) status is NOT_MATURE

Book was written in en

eBook Version Availability Status at PDF is true and in ePub is true

Book Preview