There is still no consensus on who or what caused the financial crisis which engulfed the world, beginning in the summer of 2007.
A huge number of suspects have been identified, from greedy investment bankers, through feckless borrowers, dilatory regulators and myopic central bankers to violent video games and high levels of testosterone among the denizens of trading floors. There is not even agreement on whether the crisis shows a need for more government intervention in markets, or less: some maintain that government encouragement of home ownership lay at the heart of the problem in the US, in particular.
In The Financial Crisis Howard Davies charts a course through these arguments, and the evidence advanced for each of them. The reader can thereby assess the weight to be attached to each, and the likely effectiveness of the remedies under development.
Introduction.
A - The Big Picture.
1 Frankenstein's monster: The end of Laissez-faire capitalism.
2 The rich get richer - the poor borrow.
3 The savings glut - global imbalances.
4 Too loose for too long - US monetary policy.
B - The Trigger.
5 Minsky's Moment.
6 The sub-prime collapse - a failure of government?
C - The Failures of Regulation.
7 A capital shortage.
8 Procyclicality.
9 The Canary in the Coal Mine: off-balance sheet vehicles.
10 The taxi at the station: liquidity.
11 The Blind Mind and The Elephant: US Regulation.
12 SEC- RIP?
13 Financial Weapons of Mass Destruction: Derivatives.
14 Federal Mortgage Regulation.
15 Casino banking : the end of the Glass-Steagall“"
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