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Federal Interventions in Response to the Financial Crisis - A Retrospective of Costs (Paperback)
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Federal Interventions in Response to the Financial Crisis - A Retrospective of Costs (Paperback)
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In August 2007, asset-backed securities (ABS), particularly those
backed by subprime mortgages, suddenly became illiquid and fell
sharply in value as an unprecedented housing boom turned into a
housing bust. Losses on the many ABS held by financial firms
depleted their capital. Uncertainty about future losses on illiquid
and complex assets led to firms having reduced access to private
liquidity, sometimes catastrophically. In September 2008, the
financial crisis reached panic proportions, with some large
financial firms failing or having the government step in to prevent
their failure. Initially, the government approach was largely ad
hoc, addressing the problems at individual institutions on a
case-by-case basis. The panic in September 2008 convinced policy
makers that a system-wide approach was needed, and Congress created
the Troubled Asset Relief Program (TARP) in October 2008. In
addition to TARP, the Treasury, Federal Reserve (Fed) and Federal
Deposit Insurance Corporation (FDIC) implemented broad lending and
guarantee programs. The primary goal of the various interventions
was to end the financial panic and restore normalcy to financial
markets, rather than to make a profit for taxpayers. This book
presents how much the programs ultimately cost (or benefited) the
taxpayers based on straightforward cash accounting as reported by
the various agencies. This book describes the various actions by
the Federal Reserve to stabilise the financial markets and how
those actions are likely to affect the federal budget in coming
years. The book also presents estimates of the risk-adjusted (or
fair-value) subsidies that the Federal Reserve provided to
financial institutions through its emergency programs.
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