"If something goes wrong, it's going to be a big mess " That 2004
warning came during the SEC's approval of a new regulation intended
to help investment banks avoid regulation. Confusing? In 1998 the
large hedge fund Long-Term Capital Management was close to
collapse. The Federal Reserve deemed it sufficiently large to
present systemic risk and organized a "rescue" by a group of its
largest banks. No taxpayer money was involved, but the event caught
the eye of Congress. Congressmen and government officials vowed
that something needed to be done about financial risk and
regulation.Then Congress ignored LTCM's lessons. Congress removed
the barriers between investment and commercial banking in 1999. The
following year Congress passed legislation that ensured that
over-the-counter derivatives would not be regulated. Something else
was going on.The real history of the systemic bubble began at least
ten years ago. The implosion of this bubble is far larger than LTCM
with even more complex risks and financial instruments. This
meltdown involved huge taxpayer-funded bailouts. The public is
paying attention this time, but is Congress really dealing with
systemic risk?Many fictions surround the financial meltdown. Which
political party is most responsible? Can regulators prevent another
crisis? How do credit ratings play a hidden role? Can Congress tame
systemic risk without shrinking big banks?In simple terms Emily
Eisenlohr guides Main Street down Wall Street, where finance meets
politics. She provides both simple explanations for the less
financially savvy and simple illustrations to show even the experts
how systemic risk remains, making future bailouts a given. She
believes you don't need to trade derivatives or have a Ph.D. in
economics to understand this little history.
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