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Masters of the Universe, Slaves of the Market (Hardcover)
Loot Price: R1,132
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Masters of the Universe, Slaves of the Market (Hardcover)
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This account of the financial crisis of 2008-2009 compares banking
systems in the United States and the United Kingdom to those of
Canada and Australia and explains why the system imploded in the
former but not the latter. Central to this analysis are differences
in bankers' beliefs and incentives in different banking markets. A
boom mentality and fear of being left behind by competitors drove
many U.S. and British bank executives to take extraordinary risks
in creating new financial products. Intense market competition,
poorly understood trading instruments, and escalating system
complexity both drove and misled bankers. Formerly illiquid assets
such as mortgages and other forms of debt were repackaged into
complex securities, including collateralized debt obligations
(CDOs). These were then traded on an industrial scale, and in 2007
and 2008, when their value collapsed, economic activity fell into a
deep freeze. The financial crisis threatened not just investment
banks and their insurers but also individual homeowners and workers
at every level. In contrast, because banks in Canada and Australia
could make good profits through traditional lending practices, they
did not confront the same pressures to reinvent themselves as did
banks in the United States and the United Kingdom, thus allowing
them to avoid the fate of their overseas counterparts. Stephen Bell
and Andrew Hindmoor argue that trading and systemic risk in the
banking system need to be reined in. However, prospects for this
are not promising given the commitment of governments in the
crisis-hit economies to protect the "international competitiveness"
of the London and New York financial markets.
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