An argument that contagion is the most significant risk facing the financial system and that Dodd¬Frank has reduced the government's ability to respond effectively. The Dodd–Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd–Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis—that is, that financial institutions were overexposed to one another, resulting in a possible chain reaction of failures. In this book, Hal Scott argues that it is not connectedness but contagion that is the most significant element of systemic risk facing the financial system. Contagion is an indiscriminate run by short-term creditors of financial institutions that can render otherwise solvent institutions insolvent. It poses a serious risk because, as Scott explains, our financial system still depends on approximately $7.4 to $8.2 trillion of runnable and uninsured short-term liabilities, 60 percent of which are held by nonbanks. Scott argues that efforts by the Federal Reserve, the FDIC, and the Treasury to stop the contagion that exploded after the bankruptcy of Lehman Brothers lessened the economic damage. And yet Congress, spurred by the public's aversion to bailouts, has dramatically weakened the power of the government to respond to contagion, including limitations on the Fed's powers as a lender of last resort. Offering uniquely detailed forensic analyses of the Lehman Brothers and AIG failures, and suggesting alternative regulatory approaches, Scott makes the case that we need to restore and strengthen our weapons for fighting contagion.
With the immediacy of today’s NASDAQ close and the timeless power of a Greek tragedy, The Quants is at once a masterpiece of explanatory journalism, a gripping tale of ambition and hubris, and an ominous warning about Wall Street’s future. In March of 2006, four of the world’s richest men sipped champagne in an opulent New York hotel. They were preparing to compete in a poker tournament with million-dollar stakes, but those numbers meant nothing to them. They were accustomed to risking billions. On that night, these four men and their cohorts were the new kings of Wall Street. Muller, Griffin, Asness, and Weinstein were among the best and brightest of a new breed, the quants. Over the prior twenty years, this species of math whiz--technocrats who make billions not with gut calls or fundamental analysis but with formulas and high-speed computers--had usurped the testosterone-fueled, kill-or-be-killed risk-takers who’d long been the alpha males the world’s largest casino. The quants helped create a digitized money-trading machine that could shift billions around the globe with the click of a mouse. Few realized, though, that in creating this unprecedented machine, men like Muller, Griffin, Asness and Weinstein had sowed the seeds for history’s greatest financial disaster. Drawing on unprecedented access to these four number-crunching titans, The Quants tells the inside story of what they thought and felt in the days and weeks when they helplessly watched much of their net worth vaporize--and wondered just how their mind-bending formulas and genius-level IQ’s had led them so wrong, so fast.
Whether you're an adventure junkie, road-tripper, or card shark, Nevada has something for you. Pull off the perfect trip to the Silver State with Moon Nevada. Inside you'll find: Strategic itineraries for road-trippers, campers, skiers, and more The best road trips through Nevada, from three days on "the loneliest road in America" to a week covering Death Valley and the Extraterrestrial Highway, plus detailed information on travel times, distances, and directions The top sights and unique experiences: Explore caves and glaciers at Great Basin National Park, or go fishing, swimming, or boating on Lake Tahoe or Lake Mead. Marvel at the Hoover Dam, camp at a secluded alpine lake, and experience the authentic Wild West in a ghost town saloon. Try your hand at a slot machine and eat your way through an epic Las Vegas buffet, or visit one of Nevada's major festivals and shop for local turquoise jewelry in a Gold Rush town Local tips from longtime Nevadan Scott Smith on where to stay, when to go, and how to get around, plus advice for families with children and travelers with disabilities Full-color photos and detailed maps throughout Thorough background information on the landscape, climate, wildlife, and local culture Focused coverage of Reno, Las Vegas, Death Valley, Tahoe, Central Nevada, Elko, the Ruby Mountains, and more With Moon Nevada's practical tips and local insight, you can plan your trip your way. Spending more time at the lake? Try Moon Tahoe. Headed to the parks? Try Moon Yosemite National Park or Moon Death Valley National Park.
This book introduces and analyzes a new and more predictable bankruptcy process designed specifically for large financial institutions—Chapter 14—to achieve greater financial stability and reduce the likelihood of bailouts. The contributors identify and compare the major differences in the Dodd-Frank Title II and the proposed new procedures and outline the reasons why Chapter 14 would be more effective in preventing both financial crises and bailouts.
Charles Abrams (1902-1970) stood at the center of the policies, problems, and politics surrounding urban planning, housing reform, and the public and private interests involved in the expansion of the American state. He uniquely combined in one person the often divergent roles of "public" and "policy" intellectual. As a "public intellectual," Abrams's voice reached the American public through the pages of The Nation, The New Leader, and The New York Times, with accessible explanations of civil rights legislation, mortgage financing, government policies, and urban renewal. As a "policy intellectual," he helped to create the New York Housing Authority, lobbied President Kennedy to issue an executive order barring discrimination in federally subsidized housing projects, and combated the growing threat of a federally initiated "business welfare state." Housing and the Democratic Ideal is the only comprehensive work on Charles Abrams to date. Though structured as a narrative biography, this book also uses Abrams's experiences as a lens through which we can better understand the development of American social policy and state expansion during the twentieth century. In his left-leaning critique of centrist liberalism, Abrams took aim at the use of fiscal and monetary policies to achieve social objectives—a practice that allowed business interests to maximize private profits at the expense of public benefits. His growing concern over racial discrimination prefigured its emergence as a highly contested aspect of the American state. A. Scott Henderson not only provides clear insight into Abrams's role in American policymaking and his individual achievements as a pioneering civil rights lawyer, scholar, and urban reformer, but also offers an in-depth analysis of modern state-building and the government-private sector relations ushered in by the New Deal.
Always surprises and always entertains." Jonathan Maberry, Rot & Ruin ZAPHEADS #1: BONE AND CINDER A post-apocalyptic thriller set in the world of the bestselling AFTER series. When Mackie Dailey survives a cataclysmic solar storm that wipes out civilization and mutates others into violent killers, he seeks out the one person he cares about most. But when he returns to a college campus looking for Allie, he discovers she is a Zaphead—nearly unrecognizable as the human he once loved. Mackie becomes caught in a power struggle among a small group of survivors who turn the campus into a stronghold against the Zaphead threat. His old nemesis, Lucas Krider, has taken charge, but Krider’s vision of a new world is just as horrifying as the extinction they all face. Will Mackie sacrifice himself so the group has a chance to survive, or will his demons turn out to be more dangerous than the strange, rampaging creatures that nature has unleashed? Look for Zapheads #2: Scars and Ashes. ------------------------------------- keywords: ebook, mutants, post-apocalyptic horror, survivalists, EMP, supernatural sci-fi, science fiction horror books, zombie fiction, futuristic action and adventure, books like Stephen King, mutant thriller ebooks, survival military fiction, dystopian zombies, doomsday preppers, D.J. Molles, David Moody, Blake Crouch, G. Michael Hopf, Hugh Howey, J.L. Bourne, David Wellington, Brian Keene, Bobby Adair, T.W. Piperbrook, Nicholas Sansbury Smith
This book examines the dangers of continuing government bailouts and offers alternative strategies designed to produce growth based on the vigor of the private sector with inflation under control. The expert authors show that it is indeed possible to explain the causes of the crisis in understandable terms and clarify why resolving the bailout problem is essential to preventing future crises.
“Sir John’s ability to comprehend complex concepts and distill these into money-making ideas for his investors was legendary. With this book, Scott Phillips extends Sir John Templeton’s crystal clear vision to some of tomorrow’s most interesting and powerful money-making opportunities. All readers should be prepared to learn–and profit!” –Jeffrey Everett, Founding Partner, Everkey Global Partners “The brilliant global investing strategy of Sir John Templeton finds new life in Scott Phillips’ Buying at the Point of Maximum Pessimism. With the U.S. in trouble, savvy international investing is a must, and this book shows you the best places to put your money for serious profits ahead.” –Christopher Ruddy, CEO, Newsmax Media, Inc. “In Buying at the Point of Maximum Pessimism, Scott Phillips delivers a road map to investment success traveled by the very few but guaranteed to lead you to enormous profits. The book offers a delightful, common sense approach to investing that unfortunately is not so common.” –Robert P. Miles, author, The Warren Buffett CEO "If you want to mitigate your risks while leveraging your long-term sources for growth, read every page of this book and invest accordingly. In ten or twenty years you will look back and be thankful you did.” –Theodore Roosevelt Malloch, Ph.D., Research Professor, Yale University and CEO, The Roosevelt Group Value Investing for the 2010s! Earn Consistent Long-Term Profits in a Radically New Market Environment Legendary value investor Sir John Templeton knew the secret of earning consistent profits: In times of maximum pessimism, recognize what your long-term opportunities are–and be ready to pounce. This book shows you where today’s long-term opportunities are, so you can earn outsized profits when the “herd” is running away in terror. Lauren Templeton Capital Management’s Scott Phillips identifies six powerful value investing themes for the 2010s: areas of long-term growth that become even more compelling in volatile or bear markets. This is value investing for the 2010s: a set of emerging opportunities you can profit from, while other investors are selling in fear!
3 breakthrough books deliver innovative global investing strategies for today’s radically new market environment Yesterday’s investment strategies won’t cut it any more! This Collection brings together innovative new approaches from three of this generation’s most successful investors: strategies you simply won’t find elsewhere! In Buying at the Point of Maximum Pessimism: Six Value Investing Trends from China to Oil to Agriculture, Lauren Templeton Capital Management’s D. Scott Phillipsreveals today’s secret for earning consistently outsized profits: In times of maximum pessimism, recognize your long-term opportunities, and pounce! Phillips identifies six powerful value investing themes for the 2010s: emerging areas of long-term growth that become even more compelling in volatile or bear markets. In What Would Ben Graham Do Now?: A New Value Investing Playbook for a Global Age, Jeffrey Towson modernizes value investing for high-growth emerging markets, introducing techniques he mastered working for Prince Alwaleed, the “Arabian Warren Buffet.” Building on Ben Graham’s classic focus on price and quality, he integrates crucial values of political access, reputation, and capabilities that are indispensable for modern global investing. Next, he presents practical investment “playbooks” designed to help you profitably navigate tomorrow’s titanic market collisions. Finally, in The Esoteric Investor: Alternative Investments for Global Macro Investors, Vishaal B. Bhuyanreveals immense new investment opportunities hidden in the coming age wave, pension crisis, and today's massive demographic, economic, and regulatory shifts. Discover how to profit from reverse equity transactions, surprising commodities, and longevity risk markets—the $24 trillion market you've never heard of! From world-renowned leaders in alternative global investment, including D. Scott Phillips, Vishaal B. Bhuyan,and Jeffrey Towson
Film historian and acclaimed New York Times bestselling biographer Scott Eyman has written the definitive, “captivating” (Associated Press) biography of Hollywood legend Cary Grant, one of the most accomplished—and beloved—actors of his generation, who remains as popular as ever today. Born Archibald Leach in 1904, he came to America as a teenaged acrobat to find fame and fortune, but he was always haunted by his past. His father was a feckless alcoholic, and his mother was committed to an asylum when Archie was eleven years old. He believed her to be dead until he was informed she was alive when he was thirty-one years old. Because of this experience, Grant would have difficulty forming close attachments throughout his life. He married five times and had numerous affairs. Despite a remarkable degree of success, Grant remained deeply conflicted about his past, his present, his basic identity, and even the public that worshipped him in movies such as Gunga Din, Notorious, and North by Northwest. This “estimable and empathetic biography” (The Washington Post) draws on Grant’s own papers, extensive archival research, and interviews with family and friends making it a definitive and “complex portrait of Hollywood’s original leading man” (Entertainment Weekly).
Dead men tell no tales, and the soldiers who rode and died with George Armstrong Custer at the Battle of the Little Bighorn have been silent statistics for more than a hundred years. By blending historical sources, archaeological evidence, and painstaking analysis of the skeletal remains, Douglas D. Scott, P. Willey, and Melissa A. Connor reconstruct biographies of many of the individual soldiers, identifying age, height, possible race, state of health, and the specific way each died. They also link reactions to the battle over the years to shifts in American views regarding the appropriate treatment of the dead.
International Banking and Finance Law Series, Volume 37 Despite open banking’s broad emergence in a variety of jurisdictions and the ambition shared for the benefits it is to deliver, there is a distinct lack of detailed analysis of the legal features which are needed for it to be effectively established. This indispensable study is the first to analyse open banking’s legal foundations by reference to banking law rather than to privacy law or competition law. With a detailed focus on the mature open banking systems of Australia and the United Kingdom, including Australia’s Consumer Data Right, the book’s thoroughgoing legal perspective provides a comprehensive framework which can be used to evaluate and design open banking in any jurisdiction. The presentation proceeds through a comparison of the legal rights, responsibilities, and relationships under open banking systems with equivalent rights in traditional banking payment systems. This process clearly reveals and addresses such salient open banking and data-sharing issues as the following: what data should be shareable and who should be required to share data; how data should be shared and how rights to share data should be established; the role of data minimisation and the role of consent; how laws, standards, rules, and technology interact in an open banking system; how open banking fosters competition, innovation, and financial inclusion; how consumer protection can be included by design; management of quality and security of shared data; facilitation and regulation of participation; legal relationships and allocation of liability among participants; compensation for customers if something goes wrong; strategic challenges and opportunities; enforceability and insolvency; systemic efficacy and safety; and the role of trust. Also included is an assessment framework designed to categorise the risks which arise in open banking and other data-sharing systems. As a systematic appraisal of how banking law can be used to ensure the customer autonomy, data portability, recipient accountability and participant connectivity promised by open banking systems, the book’s legal perspective on the value of customer data will prove of inestimable value for lawyers in banking and finance, as well as for professionals in financial services or information technology.
During the recent financial crisis, the Fed implemented a series of extraordinary and unconventional policies to alleviate the impact of the crisis on financial markets and the economy. This paper examines the effects of these policies on broad financial market conditions. The Fed was more likely to initiate or expand new programs when financial market conditions were tighter than usual and economic conditions deteriorating. The Fed¿s policies improved broad financial market conditions significantly at announcement and that the improvements were associated primarily with program initiations and expansions. Charts and tables. This is a print on demand edition of an important, hard-to-find publication.
Ever since the earliest days of commerce, business people have organized themselves into partnerships. They formed groups with a common interest and worked together as a single unit, assuming both the risks and rewards of the business. It was a natural way of achieving a common goal. If the business succeeded, all of the partners made money. If it flourished, the partners even sometimes became rich. However, success wasn’t assured and if the business failed, they all suffered together. In addition to a multitude of other industries, this was the model that dominated how Wall Street firms operated up until the 1980’s. Beginning in the 1980’s, it was not uncommon to find that a freshly-hired trainee – a kid literally right out of college – knew more about the new financial instruments than the CEO of the firm that hired him. In some instances, the kids were learning about the finer points of newly-invented instruments before their managers knew they even existed. These were the new breed of traders scattered across the trading desks. The individuals whose stories compose the contents of this book are some of the smartest people you’ll ever read about. They had an intimate understanding of the markets and how best to make money from them, but they also had an equally in-depth knowledge of some of the flaws in the markets. Or sometimes, flaws in the systems at the banks themselves. They used their knowledge to make money. And when that failed, they often used their knowledge of how the system was structured to hide their losses. And when that failed, there was no turning back.
Always surprises and always entertains." - Jonathan Maberry, Patient Zero "One of the most thrilling writers working today." - Blake Crouch, Wayward Pines Zapheads #2: Scars and Ashes After a devastating solar storm erases the world they knew, Mackie Dailey and a small group of survivors build a new life on a rural college campus. But there’s another kind of evolution threatening to wipe out the remnants of the human race: bizarre mutants known as “Zapheads” who destroy anything that moves. As the Zapheads adapt from mindless savages into more cunning predators, Mackie draws on his lethal skills as a former hit man to protect his new tribe. But Zapheads aren’t the only danger. Mackie’s old boss, Lucas Krider, is gunning for revenge with his own band of killers. As the campus becomes the battleground for the world’s future, Mackie discovers the biggest threat may be the monster raging inside him. Look for the other books in the Zapheads, After, and Next post-apocalyptic science fiction series. ------------------ keywords: action, adventure, ebooks, horror, thriller, zombies, military, suspense, dystopian, sci-fi, mutants, doomsday fiction, walking dead, end times, Hugh Howey, survival fiction, J.A. Konrath, Blake Crouch, Bobby Adair, T.W. Piperbrook, D.J. Molles, survival, walking dead, Nicholas Sansbury Smith
In accessible prose for North American undergraduate students, this short text provides a sociological understanding of the causes and consequences of growing middle class inequality, with an abundance of supporting, empirical data. The book also addresses what we, as individuals and as a society, can do to put middle class Americans on a sounder footing.
This is a comprehensive history of one of the greatest mysteries in American history--did Mecklenburg County, North Carolina, declare independence from Great Britain more than a year before anyone else? According to local legend, on May 20, 1775, in a log court house in the remote backcountry two dozen local militia leaders met to discuss the deteriorating state of affairs in the American colonies. As they met, a horseman arrived bringing news of the battles of Lexington and Concord. Enraged, they unanimously declared Mecklenburg County "free and independent" from Great Britain. It was known as the "Mecklenburg Declaration of Independence" ("MecDec" for short). A local tavern owner named James Jack delivered the MecDec to the Continental Congress, who found it "premature." All of this occurred more than a year before the national Declaration of Independence. But is the story true? The evidence is mixed. John Adams believed the MecDec represented "the genuine sense of America" while Thomas Jefferson believed the story was "spurious." This book sets out all of the evidence, pro and con.
Real People. Real Stories. Real Politics. Politics involves people, from many backgrounds, struggling to make their voices heard. Real people, telling their stories, reflect our ideals, choices, and collective experiences as a nation. In American Government: Stories of a Nation, author Scott Abernathy tunes in to these voices, showing how our diverse ideas shape the way we participate and behave, the laws we live by, and the challenges we face. Each chapter features real stories illustrating how the American political system is the product of strategies, calculations, and miscalculations of countless individuals. Students learn the nuts and bolts of political science through these compelling stories. Learning concepts in context is a tested learning technique that works to help ideas stick. The key concepts are memorable because they are tied to real politics, where students see political action and political choices shaping how institutions advance or impede the fulfillment of fundamental ideas. Not only will all students see themselves reflected in the pages, but they will come to understand that they, too, are strategic players in American politics, with voices that matter. Just like the Full version, The Essentials edition is perfect for instructors who don’t wish to cover the last three chapters on policy.
The word “change” stormed onto the political lexicon in 1992 when Democratic Presidential nominee Bill Clinton aimed to deny George H.W. Bush a second term. Often overlooked, however, is that “change” also caused a ruckus in Congress. Redistricting, a check overdraft scandal that consumed the chamber and overall frustration with the system produced a wild and woolly year that sent 110 House members into retirement or defeat. Departures On The House portrays comprehensive biographies of each of those members.
Enhanced with photographs and detailed maps, this guide offers the reader the chance to plan and tailor a visit to any, or all, of the 190 National Park areas west of the Mississippi.
Stewardship Grade Easily find funds that put you first. Manager Profile Know the qualifications of the people who are running each fund. Tax Analysis Tax-adjusted returns and potential capital-gains exposure help you decide whether a fund is best suited as a tax-deferred or taxable investment. Star Rating Quickly see how well a fund has balanced risk and return. Results for Up to 12 Years Easily evaluate a fund's performance. Morningstar's Take Get independent insight into how and why a fund is a good choice—or a poor one. Expenses, Fees, Addresses,Phone Numbers Find everything you need to obtain more information before you invest in a fund. Historical Style Boxes See if a fund has invested consistently from year to year. Portfolio Holdings Review the top 20 holdings for each fund to see the securities that drive the performance. Investment Style Box Quickly determine if a fund's true investment strategy matches your goal. Over 50 Investment Categories Put together diversified portfolios, assess potential risk, and spot top funds within peer groups. Sector Weightings Avoid overconcentration in certain areas of the economy. Research from the world's foremost mutual fund expert In this completely new reference guide, you'll find the best information and independent opinion available on 500 of the largest and most popular mutual funds—the very funds you likely own or follow. Morningstar's Fund Reports are the industry standard and are trusted by financial professionals nationwide. And now you'll get this exclusive and valuable guidance updated all year long. Access 50 free fund reports at any time in 2007. Choose from 2,000 funds. This book can help you: Position your portfolio for a big 2007 Steer clear of "me-first" management Start a new portfolio You'll also benefit from: Morningstar's exclusive Analyst Picks An expanded management section Incisive, independent analysis For 20 years, Morningstar has helped individuals and financial advisors make better investment decisions. Our trusted data and independent analysis provide a level of insight unavailable from other sources. For more information about other Morningstar products and services, visit us online at www.morningstar.com.
What do Michael Milken and Martha Stewart have in common? What was the most outrageous party thrown by a financial baron of the twentieth century? Which US war hero president became party to, and victim of, an unabashed con man known as the Napoleon of Wall Street? These questions and more are discussed in Separating Fools from Their Money. The authors trace the history of financial scandals beginning with young republic days through the Enron/WorldCom debacle of modern times. Informative and entertaining, this book reveals human nature in all of its dubious shades of grey. It also exposes themes common to all financial scandals, which remain astonishingly unchanged over time?greed, hubris, media connections, self-interested politicians, and booms-gone-bust, to name a few. This second edition features a new preface and introduction, plus three new chapters, which address the financial panic of 2008, post-panic scandals, and the "princes of Ponzi." This book's accessible writing will interest the casual business reader as well as the seasoned investor.
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