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About this product
- DescriptionOriginally written for a conference of the Federal Reserve, Gary Gorton's The Panic of 2007 garnered ermous attention and is considered by many to be the most convincing take on the recent ecomic meltdown. Now, in Slapped by the Invisible Hand, Gorton builds upon this seminal work, explaining how the securitized banking system, the nexus of financial markets and instruments unkwn to most people, stands at the heart of the financial crisis. The securitized banking system is, in fact, a real banking system, allowing institutional investors and firms to make large, short-term deposits. But, as any banking system, it was vulnerable to a panic. Indeed the events starting in August 2007 can best be understood as a panic-a wholesale panic, rather than a retail panic-involving financial firms running on other financial firms, resulting in the system becoming insolvent. As the financial crisis unfolded, Gorton was working inside an institution that played a central role in the collapse; thus this book presents the unparalleled perspective of a top scholar who was also a central insider.
- Author BiographyGary B. Gorton is Professor of Finance for the Yale School of Management, previously taught at Wharton for 24 years, and worked in the Federal Reserve System. He is also a former consultant to AIG Financial Products.
- Author(s)Gary B. Gorton
- PublisherOxford University Press Inc
- Date of Publication29/04/2010
- SubjectBusiness, Accounting & Vocational: Textbooks & Study Guides
- Series TitleFinancial Management Association Survey and Synthesis
- Place of PublicationNew York
- Country of PublicationUnited States
- ImprintOxford University Press Inc
- Content Note30 black and white illustrations
- Weight531 g
- Width160 mm
- Height241 mm
- Spine20 mm
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