Slapped by the Invisible Hand

In Slapped by the Invisible Hand, insider Gary Gorton candidly unfurls the banking system that lay at the heart of the recent global financial crisis, providing an unparalleled glimpse, and what will quite possibly be regarded as the ...

Author: Gary Gorton

Publisher: OUP USA

ISBN: 0199734151

Category: Business & Economics

Page: 223

View: 756

In Slapped by the Invisible Hand, insider Gary Gorton candidly unfurls the banking system that lay at the heart of the recent global financial crisis, providing an unparalleled glimpse, and what will quite possibly be regarded as the definitive take on the economic events that dragged the world into recession.


Market Regulations and Finance

As a description of the crisis, Slapped by the Invisible Hand (the title of a recent
book by Gorton (2010)) seems a euphemism, when one considers the extent of
the collateral damages inflicted by the events on huge sections of society, whose
 ...

Author: Ratan Khasnabis

Publisher: Springer Science & Business Media

ISBN: 8132217950

Category: Business & Economics

Page: 253

View: 145

This volume’s primary contribution to the field of Economics is that it addresses the issue of inter-linkages between money, finance and macroeconomics with a broad analytical perspective that has commonality with the Post-Keynesians. In an attempt to assess the consequences of economic reforms and the fallout of the global financial crisis on India and the world around, the book argues that with the onset of the crisis, as in most advanced economies, debates and discussions in India have been concerned with three main issues: monetary policy and asset prices, financial stability, and macro-prudential regulation. Three related issues which are also considered important in the Indian context are – rule vs. principle-based supervision, integrated financial supervision, and regulatory and supervisory independence. The book argues that the crisis highlighted the inadequacies of macro-prudential regulatory structure which mainly addresses idiosyncratic risks specific to individual financial institutions. The crisis precipitated an extensive debate on the role of national regulatory and supervisory authorities in crisis prevention and crisis management via macro-prudential regulations which involves a general equilibrium approach to regulation aiming at safeguarding the financial system as a whole. The book then argues that the crisis led to a paradigm shift in macroeconomic theory and policy. This shift has been categorized into four specific areas: monetary policy, financial regulation, corporate governance, and globalization. The book analyses how the characteristics of each of these four categories have changed from the pre-crisis to the post-crisis situation. The book also delves into the phenomenon of rising global commodity prices post-crisis. The book also deals with an analysis of the impact of this crisis on employment in the US economy, by simulating a macroeconomic model developed by the Cambridge Department of Applied Economics in the 1980s.

Trouble Magnet

So was a certain unidentified small flying creature. Something jarred
Theodakris's attention, as if he had been slapped by an invisible hand, hard. His
hands stopped working the panel. Hurriedly, he waved it aside, showing sharply
to his right ...

Author: Alan Dean Foster

Publisher: Del Rey

ISBN: 9780345495525

Category: Fiction

Page: 288

View: 700

From science fiction icon Alan Dean Foster comes a blazing Pip & Flinx adventure for fans of the green-eyed redhead with awesome mental powers and his miniature flying dragon. In this dazzling novel, Flinx confirms his status as the galaxy’s greatest magnet for big trouble. Wandering out there in some remote region of the galaxy is a gargantuan sentient Tar-Aiym weapons’ system. All Flinx has to do–while his pals look after his injured love Clarity Held–is find the hefty object and persuade it to knock out the monstrous evil that is hurtling through space to waste the entire Commonwealth. A no-brainer, really, especially for Flinx, who is never without his loyal entourage of official snoops, crazed zealots, assorted goons, and the occasional assassin. Indeed, the boy wonder and his mini-drag, Pip, are eager to commence their heroic task . . . just as soon as Flinx visits Visaria–a dangerously depraved planet–to convince himself that humans are indeed worth saving. The chances of stumbling across high moral values and utopian ideals don’t look promising–what with Flinx playing a lawless Pied Piper to a gang of lying, thieving juvenile delinquents. But prospects really go south when Flinx runs afoul of the corrupt planet’s ruthless crime king. Still, life is full of surprises, and Flinx is about to get smacked by a passel of them–by turns devastating, heartening, and positively jaw-dropping. For although Flinx came to Visaria to plumb the enigma of humankind, there’s another mystery waiting here, a shocking clue about his own shadowy past. From the Hardcover edition.

A War of Souls Book I Mountain s Master

He shook it to clear his thoughts, and was slapped by an invisible hand. His
expression of pain was met with horribly ringing laughter. “So, you have seen the
story as it is from the mind of one Zorack Carver. Allow me to outline the
necessary ...

Author: The REAL Zack Folks

Publisher: Lulu.com

ISBN: 0557055814

Category:

Page:

View: 695


The Well of Wishing

Concern passed over her face when Becky appeared to have gotten slapped by
an invisible hand. Stella grabbed her shoulder, and then gave Becky a shove. “
You have to stop doing that!” she cried. “I thought you were going to fall in!” When
 ...

Author: Joy LeDoux

Publisher: AuthorHouse

ISBN: 9781467043427

Category: Fiction

Page: 280

View: 452

Meet Heather, Becky, and Rachel - foster teens who have become a file, a case, a problem for the System. Add five-year-old May, a sweet cherub, with a “Cruella” mother. Each has her own private hell of heartbreaking backgrounds. Knowing they have to say good-bye just as they start to feel comfortable, these girls seek trustworthy friendship, as well as acceptance and a place to belong. Their foster home, headed by a no-nonsense matriarch and her easy-going husband, is a safe place for them to try to make sense out of their fragmented lives and develop resiliency to meet life's blows, but trusting and caring for one another is easier said than done. First in a series of three, this book reveals an inside view of child rearing in "The System," with a touch of mystery emanating from the abandoned shanty in the woods, and the fairy tale wonder of a horse ranch called Haven. Follow Heather's remarkable journey to cope with the taunts of the “in” crowd at a small-town school and to shed her burden of shame which has come about from circumstances beyond her control. Explicit language.

Consumer Credit and the American Economy

... John Erickson, and Ko Wang Real Options: Managing Strategic Investment in
an Uncertain World Martha Amram and Nalin Kulatilaka Real Options in Theory
and Practice Graeme Guthrie Slapped by the Invisible Hand: The Panic of 2007 ...

Author: Thomas A. Durkin

Publisher: Oxford University Press

ISBN: 0199384967

Category: Business & Economics

Page: 528

View: 643

Consumer Credit and the American Economy examines the economics, behavioral science, sociology, history, institutions, law, and regulation of consumer credit in the United States. After discussing the origins and various kinds of consumer credit available in today's marketplace, this book reviews at some length the long run growth of consumer credit to explore the widely held belief that somehow consumer credit has risen "too fast for too long." It then turns to demand and supply with chapters discussing neoclassical theories of demand, new behavioral economics, and evidence on production costs and why consumer credit might seem expensive compared to some other kinds of credit like government finance. This discussion includes review of the economics of risk management and funding sources, as well discussion of the economic theory of why some people might be limited in their credit search, the phenomenon of credit rationing. This examination includes review of issues of risk management through mathematical methods of borrower screening known as credit scoring and financial market sources of funding for offerings of consumer credit. The book then discusses technological change in credit granting. It examines how modern automated information systems called credit reporting agencies, or more popularly "credit bureaus," reduce the costs of information acquisition and permit greater credit availability at less cost. This discussion is followed by examination of the logical offspring of technology, the ubiquitous credit card that permits consumers access to both payments and credit services worldwide virtually instantly. After a chapter on institutions that have arisen to supply credit to individuals for whom mainstream credit is often unavailable, including "payday loans" and other small dollar sources of loans, discussion turns to legal structure and the regulation of consumer credit. There are separate chapters on the theories behind the two main thrusts of federal regulation to this point, fairness for all and financial disclosure. Following these chapters, there is another on state regulation that has long focused on marketplace access and pricing. Before a final concluding chapter, another chapter focuses on two noncredit marketplace products that are closely related to credit. The first of them, debt protection including credit insurance and other forms of credit protection, is economically a complement. The second product, consumer leasing, is a substitute for credit use in many situations, especially involving acquisition of automobiles. This chapter is followed by a full review of consumer bankruptcy, what happens in the worst of cases when consumers find themselves unable to repay their loans. Because of the importance of consumer credit in consumers' financial affairs, the intended audience includes anyone interested in these issues, not only specialists who spend much of their time focused on them. For this reason, the authors have carefully avoided academic jargon and the mathematics that is the modern language of economics. It also examines the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for consumer credit and to what the markets and institutions that provide these products have become today.

Crisis Management and Public Policy

Goldstein, Morris and Philip Turner (2004). Controlling Currency Mismatches in
Emerging Markets. Washington, DC: Peterson Institute. Gorton, Gary (2010).
Slapped by the Invisible Hand: The Panic of 2007. New York: Oxford University
Press.

Author: Hui Ying Sng

Publisher: World Scientific

ISBN: 9814340901

Category: Crisis management

Page: 219

View: 312

"One of the key themes of this book is to study economic crises and financial crises, and the policy measures that are available to manage them. The second key theme of the book is to review several public policies in Singapore, such as competition, healthcare, training, free trade agreements, state capitalism and inequality."--Publisher's description.

New Perspectives on Asset Price Bubbles

Slapped by the Invisible Hand: The Panic of 2007. New York: Oxford University
Press. Gruen, D., M. Plumb, and A. Stone. 2005. “How Should Monetary Policy
Respond to Asset Price Bubbles?” International Journal of Central Banking 1(3),
 ...

Author: Douglas D. Evanoff

Publisher: Oxford University Press

ISBN: 0199939403

Category: Business & Economics

Page: 480

View: 304

This volume critically re-examines the profession's understanding of asset bubbles in light of the global financial crisis of 2007-09. It is well known that bubbles have occurred in the past, with the October 1929 crash as the most demonstrative example. However, the remarkably well-behaved performance of the US economy from 1945 to 2006, and, in particular during the Great Moderation period of 1984 to 2006, assured the economics profession and monetary policymakers that asset bubbles could be effectively managed with little or no real economic impact. The recent financial crisis has now triggered a debate about the emergence of a sequence of repeated bubbles in the Nasdaq market, housing market, credit market, and commodity markets. The realities of the crisis have intensified theoretical modeling, empirical methodologies, and debate on policy issues surrounding asset price bubbles and their potentially adverse economic impact if poorly managed. Taking a novel approach, the editors of this book present five classic papers that represent accepted thinking about asset bubbles prior to the financial crisis. They also include original papers challenging orthodox thinking and presenting new insights. A summary essay highlights the lessons learned and experiences gained since the crisis.

Left Behind with the Homies

In an blink of an eye, Angela's entire face changed as if she was slapped by an
invisible hand. Eric noticied the woman's facial expression then asked her, “Why
are you looking like that? The woman continued with her unpleasant look before
 ...

Author: Herman Fontenette

Publisher: Xlibris Corporation

ISBN: 1479702048

Category: Fiction

Page: 108

View: 358

It was the last days on Earth. Deception was in its greatest form as people worshipped money and the things it brought foward. Deonica Joyner thought she had it made as her bank account grew from dating a multi-millionaire oil tycoon. She turned her back on spirituality only to be left-behind on Earth. The Wallace twins had the best opportunity to be caught up with their mother than the thugs they ran the streets with. They too became left-behind as they witnessed Jesus in the sky while on a mission to Mexico to rescue Deonica from her captives. She placed money over God as the twins chose the thug-life to be Left Behind with the Homies.

Across the Great Divide

“Central Banking in the Credit Turmoil: An Assessment of Federal Reserve
Practice.” Journal of Monetary Economics 58 (1): 1–12. Gorton, Gary. 2010.
Slapped By the Invisible Hand: The Panic of 2007. New York: Oxford University
Press. Hall ...

Author: Martin Neil Baily

Publisher: Hoover Institution Press

ISBN: 0817917861

Category: Business & Economics

Page: 424

View: 673

The financial crisis of 2008 devastated the American economy and caused U.S. policymakers to rethink their approaches to major financial crises. More than five years have passed since the collapse of Lehman Brothers, but questions still persist about the best ways to avoid and respond to future financial crises. In Across the Great Divide, a copublication with Brookings Institution, contributing economic and legal scholars from academia, industry, and government analyze the financial crisis of 2008, from its causes and effects on the U.S. economy to the way ahead. The expert contributors consider postcrisis regulatory policy reforms and emerging financial and economic trends, including the roles played by highly accommodative monetary policy, securitization run amok, government-sponsored enterprises (GSEs), large asset bubbles, excessive leverage, and the Federal funds rate, among other potential causes. They discuss the role played by the Federal Reserve and examine the concept of "too big to fail." And they review and assess resolution frameworks, considering experiences with Lehman Bros. and other firms in the crisis, Title II of the Dodd-Frank Act, and the Chapter 14 bankruptcy code proposal.

Asset Management

... John Erickson, and Ko Wang Real Options: Managing Strategic Investment in
an Uncertain World Martha Amram and Nalin Kulatilaka Real Options in Theory
and Practice Graeme Guthrie Slapped by the Invisible Hand: The Panic of 2007 ...

Author: Andrew Ang

Publisher: Oxford University Press

ISBN: 019938231X

Category: Business & Economics

Page: 368

View: 177

In Asset Management: A Systematic Approach to Factor Investing, Professor Andrew Ang presents a comprehensive, new approach to the age-old problem of where to put your money. Years of experience as a finance professor and a consultant have led him to see that what matters aren't asset class labels, but instead the bundles of overlapping risks they represent. Factor risks must be the focus of our attention if we are to weather market turmoil and receive the rewards that come with doing so. Clearly written yet full of the latest research and data, Asset Management is indispensable reading for trustees, professional money managers, smart private investors, and business students who want to understand the economics behind factor risk premiums, to harvest them efficiently in their portfolios, and to embark on the search for true alpha.

Annual World Bank Conference on Development Economics 2010 Global

As the title of Gary Gorton's recent paper, “Slapped in the Face by the Invisible
Hand” (Gorton 2009) suggests, too much ... markets, the invisible hand is still tied
behind the back or has not become strong enough to slap the face of the market.

Author: Justin Yifu Lin

Publisher: World Bank Publications

ISBN: 0821380605

Category: Business & Economics

Page: 374

View: 344

The Annual World Bank Conference on Development Economics (ABCDE) is one of the world’s best-known series of conferences for the presentation and discussion of new knowledge on development. The conference provides a forum for the world’s leading development thinkers to share new knowledge and ideas. 'Lessons from East Asia and the Global Financial Crisis' was the theme of the ABCDE held in Seoul, Republic of Korea, on June 22–24, 2009. The conference was co-organized by the Government of the Republic of Korea, the Korea Development Institute (KDI), and the World Bank.

Saturday Review of Politics Literature Science and Art

( a very favourite “ manifestation " ) , and the psychical researcher of In like
manner , if some Cockney on his way to Paris were this the period was slapped
by an invisible hand . But Monseigneur month to cross the Channel , and
describe at ...

Author:

Publisher:

ISBN:

Category:

Page:

View: 659


The Invisible Hand

Looking down over the edge of the grey stone she saw long ladders being
slapped into place against the walls. Between them there was a huddle on the
ground around a lady staring up to the sky with dead eyes. An odd white imitation
of the ...

Author: James Hartley

Publisher: John Hunt Publishing

ISBN: 178535499X

Category: Juvenile Fiction

Page: 168

View: 572

The Invisible Hand is about a boy, Sam, who has just started life at a boarding school and finds himself able to travel back in time to medieval Scotland. There he meets a girl, Leana, who can travel to the future, and the two of them become wrapped up in events in /Macbeth/, the Shakespeare play, and in the daily life of the school. The book is the first part of a series called Shakespeare´s Moon. Each book is set in the same boarding school but focuses on a different Shakespeare play.

Strategy Business

Instead of some familiar phys SLAPPED the Invisible Hand is tightly focused ical
address , this occurred at the BY THE ... it could have turned out differINVISIBLE
business and the shadow banking sysently , if only the proper diagnosis HAND ...

Author:

Publisher:

ISBN:

Category: Business planning

Page:

View: 639


ECONned How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

Gary Gorton, “Slapped in the Face by the Invisible Hand: Banking and the Panic
of 2007,” paper prepared for the Federal Reserve Bank of Atlanta's 2009
Financial Markets Conference: Financial Innovation and Crisis, May 11–13, 2009
, 25. 8.

Author: Yves Smith

Publisher: St. Martin's Press

ISBN: 9780230105737

Category: Business & Economics

Page: 368

View: 350

Why are we in such a financial mess today? There are lots of proximate causes: over-leverage, global imbalances, bad financial technology that lead to widespread underestimation of risk. But these are all symptoms. Until we isolate and tackle fundamental causes, we will fail to extirpate the disease. ECONned is the first book to examine the unquestioned role of economists as policy-makers, and how they helped create an unmitigated economic disaster. Here, Yves Smith looks at how economists in key policy positions put doctrine before hard evidence, ignoring the deteriorating conditions and rising dangers that eventually led them, and us, off the cliff and into financial meltdown. Intelligently written for the layman, Smith takes us on a terrifying investigation of the financial realm over the last twenty-five years of misrepresentations, naive interpretations of economic conditions, rationalizations of bad outcomes, and rejection of clear signs of growing instability. In eConned, author Yves Smith reveals: --why the measures taken by the Obama Administration are mere palliatives and are unlikely to pave the way for a solid recovery --how economists have come to play a profoundly anti-democratic role in policy --how financial models and concepts that were discredited more than thirty years ago are still widely used by banks, regulators, and investors --how management and employees of major financial firms looted them, enriching themselves and leaving the mess to taxpayers --how financial regulation enabled predatory behavior by Wall Street towards investors --how economics has no theory of financial systems, yet economists fearlessly prescribe how to manage them

The Orbs of Creation

As if slapped by some gigantic invisible hand, Melois was hurled bodily against
the far wall. “You dare!” boomed a voice mightily. “You dare to invoke Belquis in
such a manner?” thundered a now-animated Constantine, standing tall and ...

Author: D.A. King

Publisher: Xlibris Corporation

ISBN: 1493124412

Category: Fiction

Page: 336

View: 968

Slowly the long line of robed figures made their way toward the end of the huge antechamber that featured the ornately patterned high arching doorway carefully positioned at the rear of the cobblestoned pathway, offering only one way to approach its uniquely stylized threshold. Each figure stood silently awaiting their turn. Each harboring their own thoughts of grandeur. Yes, for each had spent centuries in constant study. Blood, sweat, and tears expended often, and freely, in their ever-pressing efforts to learn what it meant to be counted amongst the chosen. Years spent learning through trial and error the arts that would ultimately prove them worthy of the trust that came along with such daunting responsibility. The prestige allotted to those who sought to become a member of The Order of Truth. Priscilla Whitestone stood ready to embrace the challenge. Ready, for she knew that she was destined for greatness. She and Benjamin Arcanus Trueth were the best of their class. The strongest ever. They were rivals. They had also been lovers once. Lovers whose mutual arrogance would not allow such an emotion as benign as love to take root in their callous hearts. No, for their one true love was power. Power that could only be had as a result of their mastering the sacred arts detailed within the Tome of Shades. Then and only then could what they both desired most be fully realized. They both would have the chance to show their mastery today. Today, all would be revealed for everyone to see. Yes, for today, all the robed figures assembled here would take part in the Ritual of Binding. That most sacred of rituals that would forever bind them to the land of Samarq. Today they would either become one of its guardians, or they would perish. Measures had been set in place to see to that. To each side of the robed acolytes was another group present. Those whose job it would be to ensure that none of the assembled peoples turned back. Not all those present were human. Still, the law was the same for everyone. Everyone must proceed. Yes, for the point of no return had been reached. None of them could turn away from this. To do so now meant certain death one way or another, or worse: madness. Even if one were to survive in that debilitated state, such one could not be allowed to live. That was the law. The throng of hard-eyed observers was here to enforce it. They would not allow any of them who had not completed their trial to live. Unless they were to exit through the door to the left. The door with the drawing of the all-seeing eye encased within the swirling crystal ball upon it. It was well known amongst them all that once one had learned the lore necessary to become an Acolyte of Truth, that one was forever marked. Marked for either greatness or marked for death. There could not be any in-betweens. She knew this for a certainty, for two of their number had fallen already.

Magic Breaks

Magic slapped me with an invisible hand. I reeled. “What?” Robert asked. “
Someone just broke the Order's main ward.” Something tore down the stairs and
Hugh burst into the room. Blood slicked his clothes and cloak, but they were
intact.

Author: Ilona Andrews

Publisher: Penguin

ISBN: 0698146409

Category: Fiction

Page: 400

View: 776

No matter how much the paranormal politics of Atlanta change, one thing always remains the same in this #1 New York Times bestselling series: if there’s trouble, Kate Daniels will be in the middle of it… As the mate of the Beast Lord, Curran, former mercenary Kate Daniels has more responsibilities than it seems possible to juggle. Not only is she still struggling to keep her investigative business afloat, but she must now deal with the affairs of the Pack, including preparing her people for attack from Roland, a cruel, ancient being with godlike powers. As Roland’s long shadow looms ever nearer, Kate is called to attend a gathering of leaders from Atlanta’s supernatural factions. When one of the Masters of the Dead is found murdered by a shapeshifter, Kate is given less than twenty-four hours to hunt down the killer. And this time, if she fails, she’ll find herself embroiled in a war that could destroy everything she holds dear...

The Man Who Could Vanish

And at my involuntary expletive, Lemuel's hearty laughter came from behind me,
and lstaggered back as an invisible hand slapped my shoulders. " It works!"
exclaimed the voice. "It's the most wonderful discovery ever made by man!" "And
the ...

Author: Alpheus Hyatt Verrill

Publisher: eStar Books

ISBN: 1612102549

Category: Fiction

Page:

View: 503

"HARTWELL BUILDING DISAPPEARS. TWENTY STORY STRUCTURE VANISHES IN BROAD DAYLIGHT AND REAPPEARS. MARVELOUS AND INEXPLICABLE ILLUSION WITNESSED BY CROWDS. BELIEVED TO BE A DEMONSTRATION BY SOME MASTER HYPNOTIST SEEKING PUBLICITY."