The Crisis of Capitalist Democracy
Judge Posner continues to react to the current economic crisis and reflect upon the impact on our views and reliance on capitalism. Posner helps non-technical readers understand business-cycle and financial economics, and financial and governmental institutions, practices, and transactions, while maintaining a neutrality impossible for persons professionally committed to one theory or another.
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Administration’s agencies Alan Greenspan American assets bailout bank’s banking industry bankruptcy Bear Stearns Bernanke billion borrow broker-dealers business cycle capital cash cause collateral commercial banks companies consumers consumption cost created credit-default swaps creditors decline default deficit demand depression dollar economic economists effect equity fall Fed’s federal funds rate Federal Reserve financial collapse financial crisis firms Goldman Goldman Sachs government’s Greenspan hedge funds housing bubble housing prices income increase inflation interest rates investment investors Keynes Keynes’s Lehman Brothers lenders lending liquidity loans macroeconomic ment monetary policy money-market funds mortgage mortgage-backed securities nomic Obama one’s output percent political public debt recovery reduce reform regulation regulatory rise risk risky savings securitized securitized debt sell September 2008 shadow banks spending stimulus program subprime systemic risk theory tion tranches Treasury Treasury securities uncertainty unemployment wage Wall Street workers