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The 1980s opened with the prime interest rate at an astonishing
21.5 percent, leading to a severe recession with unemployment
reaching nearly 11 percent. Depression-like conditions befell the
agricultural sector, a bubble burst in the energy sector, a rolling
real estate recession swept the country, the entire thrift industry
was badly insolvent and the major money center banks were loaded
with third world debt. Some 3, 000 bank and thrifts failed,
including nine of Texas’ 10 largest, and Continental
Illinois, which, at the time, was the 7thlargest bank in
the nation. These severe conditions were not only handled without
creating a panic, the economy actually embarked on the longest
peacetime expansion in history.
In Senseless Panic: How Washington Failed America,
William M. Isaac, Chairman of the Federal Deposit Insurance
Corporation (FDIC) during the banking and S&L crises of the
1980s, details what was different about 2008’s meltdown that
allowed the failure of a comparative handful of institutions to
nearly shut down the world’s financial system. The book also
tells the rousing story of Isaac’s time at the FDIC. With
accessible and engaging prose, Isaac:
* Details the mistakes that led to the panic of 2008 and
2009
* Demystifies the conditions America faced in 2008,
and
* Provides a roadmap for avoiding similar shutdowns and
panics in the future
Senseless Panicis a provocative, quick-paced, and
thoughtful analysis of what went wrong with the nation’s banking
system and a blunt indictment of United States policy.
21.5 percent, leading to a severe recession with unemployment
reaching nearly 11 percent. Depression-like conditions befell the
agricultural sector, a bubble burst in the energy sector, a rolling
real estate recession swept the country, the entire thrift industry
was badly insolvent and the major money center banks were loaded
with third world debt. Some 3, 000 bank and thrifts failed,
including nine of Texas’ 10 largest, and Continental
Illinois, which, at the time, was the 7thlargest bank in
the nation. These severe conditions were not only handled without
creating a panic, the economy actually embarked on the longest
peacetime expansion in history.
In Senseless Panic: How Washington Failed America,
William M. Isaac, Chairman of the Federal Deposit Insurance
Corporation (FDIC) during the banking and S&L crises of the
1980s, details what was different about 2008’s meltdown that
allowed the failure of a comparative handful of institutions to
nearly shut down the world’s financial system. The book also
tells the rousing story of Isaac’s time at the FDIC. With
accessible and engaging prose, Isaac:
* Details the mistakes that led to the panic of 2008 and
2009
* Demystifies the conditions America faced in 2008,
and
* Provides a roadmap for avoiding similar shutdowns and
panics in the future
Senseless Panicis a provocative, quick-paced, and
thoughtful analysis of what went wrong with the nation’s banking
system and a blunt indictment of United States policy.
€16.99
Table of Content
Foreword.Acknowledgments.
Introduction.
Part One: No Calm Before the Storm.
Chapter 1 Home Alone.
Chapter 2 The Early Years (1978 -1981).
Chapter 3 The Savings Bank and S&L Crises.
Chapter 4 Penn Square Fails.
Chapter 5 The Butcher Empire Collapses.
Chapter 6 Deposit Insurance Reform/Tackling Wall Street.
Chapter 7 Continental Illinois Topples.
Chapter 8 Preparing to Leave.
Chapter 9 Lessons Learned.
Part Two: Here We Go Again.
Chapter 10 Policy Mistakes–1989 through 2007.
Chapter 11 The Subprime Mortgage Problem.
Chapter 12 SEC and FASB Blunders.
Chapter 13 Schizophrenic Failure Resolution.
Chapter 14 The $700 Billion Bailout.
Chapter 15 Never Again.
Afterword.
Authors’ Notes on Sources.
About the Authors.
Index.
About the author
William M. Isaac is Chairman of LECG Global Financial Services and one of the world’s foremost authorities on bank regulation. He served as chairman of the Federal Deposit Insurance Corpor-ation (FDIC) during the banking and S&L crises of the 1980s, when some 3, 000 banks and thrifts failed, including nine of the ten largest Texas banks as well as Continental Illinois, the nation’s seventh largest bank. Isaac writes frequently for the Wall Street Journal, the New York Times, Forbes, the Washington Post, American Banker, and other leading publications; testifies before Congress; makes regular appearances on leading television and radio programs; and is a contributor to CNBC.
Language English ● Format EPUB ● Pages 208 ● ISBN 9780470649299 ● File size 0.4 MB ● Publisher John Wiley & Sons ● Published 2010 ● Edition 1 ● Downloadable 24 months ● Currency EUR ● ID 2321798 ● Copy protection Adobe DRM
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