Crisis Economics

Renew：Part 20
Author：Nouriel Roubini Stephen Mihm
Update：08-15-2023
Tags：Business Investing
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Chapter List

Chapter 1 takes the reader on a tour of the past, surveying the many booms, bubbles, and busts that have swept the economic landscape. We focus in particular on the relationship between capitalism and crisis, beginning with the speculative bubble in tulips in 1630s Holland, then ranging forward to the South Sea Bubble of 1720; the first global financial crisis in 1825; the panic of 1907; the Great Depression of the 1930s; and the many crises that plagued emerging markets and advanced economies from the 1980s onward. Crises, we argue, are neither the freak events that modern economics has made them seem nor the rare "black swans" that other commentators have made them out to be. Rather, they are commonplace and relatively easy to foresee and to comprehend. Call them white swans.
Chapter 7 bankruptcy proceedings, where their a.s.sets would have been liquidated. Instead, the government steered them into Chapter 11, where they could be reorganized and reborn. It was all a far cry from the "leave-it-alone liquidationists" of the Hoover administration.
Chapter 4.
Chapter 4
Chapter 5.
Chapter 6.
Chapter 7.
Chapter 8.
Chapter 9.
Chapter 11 proceedings, which has proved disruptive, it may be appropriate to create an alternative mechanism for winding down these firms. One option would be some kind of conservatorship, comparable to what the federal government has used with Fannie Mae and Freddie Mac. Alternatively, a government ent.i.ty endowed with the power to place a firm in receivership-much like the powers possessed by the FDIC-might be preferable. Both ideas would replace the chaos that comes with a Chapter 11I filing, shifting the action from a federal court to a more powerful federal body. In contrast with a bankruptcy trustee, a federal receiver or conservator would have greater powers to determine how the liquidation of a firm would proceed, could curtail disruptive litigation, and could take other measures to prevent liquidation from becoming too disruptive.
Chapter 10.
Chapter 12
Chapter 13
Chapter 14
Chapter 1: The White Swan.
Chapter 4: Things Fall Apart.
Chapter 6: The Last Resort.
Chapter 10: Fault Lines.
Chapter 19
Chapter 20