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e-Book Political Bubbles: Financial Crises and the Failure of American Democracy epub download

e-Book Political Bubbles: Financial Crises and the Failure of American Democracy epub download

Author: Nolan McCarty,Keith T. Poole,Howard Rosenthal
ISBN: 0691165726
Pages: 368 pages
Publisher: Princeton University Press; Reprint edition (March 22, 2015)
Language: English
Category: Politics & Government
Size ePUB: 1152 kb
Size Fb2: 1681 kb
Size DJVU: 1547 kb
Rating: 4.8
Votes: 600
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Subcategory: Politics

e-Book Political Bubbles: Financial Crises and the Failure of American Democracy epub download

by Nolan McCarty,Keith T. Poole,Howard Rosenthal



McCarty, Poole, and Rosenthal argue persuasively that political bubbles and market bubbles are highly similar, with policy biases . McCarty, Poole, and Rosenthal have crafted a masterful analysis of the 2008 financial crisis.

McCarty, Poole, and Rosenthal argue persuasively that political bubbles and market bubbles are highly similar, with policy biases contributing to and amplifying market behavior. Their arguments transcend the academic to include historical precedents and specifics on Wall Street machinations. Their central thesis is that the underlying cause of the Great Recession was the 'political bubble'.

Электронная книга "Political Bubbles: Financial Crises and the Failure of American Democracy", Nolan McCarty, Keith T. Poole, Howard Rosenthal

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Political Bubbles - Nolan McCarty. Financial Crises and the Failure of American Democracy. Princeton University. University of Georgia. Political bubbles: financial crises and the failure of American democracy, Nolan McCarty, Princeton University, Keith T. Poole, University of Georgia, Howard Rosenthal, New York University. p. cm. Includes bibliographical references and index.

Political Bubbles is very enjoyable, insightful, and challenging, writes Declan Jordan

Political Bubbles is very enjoyable, insightful, and challenging, writes Declan Jordan. It addresses a remarkably under-analysed aspect of the financial crisis. The book should be read by anyone who wishes to understand the genesis of the economic and financial crisis and who wishes to know how the political fault lines that threaten a repeat of the crisis can be meaningfully addressed. The book will appeal particularly to an American readership but it would be a shame if the book was overlooked elsewhere because it has very valuable lessons for all democracies, and non-US readers will be struck by the similarities in the political aspects of the global crisis.

Автор: Oatley Название: A Political Economy of American Hegemony ISBN: 1107090644 ISBN-13(EAN): 9781107090644 Издательство: Cambridge Academ Рейтинг

We use the number of American troops hosted by third countries to measure the strength of American commitment to ensuring the countries’ economic health. We test several hypotheses against a dataset covering about sixty-eight countries between 1960 and 2009.

Nolan McCarty, Keith Poole, and Howard Rosenthal, three political scientists wrote the book for other . 1. The Choreography of American Politics. 2. Polarized Politicians. 3. Income Polarization and the Electorate.

Nolan McCarty, Keith Poole, and Howard Rosenthal, three political scientists wrote the book for other political scientists. Nevertheless, reading and then rereading the book is time well spent. Their arguments about our current political polarization are thoughtful and detailed. I will not summarize the book beyond a list of the chapters and a follow-up sentence. 4. Immigration, Income, and the Voter's Incentive to Redistribute. 5. Campaign Finance and Polarization.

Nolan McCarty, chair of Princeton's Department of Politics, the Susan Dod Brown Professor of Politics and Public Affairs at the Woodrow Wilson School and co-author of the book titled, "Political Bubbles: Financial Crises and the Failure of American Democracy," presented a public lecture.

Nolan McCarty, chair of Princeton's Department of Politics, the Susan Dod Brown Professor of Politics and Public Affairs at the Woodrow Wilson School and co-author of the book titled, "Political Bubbles: Financial Crises and the Failure of American Democracy," presented a public lecture at 4:30 . on Wednesday, October 9, 2013, in Bowl 016 in Robertson Hall.

Political Bubbles: Financial Crises and the Failure of American Democracy (with Keith Poole and Howard Rosenthal). Princeton University Press. Political Game Theory (with Adam Meirowitz). Cambridge University Press. Polarized America: The Dance of Political Ideology and Unequal Riches (with Keith T. Poole and Howard Rosenthal).

Recommend this journal.

Behind every financial crisis lurks a "political bubble"--policy biases that foster market behaviors leading to financial instability. Rather than tilting against risky behavior, political bubbles--arising from a potent combination of beliefs, institutions, and interests--aid, abet, and amplify risk. Demonstrating how political bubbles helped create the real estate-generated financial bubble and the 2008 financial crisis, this book argues that similar government oversights in the aftermath of the crisis undermined Washington's response to the "popped" financial bubble, and shows how such patterns have occurred repeatedly throughout US history.

The authors show that just as financial bubbles are an unfortunate mix of mistaken beliefs, market imperfections, and greed, political bubbles are the product of rigid ideologies, unresponsive and ineffective government institutions, and special interests. Financial market innovations--including adjustable-rate mortgages, mortgage-backed securities, and credit default swaps--become subject to legislated leniency and regulatory failure, increasing hazardous practices. The authors shed important light on the politics that blinds regulators to the economic weaknesses that create the conditions for economic bubbles and recommend simple, focused rules that should help avoid such crises in the future.

The first full accounting of how politics produces financial ruptures, Political Bubbles offers timely lessons that all sectors would do well to heed.

Hra
The scholars view how ideologies, interests, and institutions from the left and the right in a polarized political environment created a systemic failure in the financial market. After the bubble popped, Republicans and Democrats became more politically polarized. It's a great book, I highly recommend it.
Hilarious Kangaroo
Do read this .
Nuliax
This was recommended by a political science professor. It provides a very good non-biased assessment of the financial bubbles and why they happened.
Tar
The book is organized by what the authors term “the three I's”, implications of ideology, institutions, and interest with primary focus on financial deregulation. They contend that each financial bubble is accompanied by a “political bubble”, meaning, I think, that financial bubbles are rooted in political causes. It's far from wrong but a somewhat simplistic analysis. There's much ambiguity, overlap and omission among MP&R's three I's. The focus on financial deregulation is very interesting and informative, but overdone as to importance. It's not the only political game in town. Indeed, a political bubble is often behind each economic crisis, but it may not always be the one these authors point to.

Another “I” should be added: ideas, mostly bad ones. Very bad ideas and legislation advanced by progressives in recent decades have proven much more damaging than any vested interests.

MP&R deplore grid lock which has been more beneficial than harmful. To cite the books examples, it's too bad we didn't get grid lock in 1998 when the Clinton administration repealed Glass-Seagall or in 1965 when LBJ privatized Fannie Mae.On the whole, perpetual grid lock since 1965 would have left our nation in much better condition than it is in today. There's nothing in this book to contradict that opinion.

Illogically to its political thesis the book overstates control of Wall Street. Our government is in full control of finance. MP&R admit that the Fed is not as independent as people imagine. The problem of undue influence can't be fixed as long as government influence is for sale. Since leaving office deregulators Clinton, Rubin and Summers have become rich, with the latter two joining Wall Street firms.

The analysis of special interest groups misses the most important of all, lawyers.Rule of lawyers transcends even ideology. Tort reform would facilitate both financial and health reform and should precede both. It's not likely to happen as lawyers in the legislature and administration prevent any kind of reform that threatens their death grip control. The authors point many times to the huge amounts of money earned by top financiers in banking, investing and most of all lobbying. I suspect that law firms earn more, especially when they defend crooked financiers. It's a curious omission, since apparently none of these authors are lawyers. Sometimes interest trumps ideology, sometimes the other way round.

Government spending has become today's major political ideology. It's largely purposeless spending on anything and on nothing. Success is measured by amount allocated rather than by any effect. Currently popular egalitarianism ideology of too much is never enough. Tea Party is not so much ideology as anti-ideology. There is a clear vision of the economic harm that the last 50 years of social legislation has done so that the “Party of NO” simply wants to stop it. It's more anti than ideology. Ideologues want to continue failed policies, taking the position is that it's never enough. The vague term “reform” that the authors continually advocate, must attack the root causes which are seldom found in the financial sector itself.

Authors Poole and Rosenthall have expanded work on the DW-NOMINATE method of congressional voting prediction. It's very interesting, but I doubt the utility as ideological leaning becomes blurred by extraneous considerations.

With study of median house vote MR&P make an interesting analysis of voting patterns in the H.R. and Senate along with presidential veto power and party politics. They deplore Senate obstructionism, but stop short of recommending abolishment of the long obsolete Senate.

There is informative history of political finance leading to the 2008 bubble covering the S&L crisis, LTCM bankruptcy with buildup to Lehman and AIG along with mostly weak legislative responses. The best part of the book is a financial history of the US, detailing slow and weak government responses to panics since 1819. It doesn't cover the effects of twentieth century social legislation on finance. Much legislation and regulation is a forlorn attempt to counter the unintended detrimental effects of social legislation on business activity. The current stimulus program is a confused and confusing mishmash of social, financial and job related objectives as well as pork loading each expenditure. The authors are derisive of Dodd-Frank legislation as weak and overly complex and obtuse. It doesn't enhance transparency. It doesn't address “too big to fail” or executive compensation for those receiving government subsidy. It's amazing how so lengthy and complex a bill can do so little.

MP&R join the multitude of would be reformers with well sounding but vague recommendations.
Set rules that account for political risk.
Limit the activities of taxpayer insured financial firms.
Reform compensation practices.
Prevent “too big to fail” by preventing big.
Increase regulatory and prosecutorial capacity.
Institute political reforms.
The book itself points out the futility of expecting any such reforms. To justify these the book curiously cites a history of progressivism and legislative action, featuring Theodore Roosevelt and conveniently omitting Prohibition. MP&R say that old style Progressives were not anti-capitalists per say. Unfortunately their successors certainly are.

The epilogue depicts the Obama administration kicking the can of reform down the road, wasting the opportunity of the 2008 crisis. The book contains a very perceptive choice of epigraphs. My favorite combining Jesus and Milton Friedman is ” … the poor and the reckless are always with us.”
Ť.ħ.ê_Ĉ.õ.о.Ł
Not a bad book but seems very in line with many that point out problems. I am more looking at books that have solutions and are oriented in the fashion of figuring out how to deal with the challenges we face. There was great information in it so don't get me wrong, but I really want to hear someone saying this is how you can fix the problem. So that the future isn't bleak, we must figure out how to hit some kind of reset button. That is why I thought the book American Séance was much better. This one is okay too.