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Senseless Panic: How Washington Failed America

3.62 of 5 stars 3.62  ·  rating details  ·  21 ratings  ·  1 review
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 ...more
ebook, 208 pages
Published May 13th 2010 by Wiley (first published January 1st 2010)
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Chris Aylott
A former chairman of the FDIC explains the causes of the panic of 2008, in terms that a layman can almost understand. If I have it right, there were some very bad regulatory decisions made after the S&L crisis of the eighties, most of which created positive feedback cycles when the economy went south.

(Example: mark-to-market accounting, which connected bank assets to the financial markets, causing the assets to shrink when the markets dipped, restricting bank lending and further constrictin
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