Intro -- Contents -- Introduction -- Part I: An Analytic Narrative of the Crisis -- 1. The Calm before the Storm: 2001-2006 -- 2. To the Abyss: December 2007-September 2008 -- 3. The Spectre of the Great Depression: October 2008-March 2009 -- 4. Bottoming Out: Spring 2009-Autumn 2009 -- 5. The...

Main description: Featuring essays by Nobel laureate economists and an afterword by Richard Posner, this volume provides a comprehensive overview of the collapse of the global financial sector in 2008. It will be essential reading for anyone interested in the nature of modern capitalism and...

The transformation of the financial system -- Crisis -- The lawfulness of the rescue -- The trial of AIG -- Fannie and Freddie -- The bankruptcies of General Motors and Chrysler -- Takings and government action in emergencies -- Politics and reform.

Eric A. Posner argues that bailouts, like those that took place during the 2008-2009 financial crisis, have happened in the past and that they are both "necessary and unavoidable in any modern capitalist or market-based system." Posner analyzes bailouts from economic, political, and legal...

Frontmatter -- Contents -- Introduction -- Part I: An Analytic Narrative of the Crisis -- 1. The Calm before the Storm: 2001-2006 -- 2. To the Abyss: December 2007-September 2008 -- 3. The Spectre of the Great Depression: October 2008-March 2009 -- 4. Bottoming Out: Spring 2009-Autumn 2009 -- 5....