000			02103nam a22002297a 4500
999			_c3757 _d3757
003			OSt
005			20200215020024.0
008			200212b ||||| |||| 00| 0 eng d
022			_a9780199734153
082			_a332.1097 _bGOR
100			_aGorton, Gary B.
245			_aSlapped by the invisible hand : the panic of 2007 _cby Gary B. Gorton.
260			_aNew York _bOxford university press _c2010
300			_a223 p. : ill. : 25 cm.
500			_aIncludes bibliographical notes and index
520			_a"Originally written for a conference of the Federal Reserve, Gary Gorton's "The Panic of 2007" garnered enormous attention and is considered by many to be the most convincing take on the recent economic meltdown. Now,in Slapped by the Invisible Rand, Gorton builds upon this seminal work, explaining how the securitized banking system, the nexus of financial markets and instruments unknown to most people, stands at the heart of the financial crisis." "Gorton shows that the Panic of 2007 was not so different from the Panic of 1907 or 1893, except that, in 2007, most people had never heard of the markets that were involved and didn't know how they worked or what their purposes were. Terms such as "subprime mortgage." "asset-backed commercial paper conduit," "structured investment vehicle," "credit derivative," "securitization," and "repo market" were meaningless." "In this volume, Gorton makes these complicated features and their impact crystal clear. He shows that the securitized banking system is, in fact, a real banking system, allowing institutional investors and firms to make enormous short-term deposits. But as with any banking system, it was vulnerable to a panic. Indeed, the events starting in August 2007 can best be understood not as a retail panic involving individuals but as a wholesale panic involving institutions, where large financial firms "ran" on other financial firms, making the system insolvent."--BOOK JACKET.
650			_aFinancial crises
650			_aBanks and banking
650			_aInvisible hand
650			_aPanic of 2007
942			_2ddc _cBK _01