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2008 Financial Crisis Primer  Tags: financial crisis  

Resources for learning about and tracking the current financial crisis
Last update: Jan 22nd, 2009 URL: http://libraryguides.kentlaw.edu/FinancialCrisis  Print Guide  RSS Updates

Bailout            Print Page
  
 

Why Bailout?

  • "Saving the System." Economist 387.8601 (11 Oct. 2008): 15-16. Business Source Premier. EBSCO. IIT Downtown Campus Library, Chicago, IL. 26 Oct. 2008 <link to article>.

Abstract: "In this editorial the author comments on the global financial crisis occurring in October 2008. The article praises the co-ordinated measures taken by the American, European and Chinese central banks to intervene in the financial downturn. The editorial urges action to restore credit markets or risk financial meltdown in developing and developed nations." -- Business Source Premier

  • Zuckerman, Mortimer B. "Avoiding a Deep Recession." Editorial. U.S. News & World Reports 9.145 (27 Oct. 2008): p. 92. NewsBank. 27 Oct. 2008 <link to article>.

Abstract: "The inescapable bad news is that a serious recession is inevitable given the damage to the financial sector and the degree to which business and the public have been traumatized. But this does not mean we must spiral to depths rivaling the '30s. The risks are there, all right, in unexploded financial land mines (those toxic assets) and the unprecedented debt of American families and businesses, though so far, we've avoided some of the mistakes of 1929. But much more must be done." -- NewsBank

  • "Moral Hazard : Do Government Bailouts Encourage Even Riskier Behavior?”  NewsHour  with Jim Lehrer. PBS. 18 July 2008. pbs.org 3 Nov. 2008 <link to video>.

Abstract: This program explains the basic problem of moral hazard, explores how it contributed to the crisis and questions whether the government bailout of mortgage lenders will create “the mother of all moral hazards.”

 

Government Intervention

 

  • "Treasury Secretary Defends Shift in Bailout Tactics” All Things Considered. NPR. 13 Nov. 2008. www.npr.org. 23 Nov. 2008. <link to program>.

Abstract: Treasury Secretary Paulson discusses a change in the government bailout strategy – flushing capital into banks instead of buying up bad assets. 

  • Grier, Peter “Scope of $700 Billion Bailout Bill Continues to Widen.” Christian Science Monitor 27 Oct. 2008, p. 1.  NewsBank. IIT Downtown Campus Library, Chicago IL.  27 Oct. 2008. <link to article>.

Abstract: "The US government's $700 billion financial rescue effort is only a few weeks old - but it's already morphed into something far broader and more ambitious than its designers originally intended." 

  • Emergency Economic Stabilization Act of 2008, H.R. 1424, 110th Cong. (27 Oct. 2008) (enrolled bill) <pdf>.

Abstract: Full text of EESA including Title I, Troubled Asset Relief Program (TARP).

  • Hilzenrath, David S. and Glenn Kessler, “U.S. Seizes Control of AIG With $85 Billion Emergency Loan – Insurer’s Wide Reach Justifies Intervention, Fed Says,” Washington Post. 17 Sept. 2008, sec. A1. America’s Newspapers. NewsBank.  IIT Downtown Campus Library, Chicago IL.  2 Nov. 2008 <link to article>.

Abstract: This article describes the circumstances and terms of the deal through which the U.S. government acquired nearly 80% of AIGs stock effectively nationalizing the insurance giant.

  • Morgenson, Gretchen et al. "MORTGAGE GIANT OVERSTATED SIZE OF CAPITAL BASE." New York Times. 7 Sept. 2008, Late Ed. - Final, Nat. Desk: 1.  America’s Newspaper’s.  NewsBank. IIT Downtown Campus Library, Chicago IL.  3 Nov. 2008. <link to article>.

Abstract: This article discusses the the deal which placed Fannie Mae and Freddie Mac under a government-run conservatorship.

      
     
     
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