October 1, 2008 - Financial crisis spread; Timeline of bailouts, buyouts and takeovers of financial services companies in US and Europe since July 2007 (when subprime mortgage crisis began) - July 2007 - IKN Deutsche Industriebank ($79 Billion), Sept. 2007 - Northern Rock ($216.8 B); Dec. 12, 2007 - Central banks in US, EU, Canada, Switzerland announced plan to provide at least $90 B in short-term financing to banks;  Dec. 18, 2007 - European Central Bank injected $500 B into financial system; Jan. 2008 - Countrywide Financial ($172.1 B); March 7, 2008 - Federal Reserve offered $200 B in 28-day loans to investment banks, big financial institutions; March 11, 2008 - Federal Reserve offered $200 B in Treasury securities to investment banks in exchange for mortgage-backed securities; March 17, 2008 - Bear Stearns ($399 B); March 21, 2008 - European Central bank offered $24 B in loans to help banks strengthen balance sheets; Bank of England offered $10 B in loans; April 2008 - Dusseldorfer Hypothekenbank ($42.5 B); July 2007 - IndyMac Bancorp failed ($32.3 B); Alliance & Leicester ($153.4 B); Aug. 2008 - Roskilde Bank ($7.9 B); Sept. 7, 2008 - Freddie Mac ($879 B), Fannie Mae ($885.9 B); Sept. 14, 2008 - Merrill Lynch ($966.2 B); Sept. 15, 2008 - Lehman Brothers ($639.4 B); Sept. 16, 2008 -AIG ($1,049.9 B); Sept. 18, 2008 - HBOS ($1,356.5 B); Federal Reserve, European Central Bank, Bank of England, Bank of Japan, central banks in Switzerland and Canada made $180 B available in currency swaps; Sept. 26, 2008 - Washington Mutual ($309.7 b); Sept. 29-30, 2008 - Fortis ($1,533.2 B), Wachovia ($812.4 B), Hypo Real Estate ($622.2 B), Bradford & Bingley ($104 B), Gilitnir ($48.9 B), Dexia ($913 B).

(Source: ProPublica, independent, non-profit newsroom that  produces investigative journalism in the public interest; http://www.propublica.org/images/articles/bailout_balloons4.gif)

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(Asia), Adam S. Posen (1998). Restoring Japan’s Economic Growth. (Washington, DC: Institute for International Economics, 186 p.). Deputy Director of the Peterson Institute for International Economics. Fiscal policy --Japan; Japan --Economic policy --1989-; Japan --Economic conditions --1989-. Japanese economic stagnation in 1990s is result of mistaken policies of fiscal austerity, financial laissez-faire rather than any supposed structural failures of "Japan Model"; why shift in Japanese fiscal and monetary policies, financial reform, would be in Japan's own self-interest, put country back on path to solid economic growth (permanent tax cuts, monetary stabilization).

(Asia), Eds. Ryoichi Mikitani, Adam S. Posen (2000). Japan’s Financial Crisis and Its Parallels to U.S. Experience. (Washington, DC: Institute for International Economics, 228 p.). Professor in the Faculty of Economics (Kobe Gakuin University); Deputy Director of the Peterson Institute for International Economics. Monetary policy --Japan; Financial crises --Japan; Banks and banking --Japan; Monetary policy --United States; Financial crises --United States; Banks and banking --United States. Japanese government's financial and monetary policy response to banking crisis in 1990s was slow compared to that of U.S. monetary and financial policy to American Savings and Loan Crisis of late 1980s; mismanaged partial deregulation, regulatory forebearance gave rise to crisis, allowed it to deepen; closing some banks, injection of new capital into others began resolution; Bank of Japan's monetary policy from late 1980s onwards increasingly out of step with U.S., other developed country norms; limited response to deflation after being granted independence in 1998 as dangerous and unusual stance.

(Asia), John Greenwood (2008). Hong Kong’s Link to the US Dollar: Origins and Evolution. (Hong Kong: Hong Kong University Press, 303 p.). Chief Economist of INVESCO plc. Currency question -- China -- Hong Kong; Monetary policy -- China -- Hong Kong; Hong Kong (China) -- Economic conditions -- 20th century; Hong Kong (China) -- Economic conditions -- 21st century. City's 1983 currency crisis; creation of  currency board, subsequent problems leading to Asian financial crisis of 1997-98, later reforms; Hong Kong's monetary developments between 1990 and 2005.

(Asia), Richard C. Koo (2008). The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession. (Hoboken, NJ: Wiley, 296 p.). Chief Economist of Nomura Research Institute. Macroeconomics; Japan --Economic conditions --1989-; United States --Economic conditions --1981-2001; United States --Economic conditions --2001-. Japan's "Great Recession" (1992-2007);  massive fall in asset prices, companies jettisoned conventional goal of profit maximization, moved to minimize debt in order to restore their credit ratings; precise mechanism of prolonged depression, liquidity trap vs. conventional economics.

(Great Britain), Matthias Matthijs (2010). Ideas and Economic Crises in Britain from Attlee to Blair (1945-2005). (New York, NY: Routledge, 272 p.). Assistant Professor of International Political Economy (American University’s School of International Service). Financial crises --Great Britain --History; Great Britain --Economic policy --1945-1964; Great Britain --Economic policy --1964-1979; Great Britain --Economic policy --1979-1997; Great Britain --Economic policy --1997-. 1945 to 2005 - Britain underwent two deep-seated institutional transformations on how to govern economy; Attlee and Thatcher were able to effectively implement most of their political platforms amidst two opportunities to challenge existing institutional arrangements (Heath's 'U-turn' in 1972 signaled his failure to implement radical agenda promised upon election in 1970, Tony Blair’s New Labour failed to instigate major break with 'Thatcherite' settlement); institutional path dependence, economic constructivism, political economy to explain this puzzle.

(U.S. - 2008), National Bureau of Economic Research; Edited, introduction by Martin Feldstein (1991). The Risk of Economic Crisis. (Chicago, IL: University of Chicago Press, 197 p.). Business cycles --Congresses; Economic stabilization --Congresses; Economic policy --Congresses; Business cycles --United States --Congresses; Economic stabilization --United States --Congresses; United States --Economic policy --1981-1993 --Congresses. 1991 - Collapse of thrift industry, major stock slump of 1987, rising corporate debt, wild fluctuations of currency exchange rates, rash of defaults on developing country debts have revived fading memories of Great Depression, fueled fears of impending economic crisis. Under what conditions are financial markets vulnerable to disruption? Whhat economic consequences ensue when these markets break down?

(U. S. - 2008), Anastasia Nesvetailova (2007). Fragile Finance: Debt, Speculation and Crisis in the Age of Global Credit. (New York, NY: Palgrave Macmillan, 256 p.). Lecturer in Global Political Economy at the Department of International Relations and Politics (The University of Sussex). Minsky, Hyman P.; Financial crises; International economic relations. Why today's global financial system is unstable, prone to crisis; nature of financial crisis in era of global credit; explosive combination of financial innovation, over-borrowing, progressive illiquidity of financial structures - their role in events that defined global financial system during past decade, their implications for emerging paradigm of global financial architecture.

(U.S. - 2008), Riccardo Rebonato (2007). Plight of the Fortune Tellers: Why We Need To Manage Financial Risk Differently. (Princeton, NJ: Princeton University Press, 272 p.). Global Head of Market Risk and Global Head of Quantitative Research and Quantitative Analysis at the Royal Bank of Scotland. Financial Risk Management. Managing risk = real people making decisions under uncertainty; excessive reliance on quantitative precision (ever-more sophisticated mathematics in attempts to come to grips with financial risk) is misleading, puts everyone at risk; must restore genuine decision making to financial planning, using probability, experimental psychology, decision theory; only way to effectively manage financial risk in manner congruent with how human beings actually react to chance.

(U. S. - 2008), Alex Brummer (2008). The Crunch: The Scandal of Northern Rock and the Escalating Credit Crisis. (London, UK: Random House Business, 244 p.). City Editor (Daily Mail). Financial crises; Bank failures; Bankers -- Malpractice; Monetary policy; International finance. Crisis from origins in US 'subprime' market to explosion on international scene; story of greed, mismanagement, dithering; bankers sought to make quick buck, regulators engaged in turf wars and blame-avoidance, government paralyzed by scale of problem - conspired to bring banking system almost to its knees; victims: 1.5 million people in US who thrown out of their houses, entire population of UK co-opted to guarantee Northern Rock with 30 billion pounds of public money;  borrowers everywhere now finding credit more expensive, harder to get.

(U.S. - 2008), Jochen Felsenheimer and Philip Gisdakis (2008). Credit Crises: From Tainted Loans to a Global Economic Meltdown. (Weinheim, Germany: Wiley-VCH, 277 p.). Head of Credit Strategy & Structured Credit Team (Unicredit); Senior Quantitative Credit Strategist (Unicredit). Financial crises; Banks and banking; Credit; Capital market. Mechanisms of financial market crisis: relevant players & strategies, principles of financial instruments involved: how bubbles emerge, how they burst, potential economic impact: why financial markets run into crises repeatedly; where do risks for financial crises come from?; which instruments, strategies can drive crisis?; risks that were underestimated? transmission mechanisms onto other markets, real economy; when is it over?

(U.S. - 2008), Robert Kuttner (2008). Obama’s Challenge: America’s Economic Crisis and the Power of a Transformative Presidency. (White River Junction, VT: Chelsea Green Pub., 213 p.). Cofounder and Coeditor of The American Prospect magazine. Obama, Barack; Financial crises --United States; Political leadership --United States; United States --Economic policy. How Obama must be a transformative president—re-awaken America to renewed promise of shared prosperity coupled with responsibility towards future generations, international community; decades of regressive politics and political gridlock, collapse of housing bubble, financial meltdown, revival of 1970s style stagflation threat, income lag behind inflation, household and international debt growth, looming climate change disaster, energy and food price escalation, growth in ranks of un- and under-insured Americans.

(U. S. - 2008), Ed. Katrina Vanden Heuvel (2008). Meltdown: How Greed and Corruption Shattered Our Financial System and How We Can Recover. (New York, NY: Nation Books, 336 p.). Editor and Publisher of The Nation. Editor and Publisher of The Nation. Financial crisis primer; what steps President Obama, new administration must take to ensure more secure future.

(U.S. - 2008), Kieth Ambachtshee, David Beatty, Lawrence Booth (2009). The Finance Crisis and Rescue: What Went Wrong? Why? What Lessons Can Be Learned? (Toronto, ON: Rotman/UTP Publishing, 166 p.). Director - International Centre for Pension Management and Adjunct Professor of Finance at Rotman School of Management (University of Toronto); Director - Clarkson Centre for Business Ethics and Board Effectiveness and Professor of Strategic Management at Rotman School of Management (University of Toronto); CIT Chair in Structured Finance and Professor of Finance at Rotman School of Management (University of Toronto). Financial crises; Economic history -- 21st century; Economic history; Economic security; Capitalism -- History. What went wrong, why, lessons that events can teach businesspeople, policy makers, interested observers; crisis analysis from diverse backgrounds in fields of structured finance, behavioural finance, value investing, pension plans, risk management, corporate governance, public policy, leadership.

(U. S. - 2008), Eds. Viral V. Acharya and Matthew Richardson (2009). Restoring Financial Stability: How to Repair a Failed System. (Hoboken, NJ: Wiley, 416 p.). Professor of Finance at Stern School of Business (New York University), London Business School; Charles E. Simon Professor of Financial Economics and the Sidney Homer Director of the Salomon Center for the Study of Financial Institutions at Stern School of Business (New York University). Finance --United States; Financial crises --Government policy --United States; Banks and banking --United States; Financial services industry --United States; United States --Economic conditions --2001-. Financial policy alternatives, specific market-focused solutions, courses of action to restore global financial system; origins of current financial crisis, options for restoring financial health; bold ideas to deal with unprecedented, systemic financial crisis.

(U.S. - 2008), Edmund L. Andrews (2009). Busted: Life Inside the Great Mortgage Meltdown. (New York, NY: Norton, 240 p.). Economics Reporter (New York Times). Mortgages --United States; Subprime mortgage loans --United States; Housing --United States --Finance; Housing --Prices --United States. $120,000 a year in salary (most went to child support, alimony); got "don't ask, don't tell" mortgage with assumption that new wife would be able to get job to keep them afloat,; didn't work as planned; cynicism, self-destructive judgment that led to America's biggest economic calamity in generations.

(U. S. - 2008), Robert J. Barbera (2009). The Cost of Capitalism: Understanding Market Mayhem and Stabilizing our Economic Future. (New York, NY: McGraw-Hill, 240 p.). Executive Vice President, Chief Economist at ITG, Economics Department Fellow (Johns Hopkins University). Capitalism--History; Financial crises; Capital Markets--history. Why didn't economists see crises coming (panic of 1987, tech-bubble burst of 2000, meltdown of 2008)? What should they have known but didn't? How must they adjust their thinking going forward?; how to manage ever present potential for mayhem intrinsic to free market economies without stunting innovation and growth.

(U. S. - 2008), James R. Barth ... [et al.] (2009). The Rise and Fall of the U.S. Mortgage and Credit Markets; A Comprehensive Analysis of the Market Meltdown. (Hoboken, NJ: Wiley, 526 p.). Lowder Eminent Scholar in Finance (Auburn University). Mortgage loans --United States; Credit --United States; Financial crises --United States; United States --Economic conditions --2001-2009. What went wrong in every critical area (securitization, loan origination practices, regulation, supervision, Fannie Mae and Freddie Mac, leverage, accounting practices, rating agencies); steps government has taken to address crisis; factors that should drive reform, issues that policymakers must confront in reshaping of financial market regulations.

(U. S. - 2008), Roger Boyes (2009). Meltdown Iceland: Lessons on the World Financial Crisis from a Small Bankrupt Island. (New York, NY, Bloomsbury USA, 256 p.). Correspondent (Times of London), Credit--crisis; Economic crisis--Iceland--history. September 2008 - Bankrupting of Iceland, financial destruction of tiny country; population of 300,000, world’s highest GDP per capita, happiest of countries; all wealth accumulated in previous decade disappeared; how closely world economy is interconnected: default on subprime mortgages in U .S. led to collapse of Lehman Brothers, led directly to run on Iceland’s banks.

(U. S. - 2008), Vince Cable (2009). The Storm: The World Economic Crisis and What it Means. (London, UK: Atlantic Books, 192 p.). Treasury Spokesman for Liberal Democrats. Credit--history; Credit--crisis; Economic crisis--Britain--history. How we got into credit crisis, where we're going; causes of world economic crisis, respose to its challenges; complacency of British government towards huge 'bubble' in property prices, high levels of personal debt, increasingly exotic, opaque trading within financial markets; insular response to crisis would be disaster, isolationism/nationalism no answers to economic woes; faith in liberal markets maintained to build on advances in living standards now being extended to world's poorer countries.

(U.S. - 2008), John Calverley (2009). When Bubbles Burst: Surviving the Financial Fallout. (Boston, MA: Nicholas Brealey Pub., 248 p.). Head of Research, Standard Chartered Bank. Financial crises; Investments; Real estate investment; Speculation. Implications of crash of 2008, solutions for individuals, companies, central banks; crises now faced, how we got here; anatomy of bubbles, checklist for identifying them; how housing bubble led to current financial crisis, how far prices might fall (household debt as value of household assets collapse); strategies for investors.

(U.S. - 2008), John Cassidy (2009). How Markets Fail: An Atlas of Economic Irrationality. (New York, NY, Farrar, Straus and Giroux, 400 p.). Journalist (The New Yorker).Financial crises; Stock exchanges; Monetary policy; Banks and banking. Force of irrational in volatile global economy; rising influence of 'utopian economics'; new understanding of the economy; world in which everybody is connected, social contagion is norm; individual behavioral biases and kinks often give rise to troubling macroeconomic phenomena - inevitable outcomes of “rational irrationbality".

(U.S. - 2008), Byron L. Dorgan (2009). Reckless! How Debt, Deregulation, and Dark Money Nearly Bankrupted America (And How We Can Fix It!). (New York, NY: Thomas Dunne Books, 288 p.). U. S. Senator from North Dakota (D; one of only eight senators to vote against bank deregulation). Banks and banking --Deregulation --United States; Debt --United States; Financial crises --United States. How lack of regulation, untrammeled greed has undermined Americans' faith in government; modern-day carnival; corporate executives reap millions, even billions, as "reward" for self-interest, mismanagement; elected public officials have sold out as government has become partner to Big Oil, Big Media, Big Pharma; must rescue economy from influence of financial conglomerates, power brokers, hold public officials accountable for regulating economy.

(U.S. - 2008), Larry Elliott and Dan Atkinson (2009). The Gods That Failed: How Blind Faith in Markets Has Cost Us Our Future. (London, UK: Bodley Head, 326 p.). Economics Editor of The Guardian; Economics Editor of Mail on Sunday. Capitalism --Evaluation. Capitalism --Social aspects. Economic history --1945-; Quality of life --Economic aspects; Labor economics; Economic security; Financial crises. Financial elite to whom governments have ceded economic control over least three decades; origins traced to 1947 secret gathering of free-market economists; series of far-reaching reforms to prevent depression.

(U.S. - 2008), David Faber (2009). And Then the Roof Caved In: How Wall Street's Greed and Stupidity Brought Capitalism to Its Knees. (Hoboken, NJ: Wiley, 192 p.). CNBC. Real estate investment --United States; Financial crises --United States; Foreclosure --United States; Mortgage loans --United States. Events of previous seven years that planted seeds for worst economic crisis since Great Depression; regulators who tried to stop problem before it swung out of control; hedge fund managers who correctly foresaw the coming housing crash, profited from it.

(U.S. - 2008), Nicole Gelinas (2009). After the Fall: Saving Capitalism from Wall Street--and Washington. (New York, NY, Encounter Books, 227 p.). Chartered Financial Analyst (CFA), Manhattan Institute senior fellow. Free enterprise -- United States; Capitalism -- United States; Financial crises -- United States -- History. How modern finance became immune to regulation of marketplace beginning in early 1980s, due to government policies, creation of new financial instruments that escaped reasonable limits.

(U.S. - 2008), Andrew Gamble (2009). Spectre at the Feast: Capitalist Crisis and the Politics of Recession. (New York, NY: Palgrave Macmillan. (New York, NY: Palgrave Macmillan, 208 p.). Professor and Head of Department of Politics (University of Cambridge). Financial crises; Capitalism; Economic history -- 21st century; Economic history; Economic security; Capitalism -- History. Guide to events, consequences of current global economic and political crises; crisis in historical context; why it happened, global cost, possible solutions; financial sector was chief beneficiary of "neoliberal" policies introduced by Ronald Reagan, Margaret Thatcher; historical turning point when economic system is remade (Great Depression led to adoption of social safety nets).

(U.S. - 2008), Charles Gasparino (2009). The Sellout: How Wall Street Greed and Stupidity Destroyed America's Dominance of the Global Financial System. (New York, NY, Collins Business: 384 p.). Correspondent for CNBC, Former Writer (Wall Street Journal, Newsweek). Financial crises --United States --History --21st century; Avarice --United States --History --21st century; Wall Street (New York, N.Y.) --History --21st century. Rise in power, wealth of America's largest investment banks, brokerage houses, beginning in 2002; how and why several suffered staggering losses in assets, influence, triggered vast financial crisis that devastated individual, institutional wallets through United States, across globe; how leaders of numerous major US banks caused their firms to lose billions of dollars by going into ill-advised business of packaging, underwriting bonds containing sub-prime mortgages that they then sold to investors.

(U. S. - 2008), Peter S. Goodman (2009). Past Due: The End of Easy Money and the Renewal of the American Economy. (New York, NY: Times Books, 336 p.). National Economics Correspondent (New York Times). Credit --United States; Financial crises --United States; Unemployed --United States; United States --Economic conditions --2001-2009. How flow of capital from Asia and Silicon Valley to suburbs of housing bubble perverted America’s economy; Americans binged on imports, easy credit  for two decades, spending spree abetted by ever-increasing home values; economic adaptation is possible, through new industries, new safety nets.

(U.S. - 2008), Dan Immergluck (2009). Foreclosed: High-Risk Lending, Deregulation, and the Undermining of America's Mortgage Market. (Ithaca, NY: Cornell University Press, 251 p.). Associate Professor of City and Regional Planning (Georgia Institute of Technology). Mortgage loans -- United States; Mortgage loans -- Government policy -- United States; Subprime mortgage loans -- United States; Foreclosure -- United States; Financial services industry -- Deregulation -- United States; Housing -- Finance -- Government policy -- United States; Financial crises -- United States. Development of generally stable, risk-limiting mortgage markets throughout much of twentieth century; how federal policy-makers failed to regulate new high-risk lending markets that arose in late 1990s, early 2000s; federal, state, local efforts to deal with mortgage, foreclosure crisis of 2007, 2008; set of principles, detailed policy recommendations for "righting the ship" of U.S. housing finance to promote affordable, sustainable homeownership as option for broad set of households, communities.

(U.S. - 2008), Les Leopold (2009). The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity, and What We Can Do About It. (White River Junction, VT: Chelsea Green Pub., 219 p.). Labor Economist. Finance --United States; Financial crises --United States; United States --Economic conditions --2001-; United States --Economic policy --2001-. How Wall Street undermined itself, rest of economy by playing, losing highly lucrative, dangerous game of fantasy finance (low-income home buyers in over their heads, people with too much credit-card debt, government interference with free markets - not to blame); victim of Wall Street's exotic financial products; some tough questions: 1) Why did Americans let the gap between workers' wages and executive compensation grow so large? 2) Why did we fail to realize that the excess money in those executives' pockets was fueling casino-style investment schemes? 3) Why did we buy the notion that too-good-to-be-true financial products that no one could even understand would somehow form the backbone of America's new, postindustrial economy? 4) How do we make sure we never give our wages away to gamblers again? 5) And what can we do to get our money back?

(U.S. - 2008), Michael Lewis (2009). Panic: The Story of Modern Financial Insanity. (New York, NY: Norton, 352 p.). Financial crises --History --20th century; Financial crises --History --21st century; Finance --Psychological aspects; Investments --Psychological aspects. Five of most violent, costly upheavals in recent financial history: crash of '87, Russian default (subsequent collapse of Long-Term Capital Management), Asian currency crisis of 1999, Internet bubble, current sub-prime mortgage disaster; mood and market factors leading up to each event, what people thought was happening at time; what actually happened, what should have been learned.

(U.S. - 2008), Paul Mason (2009). Meltdown: The End of the Age of Greed. (New York, NY: 192 p., 192 p.). Economics Editor (BBC Newsnight). Time line of meltdown of U.S. economy in September 2008, its global reverberations; end of old world banking system business model in favor of "low-profit, utility-style banking"; hyper-regulated capitalism only viable possibility.

(U.S. - 2008), Charles Morris (2009). The Sages: Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets. (New York, NY: Public Affairs, 224 p.). Soros, George --Political and social views; Buffett, Warren --Political and social views; Volcker, Paul A. --Political and social views; Finance; Investments. Perspectives, principles of three pillars of financial community; more than 50 years of deep involvement in markets, skepticism of Wall Street frenzies, belief that markets tend to be right (only over medium term); seen too many cycles of herd-driven, emotion-riding booms and busts to believe markets are truly efficient; their records, wisdom, experience; importance of consistent values in navigating treacherous terrain of today's globalized world.

(U.S. - 2008), Wolfgang Munchau (2009). The Meltdown Years: The Unfolding of the Global Economic Crisis. (New York, NY: McGraw-Hill, 266 p.). Associate Editor of the Financial Times. Global Financial Crisis, 2008-2009; Monetary policy. Why home values, life savings, job security, investments around world are in peril; what is to blame - why world's financial systems, put in place to help stave off such a crisis, failed so miserably; What is inherently wrong with global monetary system? What happened to regulatory process? What role did credit market, hedge funds, investment banks play? flaws, weaknesses of global financial system, in context of crisis: structure of world banking system; global events that led to financial collapse; growth of speculative bubbles; descent from financial crisis into full-out recession; how long recession wil run, long-term consequences of the meltdown.

(U.S. - 2008), Richard A. Posner (2009). A Failure of Capitalism: The Crisis of '08 and the Descent into Depression. (Boston, MA: Harvard University Press, 368 p.). Circuit Judge, United States Court of Appeals for the Seventh Circuit, Senior Lecturer(University of Chicago Law School). Financial crises --United States; Depressions; Capitalism; United States --Economic conditions --2001-; United States --Economic policy --2001-. Most alarming of economic crises because of warp-speed at which it is occurring: 1) excess savings flowing from Asia, 2) reckless lowering of interest rates by Federal Reserve Board; 3) relation between executive compensation, short-term profit goals, risky lending; 4) housing bubble fueled by low interest rates, aggressive mortgage marketing, loose regulations; 5) low savings rate of American people; 6) highly leveraged balance sheets of large financial institutions; two basic remedial approaches to crisis (correspond to two theories of cause of Great Depression): A) monetarist Federal Reserve Board allowed money supply to shrink, failed to prevent disastrous deflation; B) Keynesian - depression was product of credit binge in 1920's, stock-market crash, ensuing downward spiral in economic activity; pendulum swung too far, financial markets need to be more heavily regulated.

(U.S. - 2008), Robert Pozen; foreword by Robert J. Shiller (2009). Too Big To Save?: How To Fix the U.S. Financial System.  (Hoboken, NJ, Wiley, 457 p.). Chairman of MFS Investment Management ($150 billion in assets), senior lecturer at Harvard Business School, former chairman of the SEC advisory committee on improving financial reporting, former vice chairman of Fidelity Investments and president of Fidelity Management & Research Company. Finance --Government policy --United States; Financial crises --Government policy --United States; Global Financial Crisis, 2008-2009; United States --Economic policy --2009-. Globalization of financial crisis through sale of mortgage-backed securities around world; how securitization process should be reformed; impact of financial crisis on stock and bond markets; broad government guarantees of bank debt and money market funds; reinstatement of incentives for large debt holders to scrutinize condition of financial institutions; federal bailout of financial institutions by buying their stock and toxic assets; how these bailouts constitute "one-way capitalism"; what can, cannot be achieved through international financial cooperation; concrete plan to address risks to entire financial system, strengthen functional regulation of each segment of financial services industry.

(U. S. - 2008), Colin Read (2009). Global Financial Meltdown: How We Can Avoid The Next Economic Crisis. (New York, NY: Palgrave Macmillan, 252 p.). Professor of Economics and Finance (SUNY College at Plattsburgh). Finance; Economic policy; Monetary policy; International finance; International economic relations. Reasons for global financial unrest arising from sub-prime mortgage crisis, global economic meltdowns (well educated economic citizen is most effective tool to prevent future financial collapses); economic topics conneced to real world financial problems; recommendations to strengthen economy, leave it less prone to manipulation; role of globalization, expected profound impact countries like India and China will have on economic future.

(U.S. - 2008), Barry Ritholtz (2009). Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy. (Hoboken, NJ: Wiley, 332 p.). Chief Executive Officer of FusionIQ . Financial crises --United States; Finance --Government policy --United States; Intervention (Federal government); United States --Economic conditions --2001-; United States --Economic policy --2001-. Current crisis in historic context; how nation that long found government intervention in business abhorrent came to embrace bailouts as normal; 1971 - Lockheed Aircraft Corp. (blueprint for future rescues, Penn Central railroad, Chrysler Corp., Continental Illinois National Bank and Trust Co., savings-and-loan cleanup, Long-Term Capital Management LP); "tech wreck" of 2000, credit and housing bubbles.

(U.S. - 2008), Herman M. Schwartz (2009). Subprime Nation: American Power, Global Capital, and the Housing Bubble. (Ithaca, NY: Cornell University Press, 258 p.). Professor, Director of Graduate Studies, Department of Politics (University of Virginia). Financial crises --United States; Subprime mortgage loans --United States; Housing --United States --Finance; Credit --United States; International finance; Capital market; United States --Economic conditions --1981-2001; United States --Economic conditions --2001-; United States --Foreign economic relations. Impact of U.S. regulatory failure on international economy; worldwide, U.S. growth and power over last twenty years has depended in large part on domestic housing markets; mortgage-based securities attracted cascade of overseas capital into U.S. economy; high levels of private home ownership, particularly in United States, United Kingdom, helped pull in a disproportionately large share of world capital flows; mortgage lenders became more eager to extend housing loans (more mortgage packages securitized, higher their profits); dangerously inventive in creating new mortgage products, (adjustable-rate, subprime mortgages) to attract new, mainly first-time, buyers into housing market; mortgage-based instruments work only when confidence in mortgage system is maintained; regulatory failures in U.S. S&L sector, accounting crisis that led to extinction of Arthur Andersen, subprime crisis that destroyed Lehman Brothers and Merrill Lynch and damaged many other big financial institutions, jeopardized significant engine of economic growth; "local" problem of housing crisis carries substantial, ongoing risks for U.S. economic health, continuing primacy of U.S. dollar in international financial circles, U.S. hegemony in world system.

(U.S. - 2008), Andrew Sheng (2009). From Asian to Global Financial Crisis: An Asian Regulator's View of Unfettered Finance in the 1990s and 2000s. (New York, NY, Cambridge University Press, 489 p.). Chief Adviser to the China Banking Regulatory Commission and a Board Member of the Qatar Financial Centre Regulatory Authority. Finance -- Asia; Financial crises -- Asia. How old mindsets, market fundamentalism, loose monetary policy, carry trade, lax supervision, greed, cronyism, financial engineering caused Asian crisis of late 1990s, current global crisis of 2008-2009; how Japanese zero interest rate policy to fight deflation helped create carry trade that generated bubbles in Asia whose effects brought Asian economies down; global finance interlinked, interactive (current tools, institutional structure to deal with critical episodes completely outdated); how current financial policies, regulation failed to deal with global bubble; recommendations on what must change.

(U.S. 2008), Andrew Ross Sorkin (2009). Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System---and Themselves. (New York, NY, Viking, 624 p.). Chief Mergers and Acquisitions Reporter (The New York Times).Global Financial Crisis, 2008-2009; Financial crises --United States --History --21st centuy. From inside corner office at Lehman Brothers to secret meetings in South Korea, corridors of Washington, definitive story of most powerful men and women in finance, politics grappling with success and failure, ego and greed, fate of world's economy; how decisions made on Wall Street over the past decade sowed the seeds of the debacle; real-life thriller with cast of bold-faced names who themselves thought they were too big to fail.

(U.S. - 2008), Thomas Sowell (2009). The Housing Boom and Bust. (New York, NY: Basic Books, 192 p.). Scholar in Residence at the Hoover Institution (Stanford University). Housing; Economic crisis--history; Subprime mortgage loans; political leadership --United States. How financial house of cards was built, then suddenly collapsed ("creative" financing of home mortgages, more "creative" marketing of financial securities based on American mortgages to countries around world); politicians, financial dangers they created, distractions they created later to escape their responsibility when financial markets collapsed; outlines, implications of what to do.

(U.S. - 2008), John B. Taylor (2009). Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis. (Stanford, CA: Hoover Institution Press, 92 p.). Bowen H. and Janice Arthur McCoy Senior Fellow at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. Financial crises; Financial crises --United States; Monetary policy; Mortgages --Government policy. Current crisis - housing boom and bust led to financial turmoil in world; what caused financial crisis, what prolonged it, what worsened it dramatically more than year after it began; how unusually easy monetary policy helped set crisis in motion; how use of subprime mortgages led to excessive risk taking; principles to to prevent misguided actions, interventions in future.

(U.S. - 2008), Armann Thorvaldsson (2009). Frozen Assets: How I Lived Iceland's Boom and Bust. (Chichester, West Sussex, UK, Wiley, 266 p.). Former CEO at Iceland's Kaupthing Bank in UK. Banks and banking -- Iceland -- History -- 21st century. How one man, one bank, one country experienced, was affected by course of world economic history; bank grew from small brokerage house to £6 billion international bank; represented money behind household names as Iceland, Matalan, easyJet, Karen Millen. He travelled most frantic efforts to save bank were fruitless.

(U.S. - 2008), David Wessel (2009). In Fed We Trust: Ben Bernanke's War on the Great Panic. (New York, NY: Crown Business, 336 p.). Economics Editor (Wall Street Journal). Bernanke, Ben; Board of Governors of the Federal Reserve System (U.S.); Banks and banking, Central --United States; Financial crises --United States; Monetary policy --United States. How federal reserve became fourth branch of government ( with no direct accountability to nation's voters), spearheaded biggest government intervention in more than half century; determined not to repeat epic mistake of 1930s - economic catastrophe largely fault of sluggish, wrongheaded Federal Reserve; how Bernanke-Fed led desperate effort to prevent world's financial engine from grinding to halt.

(U. S. - 2008), Eds. Viral V. Acharya, Thomas F. Cooley, Matthew P. Richardson, Ingo Walter, New York University Stern School of Business; foreword by Myron Scholes (2010). Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance. (Hoboken, NJ: Wiley, 573 p.). Professor of Finance (New York University Stern School of Business); Dean Emeritus and the Paganelli-Bull Professor of Economics (New York University Stern School of Business); Charles E. Simon Professor of Applied Financial Economics (New York University Stern School of Business); Seymour Milstein Professor of Finance, Corporate Governance and Ethics and Vice Dean of Faculty (New York University Stern School of Business). Financial institutions --Government policy --United States; Banks and banking --State supervision --United States; Financial crises --United States; International finance --Law and legislation; United States --Economic policy --2009-. Dodd-Frank Act improved financial regulation, fell far short of what could have been achieved; impact of most significant changes in financial regulation since 1930s on U.S., global financial architecture; strengths, weaknesses of new regulations: key issues that regulatory reform should address; key components of regulatory reform; how reforms will affect financial firms, markets, real economy - promote growth, prevent another near collapse of financial system, or contribute to its catastrophic failure?

(U.S. - 2008), Philip Arestis and Elias Karakitsos (2010). The Post 'Great Recession' US Economy: Implications for Financial Markets and the Economy. (New York, NY: Palgrave Macmillan, 336 p. [2nd ed.]). Professor at the Cambridge Centre for Economic and Public Policy (University of Cambridge, UK); Global Economic Research. Financial crises --United States --History --21st century; Recessions --United States --History --21st century; Financial institutions --United States --History --21st century. Causes, consequences of burst of 'new economy' bubble, impact on financial markets.

(U.S. - 2008), John Authers (2010). The Fearful Rise of Markets: A Short View of Global Bubbles and Market Meltdowns. (New York, NY: Financial Times/Prentice Hall, 256 p.). Investment Editor of the Financial Times. Global Financial Crisis, 2008-2009; Financial crises --History --21st century; Capital market --History --21st century. How first truly global super bubble inflated; multiple roots of repeated financial crises: massive shift in investing power from individuals to big institutions; migration of key decisions from banks to capital markets; wholesale financialization of many asset classes; fundamental failures of both theory and policy; realistic solutions.

(U.S. - 2008), Harold Bierman, Jr. (2010). Beating the Bear: Lessons from the 1929 Crash Applied to Today's World. (Santa Barbara, CA: Praeger, 206 p.). Nicholas H. Noyes Professor of Business Administration at Johnson Graduate School of Management (Cornell University). Stock Market Crash, 1929; Global Financial Crisis, 2008-2009; Bear markets -- History; Investments. Much of what happened could have been foreseen, avoided (as it could have been in 1929); economic situations in United States before 1929 and 2008-2009 stock market crashes; causes of both financial crises; connection between explosion of sub-prime mortgage market, current state of economy, forecast future.

(U.S. - 2008), Anton Brender, Florence Pisani; [translated into English by Francis Wells] (2010). Global Imbalances and the Collapse of Globalised Finance. (Brussels, Berlgium: Centre for European Policy Studies, 179 p.). Chief economist of Dexia-Asset Management, Associate Professor at Paris-Dauphine University; Teaches at Paris-Dauphine University. Balance of payments; Global Financial Crisis, 2008-2009; International finance; International economic integration; Financial crises. Globalised finance at origin of successive eruptions (Asian crisis, stock-market bubble, subprimes crisis); wave of innovation has transformed ways in which capital circulates, risks of investment are borne; savings generated in one place used in another; sequence of events leading to collapse of globalised finance.

(U. S. - 2008), Damiano Brigo, Andrea Pallavicini, Roberto Torresetti (2010). Credit Models and the Crisis: A Journey into CDOs, Copulas, Correlations and Dynamic Models. (Chichester, UK: Wiley, 143 p.). Managing Director and Global Head of the Quantitative team in Fitch Solutions, Visiting Professor at the Department of Mathematics (Imperial College, London); Head of Financial Engineering at Banca Leonardo in Milan; Responsible for Structured Credit Derivatives at BBVA (Banco de Bilbao, Banco de Vizcaya merged in 1988, formed BBV; Corporacion Bancaria de Espana , BEX, BHE, Caja Postal merged in 1998, formed Argentaria). Finance--Mathematical models; Credit--Mathematical models; Financial crises--Mathematical models. Technical analysis of credit derivatives modeling problems; development (and flaws) of new quantitative methods for credit derivatives, CDOs up to, through credit crisis; impact, strengths, weaknesses of methods (from introduction of Gaussian Copula model, related implied correlations, to introduction of arbitrage-free dynamic loss models capable of calibrating all tranches for all maturities at same time); implied copula, method that can consistently account for CDOs with different attachment, detachment points but not for different maturities; why Gaussian Copula model is still used in base correlation formulation. 

(U.S. - 2008), Gary B. Gorton (2010). Slapped by the Invisible Hand: The Panic of 2007. (New York, NY, Oxford University Press, 223 p.). Frederick Frank Class of 1954 Professor of Management and Finance (Yale School of Management).Banks and banking -- United States -- History -- 21st century; Financial crises -- United States -- History -- 21st century. Bank panics- systemic crises: 1873, 1884, 1890, 1893, 1896, 1907, 1914; 1934=2007 - no systemic crises (combination of deposit insurance, strong regulation-undermined by rise of shadow banking); August 2007 -wholesale panic involving institutions (large financial firms "ran" on other financial firms, made system insolvent); how securitized-banking system, nexus of financial markets and instruments unknown to most people, stands at heart of financial crisis; Panic of 2007 not so different from Panics of 1907 or 1893, except most people had never heard of markets that were involved, didn't know how they worked, what their purposes were (subprime mortgage, asset-backed commercial paper conduit, structured investment vehicle, credit derivative, securitization, repo market); securitized banking system is real banking system, allows institutional investors, firms to make enormous, short-term deposits.

(U. S. - 2008), Michael Hirsh (2010). Capital Offense: How Washington’s Wise Men Turned America’s Future Over to Wall Street. (Hoboken, NJ: Wiley, 352 p.). National Economics Correspondent (Newsweek). Global Financial Crisis, 2008-2009; Finance --Government policy --United States; United States --Economic policy --2009-; United States --Politics and government --2009-. Missteps of three decades of fiscal, regulatory, financial recklessness (dismantling of Glass-Steagall Act, S&L debacle, Enron, subprime mortgage meltdown); why Clinton administration failed to heed warning sounded by Asian financial crisis of 1998; why then Treasury Secretary Rubin dismissed very explicit warning about dangers of new type of financial instrument known as derivatives; lives of key people of era of free-market finance: Milton Friedman - creator, earliest promoter (adopted by conservative movement); influence on Reagan administration (theories first became government policy); top White House advisors, administration officials (Alan Greenspan, Robert Rubin, Paul O'Neill, others); key figures, lively interpersonal clashes (fierce\, ongoing conflict between Larry Summers and Nobel Prize–winning economist Joe Stiglitz, staunch opponent of free-market theory); why President Obama took so long to work on economy, why his policies, far better than nothing, may not be nearly enough to sustain long-term recovery.

(U.S. - 2008), William M. Isaac with Philip C. Meyer (2010). Senseless Panic: How Washington Failed America. (Hoboken, NJ: Wiley, 190 p.). Chairman of LECG Global Financial Services, Former Chairman of the Federal Deposit Insurance Corporation (FDIC) during the banking and S&L crises of the 1980s; . Savings and loan association failures --United States --History; Savings and Loan Bailout, 1989-1995; Global Financial Crisis, 2008-2009; Bank failures --United States --History. What went wrong with nation's banking system, indictment of United States policy; early 1980s - prime interest rate at an astonishing 21.5%; led to a severe recession, unemployment reached nearly 11%; some 3,000 banks and thrifts failed (nine of Texas’s 10 largest, Continental Illinois - 7th largest bank in the nation; conditions handled without creating a panic, economy began longest peacetime expansion in history; 2008 - failure of comparative handful of institutions nearly shut down world’s financial system; mistakes that led to panic of 2008 and 2009; conditions America faced in 2008; roadmap for avoiding similar shutdowns and panics in future.

(U.S. - 2008), Ed. Robert W. Kolb (2010). Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future.. (Hoboken, NJ: Wiley, 667 p.). Professor of Finance, Frank W. Considine Chair of Applied Ethics School of Business (Loyola University Chicago). Financial crises; Global Financial Crisis, 2008-2009; Financial crises --United States. Institutional problems revealed in crisis: 1) role of borrowers (especially subprime borrowers) in fomenting crisis; 2) failures of modern risk analysis and management (how these essential disciplines can be improved); 3) securitization process (how new way of originating mortgages affected mortgage market, broader financial crisis); 4) role of regulation (its absence, failure of regulators to enforce existing rules; solutions to be implemented to avert future problems); emerging consequences of crisis for economy, lives of people; decisions of Federal Reserve: how actions it has taken to avert disaster may lay foundation for future financial problems; international dimensions.

(U.S. - 2008), John Lanchester (2010). I.O.U.: Why Everyone Owes Everyone and No One Can Pay. (New York, NY, Simon & Schuster, 272 p.).  British journalist. Global financial crisis, 2008-2009; Economic history --21st century; International finance. How complete, devastating financial implosion happened; how decisions, actions of select group of individuals had profound consequences for America, Europe, global economy; proliferation of cheap credit led to explosion of lending; invention, widespread misuse of financial instruments, culpability of subprime mortgages; -- limitations of financial, governmental regulation, capitalism's deepest flaw, facts of human nature where cash is concerned.

(U.S. - 2008), Michael Lewis (2010). The Big Short: Inside the Doomsday Machine. (New York, NY, Norton, 288 p.). Author. Financial crises -- history; United States -- Economic conditions -- 2008. How free fall of American economy was possible; how easy money, greatly expanded home ownership led to crash; how shareholder demand for profit forced investment executives to use toxic derivatives.

(U.S. 2008), Eds. Michael Lounsbury, Paul M. Hirsch (2010). Markets on Trial: The Economic Sociology of the U.S. Financial Crisis. (Bingley, UK: Emerald, 666 p.). Alex Hamilton Professor of Business Strategic Management & Organization (University of Alberta); James L. Allen Professor of Strategy & Organizations at the Kellogg School of Management (Northwestern University). Economics -- Sociological aspects; Global Financial Crisis, 2008-2009; Mortgages; United States -- Economic conditions -- 2001-2009. Top scholars in economic and organizational sociology address recent global financial crisis debates, struggles around how to organize economies, societies around world.

(U. S. - 2008), Matthew Lynn (2010). Bust: Greece, the Euro and the Sovereign Debt Crisis. (Hoboken, NJ: Bloomberg Press, 288 p.). Bloomberg columnist. Financial crises --Greece --History --21st century; Debts, External --Greece --History --21st century; Greece --Economic policy --1974-; Economic stabilization --Greece --History --21st century; Greece --Economic conditions --1974-. Greece's spectacular rise and fall, global repercussions of its financial disaster; origins, how it escalated, government deceit, unfettered spending, cheap borrowing; implications for fragile global economy; how Greek contagion spread throughout Europe; how government ineptitude, financial speculators compounded problem.

(U.S. - 2008), Christian Marazzi; Translated by Kristina Lebedeva (2010). The Violence of Financial Capitalism. (Cambridge, MA, Semiotext(e), Distributed by MIT Press, 112 p.). Professor and Director of Socio-Economic Research (Scuola Universitaria della Svizzera Italiana). Financial crises. Processes of financialization - new type of accumulation adapted to processes of social, cognitive production today (not simply irregularities between traditional categories of wages, rent, profit); crisis 2008 - fundamental component of contemporary accumulation, not classic lack of economic growth; individual debt, management of financial markets - techniques for governing transformations of immaterial labor, general intellect, social cooperation; financial crisis has radically undermined concept of unilateral, multilateral economico-political hegemony; efforts toward new geo-monetary order that have emerged around globe in response.

(U.S. - 2008), Bethany McLean and Joe Nocera (2010). All the Devils Are Here: The Hidden History of the Financial Crisis. (New York, NY: Portfolio Penguin, 400 p.). Writer for Vanity Fair; Business Columnist for The New York Times. Global Financial Crisis, 2008-2009; Financial crises --United States --History --21st century; Mortgage-backed securities --United States; Subprime mortgage loans --United States. How Wall Street, mortgage industry, government conspired to change way Americans bought their homes; who changed game and why; about basic human psychology-from poorest Florida home buyer to richest CEO.

(U. S. - 2008), Anastasia Nesvetailova (2010). Financial Alchemy in Crisis: The Great Liquidity Illusion. (London, UK: Pluto Press 204 p.). International Politics Staff (City University, London). Bank liquidity; Credit control; Financial crises. Elusive concept of ‘liquidity’ in global finance, in global financial crisis of 2007-2009.