{"product_id":"slapped-by-the-invisible-hand-the-panic-of-2007-financial-management-association-survey-and-synthesis-9780199734153","title":"Slapped by the Invisible Hand: The Panic of 2007 (Financial Management Association Survey and Synthesis)","description":"\u003cp\u003eOriginally written for a conference of the Federal Reserve  Gary Gortons \"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 Hand  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 Panics of 1907 or of 1893  except that  in 2007  most people had never heard of the markets that were involved  didnt know how they worked  or what their purposes were. Terms like subprime mortgage  asset-backed commercial paper conduit  structured investment vehicle  credit derivative  securitization  or repo market were meaningless. In this superb volume  Gorton makes all of this 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 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.  An authority on banking panics  Gorton is the ideal person to explain the financial calamity of 2007. Indeed  as the crisis unfolded  he was working inside an institution that played a central role in the collapse. Thus  this book presents the unparalleled and invaluable perspective of a top scholar who was also a key insider.\u003c\/p\u003e","brand":"My Store","offers":[{"title":"Default Title","offer_id":45130203922485,"sku":"ByrdShop_0199734151","price":33.41,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0627\/8139\/0901\/files\/9780199734153.jpg?v=1790973464","url":"https:\/\/atxbooks.com\/products\/slapped-by-the-invisible-hand-the-panic-of-2007-financial-management-association-survey-and-synthesis-9780199734153","provider":"ATX Books","version":"1.0","type":"link"}