ISBN10: 0199659885, ISBN13: 9780199659883, [publisher: Oxford University Press OUP] Softcover pp. 400
[New York, NY, U.S.A.] [Publication Year: 2012]

Oxford University Press OUP 2012 PAPERBACK New P 400.

Oxford Univ Pr, Date: 2012. Paperback. New. reprint edition. 374 pages. 9.00x6.00x0.75 inches. 2012. Oxford Univ Pr ISBN 0199659885 9780199659883 [GB]

ISBN10: 0199659885, ISBN13: 9780199659883, [publisher: Oxford University Press, Oxford] Softcover Paperback. In Casino Capitalism Hans-Werner Sinn examines the causes of the banking crisis, points out the flaws in the economic rescue packages, and presents a master plan for the reform of financial markets. Sinn argues that the crisis came about because limited liability induced both Wall Street and Main Street to gamble with real estate properties. He meticulously describes the process of lending to American homeowners and criticizes both the process ofsecuritizing and selling mortgage claims to the world, as well as the poor job rating agencies did in providing transparency. He argues that the American Dream has ended because the world now realizes that this dream wasbuilt on loans that are never likely to be repaid. Sinn also asserts that the banking crisis has not yet been resolved, because the necessary write-offs of toxic assets have largely been swept under the carpet. Comparing actual worldwide write-offs with those estimated by the IMF estimates, he concludes that substantial parts, if not most, of the true losses have yet to be revealed and that the banking systems of many countries are on the brink of insolvency.In view of this, he directs sharp criticism at the various economic rescue packages, arguing that the plans assume that banks have a liquidity problem while, in fact, they suffer from asolvency crisis. Sinn points out that the conflict between the ...