Last Resort: The Financial Crisis and the Future of Bailouts

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AuthorEric A Posner
PublisherTantor Audio
PublishedMay 22 2018
Book FormatAudio
ISBN-139781977312143
Dimensions5.4 X 6.4 X 1.1 inches
Weight 0.4 pounds
BISAC
CategoriesBusiness & Economics > Economics - Microeconomics
LanguageEnglish

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Book Description

The bailouts during the recent financial crisis enraged the public. They felt unfair-and counterproductive: people who take risks must be allowed to fail. If we reward firms that make irresponsible investments, costing taxpayers billions of dollars, aren't we encouraging them to continue to act irresponsibly, setting the stage for future crises? And beyond the ethics of it was the question of whether the government even had the authority to bail out failing firms like Bear Stearns and AIG. The answer, according to Eric A. Posner, is no. The federal government freely and frequently violated the law with the bailouts-but it did so in the public interest. An understandable lack of sympathy toward Wall Street has obscured the fact that bailouts have happened throughout economic history and are unavoidable in any modern, market-based economy. And they're actually good. Contrary to popular belief, the financial system cannot operate properly unless the government stands ready to bail out banks and other firms. Taking up the common objections raised by both right and left, Posner argues that future bailouts will occur. Acknowledging that inevitability, we can and must look ahead and carefully assess our policy options before we need them.

Author Bio

Eric Posner is the Kirkland and Ellis Distinguished Service Professor of Law and Arthur and Esther Kane Research Chair.

His research interests include financial regulation, international law, and constitutional law. His books include Radical Markets (Princeton, 2018) (with Glen Weyl); Last Resort: The Financial Crisis and the Future of Bailouts (University of Chicago Press, 2018); The Twilight of International Human Rights (Oxford, 2014); Economic Foundations of International Law (with Alan Sykes) (Harvard, 2013); Contract Law and Theory (Aspen, 2011); The Executive Unbound: After the Madisonian Republic (with Adrian Vermeule) (Oxford, 2011); Climate Change Justice (with David Weisbach) (Princeton, 2010); The Perils of Global Legalism (Chicago, 2009); Terror in the Balance: Security, Liberty and the Courts (with Adrian Vermeule) (Oxford, 2007); New Foundations of Cost-Benefit Analysis (with Matthew Adler) (Harvard, 2006); The Limits of International Law (with Jack Goldsmith) (Oxford, 2005); Law and Social Norms (Harvard, 2000); Chicago Lectures in Law and Economics (editor) (Foundation, 2000); Cost-Benefit Analysis: Legal, Economic, and Philosophical Perspectives (editor, with Matthew Adler) (University of Chicago, 2001).

He is a fellow of the American Academy of Arts and Sciences and a member of the American Law Institute.