Das Ende der Weltwirtschaft und ihre Zukunft

Commercial Crisis of 1847
. Occasional Papers in Economic and Social History, No. 11 (Hull: Hull University Press, 1984).
    2
    Die besten Argumente für die positiven Auswirkungen von Blasen liefert Daniel Gross:
Pop! Why Bubbles Are Great for the Economy
(New York: Harper Business, 2007).
    3
    Der folgende Abschnitt folgt hauptsächlich Gillian Tett:
Fool’s Gold:
|428|
How the Bold Dream of A Small Tribe at J. P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe
(New York: Free Press, 2009), 51–56; Mark Zandi:
Financial Shock: A 360o Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis
(Upper Saddle River, New Jersey: Financial Times Press, 2008), 111–119.
    4
    »Statement of Cameron L. Cowan, American Securitization Forum, Before the Subcommittee on Housing and Community Opportunity,
     Subcommittee on Financial Institutions and Consumer Credit, United States House of Representatives«, 5. November 2003.
    5
    Siehe z. B. Vinod Kothari:
Securitization: The Financial Instrument of the Future
(Hoboken, New Jersey: John Wiley and Sons, 2006).
    6
    Vgl. Amiyatosh K. Purnanandam: »›Originate-to-Distribute Model and the Sub-Prime Mortgage Crisis’ paper presented at the American
     Finance Association Annual Meeting«, 18. September 2009, Atlanta, Georgia.
    7
    Douglas J. Lucas, Laurie S. Goodman und Frank J. Fabozzi: »Collateralized Debt Obligations and Credit Risk Transfer«,
Journal of Financial Transformation
20 (2007), 47–59.
    8
    Zandi:
Financial Shock
, 117–119. Siehe auch Janet Tavakoli:
Collateralized Debt Obligations and Structured Finance: New Developments in Cash and Synthetic Securitization
(Hoboken, New Jersey: John Wiley, 2003).
    9
    Siehe z. B. Kevin Dowd: »Moral Hazard and the Financial Crisis.«
Cato Journal
29 (2009), 141–166.
    10
    Die Darlegungen dieses Absschnitts fußen weitgehend auf Gian Luca Clementi, Thomas F. Cooley, Matthew Richardson und Ingo
     Walter: »Rethinking Compensation in Financial Firms« sowie Viral V. Acharya et al.: »Corporate Governance in the Modern Financial
     Sector«, beide in Viral V. Acharya und Matthew Richardson (Hg.):
Restoring Financial Stability: How to Repair a Failed System
(Hoboken, New Jersey: John Wiley and Sons, 2009).
    11
    Raghuram Rajan: »Bankers’ Pay Is Deeply Flawed«,
Financial Times
, 8. Januar 2008; Gian Luca Clementi und Thomas Cooley: »›Executive Compensation: Facts,‹ Working Paper, New York University,
     Stern School of Business«, 10. November 2009, online verfügbar unter http://pages.stern.nyu.edu/​~gclement/​Papers/​facts.pdf .
    12
    Christine Harper: »Bonuses at Wall Street Big-Five Surge to $36 Billion«, |429|
Bloomberg
, 6. November 2006, online verfügbar unter http://www.bloomberg.com/​apps/​news?pid=20601087&refer=home&sid=a tEk12XYMerk.
    13
    Alan Greenspan:
The Age of Turbulence: Adventures in a New World
(New York: Penguin Press, 2007).
    14
    John M. Berry: »Black Monday for Greenspan: A Race to Forestall a Liquidity Crisis«,
Washington Post
, 19. Oktober 1997.
    15
    Kenneth T. Jackson, Karen Markoe, Arnie Markoe (Hg.):
The Scribner Encyclopedia of American Lives
, Bd. 5 (New York: Charles Scribner’s Sons, 2002).
    16
    Alan Greenspan: »›The Challenge of Central Banking in a Democratic Society‹, remarks delivered at the Annual Dinner and Francis
     Boyer Lecture of The American Enterprise Institute«, 5. Dezember 1996, online verfügbar unter http://www.federalreserve.gov/​boardDocs/​speeches/​1996/​19961205.htm .
    17
    Marcus Miller, Paul Weller und Lei Zhang: »Moral Hazard and the US Stock Market: Analysing the ›Greenspan Put,‹«
Economic Journal
112 (2002), C171–186.
    18
    Greg Ip: »Did Greenspan Add to Subprime Woes?«
Wall Street Journal
, 9. Juni 2007; Edmund L. Andrews: »Fed Shrugged as Subprime Crisis Spread«,
New York Times
, 18. Dezember 2007.
    19
    »Remarks of Chairman Alan Greenspan at the Federal Reserve System’s Fourth Annual Community Affairs Research Conference«,
     8. April 2005, online verfügbar unter http://www.federalreserve.gov/​BoardDocs/​speeches/​2005/​20050408/​default.htm .
    20
    Barth, James R., R. Dan, Jr. Brumbaugh und James A. Wilcox: »Policy Watch: The Repeal of Glass-Steagall and the Advent of
     Broad Banking«,
Journal of Economic Perspectives
14, Nr. 2 (Frühjahr 2000), 191–204; Jill M. Hendrickson: »The Long and Bumpy Road to Glass-Steagall Reform: A Historical and
     Evolutionary