Ending government bailouts as we know them (Hoover Institution Press, 2009)
Includes bibliographical references and index
Make failure tolerable / George P. Shultz -- Financial reforms to end government bailouts as we know them / Paul Volcker -- Fifty years in the business : from Wall Street to the Treasury and beyond / Nicholas F. Brady -- Defining systemic risk operationally / John B. Taylor -- Lessons learned from the Lehman bankruptcy / Kimberly Anne Summe -- A contractual approach to restructuring financial institutions / Darrell Duffie -- Wind-down plans as an alternative to bailouts: the cross-border challenges / Richard J. Herring -- Wind-down plans, incomplete contracting, and renegotiation risk : lessons from Tiger Woods / Joseph A. Grundfest -- Expanding FDIC-style resolution authority / William F. Kroener III -- The Kansas City plan / Thomas M. Hoenig, Charles S. Morris, and Kenneth Spong -- Chapter 11F : a proposal for the use of bankruptcy to resolve financial institutions / Thomas H. Jackson -- Evaluating failure resolution plans / Kenneth E. Scott
This book examines the dangers of continuing government bailouts and offers alternative strategies designed to produce growth based on the vigor of the private sector with inflation under control. The expert authors show that it is indeed possible to explain the causes of the crisis in understandable terms and clarify why resolving the bailout problem is essential to preventing future crises