Sunday, December 11, 2011
RJA #15b: Reflection
I learned how to write in APA style in this class. I enjoyed learning how to use all of the web resources that we used throughout the semester. I really enjoyed the research I did on my topic. I felt that I learned a lot about my topic, and also the other topics of my classmates. I liked being a part of surveys and feedback for classmates.
Monday, November 28, 2011
RJA #14: Field Research Report
Here is a link to the data I collected in the survey I performed.
For this assignment, I created the survey, asking questions that I believe to be most important in regards to my topic. I then posted the link to the class, and got a few responses from classmates. The best response I received, however, was from my facebook friends. I learned a lot from performing this survey. I learned that the financial crisis affected nearly everyone on at least some level. A classmate pointed out that I made an error on the question of whether anyone you know has lost their jobs. I didn't realize that I forgot to include a N/A response. I find it shocking that out of 14 people who took the survey, he was the only person who did not personally know someone who has lost their job since 2008.
For this assignment, I created the survey, asking questions that I believe to be most important in regards to my topic. I then posted the link to the class, and got a few responses from classmates. The best response I received, however, was from my facebook friends. I learned a lot from performing this survey. I learned that the financial crisis affected nearly everyone on at least some level. A classmate pointed out that I made an error on the question of whether anyone you know has lost their jobs. I didn't realize that I forgot to include a N/A response. I find it shocking that out of 14 people who took the survey, he was the only person who did not personally know someone who has lost their job since 2008.
RJA #13b: Presentation Plan
I plan to highlight and outline my topic, starting with the historical context of the crisis, including the major factors that my research has led me to believe to have helped in causing the financial crisis. I will then go through each of these factors, and detail why they had an impact on the severity of the crisis. Finally, I will describe which factor I believe had the most significant impact on the crisis and the economy as a whole.
Monday, November 21, 2011
RJA #13a: APA-Style Annotated Bibliography, Part 2
Milken, M., Becker, G., Scholes, M., Spence, M., & Phelps, E. (June 01, 2008). US Financial
Crisis Is a Black Eye for Capitalism. New Perspectives Quarterly, 25, 3, 70-73.
The writers of this piece are all Nobel laureates in economics. In this piece, they have a discussion on the downsides of capitalism.
Harvey, D. (2010). The enigma of capital, and the crises of capitalism. (Kindle ed.). New York, NY: Oxford Univ Pr.
This paper is a Government Accountability Office release that includes testimony given to the GAO in their investigation into the financial crisis.
Economic Populist. (Producer). (2011). Subprime mortgage volumes. [Web Graphic]. Retrieved from http://www.economicpopulist.org/content/subprime-meltdown-over-now-comes-bad-news
This will be one of the graphics I plan to use to highlight the number of subprime mortgages in the years leading up to the 2008 crisis.
Federal Reserve. (Producer).(2001, November 7). Consumer credit outstanding. Retrieved from http://www.federalreserve.gov/Releases/G19/hist/cc_hist_sa.html
I used this site for information regarding the amount of revolving debt historically speaking.
Wolff, R.,PhD. (Performer) (2009).Capitalism hits the fan [Web]. Retrieved from http://www.capitalismhitsthefan.com/
This video is a great supplement to watch on the topic of the financial crisis, this professor has a very informative take on the crisis.
Crisis Is a Black Eye for Capitalism. New Perspectives Quarterly, 25, 3, 70-73.
The writers of this piece are all Nobel laureates in economics. In this piece, they have a discussion on the downsides of capitalism.
Harvey, D. (2010). The enigma of capital, and the crises of capitalism. (Kindle ed.). New York, NY: Oxford Univ Pr.
This paper is a Government Accountability Office release that includes testimony given to the GAO in their investigation into the financial crisis.
Economic Populist. (Producer). (2011). Subprime mortgage volumes. [Web Graphic]. Retrieved from http://www.economicpopulist.org/content/subprime-meltdown-over-now-comes-bad-news
This will be one of the graphics I plan to use to highlight the number of subprime mortgages in the years leading up to the 2008 crisis.
Federal Reserve. (Producer).(2001, November 7). Consumer credit outstanding. Retrieved from http://www.federalreserve.gov/Releases/G19/hist/cc_hist_sa.html
I used this site for information regarding the amount of revolving debt historically speaking.
Wolff, R.,PhD. (Performer) (2009).Capitalism hits the fan [Web]. Retrieved from http://www.capitalismhitsthefan.com/
This video is a great supplement to watch on the topic of the financial crisis, this professor has a very informative take on the crisis.
Saturday, November 12, 2011
RJA #12c: Visual Aids
I think that there are many visual aides that I will be able to include in my paper. I will use the vast resource of graphics that are available on the official Financial Crisis Inquiry Commission website: http://fcic.law.stanford.edu/resource
One set of graphics that I found that I believe will be very informative to the readers of my paper describe the ways in which the mortgage securities operate, i.e. one called 'THE THEORY OF HOW THE FINANCIAL SYSTEM CREATED AAA-RATED ASSETS OUT OF SUBPRIME MORTGAGES gives a detailed picture of how exactly these mortgage backed securities came to have AAA ratings.
Another graphic in the mortgage securities set is one titled COLLATERALIZED DEBT OBLIGATIONS and shows a simplified version of how CDO's work.
A third graphic I plan to use is titled REJECTED LOANS WAIVED IN BY SELECTED BANKS, and it is a table of the percentages of loans 'waived in' or approved, regardless of the fact that the borrowers were denied in the application process.
Another graphic that I really like is the one titled LOAN PERFORMANCE IN VARIOUS MORTGAGE MARKET SEGMENTS. This one is a bar graph showing that the subprime segment had nearly a 40% average delinquency rate in 2009, among other figures.
Lastly, I will use the graphic titled NOTIONAL AMOUNT OF OTC DERIVATIVES OUTSTANDING, and it shows the sheer volume of market value that derivatives held in these years.
One set of graphics that I found that I believe will be very informative to the readers of my paper describe the ways in which the mortgage securities operate, i.e. one called 'THE THEORY OF HOW THE FINANCIAL SYSTEM CREATED AAA-RATED ASSETS OUT OF SUBPRIME MORTGAGES gives a detailed picture of how exactly these mortgage backed securities came to have AAA ratings.
Another graphic in the mortgage securities set is one titled COLLATERALIZED DEBT OBLIGATIONS and shows a simplified version of how CDO's work.
A third graphic I plan to use is titled REJECTED LOANS WAIVED IN BY SELECTED BANKS, and it is a table of the percentages of loans 'waived in' or approved, regardless of the fact that the borrowers were denied in the application process.
Another graphic that I really like is the one titled LOAN PERFORMANCE IN VARIOUS MORTGAGE MARKET SEGMENTS. This one is a bar graph showing that the subprime segment had nearly a 40% average delinquency rate in 2009, among other figures.
Lastly, I will use the graphic titled NOTIONAL AMOUNT OF OTC DERIVATIVES OUTSTANDING, and it shows the sheer volume of market value that derivatives held in these years.
RJA #12b: APA-Style Annotated Bibliography, Part 1–
Lowenstein, R. (2010). The end of wall street. (1st ed.). New York, NY: Penguin Press.
Roger Lowenstein has worked as a wall street journal reporter, and is now a columnist for Bloomberg. The book describes in detail the years leading up to the crash in 2008, and advocates against the idea that Wall Street is capable of self regulation.
Lewis, M. (2010). The big short. (1st ed.). New York, NY: W. W. Norton & Company.
Michael Lewis was once a wall street adviser, and has since written two books about his experiences there. He outlines the use of securities and derivatives and their roles in the collapse of the markets in 2008.
Lambert, E. (2011). The futures. (1st ed.). New York, NY: Basic books.
The author, Emily Lambert, is senior writer for Forbes, covering finance and trading. The book discusses the inner details of the Chicago Mercantile Exchange and Chicago Board of Trade, which were the first futures market in the world. The book outlines methods of speculation in these markets, and details the financial trading markets.
Roger Lowenstein has worked as a wall street journal reporter, and is now a columnist for Bloomberg. The book describes in detail the years leading up to the crash in 2008, and advocates against the idea that Wall Street is capable of self regulation.
Lewis, M. (2010). The big short. (1st ed.). New York, NY: W. W. Norton & Company.
Michael Lewis was once a wall street adviser, and has since written two books about his experiences there. He outlines the use of securities and derivatives and their roles in the collapse of the markets in 2008.
Lambert, E. (2011). The futures. (1st ed.). New York, NY: Basic books.
The author, Emily Lambert, is senior writer for Forbes, covering finance and trading. The book discusses the inner details of the Chicago Mercantile Exchange and Chicago Board of Trade, which were the first futures market in the world. The book outlines methods of speculation in these markets, and details the financial trading markets.
RJA #12a: Conversion from MLA to APA Style
Financial Crisis Inquiry Commission. (2011). Financial crisis inquiry report. Washington, D.C.: Financial Crisis Inquiry Commission.
Paulson, Jr., H. M. (2010). On the brink. (1 ed.). New York, NY: Business Plus.
Koepp, S. (1987, July 06). Rolling back regulation. TIME, Retrieved from http://www.time.com/time/magazine/article/0,9171,964890,00.html
Paulson, Jr., H. M. (2010). On the brink. (1 ed.). New York, NY: Business Plus.
Koepp, S. (1987, July 06). Rolling back regulation. TIME, Retrieved from http://www.time.com/time/magazine/article/0,9171,964890,00.html
RJA #11: Argument
Claim:
Deregulation of the financial and banking sectors, leading to the increased use of complex financial instruments, had a major role in causing the crash in 2008.
(page xviii of the Financial Crisis Inquiry Report)
Reason 1: The FCIC concluded that failures in regulation and supervision led to the collapse of the financial markets (Financial crisis inquiry report page xviii)
Therefore, the majority of the commission whose job it was to investigate the crisis believes that deregulation of the financial markets had a key role in causing the economic collapse in 2008. They also stated that the passage of The Commodity Futures Modernization Act of 2000 effectively eliminated oversight by both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). This elimination of oversight as well as the changing of bankruptcy laws in 2005 caused a boom in the derivative market.
(Financial crisis inquiry report page 48)
Reason 2: The unregulated use of Derivatives as an investment tool contributed greatly to the instability of the financial system (Financial crisis inquiry report pagexxiv).
As stated in reason 1, the derivative market boomed in the few short years between 2005 and 2008. Although a short time period, the effects of this unregulated sector of the market caused great damage to the entire economy. To put it into perspective, in 2000, the derivative market value was $3.2 trillion, while in 2008, the market value was $20.3 trillion. The problem with the derivative market is that little or no collateral is needed to make very risky transactions usually involving a lot of money.
(Financial crisis inquiry report page 48 and 49)
Reason 3: The financial crisis could have been averted had the big mortgage banks been scrutinized by more prudent lending standards (Financial crisis inquiry report page xix and page xxiii).
During the years of the housing boom, from the early 2000's to 2008, mortgage lenders began utilizing more and more lenient standards for giving people mortgages. The "safe mortgage", the 30 year fixed rate with 20% down, was all but abandoned in favor of mortgages that were easier to get; no need for documentation, down payment, or a great FICO score, there is a mortgage for you. On top of the riskier borrowers, banks were betting that home prices would never decrease, and had bet a lot. (Financial crisis inquiry report page 4-6)
Objection 1: The deregulation of the financial markets and the use of derivatives were not the cause of the financial crisis (Dissenting view of Peter Wallison, FCIC, Financial Crisis Inquiry Report, page 443).
It was a key factor, because with regulations of the derivative market, rampant speculation and banks like Lehman Brothers could have never leveraged 30 to 1 with investors' money.
Objection 2: The cause of the financial crisis was, in fact, the proliferate of subprime mortgages in the years leading up to 2008 (Dissenting view of Peter Wallison, FCIC, Financial Crisis Inquiry Report, page 444).
I agree that this is one very important cause of the collapse as well, but not the only one.
Deregulation of the financial and banking sectors, leading to the increased use of complex financial instruments, had a major role in causing the crash in 2008.
(page xviii of the Financial Crisis Inquiry Report)
Reason 1: The FCIC concluded that failures in regulation and supervision led to the collapse of the financial markets (Financial crisis inquiry report page xviii)
Therefore, the majority of the commission whose job it was to investigate the crisis believes that deregulation of the financial markets had a key role in causing the economic collapse in 2008. They also stated that the passage of The Commodity Futures Modernization Act of 2000 effectively eliminated oversight by both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). This elimination of oversight as well as the changing of bankruptcy laws in 2005 caused a boom in the derivative market.
(Financial crisis inquiry report page 48)
Reason 2: The unregulated use of Derivatives as an investment tool contributed greatly to the instability of the financial system (Financial crisis inquiry report pagexxiv).
As stated in reason 1, the derivative market boomed in the few short years between 2005 and 2008. Although a short time period, the effects of this unregulated sector of the market caused great damage to the entire economy. To put it into perspective, in 2000, the derivative market value was $3.2 trillion, while in 2008, the market value was $20.3 trillion. The problem with the derivative market is that little or no collateral is needed to make very risky transactions usually involving a lot of money.
(Financial crisis inquiry report page 48 and 49)
Reason 3: The financial crisis could have been averted had the big mortgage banks been scrutinized by more prudent lending standards (Financial crisis inquiry report page xix and page xxiii).
During the years of the housing boom, from the early 2000's to 2008, mortgage lenders began utilizing more and more lenient standards for giving people mortgages. The "safe mortgage", the 30 year fixed rate with 20% down, was all but abandoned in favor of mortgages that were easier to get; no need for documentation, down payment, or a great FICO score, there is a mortgage for you. On top of the riskier borrowers, banks were betting that home prices would never decrease, and had bet a lot. (Financial crisis inquiry report page 4-6)
Objection 1: The deregulation of the financial markets and the use of derivatives were not the cause of the financial crisis (Dissenting view of Peter Wallison, FCIC, Financial Crisis Inquiry Report, page 443).
It was a key factor, because with regulations of the derivative market, rampant speculation and banks like Lehman Brothers could have never leveraged 30 to 1 with investors' money.
Objection 2: The cause of the financial crisis was, in fact, the proliferate of subprime mortgages in the years leading up to 2008 (Dissenting view of Peter Wallison, FCIC, Financial Crisis Inquiry Report, page 444).
I agree that this is one very important cause of the collapse as well, but not the only one.
Monday, October 31, 2011
RJA #10c: Objections
- The deregulation of the financial markets and the use of derivatives were not the cause of the financial crisis (Dissenting view of Peter Wallison, FCIC, Financial Crisis Inquiry Report, page 443).
- The cause of the financial crisis was, in fact, the proliferate of subprime mortgages in the years leading up to 2008 (Dissenting view of Peter Wallison, FCIC, Financial Crisis Inquiry Report, page 444).
- Not many people had said prior to the crash that the instruments and practices were too risky (Dissenting view of Peter Wallison, FCIC, Financial Crisis Inquiry Report, page 446).
RJA #10b: Reasons
- Reason 1: The FCIC concluded that failures in regulation and supervision led to the collapse of the financial markets (Financial crisis inquiry report page xviii).
- Reason 2: Even those who were once proponents of deregulation such as Chris Cox, the head of the SEC, admit that more regulation is necessary in light of the newly developed instruments ( Roger Lowenstein, The end of wall street, page 236).
- Reason 3: The financial crisis could have been averted had the big mortgage banks been scrutinized by more prudent lending standards (Financial crisis inquiry report page xix and page xxiii).
- Reason 4: The regulations of the banking sector that were in place before Reagan took office were in place solely to protect the investors and consumers of banking products.(http://www.infoplease.com/ce6/history/A0835397.html).
- Reason 5: The unregulated use of Derivatives as an investment tool contributed greatly to the instability of the financial system (Financial crisis inquiry report page xxiv).
RJA #10a: Claim
What was the root cause of the 2008 financial crisis?
Claim:
Deregulation of the financial and banking sectors, leading to the increased use of complex financial instruments, had a major role in causing the crash in 2008.
(page xviii of the Financial Crisis Inquiry Report)
Claim:
Deregulation of the financial and banking sectors, leading to the increased use of complex financial instruments, had a major role in causing the crash in 2008.
(page xviii of the Financial Crisis Inquiry Report)
Thursday, October 27, 2011
RJA #9b: Freewriting
What are the root causes of the 2008 financial crisis?
I believe that the financial crisis of 2008 was cause by years of deregulation, leading to unbridled speculation and securitization with risky assets. This belief is upheld by research on the topic. The sources I have looked at provide me with the information that I need to come to the conclusion that the use of the complex financial instruments and mathematical algorithms that are used to assess risk and securitize risky assets were the main cause of the crisis in 2008. The greed of Wall Street bankers was also a major contributor, in my opinion. If they hadn’t have pushed so hard on the government agencies for the deregulations they enjoy and which allowed them to continue with the practices that have, in hindsight, proved to be do detrimental to the financial system of the United States and of the world. The repeal of the Glass- Steagal Act in 1999 led to banks being able to merge with security underwriting companies. The merger between Citicorp and Travelers’ Insurance Group led to the formation of Citigroup. This merger occurred without congressional approval, so it was technically illegal. The congress then granted the company an exception while they passed the legislation to make the merger legal. The article in the 1987 time magazine quotes that the wall street investment bankers wanted to keep commercial banks out of the securities business, because ‘they would get in over their heads if they were allowed such privileges.’ How right they were! And twenty one years before the crisis, no less!
I believe that the financial crisis of 2008 was cause by years of deregulation, leading to unbridled speculation and securitization with risky assets. This belief is upheld by research on the topic. The sources I have looked at provide me with the information that I need to come to the conclusion that the use of the complex financial instruments and mathematical algorithms that are used to assess risk and securitize risky assets were the main cause of the crisis in 2008. The greed of Wall Street bankers was also a major contributor, in my opinion. If they hadn’t have pushed so hard on the government agencies for the deregulations they enjoy and which allowed them to continue with the practices that have, in hindsight, proved to be do detrimental to the financial system of the United States and of the world. The repeal of the Glass- Steagal Act in 1999 led to banks being able to merge with security underwriting companies. The merger between Citicorp and Travelers’ Insurance Group led to the formation of Citigroup. This merger occurred without congressional approval, so it was technically illegal. The congress then granted the company an exception while they passed the legislation to make the merger legal. The article in the 1987 time magazine quotes that the wall street investment bankers wanted to keep commercial banks out of the securities business, because ‘they would get in over their heads if they were allowed such privileges.’ How right they were! And twenty one years before the crisis, no less!
RJA #9a: MLA-Style Annotated Bibliography
Bibliography
Commission, Financial Crisis Inquiry. Financial
Crisis Inquiry Report. Washington, D.C., 2008.
This source is very reliable. It is the report published by the commission of congressmen who analyzed the financial crisis. The report mainly focuses on the causes of the financial crisis, and as such will be where I draw most of my info from for my paper.
Henry M. Paulson, Jr.
On the brink. New York: Business Plus, 2010.
This is another reliable book, I believe, because it is written by the Secretary of the treasury, Henry Paulson Jr. This book outlines the events leading up to and after the crash in 2008.
Koepp, Stephen.
"Rolling back regulation." TIME 06 July 1987.
http://www.time.com/time/magazine/article/0,9171,964890,00.html
http://www.time.com/time/magazine/article/0,9171,964890,00.html
Tuesday, October 18, 2011
RJA #8c: Field Research Plan–
For my field research, I plan on using my survey that we created, I posted it publicly on my facebook page, and will try and have my friends take it; I will also create some fliers around school for others to take it. Hopefully this will provide my some info about people's thoughts and feelings about the crisis. I also plan to use the blog website Internet Experts, and I hope to find some good sources here to interview. Also, I am going to write a letter to Suze Orman, asking her questions on what her opinions are on the causes of the financial crisis. I was also going to write President Obama and Ben Bernanke. I don't know if I'll get a response, but it's worth a try. Some questions I would have for such individuals would include:What was the most influential cause of the 2008 financial crisis, in your opinion?Do you think that the government should have done more or less when dealing with the crisis? Were you satisfied or dissatisfied with the ways in which the government dealt with the situation? Do you believe that more regulation or less regulation is the solution to the economic problems we have seen? How big of an impact in the big picture context of the global recession did the mortgage practices of American banks, such as Mortgage-backed Securities, Credit Default Swaps, and the derivative market have?
When do you believe that the recession will turn around? Do you think that the 2008 economic crisis could have been avoided in any way?
When do you believe that the recession will turn around? Do you think that the 2008 economic crisis could have been avoided in any way?
RJA #8b: Background Essay Plan
Background essay thesis statement:
The primary cause for the 2008 financial crisis in the United States was the use of complex risk assessment instruments such as CDO's and interest-based derivatives.
Some info that I want to include in my background essay include the following.
-The effects of greed on the financial crisis
---Wall street salaries and bonuses
-The effects of the housing sector on the financial crisis
---Credit default swaps
---Collateralized debt obligations
---Interest based derivatives
---Subprime mortgages
---Toxic assets
-The effects of deregulation on the financial crisis
---Reagan
---Bush sr.
---Bush jr.
---Clinton
The primary cause for the 2008 financial crisis in the United States was the use of complex risk assessment instruments such as CDO's and interest-based derivatives.
Some info that I want to include in my background essay include the following.
-The effects of greed on the financial crisis
---Wall street salaries and bonuses
-The effects of the housing sector on the financial crisis
---Credit default swaps
---Collateralized debt obligations
---Interest based derivatives
---Subprime mortgages
---Toxic assets
-The effects of deregulation on the financial crisis
---Reagan
---Bush sr.
---Bush jr.
---Clinton
Monday, October 17, 2011
RJA #8a: Summary
TIME
Reassessing Risk
This article in the Wednesday, Nov. 05, 2008 issue of TIME magazine discusses the transformation of the practice of assessing the risk of investments throughout time. It mentions at the start that a form of risk assessment has been around for centuries, but now, with the advent of many new computing technologies, corporate banks and other financial institutions are able to produce complicated instruments, such as credit-default swaps and collateralized debt obligations. These instruments at first were treated as a profit center, with no regard for the extreme risk involved or even the mathematical models and algorithms made to analyze the value of the underlying assets. The article discusses a few firms that have removed themselves from practices involving these instruments, and also outlines why there should be a move forward for more to do the same.
A link to the article, Reassessing risk.
Plagiarism checker:
Sentence1: "05, 2008 issue of TIME magazine discusses the transformation of the practice of assessing the risk of investments throughout time"
Sentence2: "This article in the Wednesday, Nov"
Sentence3: "It mentions at the start that a form of risk assessment has been around for centuries, but now, with the advent of many new computing technologies, corporate banks and other financial institutions are able to produce complicated instruments, such as credit-default swaps and collateralized debt obligations"
Sentence4: "These instruments at first were treated as a profit center, with no regard for the extreme risk involved or even the mathematical models and algorithms made to analyze the value of the underlying assets"
Sentence5: "The article discusses a few firms that have removed themselves from practices involving these instruments, and also outlines why there should be a move forward for more to do the same"
Sentence6: ""
Reassessing Risk
This article in the Wednesday, Nov. 05, 2008 issue of TIME magazine discusses the transformation of the practice of assessing the risk of investments throughout time. It mentions at the start that a form of risk assessment has been around for centuries, but now, with the advent of many new computing technologies, corporate banks and other financial institutions are able to produce complicated instruments, such as credit-default swaps and collateralized debt obligations. These instruments at first were treated as a profit center, with no regard for the extreme risk involved or even the mathematical models and algorithms made to analyze the value of the underlying assets. The article discusses a few firms that have removed themselves from practices involving these instruments, and also outlines why there should be a move forward for more to do the same.
A link to the article, Reassessing risk.
Plagiarism checker:
Sentence1: "05, 2008 issue of TIME magazine discusses the transformation of the practice of assessing the risk of investments throughout time"
Sentence2: "This article in the Wednesday, Nov"
Sentence3: "It mentions at the start that a form of risk assessment has been around for centuries, but now, with the advent of many new computing technologies, corporate banks and other financial institutions are able to produce complicated instruments, such as credit-default swaps and collateralized debt obligations"
Sentence4: "These instruments at first were treated as a profit center, with no regard for the extreme risk involved or even the mathematical models and algorithms made to analyze the value of the underlying assets"
Sentence5: "The article discusses a few firms that have removed themselves from practices involving these instruments, and also outlines why there should be a move forward for more to do the same"
Sentence6: ""
Sunday, October 9, 2011
RJA #7a: Evaluation of Sources
Book:
The Financial Crisis Inquiry Report
The authors of this book are the senators in the commission by the same name. This suggests credibility in my opinion. It is a recent work, just being released in January 2011. This book is one that I think will prove to be the most informative of all of my sources. What better of a source to have than the congressional committee that has spent the last year researching my topic? I think that the audience of this work includes both the specialists and a popular audience.
Periodical:
The US financial crisis: lessons for theories of institutional complementarity
This article was published by the Oxford University press by the author John Campbell. This author has written many peer reviewed articles that appear in reputable journals, such as the American Journal of Sociology, British medical journal, and the British Journal of Sociology, and offer a wide range of topics, such as economics, globalization, and health care. The article is meant to be used as institutional analysis. The issue of the Socio-economic Review in which this particular article is contained was published on January 22, 2011.
Website:
Financial Crisis Inquiry Commission Official website
This website is supported by Stanford University, and has many resources available, such as a full resource library and a hearings and testimony section. The site seems very well maintained, and has an informative interactive graphic in the header. You can adjust the graph you want to see, including indicators such as the unemployment rate and the Dow Industrial Average, and the time frame goes back 50 years. You can even download a PDF version of the full report for free on this website (of course I found this out only after I bought the kindle edition for my iPad). I think that the purpose of this website is to educate the country about the financial crisis and how to avoid anything like that happening again. I think that this is a valuable website.
The Financial Crisis Inquiry Report
The authors of this book are the senators in the commission by the same name. This suggests credibility in my opinion. It is a recent work, just being released in January 2011. This book is one that I think will prove to be the most informative of all of my sources. What better of a source to have than the congressional committee that has spent the last year researching my topic? I think that the audience of this work includes both the specialists and a popular audience.
Periodical:
The US financial crisis: lessons for theories of institutional complementarity
This article was published by the Oxford University press by the author John Campbell. This author has written many peer reviewed articles that appear in reputable journals, such as the American Journal of Sociology, British medical journal, and the British Journal of Sociology, and offer a wide range of topics, such as economics, globalization, and health care. The article is meant to be used as institutional analysis. The issue of the Socio-economic Review in which this particular article is contained was published on January 22, 2011.
Website:
Financial Crisis Inquiry Commission Official website
This website is supported by Stanford University, and has many resources available, such as a full resource library and a hearings and testimony section. The site seems very well maintained, and has an informative interactive graphic in the header. You can adjust the graph you want to see, including indicators such as the unemployment rate and the Dow Industrial Average, and the time frame goes back 50 years. You can even download a PDF version of the full report for free on this website (of course I found this out only after I bought the kindle edition for my iPad). I think that the purpose of this website is to educate the country about the financial crisis and how to avoid anything like that happening again. I think that this is a valuable website.
Tuesday, October 4, 2011
RJA #6c: Multimedia
Blinkx
2008 financial crisis
keywords
10/4/2011
202000 results
relevance- 4
Blinkx
banking regulation
keywords
10/4/2011
25000 results
relevance-5
2008 financial crisis
keywords
10/4/2011
202000 results
relevance- 4
Blinkx
banking regulation
keywords
10/4/2011
25000 results
relevance-5
RJA #6b: Social Media
Collecta
"Hello, thanks for trying to find Collecta Real-Time Search.
We have removed our consumer facing site but we are still researching applications for our technology.
Please contact us if you have any questions or ideas to share. Thanks! "
relevance- 0
Blogscope
financial crisis + deregulation
search math
10/4/2011
424 results
relevance- 3
Blogscope
“Financial crisis” AND “mortgage backed securities”
boolean phrase
10/4/2011
"Error Report: An error has occured while searching. Most likely, its a temporary problem, which should disappear if yousimply reload the page. We regret the inconvenience."
Reloading didn't work. relevance- 0
Blogscope
Financial crisis bank fraud
keywords
10/4/2011
1170 results
relevance- 3
Bigola
Financial crisis
keywords
10/4/2011
66 results
relevance-0
not one related page to my search!
I think that social media sites are very bad research tools.
"Hello, thanks for trying to find Collecta Real-Time Search.
We have removed our consumer facing site but we are still researching applications for our technology.
Please contact us if you have any questions or ideas to share. Thanks! "
relevance- 0
Blogscope
financial crisis + deregulation
search math
10/4/2011
424 results
relevance- 3
Blogscope
“Financial crisis” AND “mortgage backed securities”
boolean phrase
10/4/2011
"Error Report: An error has occured while searching. Most likely, its a temporary problem, which should disappear if yousimply reload the page. We regret the inconvenience."
Reloading didn't work. relevance- 0
Blogscope
Financial crisis bank fraud
keywords
10/4/2011
1170 results
relevance- 3
Bigola
Financial crisis
keywords
10/4/2011
66 results
relevance-0
not one related page to my search!
I think that social media sites are very bad research tools.
RJA #6a: Websites
Alta vista
+financ* + regulat* + crisis +2008
search math
10/04/2011
More than 10 pages of results
relevance of first page -5
+financ* + regulat* + crisis +2008
search math
10/04/2011
More than 10 pages of results
relevance of first page -5
Alta vista
+financ* + crisis + deregulat*+2008
search math
10/04/2011
0 results
relevance -0
Alta vista
“Financial crisis” AND 2008 AND “market reaction”
boolean phrase
10/04/2011
More than 10 pages results
relevance -4
Tuesday, September 27, 2011
RJA #5c: Periodical Articles
Here are some periodical articles I have found to help in my research:
Stephen Gandel
After three years and trillions of dollars, our banks still don't work.
TIME magazine (September 26th, 2011): 41
Stephen Gandel
After three years and trillions of dollars, our banks still don't work.
TIME magazine (September 26th, 2011): 41
R ChitaleSeven Triggers of the US Financial Crisis | |
| ECONOMIC AND POLITICAL WEEKLY, 43, no. 44, (November 1, 2008): 20-24 | |
| British Library Serials |
John L Campbell
The US financial crisis: lessons for theories of institutional complementarity
Oxford University Press
Socio-Economic Review, 9, no. 2 (2011): 211-234
The US financial crisis: lessons for theories of institutional complementarity
Stijn Claessens The Financial Crisis | |
| Sage Publications | |
| Margin: The Journal of Applied Economic Research, 4, no. 2 (2010): 177-196 |
Michael MilkenUS Financial Crisis Is a Black Eye for Capitalism | |
| Blackwell Publishing | |
| New Perspectives Quarterly, 25, no. 3 (2008): 70-73 |
RJA #5b: Books
Some books that I have on the topic of the financial crisis in 2008 include these:
The Financial Crisis Inquiry Commission
The Financial Crisis Inquiry Report
Financial report of the national commission on the causes of the financial and economic crisis in the U.S.
Official Government Edition
Public Law 111-21, Jan 2011
Public Affairs Books
Washington D.C.
Henry M. Paulson, Jr.
On the Brink
Inside the race to stop the
collapse of the global financial system.
1st edition, February 2010
Hachette book group,
New York, New York
Emily Lambert
The Futures
The rise of the speculator and the origens of the world's biggest markets
1st edition, 2011
Perseus books group
New York , New York
Roger Lowenstein
The end of Wall street
1st edition, 2010
Penguin press
New York, New York
Michael Lewis
The big short
Inside the doomsday machine
1st edition, 2010
W.W. Norton & company
New York, New York
The Financial Crisis Inquiry Commission
The Financial Crisis Inquiry Report
Financial report of the national commission on the causes of the financial and economic crisis in the U.S.
Official Government Edition
Public Law 111-21, Jan 2011
Public Affairs Books
Washington D.C.
Henry M. Paulson, Jr.
On the Brink
Inside the race to stop the
collapse of the global financial system.
1st edition, February 2010
Hachette book group,
New York, New York
Emily Lambert
The Futures
The rise of the speculator and the origens of the world's biggest markets
1st edition, 2011
Perseus books group
New York , New York
Roger Lowenstein
The end of Wall street
1st edition, 2010
Penguin press
New York, New York
Michael Lewis
The big short
Inside the doomsday machine
1st edition, 2010
W.W. Norton & company
New York, New York
RJA #5a: Reference Articles
Here are some resources that I found on encyclopedia sites like scholarpedia and infoplease.
This is an entry on Securities trading which I think may be helpful in researching the aspects of the financial industry: http://www.infoplease.com/ce6/bus/A0844270.html 9/25/2011
This is an entry on the History of American banking, such as the federal reserve and the like: http://www.infoplease.com/ce6/bus/A0856839.html 9/25/2011
This is an entry on the year of 2008 in review: http://www.infoplease.com/us/history/news-nation-2008.html 9/25/2011
To find these results, I searched for a few of my key words: Economics (>120 results), Deregulation (61 results), Finance (>120 results), Banking (>120 results). I did these searches on Monday, the 25th of September. I think that the relevance of these search results were very good, i was able to find relevant articles within the top 15 results.
This is an entry on Securities trading which I think may be helpful in researching the aspects of the financial industry: http://www.infoplease.com/ce6/bus/A0844270.html 9/25/2011
This is an entry on the History of American banking, such as the federal reserve and the like: http://www.infoplease.com/ce6/bus/A0856839.html 9/25/2011
This is an entry on the year of 2008 in review: http://www.infoplease.com/us/history/news-nation-2008.html 9/25/2011
To find these results, I searched for a few of my key words: Economics (>120 results), Deregulation (61 results), Finance (>120 results), Banking (>120 results). I did these searches on Monday, the 25th of September. I think that the relevance of these search results were very good, i was able to find relevant articles within the top 15 results.
Monday, September 19, 2011
RJA #4c: Field Research Options
There are a few people that come to mind that might have some insights on the topic of the financial crisis for me to interview. I could interview my mother in law, as she is a stock broker and worked through the crisis. If I had access to the treasury secretary or the chairman of the federal reserve, I could interview them as well. I will try to contact them via email, maybe it will work out.
In addition to interviews of people involved in the crisis, another avenue I can search could be to create a survey for my community to see how individuals were affected by the financial crisis.
I could also see if there are any lectures in my area on the topic of the financial crisis.
I could gather statistical data on median household income before and after the crisis, and then write a meta analysis comprised of the data I found. This could help me prove the vast effects of the crisis.
I could also study back episodes of programs from bloomberg and cnbc to see step by step how the crisis manifested itself and grew as time went on.
In addition to interviews of people involved in the crisis, another avenue I can search could be to create a survey for my community to see how individuals were affected by the financial crisis.
I could also see if there are any lectures in my area on the topic of the financial crisis.
I could gather statistical data on median household income before and after the crisis, and then write a meta analysis comprised of the data I found. This could help me prove the vast effects of the crisis.
I could also study back episodes of programs from bloomberg and cnbc to see step by step how the crisis manifested itself and grew as time went on.
RJA #4b: Search Strings
Search strings:
Math strings:
+financ* + regulat* + crisis +2008
+financ* + crisis + deregulat*+2008
+econ* + crisis + mortgage + subprime +2008
Boolean strings:
“Financial crisis” AND deregulation
“Financial crisis” AND aftermath OR development
“Financial crisis” OR “subprime housing crisis” AND sequence OR causes
“Financial crisis” AND 2008 AND “market reaction”
“Financial crisis” AND “bank fraud”
“Financial crisis” AND “mortgage backed securities”
Math strings:
+financ* + regulat* + crisis +2008
+financ* + crisis + deregulat*+2008
+econ* + crisis + mortgage + subprime +2008
Boolean strings:
“Financial crisis” AND deregulation
“Financial crisis” AND aftermath OR development
“Financial crisis” OR “subprime housing crisis” AND sequence OR causes
“Financial crisis” AND 2008 AND “market reaction”
“Financial crisis” AND “bank fraud”
“Financial crisis” AND “mortgage backed securities”
RJA #4a: Keywords
FO: Finance: financial, financing, financed
Bank: banking, banker, bankers
Regulate: regulation, deregulation, regulatory
Economy: economics, economist, economic, economies
Cause: causes, caused, causing
Result: resulted, resulting, results
REST: Finance: mortgage, budget, commercial, industry, economic, banking
Bank: reserve, fund, treasury, safe, savings, trust, vault
Regulate: improve, coordinate, manage, organize, direct
Economy: fiscal, system, productive, capitalism, material, budgetary
Cause: antecedent, basis, element, incitement, motivation, source
Result: aftermath, effect, reaction, sequence, development
LOG: Financial crisis > regulatory effects > economic toll > banking sector
Bank: banking, banker, bankers
Regulate: regulation, deregulation, regulatory
Economy: economics, economist, economic, economies
Cause: causes, caused, causing
Result: resulted, resulting, results
REST: Finance: mortgage, budget, commercial, industry, economic, banking
Bank: reserve, fund, treasury, safe, savings, trust, vault
Regulate: improve, coordinate, manage, organize, direct
Economy: fiscal, system, productive, capitalism, material, budgetary
Cause: antecedent, basis, element, incitement, motivation, source
Result: aftermath, effect, reaction, sequence, development
LOG: Financial crisis > regulatory effects > economic toll > banking sector
Tuesday, September 13, 2011
RJA #3c: Research Question
These are some of the research questions that I will be asking in my research paper on the 2008 financial crisis: Would more or less regulations have made an impact on the crisis? Why did the crisis have the systematic effects that it did? Could the crisis have been averted in any way? If the complicated processes, like derivatives and credit default swaps, used by wall street were understood by more people, could they have been, and continue to be, used so profusely? What role, if any, did the big banks have in the crisis? What effect, if any, did the bailouts have on the crisis? What could have been done differently? Did government intervention make things better or worse? Is there a specific person, or group of people, responsible for the crisis? To what extent did the financial crisis affect the US economy? To what extent did the financial crisis affect the world economy? What role did wall street have? Is unemployment linked to the housing collapse? Was the housing collapse linked to the broader crisis? is the crisis over, or will the economy continue to have troubles?
RJA #3b: Research Topic Focus
My topic may include subtopics ranging from: What are the possible effects of deregulation? What are the possible effects of greed? What are the possible effects of complicated financial processes such as the credit default swap and derivatives? What are the possible effects of people buying homes they could not afford? What effects did fannie mae and freddie mac have on the crisis? Was the severity of the US crisis similar in other countries?
RJA #3a: Research Topic Exploration
I did searches in google, Google scholar, technorati, ice rocket, and scholarpedia. the best resource I have found so far is google scholar. I found a few articles on there that I will review in my research. I have bookmarked them in my diigo account. I found articles and journals relating directly to my topic. I also found websites with vital information on my topic, including government sites. I even found a few opinion blogs and the like sites.
Saturday, September 3, 2011
rj2 Topic choice
The topic that I have chosen to write my research paper on this semester is the third on my list. This is going to be: "Was deregulation the root cause of the 2008 financial crisis?" I chose this topic because I think that it is a very interesting one. I saw a movie on it recently and it got me interested to learn more.
A few things that I already know about my topic include the basic series of events of the financial crisis, but not necessarily all of the complicated events leading up to it. I want to ask the question of whether deregulation had a part to play because I have heard some heated debates on that question. I also want to find out how deep the problems went into the rest of the economy.
Since I don't know what led to the financial crisis, I want to find out what events led up to 2008, and I plan to look back at least ten years. I also want to find out if the deregulation of financial markets over that time led to the crash. I hope to come away from this research project with a deep understanding about the financial crisis in 2008 and what led to the country into recession.
A few things that I already know about my topic include the basic series of events of the financial crisis, but not necessarily all of the complicated events leading up to it. I want to ask the question of whether deregulation had a part to play because I have heard some heated debates on that question. I also want to find out how deep the problems went into the rest of the economy.
Since I don't know what led to the financial crisis, I want to find out what events led up to 2008, and I plan to look back at least ten years. I also want to find out if the deregulation of financial markets over that time led to the crash. I hope to come away from this research project with a deep understanding about the financial crisis in 2008 and what led to the country into recession.
rj1 Topic possibilities for research project
1. Does viewing violence on television or video games really make one more violent?
2. Do black holes really exist?
3. Was deregulation the cause of the recent financial crisis?
4. Are Genetic Modified Organisms the answer for feeding the world's hungry?
5. Are organic foods more healthy than non organics?
2. Do black holes really exist?
3. Was deregulation the cause of the recent financial crisis?
4. Are Genetic Modified Organisms the answer for feeding the world's hungry?
5. Are organic foods more healthy than non organics?
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