Between Debt and the Devil: Money, Credit, and Fixing Global Finance by Adair Turner

Between Debt and the Devil: Money, Credit, and Fixing Global Finance by Adair Turner

Author:Adair Turner [Turner, Adair]
Language: eng
Format: epub, pdf
Publisher: Princeton University Press
Published: 2015-10-20T00:00:00+00:00


Irrelevant Bankers

“After a crisis,” Hyman Minsky observed, “it is always possible to construct plausible arguments … that accidents, mistakes, or easily corrected shortcomings were responsible for the disaster.” In the wake of our latest crisis, numerous mistakes and shortcomings have been identified. Bad lending, poor risk management, and misaligned incentives played a major role. But adequately radical reform must reflect the paradox that good lending can be bad and good risk management can make the system more unstable. And while bad incentives mattered, delusions and mistaken ideas were more important still.



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