Gambling with Borrowed Chips

The Common Misdiagnosis of the Crisis of 2007–08

Business & Finance
Cover of the book Gambling with Borrowed Chips by Christopher C. Faille, Abbott Press
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Author: Christopher C. Faille ISBN: 9781458201768
Publisher: Abbott Press Publication: February 14, 2012
Imprint: Abbott Press Language: English
Author: Christopher C. Faille
ISBN: 9781458201768
Publisher: Abbott Press
Publication: February 14, 2012
Imprint: Abbott Press
Language: English

The United States experienced a meltdown in its financial system that devastated much of the economy in the years 2007 to 2008. In Gambling with Borrowed Chips, author Christopher C. Faille reexamines what is becoming settled wisdom about that financial crisis and the economic troubles that have plagued the country ever since.

In his analysis, Faille challenges what he calls the common misdiagnosis that speculationespecially on the short sidecombined with indebtedness, leverage, deregulation, and greed, produced mayhem. In Gambling with Borrowed Chips, Faille contends that speculation, or gambling, serves valuable functions in an economy. It steers money and other resources to where they can be most of use; it punishes profligacy and rewards foresight; and it disturbs overly cozy arrangements such as those of entrenched corporate managements.

Gambling with Borrowed Chips argues that it is acceptable to gamble, even with borrowed chips. Faille helps us understand the real problem: gambling in a casino that hands out the chips too readily or one that is always eager to manufacture new chips in order to stimulate activity.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

The United States experienced a meltdown in its financial system that devastated much of the economy in the years 2007 to 2008. In Gambling with Borrowed Chips, author Christopher C. Faille reexamines what is becoming settled wisdom about that financial crisis and the economic troubles that have plagued the country ever since.

In his analysis, Faille challenges what he calls the common misdiagnosis that speculationespecially on the short sidecombined with indebtedness, leverage, deregulation, and greed, produced mayhem. In Gambling with Borrowed Chips, Faille contends that speculation, or gambling, serves valuable functions in an economy. It steers money and other resources to where they can be most of use; it punishes profligacy and rewards foresight; and it disturbs overly cozy arrangements such as those of entrenched corporate managements.

Gambling with Borrowed Chips argues that it is acceptable to gamble, even with borrowed chips. Faille helps us understand the real problem: gambling in a casino that hands out the chips too readily or one that is always eager to manufacture new chips in order to stimulate activity.

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