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A Capital Battle

In: Engineering A Financial Bloodbath How Sub-Prime Securitization Destroyed the Legitimacy of Financial Capitalism

Author

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  • Justin O'Brien

    (Queensland University of Technology in Brisbane, University of Glasgow, UK and Centre for Applied Philosophy and Public Ethics, Australian National University, Canberra, Australia)

Abstract

After a week of wrangling on Capitol Hill, Congressional leaders presented the Emergency Economic Stabilization Act (2008) to a deeply skeptical legislature. Providing the US Treasury with a line of credit to buy up to $700 billion in impaired securities represented the largest single government intervention in capital market governance since the New Deal regulatory architecture was designed and implemented in 1933–34. In announcing its "frozen" provisions, including enhanced regulatory oversight, mechanisms for the partial nationalization of an array of complex financial institutions and concomitant caps on executive pay within those that avail of the rescue, the Speaker of the House of Representatives, Nancy Pelosi, said the package was designed to send a clear message to Wall Street: "The party is over"…

Suggested Citation

  • Justin O'Brien, 2009. "A Capital Battle," World Scientific Book Chapters, in: Engineering A Financial Bloodbath How Sub-Prime Securitization Destroyed the Legitimacy of Financial Capitalism, chapter 1, pages 1-32, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781848162174_0001
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