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Wasting a Crisis

Wasting a Crisis Author Paul G. Mahoney
ISBN-10 9780226236650
Release 2015-03-23
Pages 208
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The recent financial crisis led to sweeping reforms that inspired countless references to the financial reforms of the New Deal. Comparable to the reforms of the New Deal in both scope and scale, the 2,300-page Dodd-Frank Act of 2010—the main regulatory reform package introduced in the United States—also shared with New Deal reforms the assumption that the underlying cause of the crisis was misbehavior by securities market participants, exacerbated by lax regulatory oversight. With Wasting a Crisis, Paul G. Mahoney offers persuasive research to show that this now almost universally accepted narrative of market failure—broadly similar across financial crises—is formulated by political actors hoping to deflect blame from prior policy errors. Drawing on a cache of data, from congressional investigations, litigation, regulatory reports, and filings to stock quotes from the 1920s and ’30s, Mahoney moves beyond the received wisdom about the financial reforms of the New Deal, showing that lax regulation was not a substantial cause of the financial problems of the Great Depression. As new regulations were formed around this narrative of market failure, not only were the majority largely ineffective, they were also often counterproductive, consolidating market share in the hands of leading financial firms. An overview of twenty-first-century securities reforms from the same analytic perspective, including Dodd-Frank and the Sarbanes-Oxley Act of 2002, shows a similar pattern and suggests that they too may offer little benefit to investors and some measurable harm.



The Oxford Handbook of Legal History

The Oxford Handbook of Legal History Author Markus D. Dubber
ISBN-10 9780192513144
Release 2018-08-09
Pages 1152
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Some of the most exciting and innovative legal scholarship has been driven by historical curiosity. Legal history today comes in a fascinating array of shapes and sizes, from microhistory to global intellectual history. Legal history has expanded beyond traditional parochial boundaries to become increasingly international and comparative in scope and orientation. Drawing on scholarship from around the world, and representing a variety of methodological approaches, areas of expertise, and research agendas, this timely compendium takes stock of legal history and methodology and reflects on the various modes of the historical analysis of law, past, present, and future. Part I explores the relationship between legal history and other disciplinary perspectives including economic, philosophical, comparative, literary, and rhetorical analysis of law. Part II considers various approaches to legal history, including legal history as doctrinal, intellectual, or social history. Part III focuses on the interrelation between legal history and jurisprudence by investigating the role and conception of historical inquiry in various models, schools, and movements of legal thought. Part IV traces the place and pursuit of historical analysis in various legal systems and traditions across time, cultures, and space. Finally, Part V narrows the Handbooks focus to explore several examples of legal history in action, including its use in various legal doctrinal contexts.



When Rules Change

When Rules Change Author Daniel Shaviro
ISBN-10 0226751147
Release 2000-03-01
Pages 253
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Suppose Congress were to change Social Security just before you retired? Or repeal income tax deductions for homeowners? Or institute a flat tax? Should those changes be retroactive? Or should you retain the gains or accept the losses resulting from the new enactments? What kinds of policies might governments adopt in order to mitigate the transitional effects of changing legal rules? Daniel Shaviro tackles these tough questions, bringing legal, economic, and political perspectives to bear on a persistent problem not often given serious attention. When Rules Change: An Economic and Political Analysis of Transition Relief and Retroactivity focuses on tax law changes to develop an in-depth understanding of the transitional issues inherent in any substantive rule change and also to advance a set of normative policy guidelines applicable to any such circumstance. Shaviro reframes traditional approaches to the problem of retroactivity and offers new insights into both the theory and policy of legislative transitions.



Speculation

Speculation Author Stuart Banner
ISBN-10 9780190623067
Release 2016-12-01
Pages 288
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What is the difference between gambling and speculation? This difficult question has posed a legal problem throughout American history. Many have argued that periodic failures by regulators to differentiate between the two have been the proximate causes of catastrophic economic downturns, including the Great Depression and the 2008 global financial crisis. In Speculation, Stuart Banner provides a sweeping history of how the fine lines separating investment, speculation, and outright gambling have shaped America from the 1790s to the present. Advocates for risky investments have long argued that risk-taking is what defines America. On the other side, critics counter that unregulated speculation results in bubbles that draw in the most ill-informed investors, creating financial chaos. The debate has been a perennial feature of American history. The Panic of 1837, the speculative boom of the roaring twenties, and the real estate bubble of the early 2000s are all emblematic of the difficulty in differentiating sober from reckless speculation. Some, chastened by the most recent crash, argue that we need to prohibit certain risky transactions, but others respond by citing the benefits of loosely governed markets and the dangers of over-regulation. Economic crises have generated deep ambivalence, yet Americans' faith in investment and the stock market has always rebounded quickly after even the most savage downturns. Speculation explores a suite of themes that sit at the heart of American history-the ability of courts and regulators to protect ordinary Americans from the ravages of capitalism; the periodic fallibility of the American economy; and the moral conundrum inherent in profiting from speculation while condemning speculators. Banner's engaging and accessible history is invaluable not only for understanding the fault lines beneath the American economy today, but American identity itself.



Regulatory Rights

Regulatory Rights Author Larry Yackle
ISBN-10 9780226944739
Release 2008-09-15
Pages 256
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We often hear—with particular frequency during recent Supreme Court nomination hearings—that justices should not create constitutional rights, but should instead enforce the rights that the Constitution enshrines. In Regulatory Rights, Larry Yackle sets out to convince readers that such arguments fundamentally misconceive both the work that justices do and the character of the American Constitution in whose name they do it. It matters who sits on the Supreme Court, he argues, precisely because justices do create individual constitutional rights. Traversing a wide range of Supreme Court decisions that established crucial precedents about racial discrimination, the death penalty, and sexual freedom, Yackle contends that the rights we enjoy are neither more nor less than what the justices choose to make of them. Regulatory Rights is a bracing read that will be heatedly debated by all those interested in constitutional law and the judiciary.



The Supreme Court and the Judicial Function

The Supreme Court and the Judicial Function Author Philip B. Kurland
ISBN-10 0226464016
Release 1975-11-01
Pages 287
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The papers in this collection are drawn from the annual The Supreme Court Review, which, since its inception in 1960, has been regarded by such legal scholars as Robert F. Drinnan, S. J., as "An indispensable, universally quoted work of the highest scholarship regarding the world's most influential tribunal." Now some of the most important contributions to the Review have been brought together in paperback editions that focus on issues that are becoming increasingly relevant to the ordinary citizen's daily life.



The Powers of War and Peace

The Powers of War and Peace Author John Yoo
ISBN-10 9780226960333
Release 2008-09-15
Pages 378
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Since the September 11 attacks on the United States, the Bush administration has come under fire for its methods of combating terrorism. Waging war against al Qaeda has proven to be a legal quagmire, with critics claiming that the administration's response in Afghanistan and Iraq is unconstitutional. The war on terror—and, in a larger sense, the administration's decision to withdraw from the ABM Treaty and the Kyoto accords—has many wondering whether the constitutional framework for making foreign affairs decisions has been discarded by the present administration. John Yoo, formerly a lawyer in the Department of Justice, here makes the case for a completely new approach to understanding what the Constitution says about foreign affairs, particularly the powers of war and peace. Looking to American history, Yoo points out that from Truman and Korea to Clinton's intervention in Kosovo, American presidents have had to act decisively on the world stage without a declaration of war. They are able to do so, Yoo argues, because the Constitution grants the president, Congress, and the courts very different powers, requiring them to negotiate the country's foreign policy. Yoo roots his controversial analysis in a brilliant reconstruction of the original understanding of the foreign affairs power and supplements it with arguments based on constitutional text, structure, and history. Accessibly blending historical arguments with current policy debates, The Powers of War and Peace will no doubt be hotly debated. And while the questions it addresses are as old and fundamental as the Constitution itself, America's response to the September 11 attacks has renewed them with even greater force and urgency. “Can the president of the United States do whatever he likes in wartime without oversight from Congress or the courts? This year, the issue came to a head as the Bush administration struggled to maintain its aggressive approach to the detention and interrogation of suspected enemy combatants in the war on terrorism. But this was also the year that the administration’s claims about presidential supremacy received their most sustained intellectual defense [in] The Powers of War and Peace.”—Jeffrey Rosen, New York Times “Yoo’s theory promotes frank discussion of the national interest and makes it harder for politicians to parade policy conflicts as constitutional crises. Most important, Yoo’s approach offers a way to renew our political system’s democratic vigor.”—David B. Rivkin Jr. and Carlos Ramos-Mrosovsky, National Review



Rights of Inclusion

Rights of Inclusion Author David M. Engel
ISBN-10 0226208338
Release 2003-06-15
Pages 274
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Examines how civil rights legislation impacts the lives of ordinary Americans, drawing on the experiences of sixty interviewees that have been victims of discrimination to discuss how civil rights impacted their lives.



Drinkers Drivers and Bartenders

Drinkers  Drivers  and Bartenders Author Frank A. Sloan
ISBN-10 0226762815
Release 2000-06-27
Pages 293
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According to the United States Public Health Service, over 100,000 deaths a year are attributable to alcohol, including 20,000 highway fatalities. In response, legislatures have enacted various forms of regulation intended both to reduce alcohol consumption and to curb its harmful effects. This groundbreaking study focuses on one such form of regulation, the liability imposed on alcohol servers and social hosts by tort law. Basing their analysis on important new data from their extensive research and in-depth interviews with actors on all sides of the issue, the authors conclude that, despite their relative unpopularity, tort laws are very effective in reducing accidents—even more than criminal sanctions. Extraordinary in scope and exacting in detail, Drinkers, Drivers, and Bartenders: Balancing Private Choices and Public Accountability links alcohol problems, deterrence, and serving practices in a way no other work has been able to do and is certain to become a crucial reference point for researchers and policymakers alike.



Arguing with Tradition

Arguing with Tradition Author Justin B. Richland
ISBN-10 9780226712963
Release 2008-09-15
Pages 176
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Arguing with Tradition is the first book to explore language and interaction within a contemporary Native American legal system. Grounded in Justin Richland’s extensive field research on the Hopi Indian Nation of northeastern Arizona—on whose appellate court he now serves as Justice Pro Tempore—this innovative work explains how Hopi notions of tradition and culture shape and are shaped by the processes of Hopi jurisprudence. Like many indigenous legal institutions across North America, the Hopi Tribal Court was created in the image of Anglo-American-style law. But Richland shows that in recent years, Hopi jurists and litigants have called for their courts to develop a jurisprudence that better reflects Hopi culture and traditions. Providing unprecedented insights into the Hopi and English courtroom interactions through which this conflict plays out, Richland argues that tensions between the language of Anglo-style law and Hopi tradition both drive Hopi jurisprudence and make it unique. Ultimately, Richland’s analyses of the language of Hopi law offer a fresh approach to the cultural politics that influence indigenous legal and governmental practices worldwide.



Constitutional Conscience

Constitutional Conscience Author H. Jefferson Powell
ISBN-10 9780226677309
Release 2008-09-15
Pages 144
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While many recent observers have accused American judges—especially Supreme Court justices—of being too driven by politics and ideology, others have argued that judges are justified in using their positions to advance personal views. Advocating a different approach—one that eschews ideology but still values personal perspective—H. Jefferson Powell makes a compelling case for the centrality of individual conscience in constitutional decision making. Powell argues that almost every controversial decision has more than one constitutionally defensible resolution. In such cases, he goes on to contend, the language and ideals of the Constitution require judges to decide in good faith, exercising what Powell calls the constitutional virtues: candor, intellectual honesty, humility about the limits of constitutional adjudication, and willingness to admit that they do not have all the answers. Constitutional Conscience concludes that the need for these qualities in judges—as well as lawyers and citizens—is implicit in our constitutional practices, and that without them judicial review would forfeit both its own integrity and the credibility of the courts themselves.



Ill Gotten Gains

Ill Gotten Gains Author Leo Katz
ISBN-10 0226425932
Release 1996-04-15
Pages 293
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In Ill-Gotten Gains, Leo Katz describes the underlying principles that not only guide the law but also moral decisions. Mixing wit with insight, anecdotes with analysis, Katz uncovers what is really at stake in crimes such as insider trading, blackmail, and plagiarism. With its startling conclusions and myriad twists, this book will fascinate all those intrigued by the perplexing relationship between morality and law. "An ambitious and well-written book of legal and moral theory to overthrow both utilitarianism and its cousin, the economic approach to law."—Richard A. Posner, New Republic "A good, well-written book full of interesting examples."—Library Journal "[An] elegant defense of circumvention and subterfuge . . . a heroically counterintuitive book."—Malcolm Gladwell, New Yorker



Bending the Law

Bending the Law Author Richard B. Sobol
ISBN-10 0226767531
Release 1993-06-15
Pages 415
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Follows the legal proceedings that resulted from the A.H. Robins Company's declaration of bankruptcy, which halted thousands of lawsuits filed against Robins by women injured by its Dalkon Sheild IUD



Financial Trading and Investing

Financial Trading and Investing Author John L. Teall
ISBN-10 9780128111178
Release 2018-03-21
Pages 522
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Financial Trading and Investing, Second Edition, delivers the most current information on trading and market microstructure for undergraduate and master’s students. Without demanding a background in econometrics, it explores alternative markets and highlights recent regulatory developments, implementations, institutions and debates. New explanations of controversial trading tactics (and blunders), such as high-frequency trading, dark liquidity pools, fat fingers, insider trading, and flash orders emphasize links between the history of financial regulation and events in financial markets. New sections on valuation and hedging techniques, particularly with respect to fixed income and derivatives markets, accompany updated regulatory information. In addition, new case studies and additional exercises are included on a website that has been revised, expanded and updated. Combining theory and application, the book provides the only up-to-date, practical beginner's introduction to today's investment tools and markets. Concentrates on trading, trading institutions, markets and the institutions that facilitate and regulate trading activities Introduces foundational topics relating to trading and securities markets, including auctions, market microstructure, the roles of information and inventories, behavioral finance, market efficiency, risk, arbitrage, trading technology, trading regulation and ECNs Covers market and technology advances and innovations, such as execution algo trading, Designated Market Makers (DMMs), Supplemental Liquidity Providers (SLPs), and the Super Display Book system (SDBK)



When Law Goes Pop

When Law Goes Pop Author Richard K. Sherwin
ISBN-10 0226752917
Release 2000-06-28
Pages 325
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"When Law Goes Pop" is an examination of legal practice in today's world, one that should be needed by everyone concerned with the future of our legal system and the meaning we invest in it.



Regulating Capital

Regulating Capital Author David Andrew Singer
ISBN-10 9781501702297
Release 2015-07-31
Pages 176
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Financial instability threatens the global economy. The volatility of capital movements across national borders has led many observers to argue for a reformed "global financial architecture," a body of consistent rules and institutions to prevent financial crises. Yet regulators have a decidedly mixed record in their attempts to create global standards for the financial system. David Andrew Singer seeks to explain the varying pressures on regulatory agencies to negotiate internationally acceptable rules and suggests that the variation is largely traceable to the different domestic political pressures faced by regulators. In Regulating Capital, Singer provides both a theory of the effects of domestic pressures on international regulation and a detailed analysis of regulators' attempts at international rulemaking in banking, securities, and insurance. Singer addresses the complexities of global finance in an accessible style, and he does not turn away from the more dramatic aspects of globalization; he makes clear the international implications of bank failures and stock-market crashes, the rise of derivatives, and the catastrophic financial losses caused by Hurricane Katrina and the events of September 11.



The Signal and the Noise

The Signal and the Noise Author Nate Silver
ISBN-10 9780143125082
Release 2015
Pages 534
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The founder of FiveThirtyEight.com challenges myths about predictions in subjects ranging from the financial market and weather to sports and politics, profiling the world of prediction to explain how readers can distinguish true signals from hype, in a report that also reveals the sources and societal costs of wrongful predictions.