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Lost Trust: The Real Cause of the Financial Meltdown
By Bruce Yandle
This article appeared in the Winter 2010 issue of The Independent Review


Abstract

Accounting standards, credit ratings, and credit-default swaps were created to help facilitate financial transactions by fostering trust. In the run-up to the credit-market freeze of 2008 those assurance mechanisms collapsed under the weight of political and regulatory pressures to aggressively expand homeownership and other policies.



Other Independent Review articles by Bruce Yandle
    Summer 2013   How Earth Day Triggered Environmental Rent Seeking
    Spring 2012   Taxpayers and Tax Spenders: Does a Zero Tax Price Matter?
    Fall 2004   Environmental Turning Points, Institutions, and the Race to the Top
[View All (8)]


Volume 14 Number 3
Winter 2010

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