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The Economists' Voice 2.0The Financial Crisis, Health Care Reform, and More$
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Joseph Stiglitz and Aaron Edlin

Print publication date: 2014

Print ISBN-13: 9780231160155

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231160155.001.0001

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Please Think This Over

Please Think This Over

(p.172) Chapter 22 Please Think This Over
The Economists' Voice 2.0

Edward E. Leamer

Columbia University Press

This chapter first presents some questions concerning the legislative proposal authorizing the Treasury Secretary to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States. These include: How is the Treasury going to determine the values of illiquid mortgage-backed securities when Wall Street has failed to do so? Isn’t there a big risk here of exposing rather than eliminating insolvency problems? What exactly is the definition of a “financial institution” from which the Treasury will buy mortgage-backed securities? The remainder of the chapter discusses the author’s take on the problems facing the U.S. and the proper treatments.

Keywords:   financial regulation, Treasury Department, financial crisis, mortgage-related assets

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