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Out of the Shadows

Elucidating the system of collateralized banking

Posted in 2007-08 Financial Crisis Tagged with: , , , , , , , , , , , ,

It was a late-night email in February 2010 that brought me into the story: a boilerplate circular from an author about his otherwise unheralded book, Except for the title, Slapped by the Invisible Hand: The Panic of 2007 (Oxford, 2009) looked unpromising: a volume in an obscure series, aggressively priced ($34.95) – probably one more finance professor with no real idea what he was writing about. The author was Gary Gorton. On the other hand, the book had great blurbs. Robert Lucas, of the University of Chicago, wrote that it offered “the most coherent and convincing account” of the crisis