Eric A. Posner, the Kirkland and Ellis Professor of Law at the University of Chicago Law School, argues that bailouts, like those that took place during the 2008-2009 financial crisis, have happened in the past and that they are both "necessary and unavoidable in any modern capitalist or market-based system." Posner analyzes bailouts from economic, political, and legal angles in his new book, The Last Resort: The Financial Crisis and the Future of Bailouts. Learn more on Thursday, June 21st at 12 noon at The University Club, 76 E. Monroe Street in Chicago, . This is a ticketed event. Call us at the 847-446-8880 to purchase tickets.
A hazardous bailout, a meltdown-averting loan of last resort, or both? Posner explains how the administration and the Fed reduced the severity of the Great Financial Crisis by skating near and sometimes beyond the boundaries of their authorities. As usual, he stirs things up!"--Darrell Duffie, Stanford University
"Posner's argument that various government interventions violated the Constitution is provocative and cuts against conventional wisdom. Although there are now bookshelves full of crisis postmortems, this is one of the few that rigorously analyzes the legality of the government's bailout efforts. Posner also outlines the ways we can overhaul the government's powers to improve the legality and effectiveness of its crisis management capabilities."--Erik Gerding, author of Law, Bubbles, and Financial Regulation
Eric A. Posner is the Kirkland and Ellis Professor of Law at the University of Chicago Law School. He is the author or coauthor of several books, including The Perils of Global Legalism.
Call The Book Stall at 847-446-8880 to make reservations. The University Club is a business club - no denim, please.
The bailouts during the recent financial crisis enraged the public. They felt unfair--and counterproductive: people who take risks must be allowed to fail. If we reward firms that make irresponsible investments, costing taxpayers billions of dollars, aren't we encouraging them to continue to act irresponsibly, setting the stage for future crises?