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1、MANAGEDBYTHEMARKETSThispageintentionallyleftblankMANAGEDBYTHEMARKETSHowFinanceReshapedAmericaGERALDF.DAVIS120093GreatClarendonStreet,Oxfordox26dpOxfordUniversityPressisadepartmentoftheUniversityofOxford.ItfurtherstheUniversity’sobjectiveofexcellenceinresearch,scholarship,andeducationbypu
2、blishingworldwideinOxfordNewYorkAucklandCapeTownDaresSalaamHongKongKarachiKualaLumpurMadridMelbourneMexicoCityNairobiNewDelhiShanghaiTaipeiTorontoWithofficesinArgentinaAustriaBrazilChileCzechRepublicFranceGreeceGuatemalaHungaryItalyJapanPolandPortugalSingaporeSouthKoreaSwitzerlandThailandT
3、urkeyUkraineVietnamOxfordisaregisteredtrademarkofOxfordUniversityPressintheUKandincertainothercountriesPublishedintheUnitedStatesbyOxfordUniversityPressInc.,NewYork©GeraldF.Davis2009ThemoralrightsoftheauthorhavebeenassertedDatabaserightOxfordUniversityPress(maker)Firstpublished2009Allrig
4、htsreserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmitted,inanyformorbyanymeans,withoutthepriorpermissioninwritingofOxfordUniversityPress,orasexpresslypermittedbylaw,orundertermsagreedwiththeappropriatereprographicsrightsorganization.Enquiriesconcerningrep
5、roductionoutsidethescopeoftheaboveshouldbesenttotheRightsDepartment,OxfordUniversityPress,attheaddressaboveYoumustnotcirculatethisbookinanyotherbindingorcoverandyoumustimposethesameconditiononanyacquirerBritishLibraryCataloguinginPublicationDataDataavailableLibraryofCongressCataloginginP
6、ublicationDataDataavailableTypesetbySPIPublisherServices,Pondicherry,IndiaPrintedinGreatBritainonacid-freepaperbyCPIAntonyRowe,Chippenham,WiltshireISBN978–0–19–921661–113579108642PREFACEInthefallof2008,financialinstitutionsintheUnitedStatesunderwentaperiodofupheavalnotseensincethewaveofba
7、nkfailuresthatledofftheGreatDepression.Dozensofprivatemortgagecompanieshadgoneunderduringthepreviousyear,whenthehousingbubbleburst.Nowthetroublehadspreadthroughoutthefinancialsector,andtheUSgovernmentwasonatakeoverbingetopreventfailingfinancialgrantsfrombringingdowntherestof
