That's "strange 'instant' paper"... by a lawyer. But, see, hedonism, materialism and values are always at fault... Repent! Repent! Repent! Repent! Repent!
On Wed, Apr 15, 2009 at 3:49 PM, Doug Henwood <dhenwood at panix.com> wrote:
> <http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1338925>
>
> The Financial Sector Upheaval of 2008: Sociological Antecedents and Their
> Implications for Investment Company Regulation
>
> Larry D. Barnett
> Widener University - School of Law
>
> Widener Law School Legal Studies Research Paper No. 09-07
> Hastings Business Law Journal, Forthcoming
>
> Abstract:
>
> In 2008, the United States experienced a severe contraction in the
> availability of credit, a marked reduction in the price of common stocks,
> and an appreciable increase in interest rates on debt instruments issued by
> business entities and by state and local governments. The premise of the
> instant article is that, although this upheaval was economic in form and
> sudden in occurrence, it stemmed from change that was sociological in
> character and that started in prior decades. Specifically, the 2008 upheaval
> in finance is traced to a shift in social values among Americans - namely,
> an increased prevalence of hedonism and materialism in conjunction with an
> increased emphasis on short-term considerations - and to the suboptimum
> intellectual skills of the population that resulted from this shift.
> Quantitative evidence in support of the thesis is presented, and
> implications of the thesis for provisions of the Investment Company Act are
> discussed.
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