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Getting Ready for America's Next Bailouts

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CMS Hasche Sigle

Im Zollhafen 18

50678 Köln

Germany

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Amerika Haus e.V. NRW, CMS Hasche Sigle, and Friedrich-Naumann-Stiftung für die Freiheit cordially invite you to a Lecture and Discussion

»Getting Ready for America's Next Bailouts«

with

Prof. Richard Squire

Alpin J. Cameron Chair of Law, Fordham University, School of Law, NY



During the 2007-08 crisis, creative American officials devised more than a dozen programs to prevent financial firms from failing for lack of liquidity. These rescue measures were an economic success but a political failure. The government got its money back with interest, avoiding both moral hazard and inflation. Yet anti-bailout backlash led Congress to enact the 2010 Dodd-Frank Act, which hamstrings officials’ ability to respond with similar nimbleness in the next crisis. Today’s Congress wants to tie the hands of the Federal Reserve and FDIC even tighter. Yet another banking crisis is bound to occur so long as the American government continues subsidizing home mortgages, which it seems determined to do. And house prices are again heading for the sky. Politicians must learn that when the Federal Reserve and FDIC act as lenders of last resort, lending freely at penalty rates against good collateral to solvent firms, they are not “fleecing Main Street to save Wall Street.” Nor are they undermining free markets, arbitrarily picking economic winners and losers. They are supplying a valuable service that only the government, with control of the fiat currency, can offer. If they cannot serve this role in the next crisis, Congress will have to react on an emergency basis, like it did by creating the TARP scheme in 2008. And politicized, ad hoc bailouts are always damaging, both economically and politically.

Prof. Richard Squire is a national expert on business bankruptcy, financial regulation, and corporate law. He has been a member of the faculty of Fordham University School of Law in New York City since 2006. He previously taught at Harvard University, where he won the Allyn Young Prize for excellence in teaching principles of economics. Prof. Squire is the author of two books: "Getting Ready for the Next Bailouts" (Columbia University Press, forthcoming 2018), and "Corporate Bankruptcy and Financial Reorganization" (Aspen 2016). His articles on corporate law, corporate bankruptcy, financial regulation, and securities regulation have appeared in the Harvard Law Review, Yale Law Journal, Stanford Law Review, Columbia Law Review, and University of Chicago Law Review, among other law journals. He is a graduate of Harvard Law School (J.D., magna cum laude) and Harvard Business School (M.B.A.). Before joining the Fordham faculty, he practiced law with Wachtell, Lipton, Rosen & Katz in New York.

Entrance is free. Please note that space is limited! Registrations will be handled on a “first come, first served” basis.

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Datum und Uhrzeit

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CMS Hasche Sigle

Im Zollhafen 18

50678 Köln

Germany

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