Who Killed America's Economy?

2371 Words10 Pages
According to the reading known as ‘The Anatomy of a Murder: Who Killed America’s Economy’, the author states that there are a variety of causations which influenced and provided an impact through the US financial system. For instance, the banks, the investors, the credit rating agencies, the regulators, the mortgage brokers, and the politicians are explained in his article. Moreover, the author mentions that there are some significant factors such as the financial regulations and political systems which relate with the financial crisis.

However, even the author does provide the result of who should be blamed as the bankers, but there are no sufficient information about the blame in large companies as Enron and Lehman Brothers which also played significant role as well. One of significant reason that gives raise of this issue is a ‘moral hazard’ played a primary motivation in banks and top brass during the US and the global financial crisis. As a result of this issue provides a collapse of large companies and banks which leads to the financial crisis.

Moreover, the author does not explain any financial crimes which should be addressed as a main factor such as tax evasion plays significant role in the global financial system. It is because of tax evasion is a product of financial crime and that lead to a result of financial crisis.

Further, the author does not provide any information in a form of the financial regulation and financial organizations which should be explained as a main idea in the financial crisis. The author does not explain well in the case of how to prevent against the financial crisis, because the view of his article usually covers the main part of ‘whom to blame and what caused’ rather than how to pr...

... middle of paper ...

...ark,’The Enron Collapse: An Overview of Financial Issues’ (Research Report, Congressional Research Service, 28 March 2002)

Komisar, Lucy, ‘Profit Laundering and Tax Evasion’ (2005) 52(2) Dissent

Lucci, John Paul, ‘Enron-The Bankruptcy heard around the World and the International Ricochet of Sarbanes-Oxley’ (2003) 67 Albany Law Review

Ridgeway, Jame, ‘Enron finds Shelter’ (2002) 47(4) The Village Voice

Sharman, J.C, ‘South Pacific Tax Havens: From Leaders in the Race to the Bottom to Laggards in the Race to the Top?’ (2005) 29(3) Accounting Forum

Sikka, Prem & Hampton, Mark P, ‘The Role of Accountancy Firms in Tax Avoidance: Some Evidence and Issues’ (2005) 29 Accounting Forum

Stiglitz, Joseph E, ‘The Anatomy of a Murder: Who killed America’s Economy?’ in J Friedman (ed.) What caused the Financial Crisis (2011 University of Pennsylvania Press)

More about Who Killed America's Economy?

Open Document