The Rise of the Financial Consumer

Watchdog ◽  
2020 ◽  
pp. 17-26
Author(s):  
Richard Cordray
Keyword(s):  
Financial Crisis ◽  
Consumer Credit ◽  
Government Agency ◽  
Mortgage Market ◽  
Retirement Savings ◽  
Ripple Effects ◽  
Two Generations ◽  
The Individual ◽  
Financial Issues

Dramatic changes in our economy have magnified the importance of consumer financial issues. Consumer credit is now much more widely available than it was two generations ago, providing people greater opportunities. But its increasing complexity exposes people to new hazards. And the ripple effects of mistakes made by lenders and consumers transcend the individual, posing risks to the broader economy. In 2008, Wall Street’s reckless investments caused the mortgage-market meltdown and brought on the financial crisis. Millions of people—including many who were not involved with any of the bad lending—lost their jobs, their homes, and their retirement savings. Some communities have not yet recovered, worsening inequality and feelings of alienation. This chapter discusses how these broader consequences called for a new government agency to protect not only consumers and their families but also the economy as a whole.

Sisterhood and After

2019 ◽  
Author(s):  
Margaretta Jolly
Keyword(s):  
Oral History ◽  
Women's Liberation ◽  
Equal Rights ◽  
Collective Memories ◽  
Women’S Liberation ◽  
Two Generations ◽  
Personal Accounts ◽  
The Individual ◽  
The Uk ◽  
Cultural Taste

This ground-breaking history of the UK Women’s Liberation Movement explores the individual and collective memories of women at its heart. Spanning at least two generations and four nations, and moving through the tumultuous decades from the 1970s to the present, the narrative is powered by feminist oral history, notably the British Library’s Sisterhood and After: The Women’s Liberation Oral History Project. The book mines these precious archives to bring fresh insight into the lives of activists and the campaigns and ideas they mobilised. It navigates still-contested questions of class, race, violence, and upbringing—as well as the intimacies, sexualities and passions that helped fire women’s liberation—and shows why many feminists still regard notions of ‘equality’ or even ‘equal rights’ as insufficient. It casts new light on iconic campaigns and actions in what is sometimes simplified as feminism’s ‘second wave’, and enlivens a narrative too easily framed by ideological abstraction with candid, insightful, sometimes painful personal accounts of national and less well-known women activists. They describe lives shaped not only by structures of race, class, gender, sexuality and physical ability, but by education, age, love and cultural taste. At the same time, they offer extraordinary insights into feminist lifestyles and domestic pleasures, and the crossovers and conflicts between feminists. The work draws on oral history’s strength as creative method, as seen with its conclusion, where readers are urged to enter the archives of feminist memory and use what they find there to shape their own political futures.

scholarly journals Is Lack of Morality an Explanation for the Economic and Financial Crisis? A Catholic Point of View

2020 ◽  
Vol 26 (4) ◽  
pp. 407-418
Author(s):  
Klára Katona
Keyword(s):  
Financial Crisis ◽  
Empirical Evidence ◽  
Catholic Church ◽  
Point Of View ◽  
Philosophical Tradition ◽  
Religious Doctrine ◽  
Integral Element ◽  
The Individual ◽  
Economic Thinking

AbstractBefore 2008, several studies provided empirical evidence of a positive correlation between the functions of financial intermediation and economic growth. In 2008, the financial crisis shook trust in this correlation. Several studies found that comprehensive and fundamental changes were needed in the entire financial market. Attention focused on the role of morality as an essential and integral element of the economy, arguing that without a moral attitude at the individual and institutional levels, the whole system necessarily runs into crisis. Among the moral interpretations of the economy, which are concurrently based on philosophical tradition and religious doctrine, the Catholic Church has presented some of the most consistent and unified teachings related to such questions over time, but the effect on economic thinking is less than what relevance and other merits justify. Catholic social teaching suggests morality and the economy are inseparable and highlights the moral interpretation of economic discrepancies. By analyzing theoretical and empirical evidence, this paper assesses the economic validity and legitimacy of Catholic thought about the immanent role of ethics in the economy and the financial crisis.

scholarly journals Informed Trading of Futures Markets During the Financial Crisis: Evidence from the VPIN

2017 ◽  
Vol 9 (9) ◽  
pp. 123 ◽  
Author(s):  
Yen-Hsien Lee ◽  
Wen-Chien Liu ◽  
Chia-Lin Hsieh
Keyword(s):  
Financial Crisis ◽  
Institutional Investors ◽  
Special Kind ◽  
Informed Trading ◽  
Individual Level ◽  
Day Of The Week ◽  
Foreign Institutional Investors ◽  
The Individual ◽  
Probability Of Informed Trading ◽  
The Impact

This paper examines the impact of informed trading on futures returns during the 2008-2009 financial crisis. To precisely capture the informed trading in the highly volatile market during this period, we adopt the Volume-Synchronized Probability of Informed Trading (VPIN) of Easley, Hvidkjaer and O’Hara (2012) as our main measurement for informed trading. Besides, we also use a unique transaction dataset with investor identity to classify investors into domestic and foreign institutional investors, which the foreign institutional investors are supposed to be characterized by a higher degree of informed trading. Our empirical results show that the VPIN of foreign institutional investors has indeed significantly positive impacts on futures returns at the individual level. By contrast, the effect of the VPIN of domestic institutional investors on futures returns is only significant on Wednesdays, which could be seen as a special kind of day-of-the-week effect.

China Logistics System Reconfiguration under the System Resource Constraint after the Financial Crisis

2010 ◽  
Vol 34-35 ◽  
pp. 770-773
Author(s):  
Jian Hua Zhao ◽  
Hong Bin Li ◽  
Qian Chen ◽  
Fang Luo
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
International Market ◽  
Logistics System ◽  
External Market ◽  
System Reconfiguration ◽  
Two Generations ◽  
System Resource ◽  
The Global Financial Crisis

After two generations’ development driven by investment and external market resource from 1949 to 2008, china formed an export-oriented economy with an Outward Logistics System (OLS). China faces serious constraints from international market under the global financial crisis, which caused Logistics Jam and need Economical transformations to launch a new round of economic growth with more efficient Logistic system in next 30 years to ease jam and to support regional manufactory based on the local special resources for co-development. It would be the power to stimulate further economic growth.

scholarly journals Doing Good or Avoiding Evil? An Explorative Study of Depositors’ Reasons for Choosing Social Banks in the Pre and Post Crisis Eras

2020 ◽  
Vol 12 (23) ◽  
pp. 10082 ◽  
Author(s):  
Nikolas Höhnke
Keyword(s):  
Financial Crisis ◽  
Online Survey ◽  
Global Financial Crisis ◽  
Target Groups ◽  
The Social ◽  
Before And After ◽  
Great Relevance ◽  
Conventional Banks ◽  
The Individual ◽  
The Global Financial Crisis

The global financial crisis is expected to be of great relevance for social banks’ growth of deposits. However, it is still unclear why depositors choose social banks in general, and how the global financial crisis has affected depositors’ choice of social banks. The present paper thus explores a comprehensive set of reasons for choosing social banks, the individual relevance of reasons, as well as differences before and after the global financial crisis. Data was collected through a survey of five social banks, interviews with nine industry experts, and an online survey with 108 social and 413 conventional depositors. Using content analysis, a multi-level system of reasons for choosing social banks was identified, which refers to the social banks’ “good” and conventional banks’ “evil” characteristics. Based on a frequency analysis of codings per category, reasons with potential superior relevance for depositors’ decision-making were explored. A comparison with reasons for choosing conventional banks imply that depositors’ reasons for choosing social banks differ from those for choosing conventional banks in general. The results also indicate that the global financial crisis might have helped social banks’ growth by attracting new customer target groups, who chose social banks because of conventional banks’ “evil” characteristics.

scholarly journals Predicting the Future: Art and Algorithms

2020 ◽  
Vol 18 (3) ◽  
pp. 893-911
Author(s):  
Akos Rona-Tas
Keyword(s):  
Social Life ◽  
Consumer Credit ◽  
Social Contexts ◽  
Individual Level ◽  
The Past ◽  
Predictive Algorithms ◽  
The Future ◽  
The Usa ◽  
The Individual ◽  
Political Governance

Abstract Predictive algorithms are replacing the art of human judgement in rapidly growing areas of social life. By offering pattern recognition as forecast, predictive algorithms mechanically project the past onto the future, embracing a peculiar notion of time where the future is different in no radical way from the past and present, and a peculiar world where human agency is absent. Yet, prediction is about agency, we predict the future to change it. At the individual level, the psychological literature has concluded that in the realm of predictions, human judgement is inferior to algorithmic methods. At the sociological level, however, human judgement is often preferred over algorthms. We show how human and algorithmic predictions work in three social contexts—consumer credit, college admissions and criminal justice—and why people have good reasons to rely on human judgement. We argue that mechanical and overly successful local predictions can result in self-fulfilling prophecies and, eventually, global polarization and chaos. Finally, we look at algorithmic prediction as a form of societal and political governance and discuss how it is currently being constructed as a wide net of control by market processes in the USA and by government fiat in China.

scholarly journals From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply

2016 ◽  
Vol 71 (3) ◽  
pp. 1323-1356 ◽  
Author(s):  
RODNEY RAMCHARAN ◽  
STÉPHANE VERANI ◽  
SKANDER J. VAN DEN HEUVEL
Keyword(s):  
Financial Crisis ◽  
Consumer Credit ◽  
Wall Street ◽  
Credit Supply ◽  
Main Street ◽  
The Impact

scholarly journals Selection for leukocyte counts in mice

1966 ◽  
Vol 8 (2) ◽  
pp. 125-142 ◽  
Author(s):  
C. K. Chai
Keyword(s):  
Body Weight ◽  
Coat Color ◽  
Leukocyte Count ◽  
Individual Cell ◽  
Cell Types ◽  
Two Generations ◽  
X Irradiation ◽  
Leukocyte Counts ◽  
Selection For ◽  
The Individual

By directional selection for total leukocyte counts from a hybrid mouse stock we have gradually established two lines of mice, LLC (Low Leukocyte Count) and HLC (High Leukocyte Count), which differ both in total and in differential leukocyte counts. A randombred line (RLC) is also being concurrently maintained. Other variations between these lines of mice are in body weight, in the frequencies of coat color genes, reproductive performance, and resistance to X-irradiation. The LLC line was comparatively low in the latter two physiological parameters, and high in variation of body weight.Responses to selection for high and low leukocyte counts were asymmetrical. In the first two generations, responses were irregular; thereafter they were large in the low line (LLC) for two or three generations and then became small in comparison with those of the high line (HLC). At eleven generations of selection, the mean leukocyte count of HLC is about three times that of LLC Responses of the different cell types were proportional to their individual percentages of the total counts. There were sexual differences in the counts of total and individual cell types. Selection for total leukocyte counts affected the proportions of the individual cell types. Heritability estimates based on selection differential and response and on sib relationships yielded values ranging from 0·15 to 0·39.

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