LaBrosse, John Raymond; Olivares-Caminal, Rodrigo; Singh, Dalvinder --- "Preface: It Has Been ‘A Hard Day’s Night’" [2011] ELECD 484; in LaBrosse, Raymond John; Olivares-Caminal, Rodrigo; Singh, Dalvinder (eds), "Managing Risk in the Financial System" (Edward Elgar Publishing, 2011)

Book Title: Managing Risk in the Financial System

Editor(s): LaBrosse, Raymond John; Olivares-Caminal, Rodrigo; Singh, Dalvinder

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9780857933812

Section Title: Preface: It Has Been ‘A Hard Day’s Night’

Author(s): LaBrosse, John Raymond; Olivares-Caminal, Rodrigo; Singh, Dalvinder

Number of pages: 17

Extract:

Preface
It has been `A Hard Day's Night'*
John Raymond LaBrosse, Rodrigo Olivares-Caminal
and Dalvinder Singh

The sub-title to this part of the book could have been ­ What have we
learned since the demise of Lehman Brothers? The question, however,
could not actually have been that short as we would have needed to add
something about the number of investment banks that had to convert to
become US holding companies, the re-nationalization of Fannie Mae and
Freddie Mac, the death and then resurrection of AIG, the collapse of the
Icelandic banking system, the overhauls of financial regulation in the UK,
US and much of Europe, the Greek debt tragedy, and of course, we would
need to list the extraordinary measures that governments took around the
world to prop up their banking systems through explicit guarantees that
contributed to the ballooning of government fiscal deficits. Instead, we
think that The Beatles' 1964 tune A Hard Day's Night is more appropriate.
While some of us might remember the lyrics better than others, the words
go a long way in describing the recent global financial crisis. For some,
people have been `. . . working like a dog', or not working at all, trying
to save their homes from a short sale or foreclosure. For others, they are
finally seeing conditions in financial markets improving as low interest
rates and quantitative easing are helping to boost the real economy and
improving bank profitability; leading managers and traders to long for
a ...