Author: Susan Wharton Gates In September 2008, beset by mounting losses on high-risk mortgages and mortgage securities, the Federal Home Loan Mortgage Corporation teetered on the brink of insolvency. Fearing that confidence in the housing market would collapse completely if Freddie Mac and its competitor Fannie Mae failed, the US government made the difficult decision to place the two firms into conservatorship, taking control away from shareholders. Although the taxpayer commitment of hundreds of billions was meant to stabilize the housing finance system, Freddies fall at the start of the financial crisis set off shockwaves around the world. In Days of Slaughter, Susan Wharton Gates, a former 19-year Freddie Mac employee and vice president of public policy, provides a vivid eyewitness account of the competing economic and political forces that led to massive losses for shareholders, investors, homeownersand taxpayers. With a keen eye to the policy landscape, Gates relates the fateful decisions that led to Freddie Macs downfall and desperate rescue. She also examines todays worrisome headlines about potential future bailouts, the uneven housing recovery, and stymied congressional reform efforts. Throughout the book, Gates argues convincingly that policymakers will be unable to safely reform the massive housing finance system that currently rests squarely on taxpayer shoulders without addressing deeper issues of ideology, moral hazard, and interest group politics. The first book to tell the story of Freddie Mac from an insider perspectivewhile casting a prophetic eye to the futurethis first-hand account of housing policies, complex financial transactions, and the crazy quilt of federal and state actors involved in the Great Recession is a must-read. A cautionary tale of failed policies and corporate mismanagement that compellingly addresses previously unexplored issues of political ideology, organizational dynamics, and ethics, Days of Slaughter will appeal to readers everywhere who want a fuller explanation of what went awry in the US housing market.

Author: David Tilman Does biodiversity influence how ecosystems function? Might diversity loss affect the ability of ecosystems to deliver services of benefit to humankind? Ecosystems provide food, fuel, fiber, and drinkable water, regulate local and regional climate, and recycle needed nutrients, among other things. An ecosyste's ability to sustain functioning may depend on the number of species residing in the ecosystem--its biological diversity--but this has been a controversial hypothesis. There are many unanswered questions about how and why changes in biodiversity could alter ecosystem functioning. This volume, written by top researchers, synthesizes empirical studies on the relationship between biodiversity and ecosystem functioning and extends that knowledge using a novel and coordinated set of models and theoretical approaches. These experimental and theoretical analyses demonstrate that functioning usually increases with biodiversity, but also reveals when and under what circumstances other relationships between biodiversity and ecosystem functioning might occur. It also accounts for apparent changes in diversity-functioning relationships that emerge over time in disturbed ecosystems, thereby addressing a major controversy in the field. The volume concludes with a blueprint for moving beyond small-scale studies to regional ones--a move of enormous significance for policy and conservation but one that will entail tackling some of the most fundamental challenges in ecology. In addition to the editors, the contributors are Juan Armesto, Claudia Neuhauser, Andy Hector, Clarence Lehman, Peter Kareiva, Sharon Lawler, Peter Chesson, Teri Balser, Mary K. Firestone, Robert Holt, Michel Loreau, Johannes Knops, David Wedin, Peter Reich, Shahid Naeem, Bernhard Schmid, Jasmin Joshi, and Felix Schlapfer.