By Simon Johnson
Inspite of its key position in growing the ruinous monetary drawback of 2008, the yankee banking has grown greater, extra ecocnomic, and extra proof against rules than ever. Anchored by way of six megabanks whose resources quantity to greater than 60 percentage of the country’s gross household product, this oligarchy proved it might probably first carry the worldwide economic climate hostage after which use its political muscle to struggle off significant reform. 13 Bankers brilliantly charts the increase to strength of the monetary zone and forcefully argues that we needs to get a divorce the massive banks if we wish to steer clear of destiny monetary catastrophes.
Updated, with extra research of the government’s fresh try to reform the banking undefined, this can be a well timed and professional account of our political financial system.
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Additional resources for 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage)
5 What did that mean, “we’re all in this together”? It was clear that the thirteen bankers needed the government. Only massive government intervention, in the form of direct investments of taxpayer money, government guarantees for multiple markets, practically unlimited emergency lending by the Federal Reserve, and historically low interest rates, had prevented their banks from following Bear Stearns, Lehman Brothers, Merrill Lynch, Washington Mutual, and Wachovia into bankruptcy or acquisition in extremis.
Lawrence K. Fish, former Chairman and Chief Executive Officer, Citizens Financial Group SIMON JOHNSON AND JAMES KWAK 13 BANKERS Simon Johnson is Ronald A. Kurtz Professor of Entrepreneurship at MIT’s Sloan School of Management and a senior fellow of the Peterson Institute for International Economics. ” James Kwak has had a successful business career as a consultant for McKinsey & Company and as a software entrepreneur. He is currently a student at Yale Law School. com ALSO BY SIMON JOHNSON Starting Over in Eastern Europe: Entrepreneurship and Economic Renewal (with Gary Loveman) FIRST VINTAGE BOOKS EDITION, JANUARY 2011 Copyright © 2010, 2011 by Simon Johnson and James Kwak All rights reserved.
Money and ideology were mutually reinforcing. This is not the first time that a powerful economic elite has risen to political prominence. In the late nineteenth century, the giant industrial trusts—many of them financed by banker and industrialist J. P. S. economy with the support of their allies in Washington, until President Theodore Roosevelt first used the antitrust laws to break them up. Even earlier, at the dawn of the republic, Thomas Jefferson warned against the political threat posed by the Bank of the United States.