By Simon Johnson
Inspite of its key position in growing the ruinous monetary predicament of 2008, the yank banking has grown greater, extra ecocnomic, and extra immune to rules than ever. Anchored by means of six megabanks whose resources volume to greater than 60 percentage of the country’s gross household product, this oligarchy proved it may well first carry the worldwide economic system hostage after which use its political muscle to struggle off significant reform. 13 Bankers brilliantly charts the increase to strength of the monetary quarter and forcefully argues that we needs to get a divorce the large banks if we wish to stay away from destiny monetary catastrophes.
Updated, with extra research of the government’s contemporary try and reform the banking undefined, this can be a well timed and specialist account of our political economic system.
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Extra info for 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage)
44 Railroad wealth was the most prominent late-nineteenth-century example of the entrance of new money into politics. In the three decades immediately following the Civil War, America was swept by a craze for building new railroads. Fortunes were made and lost and businesses built and destroyed, while long-distance travel became much faster and hauling freight became much cheaper than ever before. The railroad barons and their industrial allies acquired great political power, coming to dominate the Senate by the turn of the century.
S. 3 Despite three government bailouts, Citigroup stock was trading below $3 per share, about 95 percent down from its peak; stock in Bank of America, which had received two bailouts, had lost 85 percent of its value. The public was furious at the recent news that American International Group, which had been rescued by commitments of up to $180 billion in taxpayer money, was paying $165 million in bonuses to executives and traders at the division that had nearly caused the company to collapse the previous September.
Ties the current financial crisis to a cycle of politics as old as the Republic, and to a pathology in our politics that is as profound as any that our Republic has faced. ” —Lawrence Lessig, Director of the Edmond J. S. Senator “A chilling tale of the dangers of concentrated economic, intellectual, and political power. S. Senator Jim Bunning “This book is remarkable in its scope and conclusions. It places changes in financial services and the sector’s regulation over the last twenty years in the context of the last two hundred, and the comparison isn’t favorable.
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage) by Simon Johnson