By Simon Johnson
Inspite of its key function in developing the ruinous monetary obstacle of 2008, the yankee banking has grown larger, extra ecocnomic, and extra immune to legislation than ever. Anchored via six megabanks whose resources quantity to greater than 60 percentage of the country’s gross household product, this oligarchy proved it could actually 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 zone 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 to reform the banking undefined, it is a well timed and specialist account of our afflicted political economic system.
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Extra resources for 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage)
Jefferson and Jackson did not think the government could control finance; the idea of a modern, technocratic central bank lay beyond their imagination, far in the future. Instead, they feared that powerful, privately owned financial institutions would gain disproportionate influence over the government. Given the choice between the Second Bank and no national bank at all, Jackson chose the latter. S. economy continued to innovate and grow through the nineteenth century. Most important, Jackson’s victory ensured that a powerful private bank was not able to install itself in the corridors of political power and use its privileged position to extract profits for itself, inhibit competition, and hamper broader economic development.
JPMorgan Chase, Bank of America, and Wells Fargo bought up failing rivals to become even bigger. 20 The implications for America and the world are clear. Our big banks have only gotten bigger. S. gross domestic product (GDP, the most common measure of the size of an economy). S. 22 A vague expectation that the government would bail them out in a crisis has been transformed into a virtual certainty, lowering their funding costs relative to their smaller competitors. The incentive structures created by high leverage (shifting risk from shareholders and employees onto creditors and, ultimately, taxpayers) and huge one-sided bonuses (great in good years and good in bad years) have not changed.
There was no serious attempt to break up the big banks or reform financial regulation while it was possible—when the banks were weak, at the height of the crisis. Reform was put off until after the most powerful banks had grown even bigger, returned to profitability, and regained their political clout. S. Treasury Department had honed during emerging market financial crises in the 1990s, when leading officials urged crisis-stricken countries to address structural problems quickly and directly. As we write this, Congress looks likely to adopt some type of banking reform, but it is unlikely to have much bite.
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage) by Simon Johnson
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