By Simon Johnson
Inspite of its key position in developing the ruinous monetary quandary of 2008, the yank banking has grown higher, extra ecocnomic, and extra proof against law than ever. Anchored by means of six megabanks whose resources volume to greater than 60 percentage of the country’s gross family product, this oligarchy proved it will possibly 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 stricken political economic climate.
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Extra resources for 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage)
The government chose not to impose conditions that could reform the industry or even to replace the management of large failed banks. It chose to stick with the bankers it had. In the dark days of late 2008—when Lehman Brothers vanished, Merrill Lynch was acquired, AIG was taken over by the government, Washington Mutual and Wachovia collapsed, Goldman Sachs and Morgan Stanley fled for safety by morphing into “bank holding companies,” and Citigroup and Bank of America teetered on the edge before being bailed out—the conventional wisdom was that the financial crisis spelled the end of an era of excessive risk-taking and fabulous profits.
THE MONEY TRUST By the late nineteenth century, however, industrialization had created a powerful economic elite that held political power at all levels, with its supporters in substantial control of the Senate, the Republican Party, and the presidency. Seventy years after Jackson, it was time for another confrontation between an independent-minded president and concentrated economic power. Despite its decentralized financial system, nineteenth-century America had turned out to be a great place to develop new ideas and make money.
But it stemmed as well from the old-fashioned instincts of successful industrialists, who realized that combining with their competitors (at least the ones they hadn’t been able to wipe out) could give them an effective monopoly, and with it the power to increase prices and profits. The rise of the trusts was a momentous development in American economic history in its own right. But it was also important because it brought concentrated financial power back onto the economic stage. Standard Oil was an early pioneer of the trusts, followed closely by imitators in other industries.
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage) by Simon Johnson