By Simon Johnson
Even with its key position in growing the ruinous monetary obstacle of 2008, the yankee banking has grown greater, extra ecocnomic, and extra immune to legislation than ever. Anchored by way of six megabanks whose resources volume to greater than 60 percentage of the country’s gross household product, this oligarchy proved it may 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 area and forcefully argues that we needs to get a divorce the large banks if we wish to steer clear of destiny monetary catastrophes.
Updated, with extra research of the government’s contemporary try to reform the banking undefined, this can be a well timed and specialist account of our political financial system.
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Additional info for 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage)
Meeting with reporters later, they toed the party line. White House press secretary Robert Gibbs summarized the president’s message: “Everybody has to pitch in. ” “I’m of the feeling that we’re all in this together,” echoed Vikram Pandit, CEO of Citigroup. ”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.
But those profits and bonuses also bolstered the credibility and influence of Wall Street; in an era of free market capitalism triumphant, an industry that was making so much money had to be good, and people who were making so much money had to know what they were talking about. 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.
In particular, Hamilton believed that the government should ensure that sufficient credit was available to fund economic development and transform America into a prosperous, entrepreneurial country. This would require the introduction of modern forms of finance opposed by Jefferson. This tension between Jefferson and Hamilton has endured to the present day. Hamilton favored a publicly chartered (though largely privately owned) bank modeled on the Bank of England, which would manage the federal government’s money and provide an important source of credit to the government and the economy.
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage) by Simon Johnson