By Simon Johnson
Even with its key function in growing the ruinous monetary hindrance of 2008, the yank banking has grown larger, extra ecocnomic, and extra proof against rules than ever. Anchored via six megabanks whose resources quantity to greater than 60 percentage of the country’s gross family product, this oligarchy proved it can first carry the worldwide financial 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 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 specialist account of our political financial system.
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Extra info for 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage)
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.
50 The rise of the trusts depended heavily on investment bankers, who provided the money needed to buy shares and rearrange shareholdings and also offered the social glue necessary to bring disparate industrial interests together. A handful of bankers led by J. P. 52 In a lightly regulated banking system, industrial concentration led naturally to financial concentration, and J. P. Morgan stepped forward to take the reins of the financial system. The 1896 election of McKinley as president was welcomed by large corporate interests that feared the alternative—populist crusader William Jennings Bryan.
But despite J. P. Morgan’s financial muscle, the private sector could not come up with sufficient funds. S. 63 The Panic of 1907, which nearly brought the financial system crashing down, clearly demonstrated the risks the American economy was running with a highly concentrated industrial sector, a lightly regulated financial sector, and no central bank to backstop the financial system in a crisis. The major private banks might be able to reshape industries as they wished, but they could not be relied upon to stabilize the financial system in a crisis, especially with J.
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage) by Simon Johnson