13 bankers: The Wall Street Takeover and the Next Financial Meltdown

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Even after the ruinous financial crisis of 2008, America is still beset by the depredations of an oligarchy that is now bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks—Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley—which together control assets amounting, astonishingly, to more than 60 percent of the country’s gross domestic product, these financial institutions (now more emphatically “too big to fail”) continue to hold the global economy hostage, threatening yet another financial meltdown with their excessive risk-taking and toxic “business as usual” practices. How did this come to be—and what is to be done? These are the central concerns of13 Bankers, a brilliant, historically informed account of our troubled political economy.In 13 Bankers, Simon Johnson—one of the most prominent and frequently cited economists in America (former chief economist of the International Monetary Fund, Professor of Entrepreneurship at MIT, and author of the controversial “The Quiet Coup” inThe Atlantic)—and James Kwak give a wide-ranging, meticulous, and bracing account of recent U.S. financial history within the context of previous showdowns between American democracy and Big Finance: from Thomas Jefferson to Andrew Jackson, from Theodore Roosevelt to Franklin Delano Roosevelt. They convincingly show why our future is imperiled by the ideology of finance (finance is good, unregulated finance is better, unfettered finance run amok is best) and by Wall Street’s political control of government policy pertaining to it.As the authors insist, the choice that America faces is stark: whether Washington will accede to the vested interests of an unbridled financial sector that runs up profits in good years and dumps its losses on taxpayers in lean years, or reform through stringent regulation the banking system as first and foremost an engine of economic growth. To restore health and balance to our economy, Johnson and Kwak make a radical yet feasible and focused proposal: reconfigure the megabanks to be “small enough to fail.”Lucid, authoritative, crucial for its timeliness, 13 Bankers is certain to be one of the most discussed and debated books of 2010.
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ISBN:
9780307379054
9781400196845
9780307379221
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Grouping Information

Grouped Work ID 6bc90db6-9e25-f61f-ca5f-80468e910386
Grouping Title 13 bankers the wall street takeover and the next financial meltdown
Grouping Author johnson simon
Grouping Category book
Last Grouping Update 2018-09-18 04:48:52AM
Last Indexed 2018-09-18 04:52:31AM

Solr Details

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auth_author2 Kwak, James.
author Simon Johnson
author2-role Kwak, James.
author_display Simon Johnson
available_at_arlington Central, Columbia Pike
collection_arlington Adult Nonfiction
detailed_location_arlington Central Adult Nonfiction, Columbia Pike Adult Nonfiction
display_description In spite of its key role in creating the ruinous financial crisis of 2008, the American banking industry has grown bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks whose assets amount to more than 60 percent of the country's gross domestic product, this oligarchy proved it could first hold the global economy hostage and then use its political muscle to fight off meaningful reform. 13 Bankers brilliantly charts the rise to power of the financial sector and forcefully argues that we must break up the big banks if we want to avoid future financial catastrophes.

Updated, with additional analysis of the government's recent attempt to reform the banking industry, this is a timely and expert account of our troubled political economy.
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owning_library_arlington Arlington Public Library, Aurora Hills, Central, Cherrydale, Columbia Pike, Connection Crystal City, Detention Center, Glencarlyn, Local History, Plaza, Shirlington, Westover
owning_location_arlington Central, Columbia Pike
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publishDate 2010
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subject_facet Bank failures -- United States, Banks and banking -- United States, Finance -- United States, Financial crises -- United States
title_display 13 bankers : the Wall Street takeover and the next financial meltdown
title_full 13 Bankers The Wall Street Takeover and the Next Financial Meltdown, 13 bankers : the Wall Street takeover and the next financial meltdown / Simon Johnson and James Kwak
title_short 13 bankers :
title_sub The Wall Street Takeover and the Next Financial Meltdown
topic_facet Business, Current Events, Finance, Nonfiction, Politics