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13 bankers : the Wall Street takeover and the next financial meltdown

Author: Simon Johnson; James Kwak
Publisher: New York, NY : Pantheon Books, 2010.
Edition/Format:   Book : English : 1. edView all editions and formats
Database:WorldCat
Summary:
13 Bankers describes the rise of concentrated financial power and the threat it poses to our economic well-being. Over the past three decades, a handful of banks became spectacularly large and profitable and used their power and prestige to reshape the political landscape. By the late 1990s, the conventional wisdom in Washington was that what was good for Wall Street was good for America. This ideology of finance  Read more...
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Document Type: Book
All Authors / Contributors: Simon Johnson; James Kwak
ISBN: 9780307379054 0307379051
OCLC Number: 699842864
Description: 304 S.
Contents: Jefferson's warning --
Faraway crises --
The transformation of Wall Street --
How Wall Street took over --
What Wall Street got --
Nine bankers --
Six banks.
Other Titles: Thirteen bankers.
Responsibility: Simon Johnson and James Kwak.

Abstract:

13 Bankers describes the rise of concentrated financial power and the threat it poses to our economic well-being. Over the past three decades, a handful of banks became spectacularly large and profitable and used their power and prestige to reshape the political landscape. By the late 1990s, the conventional wisdom in Washington was that what was good for Wall Street was good for America. This ideology of finance produced the excessive risk-taking of the past decade, creating an enormous bubble and ultimately leading to a devastating financial crisis and recession. More remarkable, the responses of both the Bush and Obama administrations to the crisis-bailing out the megabanks on generous terms, without securing any meaningful reform-demonstrate the lasting political power of Wall Street. The largest banks have become more powerful and more emphatically "too big to fail," with no incentive to change their behavior in the future. This only sets the stage for another financial crisis, another government bailout, and another increase in our national debt.

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