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

As in his blog, do it again – hysterical ranting that seems to serve a purpose: Simon Johnson and James Kwak to sell more of their book pretty bad. Rating: 1 / 5

I’m not sure who this book is written. Johnson and Kwak, who are well qualified to write this book, what is still an exhaustive presentation of our financial crisis villainizing of the U.S. banking system. I think someone who has not read the dozens of other books that tell the same story last year were published, and want a book that take really would benefit the bankers. I read a lot of these books and I learned very little of this ci.Ils begin their story, as most of these books are a short history of American Bank, Jefferson lionizing more than most authors, to minimize gaps in Jackson, criticizing Hamilton. Then they take us through a history of modern banking desire for the good old days of boring heavily regulated banks of the New Deal and attack all attempts to remove the regulation. I recommend it be revoked for the grant of a careful consideration of the appropriate number of instruments, the rules. Not surprisingly, the former chairman of the CFTC, is a heroine Brooksley Born and Greenspan, Rubin and Summers are the bad guys with former Senator Phil Gramm.Leur story is one of the great plutocracy, consisting of bankers who move between the major investment banks and the seats of power in Washington to ruin our country. Much of the system they have created unregulated derivatives is useless, other economic, so that they are rich and in turn has a financial crisis. The derivatives dupe gullible investors who gain from a zero-sum game, where the first bankers at the expense of investors and later win on américain.Ils rescue people believe, and most legal experts do not is that the central problem that banks “too big to fail” and enter the trivial solution for the break, when she has to cover grosses.Le main problem with this book, rather unoriginally become an issue before, were the tendentious nature of their narrative. I am familiar with a view Simon Johnson, and I have not expected, Arthur Laffer. The story could be told in a very different perspective, instead of trying to regulate the error to achieve universal property. There are few effects that the Community Reinvestment Act and its revisions and the pressure on commercial banks’ money to people who could not afford to rent a house. The authors lead us to believe it was the magic, the Basel Bank a system in which lenders hold half the usual reserve to start to be creative or securitization of mortgages could be introduced. Furthermore, it was the unintended consequences of regulation in the 1970s found that de facto monopoly in the three rating agencies, which has misled a lot of these so-called intelligent and crafty bankers. These authors, as many experts who have the same ideas and believe that the crash was totally undermine all current versions of the efficient markets hypothesis. They forget that to make the arrangements unintended consequences. If the authors and need therefore to the forthcoming regulations are really smart, which is smarter than the market, they will not need the royalties from this book, they would have made a fortune by selling securities Court In summary, the book is unoriginal not particularly informative, but the populist anti-bank will be welcomed by most people. Rating: 3 / 5

Let me first say that I am a former Bond / derivatives trader on Wall Street. I read many books about the recent economic crisis, and hundreds more on the economy and stock market history over the years. Let me tell you that this is one of the best books that I have about how corrupt and rotten to the core of our financial system has become and politics, first. The Banking Commission and the political structure has completely decoupled from the “real” economy and who the various countries that do not live in reality itself. Who does not agree with the central theme in 13 of the bankers or the other, on the Wall Street Journal / DC or Gravy Train is separated from the real world. The real world is brilliantly told in this book. Like I said, I’m in the industry and tell you that many reasons banker actually “sub-” by Mr. Johnson and Mr. Kwak in 13 bankers. It’s much worse! Not all Wall Street bankers and traders are wicked at heart, but our motives have never been yesterday and today with what is good for the economy or America aligned. This must change and change fast, if there is a functional banking system that helps all Americans. Simply stating otherwise only perpetuate the farce that is our current economy. Rating: 5 / 5