13 Bankers: The Wall Street Takeover and the Next Financial by Simon Johnson

By Simon Johnson

Even with its key function in growing the ruinous monetary challenge of 2008, the yankee banking has grown greater, extra ecocnomic, and extra proof against law than ever. Anchored by way of six megabanks whose resources quantity to greater than 60 percentage of the country’s gross household product, this oligarchy proved it could possibly 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 massive 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 professional account of our stricken political economic climate.

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Although Jefferson lost the battle over the Bank of the United States (and his worst fears did not materialize), the cause of restraining concentrated economic or financial power was taken up by three of his most important successors. In the 1830s, Andrew Jackson’s showdown with the Second Bank of the United States set back the development of a concentrated financial sector. P. Morgan; but during the Great Depression of the 1930s, Franklin Delano Roosevelt was finally able to break up the largest banks and constrain their risky activities.

The effects of the next meltdown could be milder than the last one; but with a banking system that is even more highly concentrated and that has a rock-solid government guarantee in place, they could also be worse. The alternative is to reform the financial system now, to put in place a modern analog to the banking regulations of the 1930s that protected the financial system well for over fifty years. A central pillar of this reform must be breaking up the megabanks that dominate our financial system and have the ability to hold our entire economy hostage.

43 The innovations that changed the economic landscape changed the political landscape as well. Social mobility and the lack of an entrenched aristocracy meant that newly successful companies and industries could gain political representation quickly, at least when compared to European societies. New money could make its way into politics, whether legally or illegally. 44 Railroad wealth was the most prominent late-nineteenth-century example of the entrance of new money into politics. In the three decades immediately following the Civil War, America was swept by a craze for building new railroads.

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