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laurieb755 's review for:
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown
by James Kwak, Simon Johnson
Ronald Reagan – Alan Greenspan; deregulation.
Bill Clinton – balanced budget; home ownership; Goldman Sachs in his administration.
George W Bush – Iraq War; Afghanistan War; financial meltdown; more Goldman Sachs.
Barak Obama – T.A.R.P.; financial bail out; more Goldman Sachs.
DEregulation and DErivatives = DEpressed economy!
(This is the text version of a diagram I sketched in my paper Book Lust Journal, and this is also the last post to be transferred from that journal to here!)
Banks took crazy risks because of "securitization" – the bundling of widely varying degrees of risk level mortgage which allowed them to pass the risk on to a large group of investors. The naive investors figured they'd do okay because the credit agencies gave the securities AAA ratings. Credit rating agencies allowed themselves to care in with inaccurate high ratings because they were being paid by the banks they were regulating!
Alan Greenspan and the FED essentially abrogated their responsibilities to the American people in favor of business, profits and, as Fred says, ideology.
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I am reading this at the same time as my new human anatomy book (and viewing Marian Diamond's lectures). A most interesting juxtaposition, indeed – the crazy greedy crash and propping up or our financial institutions, and our amazing human bodies, both equally intricate as systems.
13 Bankers show the sad negative, self-centered, crony-like systems that people have invented, and the human anatomy book shows the amazing biology that, for the most part, works like a complex integrated system, no outside intervention necessary.
Bill Clinton – balanced budget; home ownership; Goldman Sachs in his administration.
George W Bush – Iraq War; Afghanistan War; financial meltdown; more Goldman Sachs.
Barak Obama – T.A.R.P.; financial bail out; more Goldman Sachs.
DEregulation and DErivatives = DEpressed economy!
(This is the text version of a diagram I sketched in my paper Book Lust Journal, and this is also the last post to be transferred from that journal to here!)
Banks took crazy risks because of "securitization" – the bundling of widely varying degrees of risk level mortgage which allowed them to pass the risk on to a large group of investors. The naive investors figured they'd do okay because the credit agencies gave the securities AAA ratings. Credit rating agencies allowed themselves to care in with inaccurate high ratings because they were being paid by the banks they were regulating!
Alan Greenspan and the FED essentially abrogated their responsibilities to the American people in favor of business, profits and, as Fred says, ideology.
---------
I am reading this at the same time as my new human anatomy book (and viewing Marian Diamond's lectures). A most interesting juxtaposition, indeed – the crazy greedy crash and propping up or our financial institutions, and our amazing human bodies, both equally intricate as systems.
13 Bankers show the sad negative, self-centered, crony-like systems that people have invented, and the human anatomy book shows the amazing biology that, for the most part, works like a complex integrated system, no outside intervention necessary.