Taming the Megabanks: Why We Need a New Glass-Steagall ACT
https://images.autods.com/autodsV2Images/62859-b6c605e9-cbdd-47da-a11e-1a3ff6da732a-62bdfb34e8615c4f9c2f04ae.pngBanks were allowed to enter securities markets and become universal banks during two periods in the past century - the 1920s and the late 1990s. Both times, universal banks made high-risk loans and packaged them into securities that were sold as safe investments to poorly-informed investors. Both times, universal banks promoted unsustainable booms that led to destructive busts - the Great Depression of the early 1930s and the Global Financial Crisis of 2007-09. Both times, governments were forced to arrange costly bailouts of universal banks.Congress passed the Glass-Steagall Act of 1933 in response to the Great Depression. The Act broke up universal banks and established a decentralized financial system composed of three separate and independent sectors: banking, securities, and insurance. That system was stable and successful for over four decades until the big-bank lobby persuaded regulators to open loopholes in Glass-Steagall during the 1980s and convinced Congress to repeal it in 1999.
Congress did not adopt a new Glass-Steagall Act after the Global Financial Crisis. Instead, Congress passed the Dodd-Frank Act. Dodd-Frank's highly technical reforms tried to make banks safer but left in place a dangerous financial system dominated by universal banks. Universal banks continue to pose unacceptable risks to financial stability and economic and social welfare. They exert far too much influence over our political and regulatory systems because of their immense size and their undeniable "too-big-to-fail" status.
In Taming the Megabanks, Arthur Wilmarth argues that we must again separate banks from securities markets to avoid another devastating financial crisis and ensure that our financial system serves Main Street business firms and consumers instead of Wall Street bankers and speculators. Wilmarth's comprehensive and detailed analysis demonstrates that a new Glass-Steagall Act would make our financial system much more stable and less likely to produce boom-and-bust cycles. Giant universal banks would no longer dominate our financial system or receive enormous subsidies. A more decentralized and competitive financial system would encourage banks and securities firms to fulfill their proper roles as servants - not masters - of Main Street businesses and consumers.
Publisher OXFORD UNIV PR Dimensions 23.88 x 4.83 x 15.75 cm Language English Print length 598 pages Book Type Hardcover ISBN-10 019026070X ISBN-13 978-0190260705 Publication date 2 Oct. 2020 Shipping
- Fast shipping is very important for us.
- Our standard shipping service is FREE.
- Your order will be shipped within 2-3 business days upon full payment received.
- Your order will be delivered within 3-5 business days after the handling time.
- Contact ASAP if your item doesn't arrive on the estimated date. After five days of estimated delivery, we assume there was no issue with the delivery service.
- Customer service is our priority, so if you have any questions, please drop us a message via the contact form.
- We hope that you will come again to our store due to a pleasant experience with your purchase with us.
Returns and payment
- We offer a 30 days return policy from checkout winning date.
- We allow PayPal as payment method.
FeedBack
- Your feedback very important to us, after you get your package and you are satisfied with our service please leave us positive feedback
- If you have any problem wi
