Market Rules – Bankers, Presidents, and the Origins of the Great Recession: American Business, Politics, and Society
Autor Mark H. Roseen Limba Engleză Hardback – 27 dec 2018
In 1971, members of Richard Nixon's Commission on Financial Structure and Regulation described the banks they sought to create as supermarkets. Analogous to the twentieth-century model of a store at which Americans could buy everything from soft drinks to fresh produce, supermarket banks would accept deposits, make loans, sell insurance, guide mergers and acquisitions, and underwrite stock and bond issues. The supermarket bank presented a radical departure from the financial industry as it stood, composed as it was of local savings and loans, commercial banks, investment banks, mutual funds, and insurance firms. Over the next four decades, through a process Rose describes as grinding politics, supermarket banks became the guiding model of the financial industry. As the banking industry consolidated, it grew too large while remaining too fragmented and unwieldy for politicians to regulate and for regulators to understand--until, in 2008, those supermarket banks, such as Citigroup, needed federal help to survive and prosper once again.
Rose explains the history of the financial industry as a story of individuals--some well-known, like Presidents Kennedy, Carter, Reagan, and Clinton; Treasury Secretaries Donald Regan and Timothy Geithner; and JP Morgan CEO Jamie Dimon; and some less so, though equally influential, such as Kennedy's Comptroller of the Currency James J. Saxon, Citicorp CEO Walter Wriston, and Bank of America CEOs Hugh McColl and Kenneth Lewis. Rose traces the evolution of supermarket banks from the early days of the Kennedy administration, through the financial crisis of 2008, and up to the Trump administration's attempts to modify bank rules. Deeply researched and accessibly written, Market Rules demystifies the major trends in the banking industry and brings financial policy to life.
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Specificații
ISBN-13: 9780812251029
ISBN-10: 0812251024
Pagini: 272
Dimensiuni: 161 x 237 x 26 mm
Greutate: 0.52 kg
Editura: MT – University of Pennsylvania Press
Seria American Business, Politics, and Society
ISBN-10: 0812251024
Pagini: 272
Dimensiuni: 161 x 237 x 26 mm
Greutate: 0.52 kg
Editura: MT – University of Pennsylvania Press
Seria American Business, Politics, and Society
Cuprins
Notă biografică
Mark H. Rose is Professor of History at Florida Atlantic University. He is author or editor of several books, including The Best Transportation System in the World, also available from the University of Pennsylvania Press.
Descriere
Market Rules explains in accessible language how federal laws, regulatory rulings, and bankers' decisions shaped the financial industry as it existed at the time of the 2008 financial crisis.