DC Public Library System

The road to financial reformation, warnings, consequences, reforms, Henry Kaufman

eng

Includes bibliographical references (pages 241-243) and index

illustrations

index present

non fiction

The road to financial reformation

bibliography

318408198

Henry Kaufman

warnings, consequences, reforms

In The Road to Financial Reformation, Kaufman provides an insightful account of the history and impact of post-World War II financial markets on the economy-what happened, how we got to where we are today, and what needs to be done. Drawing on his vast breadth of knowledge and experience, Kaufman reveals the mistakes that got us into this debacle, the consequences-- as they have not been fully realized-- and how to put our derailed economy back on track. He recounts his neglected early warnings about ballooning corporate and personal debt, the trend from financial segmentation to concentration, and the inadequacies in financial oversight. And he suggests a new kind of institution for regulatory oversight to supervise only the largest U.S.-based financial institutions. Intensive official supervision, he asserts, will help make financial conglomerates too good to fail. And because of the thoroughly global nature of today's financial markets, other leading economies throughout the world should be strongly encouraged to establish similar supervisory authorities. In the financial crises of the early postwar decades, both the economy and financial markets rebounded quickly. Unfortunately, that is far from likely this time around. But with The Road to Financial Reformation, we will at least see a path for moving in the right direction--Publisher's description

Past blunders and future choices -- Reflections on business, the lessons of history, and globalization -- If Adam Smith were alive today -- Troubling trends in financial markets and official policies -- Debt : the threat to economic and financial stability -- The decapitalization of American corporations -- Shortcomings in financial oversight -- From financial segmentation to concentration -- Financial concentration in economic thought -- Do we still need Glass-Steagall? -- Banking and commerce should not merge -- Postwar financial crises, 1966-2001 -- The great financial crisis of 2007-2009 -- Public policy and the markets -- The perils of monetary gradualism -- The Fed and the governance of financial institutions -- Transparency and the Fed -- Prospects for interest rates -- The financial consequences of the credit crisis