13 Bankers: The Wall Street Takeover and the Next Financial Meltdown
Even after the ruinous financial crisis of 2008, America is still beset by the depredations of an oligarchy that is now bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks, which together control assets amounting to more than 60 percent of the country's gross domestic product, these financial institutions (now more emphatically "too big to fail") continue to hold the global economy hostage, threatening yet another financial meltdown with their...
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Simon Johnson and James Kwak examine not only how Wall Street's ideology, wealth, and political power among policy makers in Washington led to the financial debacle of 2008 but also what the lessons learned portend for the future. The New York Times - Louis Uchitelle [Johnson and Kwak] tell this story in matter-of-fact prose. Even their discussion of derivatives is accessible to ordinary readers (most of the time)…a well-documented appeal to embrace once again Thomas Jefferson's skepticism of concentrated banking power.
