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—Simon Johnson, coauthor of 13 Bankers and professor at MIT Sloan “Two of the world’s best and most erudite economists turn to the hardest issue of all: why are some nations poor and others rich? Written with a deep knowledge of economics. And political history, this is perhaps the most powerful.

A beautifully written and powerful story that ties the current financial crisis to a cycle of politics as old as the Republic, and to a pathology in our politics that is as profound as any that our Republic has faced. We are far away from solving that crisis, and hopelessly far from even understanding how we could cure this pathology. Required reading for the President, and anyone else who cares for this Republic.

Lawrence Lessig, Professor of Law and Director of the
Edmond J. Safra Foundation for Ethics at Harvard University

Too many discussions of the Great Recession present it as a purely economic phenomenon–the result of excessive leverage or errors of monetary policy or algorithms run mad. Simon Johnson was the first to point out that this was and is a crisis of political economy. His and James Kwak’s analysis of the unholy inter-twining of Washington and Wall Street–a cross between the gilded age and a banana republic – is essential reading.

Niall Ferguson, Professor of History at Harvard University,
Professor at Harvard Business School, and Author of The Ascent of Money

13 Bankers describes the rise of concentrated financial power and the threat it poses to our economic well-being. Over the past three decades, a handful of banks became spectacularly large and profitable and used their power and prestige to reshape the political landscape. By the late 1990s, the conventional wisdom in Washington was that what was good for Wall Street was good for America. This ideology of finance produced the excessive risk-taking of the past decade, creating an enormous bubble and ultimately leading to a devastating financial crisis and recession.

More remarkable, the responses of both the Bush and Obama administrations to the crisis–bailing out the megabanks on generous terms, without securing any meaningful reform–demonstrate the lasting political power of Wall Street. The largest banks have become more powerful and more emphatically “too big to fail,” with no incentive to change their behavior in the future. This only sets the stage for another financial crisis, another government bailout, and another increase in our national debt.

The alternative is to confront the power of Wall Street head on, which means breaking up the big banks and imposing hard limits on bank size so they can’t reassemble themselves. The good news is that America has fought this battle before in different forms, from Thomas Jefferson’s (unsuccessful) campaign against the First Bank of the United States to the trust-busting of Teddy Roosevelt and the banking regulations of the 1930s enacted under Franklin Delano Roosevelt. 13 Bankers explains why we face this latest showdown with the financial sector, and what is at stake for America.

The smurfs 2. Simon Johnson and James Kwak provide the best explanation yet for how the smart guys on Wall Street led us to the brink of collapse. In the process, they demystify our financial system, stripping it down to expose the ruthless power grab that lies at its center. If you want to understand how Wall Street captured Washington and how it tenaciously hangs on to that power, read 13 Bankers.

Elizabeth Warren, Professor of Law at Harvard Law School and
Chairwoman of the TARP Congressional Oversight Panel

If the wads of money you’ve stuffed into your mattress for safekeeping don’t keep you up at night, Simon Johnson and James Kwak’s 13 Bankers will–a disturbing and painstakingly researched account of how the banks wrenched control of government and society out of our hands–and what we can do to seize it back.

Bill Moyers

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Over the last 50 years, the FAA, the airline manufacturers, and the airlines worked together to make a highly complex air travel system more efficient and much safer. If you’ve ever wondered why, in contrast, our financial regulators and banks made our financial system less efficient and much more dangerous, you should read this book.

Paul Romer, Senior Fellow at the Stanford Center for International Development and the Stanford Institute for Economic Policy Research

The Wall Street Takeover and the Next Financial Meltdown. Author: Simon Johnson,James Kwak. Publisher: Vintage. ISBN:. Category: Business & Economics. Page: 336. View: 2025In spite of its key role in creating the ruinous financial crisis of 2008, the American banking industry has grown bigger, more profitable, and more resistant to regulation than ever.

Anchored by six megabanks whose assets amount to more than 60 percent of the country’s gross domestic product, this oligarchy proved it could first hold the global economy hostage and then use its political muscle to fight off meaningful reform. 13 Bankers brilliantly charts the rise to power of the financial sector and forcefully argues that we must break up the big banks if we want to avoid future financial catastrophes.

Updated, with additional analysis of the government’s recent attempt to reform the banking industry, this is a timely and expert account of our troubled political economy. Wall Street Looting and Federal Regulatory Colluding. Author: Gregg Barak. Publisher: Rowman & Littlefield. ISBN:. Category: Social Science.

Page: 213. View: 7252Theft of a Nation is a powerful criminological examination of Wall Street s recent financial meltdown. Through the lenses of white collar crime and victimology, the book presents a critical assessment of the economic and political elites who were responsible, shows how Americans were victimized, and assesses the resulting regulation.' .

Author: Hedrick Smith. Publisher: Random House. ISBN:. Category: Business & Economics. Page: 624.

View: 8516Pulitzer Prize winner Hedrick Smith’s new book is an extraordinary achievement, an eye-opening account of how, over the past four decades, the American Dream has been dismantled and we became two Americas. In his bestselling The Russians, Smith took millions of readers inside the Soviet Union. In The Power Game, he took us inside Washington’s corridors of power. Now Smith takes us across America to show how seismic changes, sparked by a sequence of landmark political and economic decisions, have transformed America.

As only a veteran reporter can, Smith fits the puzzle together, starting with Lewis Powell’s provocative memo that triggered a political rebellion that dramatically altered the landscape of power from then until today. This is a book full of surprises and revelations—the accidental beginnings of the 401(k) plan, with disastrous economic consequences for many; the major policy changes that began under Jimmy Carter; how the New Economy disrupted America’s engine of shared prosperity, the “virtuous circle” of growth, and how America lost the title of “Land of Opportunity.” Smith documents the transfer of $6 trillion in middle-class wealth from homeowners to banks even before the housing boom went bust, and how the U.S. Policy tilt favoring the rich is stunting America’s economic growth. This book is essential reading for all of us who want to understand America today, or why average Americans are struggling to keep afloat. Smith reveals how pivotal laws and policies were altered while the public wasn’t looking, how Congress often ignores public opinion, why moderate politicians got shoved to the sidelines, and how Wall Street often wins politically by hiring over 1,400 former government officials as lobbyists.

Smith talks to a wide range of people, telling the stories of Americans high and low. From political leaders such as Bill Clinton, Newt Gingrich, and Martin Luther King, Jr., to CEOs such as Al Dunlap, Bob Galvin, and Andy Grove, to heartland Middle Americans such as airline mechanic Pat O’Neill, software systems manager Kristine Serrano, small businessman John Terboss, and subcontractor Eliseo Guardado, Smith puts a human face on how middle-class America and the American Dream have been undermined. This magnificent work of history and reportage is filled with the penetrating insights, provocative discoveries, and the great empathy of a master journalist. Finally, Smith offers ideas for restoring America’s great promise and reclaiming the American Dream. Praise for Who Stole the American Dream? “A sweeping, authoritative examination of the last four decades of the American economic experience.”—The Huffington Post “Some fine work has been done in explaining the mess we’re in. But no book goes to the headwaters with the precision, detail and accessibility of Smith.”—The Seattle Times “Sweeping in scope.

Smith posits some steps that could alleviate the problems of the United States.”—USA Today “Brilliant. a remarkably comprehensive and coherent analysis of and prescriptions for America’s contemporary economic malaise.”—Kirkus Reviews (starred review) “Smith enlivens his narrative with portraits of the people caught up in events, humanizing complex subjects often rendered sterile in economic analysis. The human face of the story is inseparable from the history.”—Reuters. Lessons for Africa. Author: Horace Campbell.

Publisher: Africa Inst of South Africa. ISBN:. Category: Political Science. Page: 184. View: 6888When the Tunisian and Egyptian uprisings erupted in Africa, in the first two months of the year 2011, with the chant, 'the people want to bring down the regime', there was hope all over the continent that these rebellions were part of a wider African Awakening.

President Ben Ali of Tunisia was forced to step down and fled to Saudi Arabia. Within a month of Ben Ali's departure, Hosni Mubarak of Egypt was removed from power by the people, who mobilised a massive revolutionary movement in the country. Four days after the ousting of Mubarak, sections of the Libyan people rebelled in Benghazi. Within days, this uprising was militarised, with armed resistance countered by declarations from the Libyan leadership vowing to use raw state power to root out the rebellion.

The first Libyan demonstrations occurred on February 15, 2011, but by February 21 there were reports that innocent civilians were in imminent danger of being massacred by the army. This information was embellished by reports of the political leadership branding the rebellious forces as 'rats'. The United States (US), Britain and France took the lead to rush through a resolution in the United Nations (UN) Security Council, invoking the principle of the 'responsibility to protect'. This concept of responsibility to protect had been embraced and supported by many governments in the aftermath of the genocidal episodes in Rwanda, Bosnia and Kosovo. The UN Security Council Resolution 1973 of 2011 was loosely worded, with the formulation 'all necessary measures' tacked on to ensure wide latitude for those societies and political leaders who orchestrated the North Atlantic Treaty Organization (NATO) intervention in Libya.

In the following nine months, the implementation of this UN resolution exposed the real objectives of the leaders of the US, France and Britain. With the Western media fuelling a propaganda campaign in the traditions of 'manufacturing consent', this Security Council authorisation was stretched from a clear and limited civilian protection mandate into a military campaign for regime change and the execution of the President of Libya, Muammar Gaddafi. Author: Horace Campbell.

Publisher: NYU Press. ISBN:.

Category: Political Science. Page: 208. View: 3168In this incisive account, scholar Horace Campbell investigates the political and economic crises of the early twenty-first century through the prism of NATO’s intervention in Libya.

He traces the origins of the conflict, situates it in the broader context of the Arab Spring uprisings, and explains the expanded role of a post-Cold War NATO. This military organization, he argues, is the instrument through which the capitalist class of North America and Europe seeks to impose its political will on the rest of the world, however warped by the increasingly outmoded neoliberal form of capitalism.

The intervention in Libya—characterized by bombing campaigns, military information operations, third party countries, and private contractors—exemplifies this new model. Campbell points out that while political elites in the West were quick to celebrate the intervention in Libya as a success, the NATO campaign caused many civilian deaths and destroyed the nation’s infrastructure. Furthermore, the instability it unleashed in the forms of militias and terrorist groups have only begun to be reckoned with, as the United States learned when its embassy was attacked and personnel, including the ambassador, were killed. Campbell’s lucid study is essential reading for anyone seeking to understand this complex and weighty course of events.