In Taming the Megabanks, Arthur E. Wilmarth, Jr. argues that we must break up universal banks by enacting a new Glass-Steagall Act. Drawing from an analysis of the Great Depression of the 1930s and the Global Financial Crisis of 2007-09, Wilmarth demonstrates that a new Glass-Steagall Act would make our financial system much more stable and less likely to produce boom-and-bust cycles.
In Taming the Megabanks, Arthur E. Wilmarth, Jr. argues that we must break up universal banks by enacting a new Glass-Steagall Act. Drawing from an analysis of the Great Depression of the 1930s and the Global Financial Crisis of 2007-09, Wilmarth demonstrates that a new Glass-Steagall Act would make our financial system much more stable and less likely to produce boom-and-bust cycles.
Arthur E. Wilmarth, Jr. is Professor of Law at the George Washington University Law School. Wilmarth is the co-editor with Lawrence E. Mitchell of The Panic of 2008: Causes, Consequences, and Implications for Reform and a member of the international advisory board of the Journal of Banking Regulation. He has testified before committees of the U.S. Congress and the California legislature on financial regulatory issues.
Inhaltsangabe
* Introduction * Chapter 1: Origins: The Emergence of Universal Banks in Early 20th Century America * Chapter 2: Frenzy: Universal Banks Helped to Promote an Unsustainable Boom in the U.S. Economy during the 1920s * Chapter 3: Foreign Affairs: Sales of Risky Foreign Bonds by Universal Banks Produced a Speculative Foreign Lending Boom * Chapter 4: Crash: Universal Banks Played Central Roles in the Stock Market Boom and Crash and the Onset of the Great Depression * Chapter 5: Nemesis: The Universal Banking Model Failed during the Banking Crises of the Great Depression * Chapter 6: Reckoning: Universal Banks Were Discredited by the Pecora Investigation and Abolished by the Glass-Steagall Act * Chapter 7: Resurgence, Part I: Federal Agencies and Courts Opened Loopholes in the Glass-Steagall Act during the 1980s and 1990s * Chapter 8: Resurgence, Part II: Congress Enacted Three Statutes That Enabled Big Banks to Build Nationwide Financial Conglomerates * Chapter 9: See No Evil: Policymakers and Regulators Allowed Large Financial Conglomerates to Inflate a Toxic Credit Bubble on Both Sides of the Atlantic during the "Roaring 2000s" * Chapter 10: DéJà Vu - Reckless Lending and Securitization by Financial Conglomerates Triggered a Global Financial Crisis in 2007 * Chapter 11: Bailouts Without End: Governments Provided Massive Bailouts to Rescue Troubled Universal Banks during the Financial Crisis * Chapter 12: Unfinished Business: Post-Crisis Reforms Do Not Remove the Systemic Dangers Posed by Universal Banks and Shadow Banks * Conclusion * References * Index
* Introduction * Chapter 1: Origins: The Emergence of Universal Banks in Early 20th Century America * Chapter 2: Frenzy: Universal Banks Helped to Promote an Unsustainable Boom in the U.S. Economy during the 1920s * Chapter 3: Foreign Affairs: Sales of Risky Foreign Bonds by Universal Banks Produced a Speculative Foreign Lending Boom * Chapter 4: Crash: Universal Banks Played Central Roles in the Stock Market Boom and Crash and the Onset of the Great Depression * Chapter 5: Nemesis: The Universal Banking Model Failed during the Banking Crises of the Great Depression * Chapter 6: Reckoning: Universal Banks Were Discredited by the Pecora Investigation and Abolished by the Glass-Steagall Act * Chapter 7: Resurgence, Part I: Federal Agencies and Courts Opened Loopholes in the Glass-Steagall Act during the 1980s and 1990s * Chapter 8: Resurgence, Part II: Congress Enacted Three Statutes That Enabled Big Banks to Build Nationwide Financial Conglomerates * Chapter 9: See No Evil: Policymakers and Regulators Allowed Large Financial Conglomerates to Inflate a Toxic Credit Bubble on Both Sides of the Atlantic during the "Roaring 2000s" * Chapter 10: DéJà Vu - Reckless Lending and Securitization by Financial Conglomerates Triggered a Global Financial Crisis in 2007 * Chapter 11: Bailouts Without End: Governments Provided Massive Bailouts to Rescue Troubled Universal Banks during the Financial Crisis * Chapter 12: Unfinished Business: Post-Crisis Reforms Do Not Remove the Systemic Dangers Posed by Universal Banks and Shadow Banks * Conclusion * References * Index
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