By Simon Johnson, James Kwak
Despite its key function in developing the ruinous monetary problem of 2008, the yank banking has grown higher, extra ecocnomic, and extra immune to legislation than ever. Anchored by way of six megabanks whose resources quantity to greater than 60 percentage of the country’s gross household product, this oligarchy proved it might probably first carry the worldwide financial system hostage after which use its political muscle to struggle off significant reform. 13 Bankers brilliantly charts the increase to energy of the monetary zone and forcefully argues that we needs to get a divorce the large banks if we wish to steer clear of destiny monetary catastrophes.
Updated, with new research of the government’s fresh try to reform the banking undefined, this can be a well timed and professional account of our bothered political economic system.
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Additional resources for 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown
The impact of a major war adds special point to our problem. To the extent that we deal with investment policy we can at best merely hint at the war’s significance for the future. As for security analysis proper, the new uncertainties may complicate its subject matter, but they should not alter its foundations or its methods. We have revised our text with a number of objectives in view. There are weaknesses to be corrected and some new judgments to be substituted. Recent developments in the financial sphere are to be taken into account, particularly the effects of regulation by the Securities and Exchange Commission.
But we have felt also that many of the old examples, which challenged the future when first suggested, may now possess some utility as verifiers of the proposed techniques. Thus we have borrowed one of our own ideas and have ventured to view the sequel to all our germane 1934 examples as a “laboratory test” of practical security analysis. Reference to each such case, in the text or in notes, may enable the reader to apply certain tests of his own to the pretensions of the securities analyst. The increased size of the book results partly from a larger number of examples, partly from the addition of clarifying material at many points, and perhaps mainly from an expanded treatment of railroad analysis and [xli] Copyright © 2009, 1988, 1962, 1951, 1940, 1934 by The McGraw-Hill Companies, Inc.
What is its liquidation value? How capable and honest is its management? What would you pay for the stock of this company if it were public? What factors might cause the owner of this business to sell control at a bargain price? Similarly, the pair never addressed how to analyze the purchase of an office building or apartment complex. Real estate bargains come about for the same reasons as securities bargains—an urgent need for cash, inability to perform proper analysis, a bearish macro view, or investor disfavor or neglect.