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Taming the megabanks : why we need a new Glass-Steagall Act by Arthur E. Wilmarth Jr. is a nonfiction available to read on EtoBox.

What is Taming the megabanks : why we need a new Glass-Steagall Act about?

Banks were allowed to enter securities markets and become universal banks during two periods in the past century - the 1920s and the late 1990s. Both times the ensuing unsustainable booms led to destructive busts - the Great Depression of the early 1930s and the Global Financial Crisis of2007-09. Both times, universal banks made high-risk loans and packaged them into securities that were sold as safe investments to poorly-informed investors. Both times, governments were forced to arrange costly bailouts.Congress passed the Glass-Steagall Act of 1933 in response to the Great Depression. The Act broke up universal banks and established a decentralized financial system composed of three separate and independent sectors: banking, securities, and insurance. That system was stable and successful for overfour decades until the big-bank lobby persuaded regulators to open loopholes in Glass-Steagall during the 1980s and convinced Congress to repeal it in 1999.In Taming the Megabanks, Arthur Wilmarth, Jr. argues that we must separate banks from securities markets again to avoid another devastating financial crisis and ensure that our financial system serves Main Street business firms and con

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Author

Arthur E. Wilmarth Jr.

Publisher

Oxford University Press, USA

Published

2020

Language

EN

ISBN

9780190260705

Category

nonfiction

Subjects

Finance, Business, Mathematical Economics