The Financial Crisis and the Free Market Cure Download ↠ eBook, ePUB or Kindle PDF

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  • The Financial Crisis and the Free Market Cure
  • John A. Allison
  • English
  • 11 November 2019
  • 9781470846053

John A. Allison ✓ 8 Read

characters ´ eBook, ePUB or Kindle PDF ✓ John A. Allison The Financial Crisis and the Free Market Cure Download ↠ eBook, ePUB or Kindle PDF John A. Allison ✓ 8 Read John A Allison is the longest serving CEO of a top 25 financial institution having served as Chairman of BBT for twenty years He currently serves as President and CEO of the Cato Institute and as a distingui. rating 365This book provides a great discussion on the topics of regulation and how politics and naive intentions influence banking It s great to read an insider s view of what went wrong in the banking industry during the crisis Allison was a super successful banker who also studied a lot on the topic of free enterprise and capitalism His criticisms of the industry are very insightful even if too simplified at times I specially enjoyed the real life examples of how regulation distorted the market and gave a crony advantage to the unhealthy banksAlso I stand with the author in his claim that the main problem is philosophical This is one of the most important points one has to realize before action can be put in place The main problem with our economy is the lack of self reliance self esteem and this whole collectivist mentality the eualitarian mentality Even if I don t agree with all of the author s points or if I would put them in another way I must congratulate him for bringing this to the tableI recommend this book to everybody My main upsets were that sometimes it gets a little repetitive and it definitely is a simplified book which can be a good thing for starters but may get to the nerves of cynical leftists I don t always enjoy his fundamental view of banking even though I favor free banking I don t always agree with his view of the economy and of economic growth and I don t always agree with his policy recommendations The book gets a little bit too disperse towards the endOverall I mostly value it for the real life examples of bad regulation and for the priviledge of reading a former banking CEO who has a pure capitalistic mentality

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The Financial Crisis and the Free Market Cure

characters ´ eBook, ePUB or Kindle PDF ✓ John A. Allison The Financial Crisis and the Free Market Cure Download ↠ eBook, ePUB or Kindle PDF John A. Allison ✓ 8 Read Ing on the board of directors of the Ayn Rand Institute He received a Lifetime Achievement Award from American Banker and was named one of the decade’s top 100 most successful CEOs by Harvard Business Revi. John Allison does an impressive job of explaining the complex issues surrounding the United States financial crisis He uses everyday examples to help explain banking the monetary system and how politics have come to play such an enormous role in what used to be a free market It s a long book but it s so worth the effort It really helped me to fill the gaps on my understanding of the financial crisis and where we ought to go from here

characters ´ eBook, ePUB or Kindle PDF ✓ John A. Allison

characters ´ eBook, ePUB or Kindle PDF ✓ John A. Allison The Financial Crisis and the Free Market Cure Download ↠ eBook, ePUB or Kindle PDF John A. Allison ✓ 8 Read Shed professor at the Wake Forest University Schools of Business He is also one of the lead spokespersons for banking and policy reform today appearing at universities and business groups nationwide and serv. This book was written by John Allison who served as the CEO of BBT Bank for many years and helped that company to grow into one of the largest and most successful financial institutions in the country His knowledge insights and years of experience working within the financial industry and with the government agencies politicians and bureaucrats form a solid basis from which he lays out a clear and compelling case for the causes of the financial crisis and following Great RecessionAlthough I had a couple of minor issues with the book being not a financial person myself a little bit better explanation of certain financial terms would have been nice in a couple of places and there were a number of typos overall I was extremely impressed with Allison s clear explanations of various aspects of the financial industry including the use of good simple metaphors to help concretize complex issues or aspects of the industry that are on a scale too large to easily contemplate without financial expertise Further he digs very deeply not just into the proximate causes of the financial crisis the housing bubble a massive misallocation of money encouraged by Federal Reserve monetary policy and political incentives pushing home ownership but also into the deeper underlying economic problems that government agencies and policies represent such as the impossibility of the sort of currency manipulation that the Federal Reserve attempts to do the inevitable and damaging inflation that necessarily results the monopolizing effect of agencies such as Fannie Mae and Freddie Mac etc Allison shows clearly why it is not just that the current political and bureaucratic actors in these agencies made poor decisions which they did but that no one in any sort of centralized control position in an economy can ever make correct or good decisions there is simply no way that one person or one group of people can make economic and financial decisions which actually need to be made by every single individual who is in any way part of the economy Allison also hits very hard against the idea of any company being too big to fail pointing out that in fact the bigger a company is the important it is to allow it to fail if it does poorly so that the people and resources of that company can be re allocated and reinvested into parts of the economy where they will actually do some good One aspect of the book that I especially liked were his points about incentives and human action While laying blame on both government actors and the managementemployees of various companies where it is due he is also careful to point out the reasons why a certain CEO acted in a certain way even though it was harmful to his company in the long term and why a political appointee or a lifetime bureaucrat are going to have incentives that are necessarily in conflict with individuals trying to act in a market economy He explains often in detail how various government regulations that are supposed to make the economy safer and stable in fact have the exact opposite affect by providing a safety net companies are in fact incentivized to take on risk rather than less and it is US taxpayers who then have to bear the burden when inevitably that risk taking which would not have happened in a truly free market has negative conseuencesLastly Allison takes his analysis one level deeper and looks at the underlying philosophical premises in our culture today that encourage government intervention in the economy despite its proven negative conseuences and the philosophical ideas that we will need to learn or in some cases relearn in order to move towards a freer and stable economy His treatment of these issues is perhaps somewhat brief but fits well into the context of the book and he provides clear suggestions of further sources for a in depth look at the connection between philosophical and politicaleconomic ideasI enjoyed this book a great deal and I definitely learned a lot I would recommend it to anyone interested in the financial crisis and the economic political and philosophical issues surrounding it especially if you are looking for the views of a knowledgeable and ualified insider and a very non mainstream point of view