![]() ![]() Both outsiders at Harvard, the two boys shared a geeky awkwardness - especially when it came to matters of the opposite sex. ![]() To restore health and balance to our economy, they argue, we must confront the political force of big finance and reverse the inside-the-Beltway consensus that what is good for Wall Street is good for Main Street.įrom the moment they met, Eduardo and Mark Zuckerberg had an intense bond. In 13 Bankers, Simon Johnson-one of the most prominent economists in America (former chief economist of the International Monetary Fund, professor of entrepreneurship at MIT, and author of the controversial and much debated “The Quiet Coup” in The Atlantic)-and James Kwak examine not only how Wall Street’s ideology, wealth, and political power among policy makers in Washington led to the financial debacle of 2008, but also what the lessons learned portend for the future. The choice that our political and economic system faces is stark: accede to the vested interests of an unfettered financial sector that runs up profits in good years and dumps its losses on taxpayers in lean years, or reform, through stringent regulation, the banking system as an engine of economic growth. Without an effective government crackdown on their deleterious, conventional practices, these banks-“too big to fail” and holding the global economy hostage-threaten to create yet another crippling economic downturn. In the wake of the financial crisis of 2008, the largest banks at its center have emerged bigger, more profitable, and more resistant to regulation, even as they continue to wield power in Washington. ![]()
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