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  • Audio CD
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  • The Financial Crisis and the Free Market Cure
  • John A. Allison
  • English
  • 14 October 2018
  • 9781470846053

John A. Allison × 1 READ & DOWNLOAD

READ & DOWNLOAD é The Financial Crisis and the Free Market Cure 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 I read 90% of the free sample which I think is enough to review the book based on the author s main idea as stated in the first chapter and what he blatantly left out Based on what I read very early in the book the author basically blames the entire financial crisis on the US Government I admit that the US Government has done some really stupid and harmful things and is still doing such things and in fact nearly all of the stupid and harmful federal laws are still on the books I would say that probably half the blame for the financial crisis should be on the US Government I would say the other half of the blame should be on the banks For a 20 year chairman of a gigantic bank to ignore that is basically self serving nonsense It is beyond the pale I can think of at least four reasons right off the bat why the banks are to blame liar loans illegal alien loans subprime mortgages and ARMsIn case the author is not familiar with the term liar loans he knows the term no doc loans That was where the bank wanted to make as big a loan as the borrower wanted in order to make as much profit as possible The bank would basically say to the borrower how much money would you like to borrow tell us that and what you think your income should be to ualify for that or whatever your income actually is whichever is higher and we will pretend that is your income with a wink and a nod and without any documentation of your actual income I have spoken to people who took out liar loans so I know they existed and I know many of them defaultedAs for illegal alien loans whatever you think of illegal aliens it is probably not a good idea to make a 30 year loan to someone who can be deported at any time No doubt many of those loans defaultedWe all know what happened to subprime mortgages They turned into an unmitigated disaster of courseAs for ARMs the bankers were gung ho to push those onto any borrowers who would take them without explaining the complex terms They basically had three payment options maximum minimum and somewhere in between The in between payment was an interest only payment If you paid that all your payment options would be the same amount next month The maximum payment was interest and principle If you paid that all your payment options would be a lower amount next month because the principle decreased The minimum payment was like an interest and negative principle payment and was only supposed to be used for temporary financial emergencies because it would cause next month s payment options to increase in cost The bankers never explained that They just basically said you can make any one of these three payments so of course most people just paid the minimum and their payments increased every month That turned into another unmitigated disasterBecause the bankers just wanted to originate as many loans as possible and then dump ie sell them bad loans became the problem of whoever bought them ie everyone else uinze dias just basically said you can make any one of these three payments so of course most people Cheating for the Chicken Man just paid the minimum and their payments increased every month That turned into another unmitigated disasterBecause the bankers The Last Runaway just wanted to originate as many loans as possible and then dump ie sell them bad loans became the problem of whoever bought them ie everyone else

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READ & DOWNLOAD é The Financial Crisis and the Free Market Cure 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 The book does a very good job in explaining the advantages of the free market model as opposed to crony capitalism Goldman Citi et alIt dispels a lot of myths related to the supposed deregulation of the financial markets On the contrary finance and banking are one of the most regulated industries in Western Europe and the US And indeed it was regulation and state intervention that caused the Great Recession I am giving it 45 because the author has the unfortunate tendency to go into long rants against leftist elites environmentalism liberal education and the usual scapegoats one usually sees on Drudge Nevertheless a solid book Fabriquer sa lessive, ses produits d'entretien, son dentifrice... job in explaining the advantages of the free market model as opposed to crony capitalism Goldman Citi et alIt dispels a lot of myths related to the supposed deregulation of the financial markets On the contrary finance and banking are one of the most regulated industries in Western Europe and the US And indeed it was regulation and state intervention that caused the Great Recession I am giving it 45 because the author has the unfortunate tendency to go into long rants against leftist elites environmentalism liberal education and the usual scapegoats one usually sees on Drudge Nevertheless a solid book

REVIEW ì DDTUST-UDA.RU × John A. Allison

READ & DOWNLOAD é The Financial Crisis and the Free Market Cure 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 I wrote this review about Dec 2017 and very briefly edited it several times the last being 23 Sept 2018This is one great bookThere are so many misconceptions of what caused the 2008 financial crisis great recession and subseuent long drawn out recovery that are carefully skewered in this book and alternatives made clear that I hardly know where to beginSo I will give you a list of just some of the key elements in the financial tragedy that were totally preventable if sound economic policies as explained in the book were understood and followed Too loose then too tight monetary policy culprit The Federal Reserve Board Moral hazard for banks culprit FDIC Federal housing policiessubsidies culprit various government agencies Congressmen Presidency Rating agency oligopoly and change in payments structure culprit Federal government agencies policies Massive Government players in housing bubble culprit Freddie Mac and Fannie Mae with Congressional mandates Government regulations diverting bank managements limited attention away from key business risks to political risks culprit SEC Rule of Law in tatters Property Rights dismissed culprit TARP Congressional grant to unaccountable government officialsStarting to get the pictureNot only did Allison explain the causes of the crisis but he also detailed the policies that would cure the situation using the best most relevant historical facts and theoretical methods His predictions of how the actually implemented government policies would create a very very slow and weak recovery have played out just about exactly right THIS is very telling of the accuracy of his account Reading this book in tandem with listening to Michael Lewis best selling book The Big Short and seeing the movie too was a fascinating if infuriating experience The contrasts between the two different accounts could not be starkAllison s calm reasoned explanation of the historical theoretical and practical reasons behind the crisis and then ongoing great recession covered all the bases But Lewis dramatic focus on particular financial traders and his fixation on some great but unaccounted for upwelling of private greed and incompetence how s that for an incongruent combination virtually totally ignoring the very real GOVERNMENT policies and depraved actions was just about too much to takeWas Lewis just incompetently ignorant of all the key facts and ideas that Allison patiently explained Or did he purposely leave them out of his narrative for some reasonsI urge you to read these two books and come to your own conclusions Started reading this book yesterday 1 aug 2017 finally It had been on my To Read list and bookshelf since it came out in 2013 The beginning is sooo good Reminds me of the later book John Allison wrote just after this but which I read first The Leadership Crisis I reviewed that here am also listening to the audiobook The Big Short by Michael Lewis at the same time The contrast in understanding of the overall economic or even just financial system is night and day Lewis gets into and highlights or makes a centerpiece many details about his take on personalities motivations personal morality values foibles etc much than Allison Allison deals with some of those issues too but much believably kindly and accurately as far as the big picture And Allison deals with the benefits for everyone of living an individual decent life Drama emphasis vs truth seeking emphasis which do you want to rely onAs I read and listen to of these two books I will try to compare and contrast them to give you a good flavor of each But as of about 60 pages into Allison and also having read his other similar book and having listened to 3 chapters of the Lewis book and seen the movie based on it I can tell you if you care about the truth in how the world really works you will love Allison If you have a massive grudge against free markets and like an incredibly short sighted narrow biased view of descriptions of people financial products and organizations Lewis is your manThose initial observations held up throughout both books But don t take my word for it check out both yourself See who YOU think was describing the accurate picture of what actually happened and who is to blame for the crisis all the massive disruption of people s lives and lousy economy afterwards The author debated the topic of the cause of the 2008 crisis on 20 Feb 2019 El Gaucho Martín FierroLa vuelta de Martín Fierro just some of the key elements in the financial tragedy that were totally preventable if sound economic policies as explained in the book were understood and followed Too loose then too tight monetary policy culprit The Federal Reserve Board Moral hazard for banks culprit FDIC Federal housing policiessubsidies culprit various government agencies Congressmen Presidency Rating agency oligopoly and change in payments structure culprit Federal government agencies policies Massive Government players in housing bubble culprit Freddie Mac and Fannie Mae with Congressional mandates Government regulations diverting bank managements limited attention away from key business risks to political risks culprit SEC Rule of Law in tatters Property Rights dismissed culprit TARP Congressional grant to unaccountable government officialsStarting to get the pictureNot only did Allison explain the causes of the crisis but he also detailed the policies that would cure the situation using the best most relevant historical facts and theoretical methods His predictions of how the actually implemented government policies would create a very very slow and weak recovery have played out Fragonard Art and Eroticism just about exactly right THIS is very telling of the accuracy of his account Reading this book in tandem with listening to Michael Lewis best selling book The Big Short and seeing the movie too was a fascinating if infuriating experience The contrasts between the two different accounts could not be starkAllison s calm reasoned explanation of the historical theoretical and practical reasons behind the crisis and then ongoing great recession covered all the bases But Lewis dramatic focus on particular financial traders and his fixation on some great but unaccounted for upwelling of private greed and incompetence how s that for an incongruent combination virtually totally ignoring the very real GOVERNMENT policies and depraved actions was Mao Zedong just about too much to takeWas Lewis The Monarchs Are Missing just incompetently ignorant of all the key facts and ideas that Allison patiently explained Or did he purposely leave them out of his narrative for some reasonsI urge you to read these two books and come to your own conclusions Started reading this book yesterday 1 aug 2017 finally It had been on my To Read list and bookshelf since it came out in 2013 The beginning is sooo good Reminds me of the later book John Allison wrote Touchstone just after this but which I read first The Leadership Crisis I reviewed that here am also listening to the audiobook The Big Short by Michael Lewis at the same time The contrast in understanding of the overall economic or even Report an issue just financial system is night and day Lewis gets into and highlights or makes a centerpiece many details about his take on personalities motivations personal morality values foibles etc much than Allison Allison deals with some of those issues too but much believably kindly and accurately as far as the big picture And Allison deals with the benefits for everyone of living an individual decent life Drama emphasis vs truth seeking emphasis which do you want to rely onAs I read and listen to of these two books I will try to compare and contrast them to give you a good flavor of each But as of about 60 pages into Allison and also having read his other similar book and having listened to 3 chapters of the Lewis book and seen the movie based on it I can tell you if you care about the truth in how the world really works you will love Allison If you have a massive grudge against free markets and like an incredibly short sighted narrow biased view of descriptions of people financial products and organizations Lewis is your manThose initial observations held up throughout both books But don t take my word for it check out both yourself See who YOU think was describing the accurate picture of what actually happened and who is to blame for the crisis all the massive disruption of people s lives and lousy economy afterwards The author debated the topic of the cause of the 2008 crisis on 20 Feb 2019