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In
Taming the Megabanks, Arthur E. Wilmarth, Jr. argues that we must break up universal banks by enacting a new Glass-Steagall Act. Drawing from an analysis of the Great Depression of the 1930s and the Global Financial Crisis of 2007-09, Wilmarth demonstrates that a new Glass-Steagall Act would make our financial system much more stable and less likely to produce boom-and-bust cycles.
List of contents
- Introduction
- Chapter 1: Origins: The Emergence of Universal Banks in Early 20th Century America
- Chapter 2: Frenzy: Universal Banks Helped to Promote an Unsustainable Boom in the U.S. Economy during the 1920s
- Chapter 3: Foreign Affairs: Sales of Risky Foreign Bonds by Universal Banks Produced a Speculative Foreign Lending Boom
- Chapter 4: Crash: Universal Banks Played Central Roles in the Stock Market Boom and Crash and the Onset of the Great Depression
- Chapter 5: Nemesis: The Universal Banking Model Failed during the Banking Crises of the Great Depression
- Chapter 6: Reckoning: Universal Banks Were Discredited by the Pecora Investigation and Abolished by the Glass-Steagall Act
- Chapter 7: Resurgence, Part I: Federal Agencies and Courts Opened Loopholes in the Glass-Steagall Act during the 1980s and 1990s
- Chapter 8: Resurgence, Part II: Congress Enacted Three Statutes That Enabled Big Banks to Build Nationwide Financial Conglomerates
- Chapter 9: See No Evil: Policymakers and Regulators Allowed Large Financial Conglomerates to Inflate a Toxic Credit Bubble on Both Sides of the Atlantic during the "Roaring 2000s"
- Chapter 10: DéJà Vu - Reckless Lending and Securitization by Financial Conglomerates Triggered a Global Financial Crisis in 2007
- Chapter 11: Bailouts Without End: Governments Provided Massive Bailouts to Rescue Troubled Universal Banks during the Financial Crisis
- Chapter 12: Unfinished Business: Post-Crisis Reforms Do Not Remove the Systemic Dangers Posed by Universal Banks and Shadow Banks
- Conclusion
- References
- Index
About the author
Arthur E. Wilmarth, Jr. is Professor of Law at the George Washington University Law School. Wilmarth is the co-editor with Lawrence E. Mitchell of The Panic of 2008: Causes, Consequences, and Implications for Reform and a member of the international advisory board of the Journal of Banking Regulation. He has testified before committees of the U.S. Congress and the California legislature on financial regulatory issues.
Summary
In Taming the Megabanks, Arthur E. Wilmarth, Jr. argues that we must break up universal banks by enacting a new Glass-Steagall Act. Drawing from an analysis of the Great Depression of the 1930s and the Global Financial Crisis of 2007-09, Wilmarth demonstrates that a new Glass-Steagall Act would make our financial system much more stable and less likely to produce boom-and-bust cycles.
Additional text
Arthur Wilmarth's new book calling for a new Glass-Steagall law is timely, and critical...It's time for Glass Steagall, and I strongly recommend this book.
