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  • Verlag: Tantor Media Inc; Auflage: Library. (12. April 2010)
  • Sprache: Englisch
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"How Modern Wall Street—the most powerful and concentrated financial sector in the country’s history—both created the financial crisis and ensured a bail-out for its own benefit."
The Economist

"Mr. Johnson offers an enticing vision of a Wall Street confined, its potency limited to put-downs and head-shaking: a Wall Street where right-sized banking is a do-gooder word for a safer, saner system that has learned from its mistakes."
—David Weidner, Wall Street Journal

“The best explanation yet for how the smart guys on Wall Street led us to the brink of collapse. In the process, Johnson and Kwak demystify our financial system, stripping it down to expose the ruthless power grab that lies at its center.”
— Elizabeth Warren, Leo Gottlieb Professor of Law, Harvard Law School; and Chair, TARP Congressional Oversight Panel

“Too many discussions of the Great Recession present it as a purely economic phenomenon – the result of excessive leverage or errors of monetary policy or algorithms run mad. Simon Johnson was the first to point out that this was and is a crisis of political economy. His and James Kwak's analysis of the unholy inter-twining of Washington and Wall Street – a cross between the gilded age and a banana republic – is essential reading.”
— Niall Ferguson, Professor of History, Harvard University; Professor, Harvard Business School; and author of The Ascent of Money

“If the wads of money you’re stuffed into your mattress for safekeeping don’t keep you up at night, 13 Bankers will. A disturbing and painstakingly researched account of how the banks wrenched control of government and society out of our hands – and what we can do to seize it back.”
— Bill Moyers

“Essential reading for anyone who wants to understand what comes next for the world economy. Dangerous and reckless elements of our financial sector have become too powerful and must be reined in. If this problem is not addressed there is serious trouble in all our futures.”
— Nouriel Roubini, Professor of Economics, Leonard N. Stern School of Business, New York University; and Chairman of Roubini Global Economics

“Beautifully written and powerful. Ties the current financial crisis to a cycle of politics as old as the Republic, and to a pathology in our politics that is as profound as any that our Republic has faced. Required reading for the president, and for anyone else who cares for this Republic.”
— Lawrence Lessig, Director of the Edmond J. Safra Foundation for Ethics, Harvard University

“Simon Johnson makes it clear that our financial system is broken, and that Wall Street and Washington broke it. Sadly, he also makes it clear that they want to keep it that way. His gripping book explains how the economic crisis developed and what must be done to create a fair system, one that will benefit all Americans rather than just those who are the members of the club.”
— Herbert A. Allen III, President and Chief Executive Officer, Allen & Company

“The U.S. financial sector is incredibly bloated and a drain on the productive economy. It uses its enormous economic power to buy politicians and policies that favor its interests and perpetuates its power. This is the main argument of Simon Johnson’s new book. The views expressed are especially striking because Johnson is the former chief economist at the IMF. He has had decades of experience dealing with financial crises. This often required working with corrupt governments dominated by powerful financial interests. It is striking to see Johnson putting the U.S. government in this category.”
— Dean Baker, Co-Founder and Co-Director of the Center for Economic and Policy Research

“Johnson and Kwak embed the financial crisis in a sophisticated analysis of US economic history, explain its evolution with unusual clarity and propose policy reforms to prevent its ever happening again that are both straight forward and compelling.”
— C. Fred Bergsten, Director, Peterson Institute for International Economics

13 Bankers is surely the only book about the financial crisis 2007-09 that begins with a quote from The Great Gatsby. But, the analogy is appropriate. Johnson and Kwak not only tell us in great detail how the crisis happened and what we must do to avoid another crisis, but they see the deeper political and cultural context that permitted carelessness and excess nearly to break the financial system and plunge us into a depression.”
— Bill Bradley, former United States Senator

13 Bankers is a chilling tale of the dangers of concentrated economic, intellectual, and political power. Even if you do not agree with everything the authors have to say, this book makes it clear why ending “too big to fail” and reforming the institutions that perpetuate it – particularly the Federal Reserve – are essential for our nation’s future economic prosperity and, more fundamentally, our democratic system.”
— U.S. Senator Jim Bunning

“This is a timely, informative and important book. You may not agree with all the analysis but the issues so clearly discussed are real, current and vitally important. Financial industry reform must be undertaken soon; inaction, as the authors convincingly argue, would have dangerous consequences. This book explains it all and it’s great reading.”
— Lawrence K. Fish, former Chairman and Chief Executive Officer, Citizens Financial Group

“What Simon Johnson is telling us is that we are subjecting ourselves to rule by a self-perpetuating banking oligarchy. Which leaves two questions: Are we listening? And if we are, then what are we going to do about it?”
— Congressman Alan Grayson

13 Bankers is a tour de force. For those many Americans who believe they have never received an adequate explanation about why the United States economy crashed in 2008, who is to blame, where their tax dollars went, and why the villains have thrived while everyone else has suffered, read this book or be prepared for history to repeat itself soon.”
— Michael Greenberger, Professor of Law, University of Maryland School of Law School; Former Director, Trading and Markets Division, Commodity Futures Trading Commission

“Prescient and powerful, 13 Bankers provides a battle plan for the fight to ensure that America’s ‘too big to fail’ megabanks will no longer be able to hold the global economy hostage while accumulating record profits, doling out obscene bonuses, and spending millions of dollars on lobbying to gut financial reform. Johnson and Kwak demonstrate that what is good for Wall Street is decidedly not good for Main Street, and present a bracing, and at times frightening, analysis of how Big Finance has undermined our political system. Most importantly, they offer specific proposals for turning things around. Our future depends on fixing our financial system; 13 Bankers shows us how.”
— Arianna Huffington

13 Bankers is an absolutely brilliant and spellbinding forensic analysis of Main Street’s economic murder at the hands of financial behemoths who gambled recklessly with the taxpayers' chips while paying Washington to look the other way. From Jefferson and Jackson to South Korea and Russia, the book traverses time and space in documenting that banks that are ‘too big to fail’ are far too big to be preserved. The message is clear: bust the financial trusts and do it now!”
— Laurence J. Kotlikoff, Professor of Economics, Boston University, and author of Jimmy Stewart Is Dead.

13 Bankers explains our financial crisis in the context of the recent experience of other nations and our own history. Our financial crisis fits a tediously familiar pattern of unrestrained, vulgar excess followed by collapse. We should heed the lesson that Simon Johnson and James Kwak draw: the continued concentration of economic and political power makes future economic crises inevitable and undermines democracy.”
— Congressman Brad Miller

“As Simon Johnson makes lucidly and compellingly clear, the problem with Wall Street leads directly to the core problem of our democracy. American politics now feeds on money, and Wall Street is where the money is. Unless we separate money from politics, we'll never be safe from another financial meltdown. In fact, we'll never really be safe. Read this fine book and get to work.”
— Robert B. Reich, Professor of Public Policy, University of California at Berkeley, Former U.S. Secretary of Labor

“Over the last 50 years, the FAA, the airline manufacturers, and the airlines worked together to make a highly complex air travel system more efficient and much safer. If you’ve ever wondered why, in contrast, our financial regulators and banks made our financial system less efficient and much more dangerous, you should read this book.”
— Paul Romer, Senior Fellow, Center for International Development, and Institute for Economic Policy Research, Stanford University

“Johnson and Kwak deftly survey the roots and aftermath of the financial panic of 2007-2009, daring to ask whether institutions deemed "too big to fail" are merely a symptom of a Wall Street that is "too well-connected to fail." Now, as policymakers, we find ourselves at a crossroads. Will we perpetuate this phenomenon or will we finally stand up to the barons of high finance? According to the authors, it is not too late to redraw the lines of regulation to protect taxpayers, investors, borrowers, and ultimately the financial system from itself. We in Congress would be wise to take their advice.”
— Congressman Brad Sherman -- Dieser Text bezieht sich auf eine andere Ausgabe: Gebundene Ausgabe .

Über den Autor und weitere Mitwirkende

Simon Johnson is Ronald A. Kurtz Professor of Entrepreneurship at MIT’s Sloan School of Management and a senior fellow of the Peterson Institute for International Economics. He is coauthor, with James Kwak, of The Baseline Scenario, a leading economic blog, described by Paul Krugman as “a must-read” and by Bill Moyers as “one of the most informative news sites in the blogosphere.”
James Kwak has had a successful business career as a consultant for McKinsey & Company and as a software entrepreneur. -- Dieser Text bezieht sich auf eine andere Ausgabe: Gebundene Ausgabe .

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9 von 10 Kunden fanden die folgende Rezension hilfreich Von C. DISPINAR am 24. Mai 2010
Format: Gebundene Ausgabe
'Ich habe 13 Banker in meinem Büro, die sagen, dass Sie, wenn Sie so weiter fahren, die schlimmste Finanzkrise seit dem Zweiten Weltkrieg verursachen werden', warnte Larry Summers, der stellvertretende US-Finanzminister unter Bill Clinton am Telefon Brooksley Born, die Chefin der Commodity Futures Trading Commison (CFTC). Das ist die amerikanische Behörde, die für Derivate zuständig ist. Frau Born war 1998 besorgt über die mangelnde Aufsicht, die ihrer Ansicht nach zur Verbreitung von Betrug führen würde. Die mangelnde Transparenz machte es zudem schwer, zu beobachten, welche Risiken sich in diesem metastasierenden Sektor aufbauten. Sie bereitete deshalb ein 'concept paper' vor, indem sie die Frage aufwarf, ob die Regulierung von Derivaten verschärft werden müsste. Unmittelbar danach erhielt sie aber den ominösen Anruf von Summers, dem heutigen nationalen Wirtschaftsberater der US-Regierung Barack Obama. Es war Summers, der den 'Glass Steagall Akt' von 1933, der für die strikte Trennung von Investment-Banking und Einlagengeschäften sorgte, Ende der 1990er Jahre wieder aufhob.

Am Anfang des Buches liefern die Autoren einen informativen Überblick über die amerikanische Finanzgeschichte. Besonders hervorgehoben wird dabei Thomas Jefforson's Skepsis über die konzentrierte Macht der Banken und die Finanzaristokratie. Aus heutiger Sicht ist die damalige Entwicklung sehr aufschlussreich. Danach zeigen Johnson und Kwak auf, wie sich die Finanz- und Wirtschaftskrisen in den sog. Entwicklungsländern (wie z.B. Thailand, Korea, Brasilien usw.) in den 1990er Jahren entwickelt haben.
Lesen Sie weiter... ›
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1 von 1 Kunden fanden die folgende Rezension hilfreich Von J. Kampen am 14. Mai 2012
Format: Taschenbuch Verifizierter Kauf
Dieses Buch beschreibt die gegenwaertige Finanzkrise vom historischen Standpunkt. Es beschreibt,
wie der vor 50 Jahren noch eher langweilige, in den USA durch den Glass-Steagall Act von 1933 gezähmte Finanzsektor, durch eine neoliberale Finanzideologie und durch einen heute abenteuerlich
anmutenden Optimismus bzgl. der Möglichkeiten des Finanzingenieurwesens geradezu leichtsinnig
entfesselt wurde. Das Buch beschreibt auch jüngste Versuche, den Finanzsektor zu reformieren, die an der konzentrierten Macht der Grossbanken zu scheitern drohen. Die durch die Bankenrettungen forcierte Staatsverschuldung und die politische Einflussnahme der Grossbanken schwächen das demokratische System. Das Buch beschreibt technische Aspekte von Finanzprodukten auch fuer den gebildeten Laien verstaendlich und bietet einen breiten Überblick. Auch Voraussetzungen, die den meisten in den Banken benutzten Modellen unbefragt zugrundeliegen, wie z.B. die effiziente Markthypothese, werden diskutiert. Literaturhinweise auf wissenschaftliche Arbeiten machen dieses Buch auch fuer den Experten zu einer wertvollen Referenz. So gut die Diagnose vorgetragen ist, so bleiben die Therapie doch mehr im allgemeinen. Aber diese Schwäche teilt das Buch im Grunde wohl mit allen Büchern zu diesem Thema, die auf dem Markt sind.
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5 von 6 Kunden fanden die folgende Rezension hilfreich Von A. Bley am 16. Mai 2010
Format: Gebundene Ausgabe Verifizierter Kauf
Es erscheinen ja praktisch täglich neue Bücher zu der großen Krise. Niemand, ich natürlich auch nicht, kann alle Bücher lesen. Umso besser, dass manchmal Bücher auf den Markt kommen, die auf den ersten Blick heraus ragen.

Der Text ist weitaus besser als die meisten Sachbücher geschrieben,bei denen der Inhalt sich meist in weniger als zehn Seiten zusammen fassen lassen würde. Zum Inhalt: Großes Thema sind die Lobbying-Erfolge der großen Wall-Street-Häuser. Gigantische Spenden, enger personeller Austausch zwischen Wall-Street und Regieungpositionen sowie die Ideologie der Segnungen vollkommen unregulierter Märkte.

Es bleibt aber nicht bei der Entwicklung dieses Thesen. Es folgen detaillierte Beschreibungen der Entwicklungen, die zu der Finanzkrise geführt haben. Und die sind zwar manchmal fordernd, aber eben deutlich besser ausgearbeitet, als die "journalistischen" Sachbücher.

Simon Johnson war frü eine Weile Chefvolkswirt beim IWF, Herr Kwak sagt mir ansonsten nichts.
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1 von 2 Kunden fanden die folgende Rezension hilfreich Von ckgalore am 6. April 2011
Format: Taschenbuch
I've just read this book. It is a well done piece of work and, as I#m not in the business sector, I was able to understand every bit of it. One gets a felling for the problems still out there and moreover understands the underlying problems of the 2008 events. The political dimension to the events since 2008 and the lack of bank reform in the US (the rest of the world seems to fare no better) are so well depicted.
By the way, the book is fairly easy to read (very easy, considering the topic).

Ta ra, cake
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257 von 270 Kunden fanden die folgende Rezension hilfreich
A radical, but necessary proposal for revamping the banking and financial systems 30. März 2010
Von Todd Bartholomew - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
The desire to analyze the current economic downturn has prompted a deluge of books, most focusing on how to address present and future economic ills and some narrowly focused on individual players and institutions that played a key role in the financial collapse, while others explained the events that led us to this place. "13 Bankers" explains how we got here and more importantly comes up with ideas to prevent a recurrence in the future far more concisely than many others I've read. I could be easy to dismiss Johnson and Kwak's observations as being pessimistic, as makes a very damning indictment of the banking and financial sectors in their past and present conditions and a rather trenchant argument that if these problem are not addressed we likely face another imminent meltdown. The authors give readers a quick concise history of finance and banking in the United States, something that many Americans are woefully unaware of, that points out how banks and financial institutions came to garner so much power over the economy. While efforts have been made to regulate them to varying degrees those regulations have often proven ineffective or are too often enacted AFTER financial catastrophes, much our current situation. The authors rather persuasively argue that the "too big to fail" model and the bailouts of 2008 and 2009 were misguided, arguing that nationalization would have been the better route to go. They continue the argument that the forced mergers, such as Merrill Lynch and Bank of America, were mistakes and instead had created institutions that are now truly to big to fail. In some respects it almost sounds like a Teddy Roosevelt-era trust buster and his argument that these large institutions need to be broken up to diffuse their power certainly makes sense. They also point out the corrosive effect their political clout and donations carry with the political process, hindering further efforts at regulation.

Ultimately "13 Bankers is far more satisfying a read than some recent books on the subject such as The Road from Ruin: How to Revive Capitalism and Put America Back on Top, On the Brink: Inside the Race to Stop the Collapse of the Global Financial System, Rediscovering Values: On Wall Street, Main Street, and Your Street, and America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need. Yet the sad truth is that while the authors make a compelling argument for change the political establishment in Washington lacks the political will to break up these excessively large institutions. It wouldn't be good for THEIR business, which is getting reelected. While there are efforts afoot in Washington at reform none are as radical a surgery as proposed here, but suffice to say when the next financial catastrophe comes, and the authors argue it IS coming, there is unlikely to be any taxpayer/voter support for ANY bailout in ANY form. If anything "13 Bankers" made me mad as hell and against any future bailout, let alone continuing the current ones in place. What makes me madder still is that the politicians in both parties will likely never consider the radical proposal put forward here. It's a shame that it will take another financial crisis to get Congress and the Executive Branch to really act responsibly.
115 von 122 Kunden fanden die folgende Rezension hilfreich
Painful History Well Told, and a Bold Prescription for the Future 30. März 2010
Von Great Faulkner's Ghost - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
13 Bankers takes us through he painful history of the financial crisis that brought us where we are today and that now makes it so hard to move forward. Simon and Kwak argue that absent reform, another bailout - a more costly bailout with even greater global consequences, millions of jobs lost, and a ruinous impact on our government budget - is unavoidable.

Many Americans apparently do not yet understand how much influence financial institutions have in Washington, DC. Banks used to answer to Washington and were once held accountable for their actions. That is no longer is the case. We have never had such a concentrated banking system in the United States and it's dangerous that so much of our financial future is wrapped up in the big banks.

But the book is not pessimistic. Simon and Kwak offer instances from our history when elected representatives took on concentrated financial power. Each time, most Americans initially did not grasp how the system works, and this proved a major obstacle to reform. But the political leadership was able to explain what needed to be done, and to persuade average Americans that the nature of power in and around the financial sector had become so great and so distorted that something major had to be done.

The book is not anti-finance, but it is very much against the way our biggest banks operate today. The book describes exactly what needs to be done so that what happened in 2008-09 will never be allowed to happen again. Let's hope the prescription works.
295 von 328 Kunden fanden die folgende Rezension hilfreich
Useful, but not groundbreaking or controversial 13. April 2010
Von Aaron C. Brown - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
I'm jumping in here more to vote among the opinions already expressed than to say anything new. I mostly agree with Bruce Lasker. The book is a good straightforward history of how we got to this point in American banking, but is neither deep in its analysis nor strong in its recommendations. If the reviews had been split on this issue I wouldn't have bothered, but since its 9 to 1 against Mr. Lasker, I think it's worth making it 9 to 2.

The opinion in this book is all expressed through word choice. When the authors don't like an increase in lending it is "an orgy of lending." When they do, "banks responded with capital to support growth." People they disagree with "rant," while people they like "point out" or even "prove." But there's never any analysis to back up these opinions, they're painted onto what is basically a factual history. I happen to agree with more than half of their views, but if I didn't, I wouldn't have been convinced by this book. It doesn't help that everything is based on secondary sources, from which the authors take what they like and nothing else.

On the other hand, if you want a factual history, and either agree with the authors or are willing to ignore loaded words, this is an excellent choice. It's well-written, witty, up-to-the-minute and accurate. The opinions are never intrusive, and never foolish. They feel concentrations of banking power are dangerous, which is pretty reasonable, but they ignore the problems caused by the local corruption that grew up in its place. You learn about Jefferson, Madison and Jackson's principled objection to national banking, you won't learn about politicians anxious to create local bank monopolies for their friends and associates, restraining competition in order to maximize profit and control local economies.

You'll learn how deposit insurance and limits on deposit interest reduced bank failures for 50 years, but not how it destroyed middle class savings when high inflation combined with low legal ceilings on interest; you also won't see the terrible customer service that existed until a "shadow" banking system made an end run around the regulations and offered ATM's, high-interest money market accounts, 24-hour-banking, automated deposits, Internet banking and other innovations (when I started working you got a paper paycheck every two weeks that you had to take to a physical bank on your lunch hour as they were open only 9 to 3 on weekdays and the tellers took the same lunch hour as the office workers so you didn't eat lunch on payday, no food allowed in the bank). Sneaky overcharging and predatory lending loom large in this book, with no hint of the advantage to customers when fixed commissions were smashed or companies were forced to improve accounting disclosure.

Wall Street is always the villain, local banks that lend only to their boards of directors and pals and support the local political machine, are whitewashed. The entire S&L crisis is blamed on Wall Street sharpies taking advantage of sleepy local bankers, you won't hear that virtually the entire loss was from commercial lending by oil-patch banks whose strong political connections ran through Texas, not New York. You'll read how Wall Street money flooded into Washington in campaign contributions and lobbying, you won't read about extortion from politicians introducing legislation to expropriate people's financial businesses unless they paid up. You also won't read about the constant movement of financial innovators to get away from the whole messy business of power politics, organizing off-shore, using private vehicles and leaving regulated businesses to come up with better solutions. It's always politicians trying to draw these into the regulatory framework, where they are forced to render unto Caesar, it's not financial innovators lining up to buy political backing for their ideas. Even the harm done by the gigantic financial institutions built entirely by Washington is blamed on Wall Street, not Washington.

I'm not defending Wall Street here, just pointing out there are two sides to the story. Wall Street, and more generally global financial innovation fighting entrenched local traditional practices, has done both good and bad. Mostly it does things that some people will consider good and others will consider bad. The one point of strong agreement I have with the authors is that a system of crony capitalism grew up, and led to a lot of our current problems. Personally, I would attack all crony capitalism, not just financial, as killing it in one place just tends to encourage it to spring up in another. We have crony defense contractors, medical companies, agribusinesses among many others. I grant that financial cronies are more dangerous than the others (except maybe defense contractors) but they are more alike than different. And the fundamental reform has to be political. If someone is handing out government money, it's pointless to outlaw taking it, because someone will always find a way to break the law, and then repay the giver. Stopping the handout is the point.
59 von 70 Kunden fanden die folgende Rezension hilfreich
A Balanced Look at the Horrors of Wall Street 4. April 2010
Von Eric Selby - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe Verifizierter Kauf
Simon Johnson is ubiquitous, appearing on a wide range of shows (at least those I watch such as NPR, PBS, and HBO). He is wonderful to listen to, a guy filled with knowledge (as well he should be since he teaches at MIT). And he has a sense of humor. And he is not one with a "conspiracy theory" which apparently one "reviewer" (one-star one) claims. So when I heard about this book, I had to read it.
I grew up in the home of a banker. But Dad was a small-town bank president in what we call "community banks." And the bank still exists and is doing well in Vermont. But my dad, when he retired in the early 70s, said, "Banking isn't banking any more." I had no idea what he was talking about, mainly because I was never much interested in banking. But I have become quite interested in it now that this country has become economically handcuffed by these so-called bankers.
This is a very well written book with a very comprehensive set of notes (footnotes) at the end. In other words, anyone writing comments about these authors being conspiracy theorists is simply ignoring the content of the book. Having said this, however, I want to acknowledge that the book isn't written for people who don't have at least a little knowledge about how the world of finance works. In other words, I found myself lost in many places. But I cannot fault the writers or the writing. I simply don't have what we English teachers would call "prior knowledge," the essential tool to reading.
The authors are not bashing anyone. The book is structured so the reader is provided with some history (and it is sourced history) before being presented with what happened and how it happened. I like how objective Johnson and Kvak are. To use a phrase that I captured from a cable channel I would never watch, this is "fair and balanced."
What most interested this reader is the case the writers make for "The American Oligarchy." Indeed that is what we have with these "financial elites" that run Wall Street. They are so tightly tied into our non-functioning Congress (and to some degree a too-tied-to-Wall-Street White House and to five very-tied-to-Wall-Street on the Supreme Court).
I intend to give this book as a gift to a few people I know who really need accurate information. But do "tea baggers" read I wonder.
15 von 17 Kunden fanden die folgende Rezension hilfreich
Recommendations are the inevitable conclusion 17. April 2010
Von John Hagens - Veröffentlicht auf Amazon.com
Format: Kindle Edition Verifizierter Kauf
Johnson and Kwak have written the best book I have read so far on the financial mess. Their historical introduction to the subject includes a description of Thomas Jefferson's concerns about banking. Their conclusion that we need to break up the mega-banks cycles back to Jefferson (and also Andrew Jackson). Some technical knowledge is needed to follow all of the arguments of the book, but the authors take great pains to make this material accessible to anyone who reads a daily paper and is vaguely familiar with mortgage backed securities, collateralized debt obligations, credit default swaps, etc. One walks away from this book upset that the new administration in Washington hasn't taken bolder steps to make finance "boring" once again. I seriously hope that Senator Dodd and Representative Frank carefully read this book, pass it to their Congressional colleagues and staff members, and push hard for serious financial reform. This country cannot afford to experience another meltdown, but as the authors (and many others) point out, this last bailout of the "too big to fails" (also known as "heads they win, tails we lose") only gives the big banks more incentive to gamble even more dangerously. We've now had the tech bubble burst (minor recession) and the housing bubble burst (serious recession). What will be the next sector to blow up?
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