Free PDF The Financial Crisis and the Free Market Cure: Why Pure Capitalism is the World Economy's Only Hope
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The Financial Crisis and the Free Market Cure: Why Pure Capitalism is the World Economy's Only Hope
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From the Back Cover
“The Financial Crisis and the Free Market Cure is a sophisticated yet accessible analysis of the causes and solutions to America’s financial meltdown.â€â€•Ed Crane, President Emeritus of the Cato Institute“An indispensable contribution to the debate about the future of the American economy.â€â€•Arthur Brooks, President, American Enterprise Institute“No one is better equipped to understand what is going on today and the causes of the financial crisis. Please pay attention to what he says here.â€â€•Bernie Marcus, Chairman, The Marcus Foundation, and cofounder, Home Depot“Allison explains the unintended consequences of government policies and their impact on the financial crisis . . . and recommends practical steps to improve the economy and individual liberty.â€â€•James M. Kilts, former Chairman and CEO, Gillette Company“[This is] the best, deepest explanation of what caused the crisis and the consequences of our government’s response to it.â€â€•Yaron Brook, Chairman, Ayn Rand Institute“John Allison is superb with his comprehensive and thought-provoking explanation for our current economic crisis and a clear and compelling path to a brighter future.â€â€•Steve Reinemund, former Dean, Wake Forest University Schools of Business, and retired Chairman and CEO, PepsiCo
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About the Author
John Allison is the retired President and CEO of the Cato Institute and retired Chairman and CEO of BB&T. He was named one of the decade’s most successful CEOs by the Harvard Business Review.
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Product details
Paperback: 288 pages
Publisher: McGraw-Hill Education; 1 edition (May 28, 2018)
Language: English
ISBN-10: 1260143457
ISBN-13: 978-1260143454
Product Dimensions:
6.9 x 0.6 x 9 inches
Shipping Weight: 12.3 ounces (View shipping rates and policies)
Average Customer Review:
4.5 out of 5 stars
202 customer reviews
Amazon Best Sellers Rank:
#19,882 in Books (See Top 100 in Books)
Mr. Allison was a long-time CEO of a major US bank, BB&T Corporation, and is now CEO of the Cato Institute. He writes with authority about the causes of the 2007-2008 financial crisis and how things looked from the perspective of a private sector leader. He also relates with pride that BB&T weathered the storm far better than most banks, without a single loss quarter.Many observers have blamed the financial crisis (and ensuing recession) on reckless speculation by executives at banks that were “too big to fail†and knew it. As the story goes, they took excessive risks that would boost their compensation as long as the good times lasted, secure in the knowledge that when the bubble burst the government would have to bail their banks out. “Wall Street greed†was the shorthand reference by Senator John McCain (during his 2008 presidential bid) and the Occupy Wall Street protestors alike.Allison paints a very different picture. While readily conceding the existence of Wall Street greed, which in his view was not an entirely new phenomenon, he suggests that private sector mistakes varied from one bank to another and could hardly have caused a $3 trillion housing bubble (overvaluation that would inevitably have to be reversed because prices only clear when supply equals demand). The real problem, he asserts, is major flaws in government policies and actions as the housing bubble developed compounded by panicky blunders during the crisis.For example, the Federal Reserve provided too much credit for too long under Chairman Alan Greenspan, contributing to the common delusion that the situation was sustainable because the Fed would never allow a financial crisis to happen. Then incoming Chairman Ben Bernanke jammed on the monetary brakes, bringing about an inverted yield curve that forced banks to search for higher yield (and risk) investments – only to revert to radical rescue efforts as one major institution after another got into trouble. While the Fed’s moves might have been appropriate for a liquidity crisis, the true issue was solvency in most cases as the result of excessive leverage and under-performing assets.The FDIC, Fannie Mae & Freddie Mac, the FHA, the SEC, and a bipartisan assortment of political leaders are also criticized. Allison’s points are clear, stated with authority, and ring true. Even if you aren’t convinced by his version of the story, it is well worth reading to see what other observers and the media may have missed.As for suggested solutions, Allison’s free market ideas may seem a bit extreme. The country is not going to eliminate the Federal Reserve and revert to a gold standard, for example, so it might be more to the point to focus on reining in the Fed’s penchant for focusing on the full employment part of its dual mandate while taking a very relaxed attitude towards inflation.And while the concluding chapters about the philosophical differences between liberals and conservatives, etc. are interesting, hoping for a return to following the Constitution as it was originally intended seems rather futile. It might be more to the point to focus on finding a more constructive path forward than the country has been on in recent years.
This book tells something of what happened to the American economy since 2008, somewhat earlier for that matter. The author is a retired CEO of a major financial institution who is a major player in Cato, a libertarian "think tank". Since things are somewhat better it might seem behind the times to read it now but it still has importance today. The issues then are still important now and probably not better understood than they were. A reading of the book provides some understanding of what happened and what is happening. The book also directs the reader to other contemporary texts and to some libertarian classics. The book is neither long nor difficult and I am not an economist. If you are interested in the U.S. economy this will be of interest and worthwhile even if you don't see yourself as a libertarian or conservative.
I started researching the cause of the home industry/financial meltdown in 2007, forming my own opinion, and was interested in someone else’s opinion/conclusion. John Allison’s background certainly qualifies him as a credible source to learn about why and how the crisis occurred. He cites too much government regulation that was poorly designed and grossly mismanaged; and that if community banking had been allowed to maintain prudent lending standards subprime loans would not have exploded.Other reviews criticize his writing style and in the last chapters his partiality to Ayn Rand’s philosophy (I agree that did not advance the subject matter). His writing could have been more polished but I found it down-to-earth and an easy read—as contrasted with other arcane, erudite, and pedantic writings about the crisis. Those who favor big government as master over and regulator of markets obviously disagree with his conclusion. However, to those folks I have asked the following: “Why did community banks in the late 70s depart from prudent lending standards/guidelines and subsequently lend to anyone?â€I think Allison answers that convincingly in an easy-to-understand manner that a layman can understand. His analyses/explanations also confirmed my findings in 2007 of the cause of the meltdown.
Well-argued case for a return to a free market economy where the government stops trying to manipulate everything with it's crony capitalism. Unfortunately, I don't see anything changing. The system is too entrenched the way it is and not enough Main Street Americans know about it or care enough to take the time to educate themselves about it. It's a revolving door between Wall Street and K Street. Glad to see that at least some leaders in the industry are willing to write about the flaws in the system.
This was another good book written with real world perspective from a business leader who was in the trenches during the financial meltdown. I was introduced to Austrian economics about 5 years ago and the themes in this book reinforce many of the concepts, especially malinvestment (the author calls in mininvestment) and how the fed policies make it possible.
Everyone who can think should read this book. Even if you disagree with Allison's solutions after reading his book, you will have gained knowledge that is important for you and your family. Money and banking knowledge is no longer something to avoid as the policies today are directly affecting you and your family. Unless you like to evade information that is in your self-interest to understand, then you need to read Allison's great book and try understand the issues he raises.
This book was somewhat interesting in that it comes from the perspective of a regional bank CEO who was actually managing during the recent financial crisis. His point of view is a bit predictable but highly believable. The book is not as juicy as some of those getting into the activities on Wall Street at the time. It is, however, a good read if you are looking for another fair point of view.
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