Banks were allowed to enter securities markets and become universal banks during two periods in the past century - the 1920s and the late 1990s. Both times the ensuing unsustainable booms led to destructive busts - the Great Depression of the early 1930s and the Global Financial Crisis of2007-09. Both times, universal banks made high-risk loans and packaged them into securities that were sold as safe investments to poorly-informed investors. Both times, governments were forced to arrange costly bailouts.Congress passed the Glass-Steagall Act of 1933 in response to the Great Depression. The Act broke up universal banks and established a decentralized financial system composed of three separate and independent sectors: banking, securities, and insurance. That system was stable and successful for overfour decades until the big-bank lobby persuaded regulators to open loopholes in Glass-Steagall during the 1980s and convinced Congress to repeal it in 1999.In Taming the Megabanks, Arthur Wilmarth, Jr. argues that we must separate banks from securities markets again to avoid another devastating financial crisis and ensure that our financial system serves Main Street business firms and consumers instead of Wall Street bankers and speculators. Wilmarth'scomprehensive and detailed analysis of the roles played by universal banks in the two worst financial catastrophes of the past century demonstrates that a new Glass-Steagall Act would make our financial system much more stable and less likely to produce boom-and-bust cycles. And giant universalbanks would no longer dominate our financial system or receive enormous subsidies.Congress did not adopt a new Glass-Steagall Act after the Global Financial Crisis. Instead, Congress passed the Dodd-Frank Act. Dodd-Frank's highly technical reforms tried to make banks safer but left the dangerous universal banking system in place. Universal banks continue to pose unacceptablerisks to financial stability and economic and social welfare. They exert far too much influence over our political and regulatory systems because of their immense size and their undeniable "too-big-to-fail" status.Taming the Megabanks forcefully makes the case for a a new Glass-Steagall Act to break up universal banks. A more decentralized and competitive system of independent banks and securities firms would not only provide better service to Main Street businesses and ordinary consumers but also bringstability to a volatile financial system.
We know a lot about innovation in education--when it occurs, what forms it takes, or what steps it involves. But we don't know why it fails or succeeds. Arthur Levine's goal in writing this book was to understand how change can be accomplished successfully. His focus is on what happens after a change has been adopted. Levine first offers a theory about change in organizations, based on the personality of the organization. He then examines his theory of change in a detailed study of fourteen structurally similar innovations in the experimental colleges at the State University of New York at Buffalo. He concludes with a review of other studies of universities as organizations in general, integrating his theory with other research on innovation in organizations.
Written by two leading chiropractic authorities, this Third Edition helps the reader understand, assess, diagnose, and treat whiplash injuries (cervical acceleration/deceleration syndrome). The text reviews the developmental anatomy and underlying anatomy associated with the syndrome and examines biomechanics related to whiplash. In addition, the book covers assessment techniques including clinical radiographic examinations such as MRI and CT.
Portraying the United States from the Great War to the Great Depression, The Crisis of the Old Order covers the Jazz Age and the rise and fall of the cult of business. For a season, prosperity seemed permanent, but the illusion came to an end when Wall Street crashed in October 1929. Public trust in the wisdom of business leadership crashed too. With a dramatist's eye for vivid detail and a scholar's respect for accuracy, Schlesinger brings to life the era that gave rise to FDR and his New Deal and changed the public face of the United States forever.
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