By Simon Johnson, James Kwak
Even with its key position in developing the ruinous monetary situation of 2008, the yankee banking has grown higher, extra ecocnomic, and extra proof against law than ever. Anchored through six megabanks whose resources volume to greater than 60 percentage of the country’s gross family product, this oligarchy proved it will probably first carry the worldwide economic system hostage after which use its political muscle to struggle off significant reform. 13 Bankers brilliantly charts the increase to energy of the monetary area and forcefully argues that we needs to get a divorce the large banks if we wish to keep away from destiny monetary catastrophes.
Updated, with new research of the government’s fresh try and reform the banking undefined, it is a well timed and professional account of our political economic climate.
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Additional info for 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown
It seems to me that there is only one way out: to deprive social science of theeatus it enjoys on account of natural science. Social science ought to be recognized as a false metaphor. That does not mean that we must give up the pursuit of truth in exploring social phenomena. It means only that the pursuit of truth requires us to recognize that the D-N model does not apply to situations with thinking participants. We must abandon the doctrine of the unity of method and cease the slavish imitation of natural science.
Ittie more than a metaphor. In these cases a different model may be needed, but in the stock market the participants' bias finds expression in purchases and sales. Other things being equal, a positive bias leads to rising stock prices and a negative one to falling prices. Thus the prevailing bias is an observable phenomenon. Other things are, of course, never equal. We need to know a little more about those "other things" in order to build our model. At this point I shall introduce a second simplifying concept.
The phenomena then serve as an independent, objective criterion by which the truth or validity of scientific statements can be judged. Statements that correspond to the facts are true; those that do not are false. To the extent that the correspondence can be established, the scientist's understanding qualifies as knowledge. We do not need to go into the various difficulties that stand in the way of establishing the correspondence. The important point is that scientists have an objective criterion at their disposal.
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown by Simon Johnson, James Kwak