The Road to Financial Reformation: Warnings, Consequences, Reforms

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Overview

Praise for The Road to Financial Reformation

"Those who cannot remember the (financial) past are condemned to repeat it. Yet our data-oriented culture suffers from willed amnesia. With this book, one of America's greatest financial memories, Henry Kaufman, shares his treasure. Buy it for Figure 12-1 alone, a roster of the past half-century's financial crises and their Kaufman-diagnosed causes. You'll invest more confidently with Kaufman's list in your breast pocket."
—AMITY ...

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Overview

Praise for The Road to Financial Reformation

"Those who cannot remember the (financial) past are condemned to repeat it. Yet our data-oriented culture suffers from willed amnesia. With this book, one of America's greatest financial memories, Henry Kaufman, shares his treasure. Buy it for Figure 12-1 alone, a roster of the past half-century's financial crises and their Kaufman-diagnosed causes. You'll invest more confidently with Kaufman's list in your breast pocket."
—AMITY SHLAES, author, The Forgotten Man: A New History of the Great Depression, and Senior Fellow, Council on Foreign Relations

"A devastating critique of our troubled financial system with clear explanations of how we got here, and what we must do to get our economy back on track—written by someone who consistently and correctly warned us of the dangers. If Presidents, Congresspersons, and Federal Reserve Chairmen had listened to Henry Kaufman, we wouldn't be in our current fix."
—BILL BRADLEY, former U.S. Senator

"Henry Kaufman, over more than a half century, has seen it all: the risks, the rewards, the foibles of financial markets, and now the mother of all financial crises. His prolific writings have long commanded attention on Wall Street—but not enough. Too often his warnings, his prognoses, his recommendations have been unheeded. Now—drawing in part on earlier writings—he lays out what has gone wrong and why. Dr. Kaufman, in The Road to Financial Reformation, does not shrink from setting guidelines for rebuilding a stronger, safer, and more productive global financial marketplace. They need careful thought by practitioners and officials alike."
—Paul Volcker, Chairman of the Economic Recovery Advisory Board and former chairman of the Federal Reserve Board

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Product Details

  • ISBN-13: 9780470532126
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 8/3/2009
  • Edition number: 1
  • Pages: 260
  • Product dimensions: 6.20 (w) x 9.10 (h) x 0.80 (d)

Meet the Author

Henry Kaufman, PhD, has been President of Henry Kaufman & Company Inc., an investment management and economic and financial consulting firm, since April 1988. For twenty-six years, Kaufman was with Salomon Brothers Inc., where he served as a managing director, vice chairman, and member of the executive committee, and was in charge of Salomon's four research departments. He currently is a trustee at New York University; Chairman Emeritus of the Board of Overseers at the NYU Stern School of Business; Chairman Emeritus of the Institute of International Education; and trustee of the Norton Museum. Kaufman is author of On Money and Markets and Interest Rates, the Markets, and the New Financial World, and a regular contributor to the New York Times, Wall Street Journal, and Financial Times (London). He received a BA in economics from New York University, an MS in finance from Columbia University, a PhD in banking and finance from the New York University Graduate School of Business Administration, and was awarded honorary doctorates from NYU, Yeshiva University, and Trinity College.

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Table of Contents

Foreword by Niall Ferguson.

Acknowledgments.

Introduction.

PART I: IN PERSPECTIVE.

1 Past Blunders and Future Choices.

2 Reflections on Business, the Lessons of History, and Globalization.

3 If Adam Smith Were Alive Today.

PART II: NEGLECTED EARLY WARNINGS.

4 Troubling Trends in Financial Markets and Official Policies.

5 Debt: The Threat to Economic and Financial Stability.

6 The Decapitalization of American Corporations.

7 Shortcomings in Financial Oversight.

PART III: THE BIGNESS DILEMMA.

8 From Financial Segmentation to Concentration.

9 Financial Concentration in Economic Thought.

10 Do We Still Need Glass-Steagall?

11 Banking and Commerce Should Not Merge.

PART IV: FINANCIAL CRISES.

12 Postwar Financial Crises, 1966–2001.

13 The Great Financial Crisis of 2007–2009.

PART V: POLICY FAILURES AND REFORMS.

14 Public Policy and the Markets.

15 The Perils of Monetary Gradualism.

16 The Fed and the Governance of Financial Institutions.

17 Transparency and the Fed.

PART VI: PROSPECTS.

18 Prospects for Interest Rates.

19 The Financial Consequences of the Credit Crisis.

Selected Bibliography.

About the Author.

Index.

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