The Road to Financial Reformation Warnings, Consequences, Reforms

by Kaufman, Henry; Ferguson, Niall

• ISBN13: 9780470532126
• ISBN10: 0470532122
• Edition: 1st
• Format: Hardcover
• Copyright: 2009-08-03
• Publisher: Wiley

Summary

With his breadth of knowledge and experiences, Kaufman shows readers how the Federal Reserve's practices of the 1960s created a direct path to the current history-making financial crisis, the consequences still to come, and what needs to change in order to recover.

Author Biography

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.

Table of Contents

Foreword	p. xi
Acknowledgments	p. xv
Introduction	p. xvii
In Perspective
Past Blunders and Future Choices	p. 3
Reflections on Business, the Lessons of History, and Globalization	p. 17
If Adam Smith Were Alive Today	p. 25
Neglected Early Warnings
Troubling Trends in Financial Markets and Official Policies	p. 39
Debt: The Threat to Economic and Financial Stability	p. 51
The Decapitalization of American Corporations	p. 65
Shortcomings in Financial Oversight	p. 79
The Bigness Dilemma
From Financial Segmentation to Concentration	p. 97
Financial Concentration in Economic Thought	p. 107
Do We Still Need Glass-Steagall?	p. 117
Banking and Commerce Should Not Merge	p. 123
Financial Crises
Postwar Financial Crises, 1966-2001	p. 133
The Great Financial Crisis of 2007-2009	p. 153
Policy Failures and Reforms
Public Policy and the Markets	p. 167
The Perils of Monetary Gradualism	p. 181
The Fed and the Governance of Financial Institutions	p. 189
Transparency and the Fed	p. 199
Prospects
Prospects for Interest Rates	p. 213
The Financial Consequences of the Credit Crisis	p. 221
Selected Bibliography	p. 241
About the Author	p. 245
Index	p. 247
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