Why Wall Street Matters

Why Wall Street Matters

Book - 2017
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"Anti-bank sentiment has reached a boiling point in America. What started with Occupy Wall Street and Bill Maher satirically calling for the death of Wall Street bankers has culminated with Bernie Sanders pushing the dissolution of the big banks into the official 2016 Democratic platform. But in Cohan's estimation, that sentiment is not only woefully ill-informed, but dangerously naive. Starting with what Wall Street literally is and what it actually does, Cohan swiftly debunks all of the misinformed arguments against it while acknowledging the problems that fuel those feelings. We can be mad at the greed and excess, but at the end of the day, Wall Street is the capital in capitalism, and when its working right, is the invisible engine that powers the ideas we have and the lives we love"--
Publisher: New York : Random House, 2017
ISBN: 9780399590696
0399590692
Branch Call Number: Business & Career 332.642 Coh

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cello9flute
Mar 20, 2017

I highly recommend this book as an introduction to what the 2008 financial crisis was all about, and, as the title states "why Wall Street matters." It is aimed at the general reader who does not have a background in finance. The author explains something often ignored in political rhetoric about Wall Street: it plays a vital role in providing capital to America's businesses and industries, and to individuals. ( by facilitating mortgages, auto loans and credit cards). He feels it needs to be reformed, but not in the way envisioned by Dodd Frank, the Volker Rule, and Elizabeth Warren. Those reforms have greatly increased the time and money banks and Wall Street firms have to spend on compliance and have made them reluctant or unable to offer credit to business. Hence the slow growth that has plagued the economy for the past 7 years. Get rid of these regulations and change the compensation practices on the Street so that the personal finances of significant members of the a given institution. will be at risk if they engage in risky business practices

s
StarGladiator
Mar 09, 2017

Before reading this book please, please, please first read David Dayen's masterful book, Chain of Title, and then read The Case For the Corporate Death Penalty, by Mary Kreiner Ramirez [and should you really wish to be thorough, Web of Debt by Ellen Brown, The Rich and the Super-Rich by Ferdinand Lundberg and Treasure Islands by Nicholas Shaxson]. The author does mention Venrock Associates, with mentioning that was the Rockefeller family [which made some original nifty investments in Intel, Apple, Microsoft and a few others - - how much did Forbes claim they were worth???? Never believe a magazine founded by the descendant of a major drug dealer!]

s
skepticalcitizen
Mar 03, 2017

Easily read book by a former senior investment banker with a major theme of why Wall Street is so important to the US economy. The author is clearly pro-Wall Street, and strongly against Glass-Steagall, Dodd-Frank, the Volcker Rule, and Senator Elizabeth Warren. I must appreciate his well-summarized viewpoints, although generally disagree with him.

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