E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison


The Financial Crisis and the Free Market Cure

Free download ´ eBook, PDF or Kindle ePUB å John A. Allison

Nding TARP turned out to be just another way or government to do all threeWe are reminded of another historical comparisona one result of the Great Depression was to scare Americans away A Slender Thread from stocksor a uarter of a century stocks didn t regain 1929 levels until 1954b today s crash happened as Americans suddenly realized that housing is consumption and not investment will it similarly be a uarter of a century before housing returns to the pre crash pre 2008 levelsBANKING SYSTEM CURES Did you know We get a glimpse of an entire culture in its death throes Then Mr Allison lays out the prescription or our return to economic health but sadly we can expect NONE of his recommendations to ever gain the attention or respect of those in power conseuently we can brace ourselves or an incredibly destructive crisis in the next decade or two Those in power are smart enough to grasp that Allison s achievable set of steps would work but they want to hang on to their power instead The American voter not only won t grasp Allison s assessment he won t even try to grasp it ever The Dodd Frank reform bill offered by those in power as a solution actually worsens the situation ait gives government protection to the too big to ail companies virtually ensuring their ongoing risky behaviors bits Durbin amendment is little than government mandated redistribution of wealth rom bank shareholders and customers to large retailers and cit gives power to the Fed and bank regulators power to the very entities that created the crisis in the Sly the Sleuth and the Pet Mysteries first place In the end what it comes down to is stable money is theoundation Local Girls for long term prosperity p 189 But what the current crop of policy makers gives us the exact opposite Their every decision takes aim at our long term prosperity their ever increasing regulations their ever increasing taxes their ever increasing spending The scope and breath of Mr Allison s coverage paints the terrifying picture of howast our country is moving A Is for Awful from two and a half centuries of prosperity into the uagmire of a regulatory welfare state where we must brace ourselvesor unprecedented hardships and unprecedented loss of personal reedomsWhy are Americans so content when the rule of law is jettisoned as long as it is to benefit a union Why are most Americans so comfortable with implementing policies which have always ailed in the pastHow can all this be you ask It is all possible says Allison because of philosophic ideas at play here As with Yaron Brook s book Allison also makes the case that what we really My Little Half-Moon face here is a philosophic moralethical battle he contends that theinancial crisis is most basically the result of philosophic ideas not economic ideas He speaks of the ideas which predominate in American universities today and which are responsible Hello, Good-bye for the creation of our teachers our journalists our politicians Even today s indoctrinated students might concede that we cannot indefinitely consume than we produce But hampered by today s philosophic pragmatism they are never able to develop an action plan based on such a principle because the dominant philosophy denies that there is any permanent truth ie principles to go by In today s universities it is acceptable evenashionable to be thought of as pragmatic Students in the humanities are proud to be pragmatic proud to claim no principles When a whole nation of voters is pragmatic they will vote or a candidate pledging not to reform entitlements even when those entitlements are leading directly to bankruptcyWhen we combine philosophic pragmatism with altruism we get a veritable witch s brew We get a uest or euality of outcome along with the Orwellian notion that justice means getting what we do that justice means getting what we Do Deserve We Get An deserve We get an Administration that thinks that justice consists in creating euality by hobbling the most ableWe get a Congress blithely shepherding the country into the nightmare of a utopian tyranny where monetary stability is sacrificed so that the hoards can have ree stuff We get a country on the brink but where the citizenry is unable to see what s happening where the citizenry is unable to see what s happening them We get a citizenry voting to move aster in the same direction In Allison s book we get a dose of clarity to clear the خلقیات ما ایرانیان fog which heretofore comprised our understanding We get to see just how close we are to global upheaval to a US decline into 3rd world status to civil unrest to union violence like in Greece to barbarians at the gate Allison dares us to look at 1920 Argentina which at the time had a standard of living eual to the US Then it plunged itself into statism via taxation redistribution and loss of individual rights It became a 3rd world economyor decades all mediated by the morality which condemns selfish America s own decline may have developed slowly starting with Teddy Roosevelt s and Woodrow Wilson s progressive disrespect The Avril LaVigne Handbook - Everything You Need to Know about Avril LaVigne for the Constitution But today it has accelerated to arightening pace the incredible march of the regulatory state p 259The teachers the journalists and the politicians have attained a renzy of utopian idealism destroying individual rights expropriating wealth oblivious to the cost in prosperity and standard of living Our intellectuals and politicians are willing to sink a nation into 3rd world status if that s what it takes to achieve the evil of making everyone eual Why do they do it They do it because they have bought into the philosophy of altruism reuiring us to sacrifice ourselves until everyone is reduced to euality That is what they mean by social justice Mr Allison s book demonstrates that they do not have economic ideas on their side but they are winning because of their promotion of philosophic pragmatism along with altruism Their philosophy is winning on the national stage And since the Republicans mostly agree with their basic philosophic positions about what is needed or social justice a reversal of direction back toward The White Ballets freedom and individual rights does not seem likely to comerom the Republicans The real challenges are philosophical not economic p252 but in order or better philosophic ideas to get a hearing the bad economic ideas must be swept awayBrace yourself and arm yourself with the knowledge in this book It was a decent read but got a little meandering and unfocused at about 23 in If you re looking or a great technical analysis of what happened I recommend Meltdown by Thomas Woods The book does a very good job in explaining the advantages of the ree market model as opposed to crony capitalism Goldman Citi et alIt dispels a lot of myths related to the supposed deregulation of the inancial markets On the contrary The Portable Guidance Counselor: Answers to the 284 Most Important Questions About Getting Into College finance and banking are one of the most regulated industries in Western Europe and the US And indeed it was regulation and state intervention that caused the Great Recession I am givin Having been in businessor 25 years much of which was in senior management I Living with a Dead Language: My Romance with Latin found this book the most credible explanation of theinancial crisis I ve seen This is the kind of description you ll get Speak Now Against the Day: The Generation Before the Civil Rights Movement in the South from someone withirst hand experience but not wedded to some political agenda Well done. Ing on the board of directors of the Ayn Rand Institute He received a Lifetime Achievement Award rom American Banker and was named one of the decade’s top 100 most successful CEOs by Harvard Business Revi. ,

Heard of mark to market accounting which was the subject of endless sound byte reporting back a ew years ago Allison s punch line is Fair value accounting is inconsistent with this concept that business be valued as going concerns because it effectively assumes that the businesses s assets are being liuidated under stress p104 I had not realized how important the Design the Life You Love: A Guide to Thinking About Your Life Playfully and with Optimism forced accounting methods were in contributing to the 2007 2009 economic downturn the bureaucrats in chargeinally relaxed their irrationality in April 2009 allowing the downward spiral to endMr Allison s own experiences with BBT are sprinkled in Shortcut: How Analogies Reveal Connections, Spark Innovation, and Sell Our Greatest Ideas for us a common theme turning out to be How could we know what random and destructive policy actions government policy makers would take next pertinent at nearly every level of economic decision makingAs a corollary to the mark to market accounting debacle there is the story of how it came to be that stock optons were expensed even though they never represented an expense at all It is on par with the attempt of the Indiana State Legislature in the 1930s to legislate pi to be an even 3 point zero 30 When politicians attempt to trump reality reality always wins THE SHADOW BANKING SYSTEM Did you knowNow comes theascinating chapter about derivitives and what is known as the shadow banking system The MainStreet Media has treated this subject with the same superficiality and misapprehension as they did when reporting on mark to market accounting Among the points entirely evaded are these After You Drop Them Off: A Parent's Guide to Student Ministry funding left the commercial banking system due to government rules and regulations that made commercial banking less competitive The Fed bailed out the moneyunds creating the illusion that they are not a risky investment Freddy and Fanny basically drove commercial banks out of the traditional prime home mortgage business Derivitives which the MainStreet Media loves to decry are mostly instruments to reduce risk and their use as speculation is seen only on the Share, Retweet, Repeat: Get Your Message Read and Spread fringes when a company prepares itselfor bankruptcy the process can be handled without crashing the Minimalist Baker's Everyday Cooking: 101 Entirely Plant-based, Mostly Gluten-Free, Easy and Delicious Recipes financial system but Lehman Brothers did not so plan because it expected to be bailed out those in charge of bailouts were mostlyrom Goldman eg Sec Treas Hank Paulson is a large Goldman shareholder and they hated Lehman Brothers an organized bankruptcy of eg AIG parent company could proceed without disrupting inancial markets the AIG bailout was essentially a redistribution of wealth rom taxpayers to holders of Credit Default Swaps essentially Goldman Sachs the contribution to the crisis of Bernanke inverting the yield curve is almost never discussed by the MainStreet Media instead the media keep telling us that Bernanke is an expert BAILOUTS Did you knowIn the end Allison asks Was saving Goldman and AIG about SYSTEMIC risk or about crony capitalism p129 I don t recall the Wall Street Journal or the New York Times raming the uestion uite that way at the time Instead they kept telling us that our government had to infuse billions in order to prevent total economic catastrophe and so Americans swallowed hard and accepted it but they did not understand itAllison laments that Goldman is an advocate of special deals rom Washington and is not an advocate of She Weeps Each Time You're Born free markets If the USConstitution were enforced crony capitalism would not work because the politicians and bureaucrats would hot have the authority to hand outavors to their riends p129 REGULATION Did you knowThe conseuences of the Dodd Frank bill are clear ait makes US irms less competitive bit drives resources out of the US cit reduces job creation dit lowers US standard of living Nowhere in the press do we see any such analysis Again Americans swallowed hard and accepted it but they have not understood it In his Seven Days, Seven Dinners final lament about the bailouts Allison shares with us The rewardor running a good business is to have your worst competitors bailed out by the US government and then to have massive new regulations that punish your company A Northern Light for sins it did not commit p130 Mr Allison uncovers the MYTH that deregulation caused theinancial crisis that myth is put to bed once and or all MARKET CORRECTION Did you knowOften an UNDERSTANDING comes about as for all MARKET CORRECTION Did you knowOften an UNDERSTANDING comes about as specific result of how an explanation is ramed In his discussion of MARKET CORRECTIONS Allison rames another view of what happened in 2007 09 He says p159 that instead of accumulating capital to invest in technology or manufacturing that the US was CONSUMING residential real estate on a grand scale At the same time the massive ederal Stimulus spending allocated on consumption vs production While citizens tried to save the politicians dramatically reduced savings Anne Perrys Christmas Crimes (Christmas Stories, for investment by spending on consumption This is said to be the real tragedy of the 16 trillion debt WHAT HAPPENED Did you knowWe are treated to a devastating indictment of Bernanke and Paulson their decisions were random and dishonest p 164 Even a 60 Minutes expos would be hard pressed to design a presentation capable of engaging the average American citizen the average American appears to have issues with basic thinking skills onar less complex issues Their verdict on Bernanke and Paulson should have been they are incompetent and dishonest a perfect storm or a inancial crisis It seems that a nearly total absence of honesty and objectivity lay behind the inancial crisis but since an underlying understanding is several abstraction layers deep most people eg the Average American Voter Do Not Take voter do not take trouble to grasp what happened Instead they have been taught to go along with what the authority igures say with the pronouncements of regulators and politicians This is an IMPORTANT book which answers ALL of the The Slave Dancer false and misleading rationalizations that we hear to justify what the government policy makers have done to us It is a treasure troveHow many Americans believed BushBernankePaulson when they asserted that not passing TARP would lead to another Great Depression They injectedear and the masses went along with it But what really happenedTARP Did you knowOr take a peak at an insider s view of the TARP scandal TARP as with Dodd Frank proves harmful to healthy banks than to companies that should have Special Agent failed TARP was a curseor the healthy companies because it kept irrational competition in business A notable example Citigroup a company which malinvested itself into bankruptcy THREE 3 times and each time was bailed out by the government allowing it to become bigger and worse next time That s so basic a point but I don t recall the discussion ever gracing the pages or airwaves dominated by the MainStreet MediaHISTORY Did You KnowThe Other Discussion you knowThe other discussion we don t hear about is the history of the 1920s vs the 1930s In the early 1920s there was a severe economic correction which was over uickly because the government did not interfere the correction was deep but it ended uickly By contrast in the early 1930s the severe economic contraction then was sustained Sleep with the Fishes for an entire decade because the government implemented massive regulations massive taxes and massive spe. Shed professor at the Wake Forest University Schools of Business He is also one of the lead spokespersonsor banking and policy reform today appearing at universities and business groups nationwide and serv. I wrote this review about Dec 2017 and very briefly edited it several times the last being 23 Sept 2018This is one great bookThere are so many misconceptions of what caused the 2008 inancial crisis great recession and subseuent long drawn out recovery that are carefully skewered in this book and alternatives made clear that I hardly know where to beginSo I will give you a list of just some of the key elements in the inancial tragedy that were totally preventable if sound economic policies as explained in the book were understood and ollowed Too loose then too tight monetary policy culprit The Federal Reserve Board Moral hazard A World on Fire for banks culprit FDIC Federal housing policiessubsidies culprit various government agencies Congressmen Presidency Rating agency oligopoly and change in payments structure culprit Federal government agencies policies Massive Government players in housing bubble culprit Freddie Mac and Fannie Mae with Congressional mandates Government regulations diverting bank managements limited attention awayrom key business risks to political risks culprit SEC Rule of Law in tatters Property Rights dismissed culprit TARP Congressional grant to unaccountable government officialsStarting to get the pictureNot only did Allison explain the causes of the crisis but he also detailed the policies that would cure the situation using the best most relevant historical Setting Them Straight: You CAN Do Something About Bigotry and Homophobia in Your Life facts and theoretical methods His predictions of how the actually implemented government policies would create a very very slow and weak recovery have played out just about exactly right THIS is very telling of the accuracy of his account Reading this book in tandem with listening to Michael Lewis best selling book The Big Short and seeing the movie too was aascinating if infuriating experience The contrasts between the two different accounts could not be starkAllison s calm reasoned explanation of the historical theoretical and practical reasons behind the crisis and then ongoing great recession covered all the bases But Lewis dramatic ocus on particular inancial traders and his 100 ways to Fight the Flab - and still have wine and chocolate fixation on some great but unaccountedor upwelling of private greed and incompetence how s that The Oxford New Greek Dictionary for an incongruent combination virtually totally ignoring the very real GOVERNMENT policies and depraved actions was just about too much to takeWas Lewis just incompetently ignorant of all the keyacts and ideas that Allison patiently explained Or did he purposely leave them out of his narrative The Cello Suites : J.S. Bach, Pablo Casals, and the search for a Baroque masterpiece for some reasonsI urge you to read these two books and come to your own conclusions Started reading this book yesterday 1 aug 2017inally It had been on my To Read list and bookshelf since it came out in 2013 The beginning is sooo good Reminds me of the later book John Allison wrote just after this but which I read The New Job Security first The Leadership Crisis I reviewed that here am also listening to the audiobook The Big Short by Michael Lewis at the same time The contrast in understanding of the overall economic or even justinancial system is night and day Lewis gets into and highlights or makes a centerpiece many details about his take on personalities motivations personal morality values The Day Fidel Died: Cuba in the Age of Raúl, Obama, and the Rolling Stones (A Vintage Short) foibles etc much than Allison Allison deals with some of those issues too but much believably kindly and accurately asar as the big picture And Allison deals with the benefits The New Odyssey: The Story of Europe's Refugee Crisis for everyone of living an individual decent life Drama emphasis vs truth seeking emphasis which do you want to rely onAs I read and listen to of these two books I will try to compare and contrast them to give you a goodlavor of each But as of about 60 pages into Allison and also having read his other similar book and having listened to 3 chapters of the Lewis book and seen the movie based on it I can tell you if you care about the truth in how the world really works you will love Allison If you have a massive grudge against ree markets and like an love Allison If you have a massive grudge against To Helvetica and Back free markets and like an short sighted narrow biased view of descriptions of peopleinancial products and organizations Lewis is your manThose initial observations held up throughout both books But don t take my word Simple Art of Greatness for it check out both yourself See who YOU think was describing the accurate picture of what actually happened and who is to blameor the crisis all the massive disruption of people s lives and lousy economy afterwards The author debated the topic of the cause of the 2008 crisis on 20 Feb 2019 The Financial Crisis and the Free Market Cure How Destructive Banking Reform Is Killing the Economyby John A Allison 2013 McGraw Hill a short book report by Ron Housley I had the good ortune to hear John Allison deliver a lecture several years ago and I was stunned by the scope and detail he was able to bring together into one unified talkHe establishes his credibility right out of the shute by deftly integrating varying aspects of his subject into a readily understandable whole He has total command of the tiniest detail and he at once has the total concomitant command of all the governing principles He may he at once has the total concomitant command of all the governing principles He may well be the Steve Jobs of banking And now he has written a book Stop and catch your breath or a moment An early chapter the one entitled What Happened will give you a great example of Allison s rapid ire but sweepingly comprehensive style of sharing his account He does it with no teleprompter You will witness the perspective of a player Allison himself who is able to assess the contribution to a problem of a vast myriad of input actorsTake A Burglar's Guide to the City for instance the 2008inancial crisis where the Fannie Freddy story reads like a thriller with tones The Annotated Phantom Tollbooth from The Big Short at every turn In spite of all the New York Times stories during the housing bust of 2008 an important but obscure and largely unacceptedact remained Freddy and Fanny had amassed liabilities in excess of 55 Trillion they had practically no assets at times they operated at a 1000 to 1 leverage ratio It was 100% a government creation and the NYT blamed American Apocalypse: The Great Fire and the Myth of Chicago free market capitalismor the bust When the Wall Street Reform Act was signed into law in July 2010 we saw a rightening spectacle the authors of the reform bill were the SAME politicians most responsible or the bubble in the Stories for a Romantic Heart: Over One Hundred Treasures to Touch Your Soul first place Dodd and Frank themselves It is a delight to witness how Allison assembles the relevantacts together in support of a point he is a master And one of the primary points that he makes is that systemic Spain in Mind failure of theinancial markets can occur ONLY as the result of government policy FANNY AND FREDDY Did you knowFanny Freddy got into the subprime business under pressure The Inheritance: Part 1 from the Clinton administration They were created to support the mortgage industry s loan origination business but wound up taking over that businessor themselves It is one story of how an enormous enterprise grew up right under the noses of clueless Americans and ultimately contributed to the destruction of wealth of those many clueless millions The Curious World Of Christmas from coast to coast Even today most American voters do not know what happened or is happening to their life savings MARK TO MARKET Did you knowAllison s is the only clear explanation I ve ever. John A Allison is the longest serving CEO of a top 25inancial institution having served as Chairman of BBT or twenty years He currently serves as President and CEO of the Cato Institute and as a distingui.


10 thoughts on “E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison

  1. says: characters The Financial Crisis and the Free Market Cure E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison

    John A. Allison å 7 Read Free download ´ eBook, PDF or Kindle ePUB å John A. Allison E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison I wrote this review about Dec 2017 and very briefly edited it several times the last being 23 Sept 2018This is one great bookThere are so many misconceptions of what caused the 2008 financial crisis great recession and subseuent long

  2. says: John A. Allison å 7 Read E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison

    E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison Free download ´ eBook, PDF or Kindle ePUB å John A. Allison rating 365This book provides a great discussion on the topics of regulation and how politics and naive intentions influence banking It's great to read an insider's view of what went wrong in the banking industry during the crisis Allison was

  3. says: characters The Financial Crisis and the Free Market Cure John A. Allison å 7 Read Free download ´ eBook, PDF or Kindle ePUB å John A. Allison

    characters The Financial Crisis and the Free Market Cure John A. Allison å 7 Read E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison The Financial Crisis and the Free Market Cure – How Destructive Banking Reform Is Killing the Economyby John A Allison ©2013 McGraw Hill — a short book report by Ron Housley I had the good fortune to hear John Allison deliver a lecture several years ago and I was stunned by the scope and detail he was able to bring together into one unified talkHe establishes his credibility right out of the shute — by deftly integrating varying asp

  4. says: E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison

    E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison This book was written by John Allison who served as the CEO of BBT Bank for many years and helped that company to grow into one of the largest and most successful financial institutions in the country His knowledge insight

  5. says: characters The Financial Crisis and the Free Market Cure E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison

    E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison Free download ´ eBook, PDF or Kindle ePUB å John A. Allison John A. Allison å 7 Read It was a decent read but got a little meandering and unfocused at about 23 in If you're looking for a great technical analysis of what happened I recommend Meltdown by Thomas Woods

  6. says: E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison

    Free download ´ eBook, PDF or Kindle ePUB å John A. Allison E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison John A. Allison å 7 Read I read 90% of the free sample which I think is enough to review the book based on the author's main idea as stated in the first chapter and what he blatantly left out Based on what I read very early in the book the author basically blames the entire financial crisis on the US Government I admit that the US Government has done some really stupid and harmful things and is still doing such things and in fact ne

  7. says: characters The Financial Crisis and the Free Market Cure E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison Free download ´ eBook, PDF or Kindle ePUB å John A. Allison

    E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison The book does a very good job in explaining the advantages of the free market model as opposed to crony capitalism Goldman Citi et alIt dispels a lot of myths related to the supposed deregulation of the financial markets On the contrary finance and banking are one of the most regulated industries in Western Europe and the US And indeed it was regulation and state intervention that caused the Great Recession I a

  8. says: E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison

    characters The Financial Crisis and the Free Market Cure John A. Allison å 7 Read E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison John Allison does an impressive job of explaining the complex issues surrounding the United States' financial crisis He uses everyday examples to help explain banking the monetary system and how politics have come to play such an enormous role in what used to be a free market It's a long book but it's so worth

  9. says: Free download ´ eBook, PDF or Kindle ePUB å John A. Allison E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison John A. Allison å 7 Read

    E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison Having been in business for 25 years much of which was in senior management I found this book the most credible explanation of the financial crisis I've seen This is the kind of description you'll get from someone with first hand experience but not wedded to some political agenda Well done

  10. says: E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison John A. Allison å 7 Read characters The Financial Crisis and the Free Market Cure

    E–pub [The Financial Crisis and the Free Market Cure] ↠ John A. Allison Allison’s garbled and rambling prose freuent non seuiturs and maddening red herrings get pretty grating after about two c

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