"13 Bankers" - Required Reading for Americans
Debi Boucher blogged that this book about the banking industry should be required reading and I completely agree. It is terrifying the control and power that is held by the big banks.
"13 Bankers" - Required Reading for Americans
Well, it should be. Period.
Thomas Jefferson fought hard against a financial system that would put too much power into the hands of bankers in America. He feared the possibility of a financial oligarchy - an institution with enough wealth to control the government. Quoting Jefferson: "I sincerely believe, with you, that banking insitutions are more dangerous than standing armies."
"13 Bankers - The Wall Street Takeover and the Next Financial Meltdown" by Simon Johnson and James Kwak, is a well written, and easy to understand book that gives us a history of the banking system in America, how it has elvolved, and how six banks in this country have come to have assets amounting to more than 60 percent of our gross domestic product. And what that ultimately means to you and I.Have you lost a home? Lost a job? Had your wages and/or hours reduced? Are you struggling in your industry, whether it's
real estate or any other industry? Know someone who has/is? (of course you do!) Wondering how we got into this mess? And what the heck is a 'mortgage backed security', anyway? Then this book is a must read.
How is that Wall Street continues to enjoy record profits as the rest of the country, citizens and corporations alike, struggle to stay afloat?Do any of these phrases sound familiar to you?
"What's good for the financial industry, is good for America" "Every American should own their own home"
Or how about this one: "Too big to fail"?
Literally every financial crisis this country has endured since it's inception, (i.e. 1907, the Great Depression, S&L disaster of the 1980's), has been the result of financial deregulation. And it is NOT a partisan issue.
I'm no financial whiz, so I found this book both shocking and compelling. I think you will too, and I HIGHLY recommend it.
You can buy it here for less than 10 dollars: AmazonIf you've read it, I'd love to hear from you - feel free to share your thoughts.
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