How Long to Read Taming the Megabanks

How Long Does it Take to Read Taming the Megabanks?

It takes the average reader 4 hours and 22 minutes to read Taming the Megabanks by Arthur E. Wilmarth Jr

Assuming a reading speed of 250 words per minute. Learn more

Description

Banks were allowed to enter securities markets and become universal banks during two periods in the past century - the 1920s and the late 1990s. Both times, universal banks made high-risk loans and packaged them into securities that were sold as safe investments to poorly-informed investors. Both times, universal banks promoted unsustainable booms that led to destructive busts - the Great Depression of the early 1930s and the Global Financial Crisis of 2007-09. Both times, governments were forced to arrange costly bailouts of universal banks. Congress passed the Glass-Steagall Act of 1933 in response to the Great Depression. The Act broke up universal banks and established a decentralized financial system composed of three separate and independent sectors: banking, securities, and insurance. That system was stable and successful for over four decades until the big-bank lobby persuaded regulators to open loopholes in Glass-Steagall during the 1980s and convinced Congress to repeal it in 1999. Congress did not adopt a new Glass-Steagall Act after the Global Financial Crisis. Instead, Congress passed the Dodd-Frank Act. Dodd-Frank's highly technical reforms tried to make banks safer but left in place a dangerous financial system dominated by universal banks. Universal banks continue to pose unacceptable risks to financial stability and economic and social welfare. They exert far too much influence over our political and regulatory systems because of their immense size and their undeniable "too-big-to-fail" status. In Taming the Megabanks, Arthur Wilmarth argues that we must again separate banks from securities markets to avoid another devastating financial crisis and ensure that our financial system serves Main Street business firms and consumers instead of Wall Street bankers and speculators. Wilmarth's comprehensive and detailed analysis demonstrates that a new Glass-Steagall Act would make our financial system much more stable and less likely to produce boom-and-bust cycles. Giant universal banks would no longer dominate our financial system or receive enormous subsidies. A more decentralized and competitive financial system would encourage banks and securities firms to fulfill their proper roles as servants - not masters - of Main Street businesses and consumers.

How long is Taming the Megabanks?

Taming the Megabanks by Arthur E. Wilmarth Jr is 256 pages long, and a total of 65,536 words.

This makes it 86% the length of the average book. It also has 80% more words than the average book.

How Long Does it Take to Read Taming the Megabanks Aloud?

The average oral reading speed is 183 words per minute. This means it takes 5 hours and 58 minutes to read Taming the Megabanks aloud.

What Reading Level is Taming the Megabanks?

Taming the Megabanks is suitable for students ages 12 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

Where Can I Buy Taming the Megabanks?

Taming the Megabanks by Arthur E. Wilmarth Jr is sold by several retailers and bookshops. However, Read Time works with Amazon to provide an easier way to purchase books.

To buy Taming the Megabanks by Arthur E. Wilmarth Jr on Amazon click the button below.