13 Bankers
The Wall Street Takeover and the Next Financial Meltdown
The argument that America's largest banks became a political force before they became a financial risk, and that the two are connected.
Johnson, a former IMF chief economist, argues that America’s biggest banks came to resemble the oligarchies he had watched capture emerging economies, the danger being political influence first and balance-sheet risk second. Written in 2010, when the question of whether anything would change was still open.
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Francis Fukuyama
He accepts the fact that the crisis had multiple causes but he argues that redistribution done through subsidised lending is one of the most inefficient and dangerous ways to do redistribution. He wouldn’t actually disagree with the notion that the country needs more redistribution, but he would call for different social policy remedies.
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