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The book well describes some of the wrong incentives prevalent in the financial industry before the crisis and still today. It also offers one simple solution to fix all this in perpetuity. Whilst no one can know, if higher bank capital requirements actually would solve the problem of financial crisis and actually would come at no cost to society, there remain questions.
But it's well worth a read, even though the many permutations of Kate borrowing with guarantees from aunt Claire to buy a house on leverage become a bit lengthy at times...
Fortunately, the authors do raise arguments made by the banking establishment side of these debates, if only to give them short shrift and dismiss them. To that extent, it has enough intellectual honesty to keep me listening (along with its pretty comprehensive coverage). However, I would have preferred a more thorough exploration of opposing points of view. My perception is, this book does not hesitate at any point to tell me what I should think and conclude about these topics. I find I must filter it while listening in real time, considering and weighing the counter-arguments I know exist. Given all that, it is definitely a worthwhile expenditure of my time. It is good to see banking issues described around familiar accounting conventions such as balance sheet items.
3 of 3 people found this review helpful
This book illustrates an in depth argument and research against the financial industry as a whole and how policy and regulation currently interact and how they could interact in the future as opposed how they should interact. It was a great book, redundant at times although I could see the re backing of some arguments essential to get the over all message through. Needs a more energetic reader for the audiobook version! The current voice is extremely monotone. With that being said you must posses an interest in finance.