Meltdown: How Greed and Corruption Shattered Our Financial by Katrina vanden Heuvel PDF

By Katrina vanden Heuvel

ISBN-10: 0786743638

ISBN-13: 9780786743636

ISBN-10: 1568584334

ISBN-13: 9781568584331

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Example text

Only ten banks, with assets totaling $232 million, failed in 1980. Eight years later, 220 banks, with assets of $54 billion, either closed or were given emergency cash injections by the Federal Reserve. Bad management, bad luck, fraud and lousy supervision by Seidman’s cops all contributed. In 1986, with 1,400 of the nation’s 14,500 banks in serious trouble, Seidman admitted that half the problem banks hadn’t been examined in more than a year. “We’re spread very thin,” he said. ” Things didn’t improve.

S proceedings on C-SPAN would still be an enlightening glimpse into the mentality of power. The example of Congress on C-SPAN, however, should be sobering to those who think a round of glasnost might do the Fed some good. The proceedings of Congress, an elected body, are televised at narcotic length, but Congress still produces innumerable insults to democracy. The moneyed and powerful enjoy an access to Congress that mere citizens lack, a disparity that is well known; why should applying similar standards to the Fed produce any better results?

The example of Congress on C-SPAN, however, should be sobering to those who think a round of glasnost might do the Fed some good. The proceedings of Congress, an elected body, are televised at narcotic length, but Congress still produces innumerable insults to democracy. The moneyed and powerful enjoy an access to Congress that mere citizens lack, a disparity that is well known; why should applying similar standards to the Fed produce any better results? qxd 26 11/21/08 1:20 PM Page 26 — Meltdown — Procedure aside, the nature of the central bank may be less important than the broader institutions in which it is embedded.

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Meltdown: How Greed and Corruption Shattered Our Financial System and How We Can Recover by Katrina vanden Heuvel


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