Too Big to Save? How to Fix the U.S. Financial System

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9780470499054: Too Big to Save? How to Fix the U.S. Financial System

Industry luminary Robert Pozen offers his insights on the future of U.S. finance

The recent credit crisis and the resulting bailout program are unprecedented events in the financial industry. While it's important to understand what got us here, it's even more important to consider how we should get out. While there is little question that immediate action was required to stabilize the situation, it is now time to look for a long-term plan to reform the United States financial industry.

That is where Bob Pozen comes in. Perhaps more than anyone in the industry, Pozen commands the respect and attention of the public and private sector. In this timely guide, he outlines his vision for the new financial future and provides actionable advice along the way. To Pozen, there are four high-priority problems that must be addressed, and this book puts them in perspective

  • Analyzes alternative models for government stakes in banks
  • Recommends a new board structure for large financial institutions
  • Examines the importance of broader Fed jurisdiction over systemic risks
  • Proposes a way to revive the securitization of loans

With Too Big to Save, you'll learn the likely future of the finance industry and understand why changes have to be made.

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From the Inside Flap:

Mortgage defaults, together with excessivedebt and weak regulation, ultimately led to a major financial crisis in the United States in 2008. But how exactly did a steep drop in U.S. housing prices result in a severe financial crisis throughout the world? What did the U.S. government do right and what did it do wrong in responding to this financial crisis? And perhaps most importantly, what actions should be taken in the future to resolve this financial crisis and help prevent others from happening? In Too Big to Save?, Robert Pozen answers these and other key questions as he presents his vision for repairing the U.S. financial system.

Each chapter of this timely book analyzes the impact of the financial crisis on a major part of the U.S. financial system. Pozen first explains the globalization of the financial crisis through the sale of mortgagebacked securities around the world. He suggests how the securitization process should be reformed, including new approaches to credit rating agencies and credit default swaps.

Second, he assesses the impact of the financial crisis on the stock and bond markets. He criticizes the broad government guarantees of bank debt and money market funds, and calls for reinstating the incentives for large debt holders to scrutinize the condition of financial institutions.

Third, he evaluates the federal bailout of financial institutions by buying their stock and toxic assets. He shows how these bailouts constitute "one-way capitalism" whereby taxpayers bear most of the losses but stand to receive little of any potential gains.

Finally, he outlines what can and cannot be achieved realistically through international financial cooperation. For the United States, he proposes a concrete plan to address risks to the entire financial system and strengthen the functional regulation of each segment of the financial services industry.

Too Big to Save? will give you a sound framework to analyze the daily barrage of information about the financial crisis. It offers a blueprint for restoring the financial system without repeating the mistakes of the past.

From the Back Cover:

Praise for Too Big to Save?

"When Bob Pozen talks, people listen—with good reason. This book is full of wisdom about the flaws in our financial system that let the crisis develop and, more important, detailed prescriptions for fixing it. Read it. Then keep it on your desk as a reference."
—Alan S. Blinder, former vice chairman, Federal Reserve Board, and Gordon S. Rentschler Memorial Professor of Economics and Public Affairs, Princeton University

"In an era of specialized books about the financial crisis, Bob Pozen's is a sparkling exception. In plain English, he explains to the intelligent reader how we got into this financial mess, assesses steps taken by government, and prescribes practical ways to prevent a future crisis. Bob Pozen is one of the nation's most thoughtful and responsible financial leaders. If you are looking for one book to sort out the financial crisis, start here!"
—David Gergen, Professor, Harvard Kennedy School, and Senior Political Analyst, CNN

"This book is not only a detailed yet thoroughly lucid and accessible study of the financial crisis; it is also, and more important, the best critique I have seen of the government's responses to the crisis and its recent blueprint for financial regulatory reform."
—Richard A. Posner, U.S. Circuit Judge and author of A Failure of Capitalism: The Crisis of '08 and the Descent into Depression

Expert insights on the future of U.S. finance

Bob Pozen not only identifies the multiple factors causing the financial crisis, but also evaluates the governmental responses so far to this crisis and suggests what actions should be taken to prevent future crises. He focuses on four issues:

  • Why revival of the loan securitization process isimportant to the American recovery
  • How the Treasury should decide which financialinstitutions should be recapitalized
  • Why mega banks need a much smaller and strongerboard of directors
  • How the monitoring of systemic risks should be integratedwith an enhanced system of financial regulation

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Book Description John Wiley and Sons Ltd, United Kingdom, 2009. Hardback. Book Condition: New. 1. Auflage. Language: English . Brand New Book. Industry luminary Robert Pozen offers his insights on the future of U.S. finance The recent credit crisis and the resulting bailout program are unprecedented events in the financial industry. While it s important to understand what got us here, it s even more important to consider how we should get out. While there is little question that immediate action was required to stabilize the situation, it is now time to look for a long-term plan to reform the United States financial industry. That is where Bob Pozen comes in. Perhaps more than anyone in the industry, Pozen commands the respect and attention of the public and private sector. In this timely guide, he outlines his vision for the new financial future and provides actionable advice along the way.To Pozen, there are four high-priority problems that must be addressed, and this book puts them in perspective Analyzes alternative models for government stakes in banks Recommends a new board structure for large financial institutions Examines the importance of broader Fed jurisdiction over systemic risks Proposes a way to revive the securitization of loans With Too Big to Save , you ll learn the likely future of the finance industry and understand why changes have to be made. Bookseller Inventory # AAH9780470499054

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