The Road to Financial Reformation: Warnings, Consequences, Reforms

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9780470532126: The Road to Financial Reformation: Warnings, Consequences, Reforms
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Our financial crisis: what happened, how we got here, and whatneeds to be done

Henry Kaufman-an esteemed economist and statesman-is one of themost preeminent financial figures of the day, with a history ofsuccess from the 1980s, when his firm, Salomon Brothers, ruled thebond markets.

In The Road to Financial Reformation, Dr. Kaufman, whohas spent a lifetime entrenched in the world of finance, providesan insightful account of the history and impact of post-World WarII financial markets on the economy-what happened, how we got towhere we are today, and what needs to be done. Drawing on his vastbreadth of knowledge and experience, Kaufman reveals the mistakesthat got us into this debacle, the consequences-as they have notbeen fully realized-and how to put our derailed economy back ontrack. This book details Dr. Kaufman's warnings and concernsexpressed repeatedly throughout the last quarter century, and showsthat what he predicted came to pass.

  • Provides an insightful account of the history and impact ofpost-World War II financial markets on the economy
  • Explores the erosion of credit ratings on corporate debt in thelate 1980s and the rapid increase in financial concentration ofinstitutions
  • Discusses the blinding faith in models that rely on historicaldata but fail to take into account economic and financial marketstructural changes

With his breadth of knowledge and experience, Kaufman detailsthat this crisis was foreseeable (he saw it coming), and how wecreated this history-making financial crisis. He also explains theconsequences still to come, and presents solutions on how we canrecover and reform the markets.

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From the Inside Flap:

The crisis of 2007–2008 will reshape the financial world foryears to come. Some of the key consequences—such as therevival of household savings, the end of risk modeling, and thepersistence of the U.S. dollar as the leading reservecurrency—will be welcomed. But others—most notably, theexplosion of public debt and the acceleration of financialconcentration—portend more trouble for the future. There isno quick fix, says esteemed economist and statesman Henry Kaufman.Expectations for solvency, profits, and growth are suffering severeretrenchment, and the collapse that began in 2007 will affectinvestor behavior for years to come. Political leaders need to actboldly while ensuring that our market-based economy is notundermined. We need a new set of rules and regulations so that ourfinancial institutions balance entrepreneurial drive with fiduciaryresponsibilities.

In The Road to Financial Reformation, Kaufman provides aninsightful account of the history and impact of post–WorldWar II financial markets on the economy—what happened, how wegot to where we are today, and what needs to be done. Drawing onhis vast breadth of knowledge and experience, Kaufman reveals themistakes that got us into this debacle, the consequences—asthey have not been fully realized—and how to¿put ourderailed economy back on track. He recounts his neglected earlywarnings about ballooning corporate and personal debt, the trendfrom financial segmentation to concentration, and the inadequaciesin financial oversight. And he suggests a new kind of institutionfor regulatory oversight to supervise only the largest U.S.-basedfinancial institutions. Intensive official supervision, he asserts,will help make financial conglomerates too good to fail. Andbecause of the thoroughly global nature of today's financialmarkets, other leading economies throughout the world should bestrongly encouraged to establish similar supervisoryauthorities.

In the financial crises of the early postwar decades, both theeconomy and financial markets rebounded quickly. Unfortunately,that is far from likely this time around. But with The Road toFinancial Reformation, we will at least see a path for movingin the right direction.

From the Back Cover:

Praise for The Road to Financial Reformation

"Those who cannot remember the (financial) past are condemned torepeat it. Yet our data-oriented culture suffers from willedamnesia. With this book, one of America's greatest financialmemories, Henry Kaufman, shares his treasure. Buy it for Figure12-1 alone, a roster of the past half-century's financial crisesand their Kaufman-diagnosed causes. You'll invest more confidentlywith Kaufman's list in your breast pocket."
—AMITY SHLAES, author, The Forgotten Man: A New History ofthe Great Depression, and Senior Fellow, Council on ForeignRelations

"A devastating critique of our troubled financial system withclear explanations of how we got here, and what we must do to getour economy back on track—written by someone who consistentlyand correctly warned us of the dangers. If Presidents,Congresspersons, and Federal Reserve Chairmen had listened to HenryKaufman, we wouldn't be in our current fix."
—BILL BRADLEY, former U.S. Senator

"Henry Kaufman, over more than a half century, has seen it all:the risks, the rewards, the foibles of financial markets, and nowthe mother of all financial crises. His prolific writings have longcommanded attention on Wall Street—but not enough. Too oftenhis warnings, his prognoses, his recommendations have beenunheeded. Now—drawing in part on earlier writings—helays out what has gone wrong and why. Dr. Kaufman, in The Roadto Financial Reformation, does not shrink from settingguidelines for rebuilding a stronger, safer, and more productiveglobal financial marketplace. They need careful thought bypractitioners and officials alike."
—Paul Volcker, Chairman of the Economic Recovery AdvisoryBoard and former chairman of the Federal Reserve Board

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Book Description John Wiley and Sons Ltd, United Kingdom, 2009. Hardback. Condition: New. Language: English . Brand New Book. Our financial crisis: what happened, how we got here, and what needs to be done Henry Kaufman-an esteemed economist and statesman-is one of the most preeminent financial figures of the day, with a history of success from the 1980s, when his firm, Salomon Brothers, ruled the bond markets. In The Road to Financial Reformation , Dr. Kaufman, who has spent a lifetime entrenched in the world of finance, provides an insightful account of the history and impact of post-World War II financial markets on the economy-what happened, how we got to where we are today, and what needs to be done. Drawing on his vast breadth of knowledge and experience, Kaufman reveals the mistakes that got us into this debacle, the consequences-as they have not been fully realized-and how to put our derailed economy back on track. This book details Dr. Kaufman s warnings and concerns expressed repeatedly throughout the last quarter century, and shows that what he predicted came to pass. Provides an insightful account of the history and impact of post-World War II financial markets on the economy Explores the erosion of credit ratings on corporate debt in the late 1980s and the rapid increase in financial concentration of institutions Discusses the blinding faith in models that rely on historical data but fail to take into account economic and financial market structural changes With his breadth of knowledge and experience, Kaufman details that this crisis was foreseeable (he saw it coming), and how we created this history-making financial crisis. He also explains the consequences still to come, and presents solutions on how we can recover and reform the markets. Seller Inventory # AAH9780470532126

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Book Description John Wiley and Sons Ltd, United Kingdom, 2009. Hardback. Condition: New. Language: English . Brand New Book. Our financial crisis: what happened, how we got here, and what needs to be done Henry Kaufman-an esteemed economist and statesman-is one of the most preeminent financial figures of the day, with a history of success from the 1980s, when his firm, Salomon Brothers, ruled the bond markets. In The Road to Financial Reformation , Dr. Kaufman, who has spent a lifetime entrenched in the world of finance, provides an insightful account of the history and impact of post-World War II financial markets on the economy-what happened, how we got to where we are today, and what needs to be done. Drawing on his vast breadth of knowledge and experience, Kaufman reveals the mistakes that got us into this debacle, the consequences-as they have not been fully realized-and how to put our derailed economy back on track. This book details Dr. Kaufman s warnings and concerns expressed repeatedly throughout the last quarter century, and shows that what he predicted came to pass. Provides an insightful account of the history and impact of post-World War II financial markets on the economy Explores the erosion of credit ratings on corporate debt in the late 1980s and the rapid increase in financial concentration of institutions Discusses the blinding faith in models that rely on historical data but fail to take into account economic and financial market structural changes With his breadth of knowledge and experience, Kaufman details that this crisis was foreseeable (he saw it coming), and how we created this history-making financial crisis. He also explains the consequences still to come, and presents solutions on how we can recover and reform the markets. Seller Inventory # AAH9780470532126

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Book Description John Wiley and Sons Ltd, United Kingdom, 2009. Hardback. Condition: New. Language: English. Brand new Book. Our financial crisis: what happened, how we got here, and what needs to be done Henry Kaufman-an esteemed economist and statesman-is one of the most preeminent financial figures of the day, with a history of success from the 1980s, when his firm, Salomon Brothers, ruled the bond markets. In The Road to Financial Reformation , Dr. Kaufman, who has spent a lifetime entrenched in the world of finance, provides an insightful account of the history and impact of post-World War II financial markets on the economy-what happened, how we got to where we are today, and what needs to be done. Drawing on his vast breadth of knowledge and experience, Kaufman reveals the mistakes that got us into this debacle, the consequences-as they have not been fully realized-and how to put our derailed economy back on track. This book details Dr. Kaufman's warnings and concerns expressed repeatedly throughout the last quarter century, and shows that what he predicted came to pass.Provides an insightful account of the history and impact of post-World War II financial markets on the economy Explores the erosion of credit ratings on corporate debt in the late 1980s and the rapid increase in financial concentration of institutions Discusses the blinding faith in models that rely on historical data but fail to take into account economic and financial market structural changes With his breadth of knowledge and experience, Kaufman details that this crisis was foreseeable (he saw it coming), and how we created this history-making financial crisis. He also explains the consequences still to come, and presents solutions on how we can recover and reform the markets. Seller Inventory # BTE9780470532126

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