000			02925cam a22003258i 4500
001			21514475
003			InNd
005			20210824183331.0
008			200428s2020 nyu b 001 0 eng
010			_a 2020007759
020			_a9780190260705 _q(hardback)
020			_z9780190260729 _q(epub)
040			_aDLC _beng _erda _cDLC _dDLC
042			_apcc
050	0	0	_aHG1601. _bW465 2020
082	0	0	_a332.1 _223
100	1		_aWilmarth, Arthur E., _d1951- _eauthor.
245	1	0	_aTaming the megabanks : _bwhy we need a new Glass-Steagall Act / _cArthur E. Wilmarth, Jr.
263			_a2009
300			_apages cm
504			_aIncludes bibliographical references and index.
520			_a"This book uses a chronological and narrative approach and draws on a wide range of sources. It demonstrates that universal banks - which accept deposits, make loans, and engage in securities activities - played central roles in precipitating the Great Depression of the early 1930s and the Great Recession of 2007-09. Universal banks promoted a dangerous credit boom and speculative stock market bubble in the U.S. during the 1920s, which led to the Great Depression. Congress responded by passing the Glass-Steagall Act of 1933, which separated banks from the securities markets and prohibited nonbanks from accepting deposits. Glass-Steagall's structural barriers prevented financial panics from spreading across the banking, securities, and insurance sectors for more than four decades. Regulators could address problems arising in one financial sector without needing to bail out the entire financial system. Large U.S. banks pursued a twenty-year campaign to remove Glass-Steagall's barriers. Regulators opened loopholes in Glass-Steagall during the 1980s and 1990s, and Congress repealed Glass-Steagall in 1999. The United Kingdom and the European Union adopted similar deregulatory measures. Large U.S. securities firms became "shadow banks" as regulators allowed them to issue short-term deposit substitutes to finance long-term loans and investments. Universal banks and shadow banks fueled a toxic subprime credit boom on both sides of the Atlantic during the 2000s, which led to the Great Recession. The limited reforms that followed the Great Recession did not break up universal banks and shadow banks. Those reforms left in place a financial system that is prone to excessive risk-taking and vulnerable to contagious panics. A new Glass-Steagall Act is urgently needed to prevent another systemic crisis and restore a more stable and resilient financial system"--
650		0	_aUniversal banks.
650		0	_aBanks and banking, International.
650		0	_aBanking law.
650		0	_aSecurities.
650		0	_aOrganizational change.
776	0	8	_iOnline version: _aWilmarth, Arthur E., _tTaming the megabanks _dNew York : Oxford University Press, 2020. _z9780190260729 _w(DLC) 2020007760
942			_2lcc _cBKC
999			_c14135 _d14127