Why Wall Street Matters

Why Wall Street Matters

Book - 2017
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"Anti-bank sentiment has reached a boiling point in America. What started with Occupy Wall Street and Bill Maher satirically calling for the death of Wall Street bankers has culminated with Bernie Sanders pushing the dissolution of the big banks into the official 2016 Democratic platform. But in Cohan's estimation, that sentiment is not only woefully ill-informed, but dangerously naive. Starting with what Wall Street literally is and what it actually does, Cohan swiftly debunks all of the misinformed arguments against it while acknowledging the problems that fuel those feelings. We can be mad at the greed and excess, but at the end of the day, Wall Street is the capital in capitalism, and when its working right, is the invisible engine that powers the ideas we have and the lives we love"-- Provided by publisher
"A timely, counterintuitive defense of Wall Street and the big banks as the invisible--albeit flawed--engines that power our ideas, and should be made to work better for all of us Maybe you think the banks should be broken up and the bankers should be held accountable for the financial crisis in 2008. Maybe you hate the greed of Wall Street but know that it's important to the proper functioning of the world economy. Maybe you don't really understand Wall Street, and phrases such as "credit default swap" make your eyes glaze over. Maybe you are utterly confused by the fact that after attacking Wall Street mercilessly during his campaign, Donald Trump has surrounded himself with Wall Street veterans. But if you like your smart phone or your widescreen TV, your car or your morning bacon, your pension or your 401(k), then--whether you know it or not--you are a fan of Wall Street. William D. Cohan is no knee-jerk advocate for Wall Street and the big banks. He's one of America's most respected financial journalists and the progressive bestselling author of House of Cards. He has long been critical of the bad behavior that plagued much of Wall Street in the years leading up to the 2008 financial crisis, and because he spent seventeen years as an investment banker on Wall Street, he is an expert on its inner workings as well. But in recent years he's become alarmed by the cheap shots and ceaseless vitriol directed at Wall Street's bankers, traders, and executives--the people whose job it is to provide capital to those who need it, the grease that keeps our economy humming. In this brisk, no-nonsense narrative, Cohan reminds us of the good these institutions do--and the dire consequences for us all if the essential role they play in making our lives better is carelessly curtailed. Praise for William D. Cohan "Cohan writes with an insider's knowledge of the workings of Wall Street, a reporter's investigative instincts and a natural storyteller's narrative command."--The New York Times "[Cohan is] one of our most able financial journalists."--Los Angeles Times "A former Wall Street man and a talented writer, [Cohan] has the rare gift not only of understanding the fiendishly complicated goings-on, but also of being able to explain them in terms the lay reader can grasp."--The Observer (London)"-- Provided by publisher
Publisher: New York : Random House, [2017]
Edition: First edition
Copyright Date: ©2017
ISBN: 9780399590696
0399590692
9780399590702
Branch Call Number: 332.64 Cohan 2017
Characteristics: xxx, 154 pages ; 20 cm

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cello9flute
Mar 20, 2017

I highly recommend this book as an introduction to what the 2008 financial crisis was all about, and, as the title states "why Wall Street matters." It is aimed at the general reader who does not have a background in finance. The author explains something often ignored in political rhetoric about Wall Street: it plays a vital role in providing capital to America's businesses and industries, and to individuals. ( by facilitating mortgages, auto loans and credit cards). He feels it needs to be reformed, but not in the way envisioned by Dodd Frank, the Volker Rule, and Elizabeth Warren. Those reforms have greatly increased the time and money banks and Wall Street firms have to spend on compliance and have made them reluctant or unable to offer credit to business. Hence the slow growth that has plagued the economy for the past 7 years. Get rid of these regulations and change the compensation practices on the Street so that the personal finances of significant members of the a given institution. will be at risk if they engage in risky business practices

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StarGladiator
Mar 09, 2017

Before reading this book please, please, please first read David Dayen's masterful book, Chain of Title, and then read The Case For the Corporate Death Penalty, by Mary Kreiner Ramirez [and should you really wish to be thorough, Web of Debt by Ellen Brown, The Rich and the Super-Rich by Ferdinand Lundberg and Treasure Islands by Nicholas Shaxson]. The author does mention Venrock Associates, with mentioning that was the Rockefeller family [which made some original nifty investments in Intel, Apple, Microsoft and a few others - - how much did Forbes claim they were worth???? Never believe a magazine founded by the descendant of a major drug dealer!]

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skepticalcitizen
Mar 03, 2017

Easily read book by a former senior investment banker with a major theme of why Wall Street is so important to the US economy. The author is clearly pro-Wall Street, and strongly against Glass-Steagall, Dodd-Frank, the Volcker Rule, and Senator Elizabeth Warren. I must appreciate his well-summarized viewpoints, although generally disagree with him.

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