As I noted in this morning’s Sunday Talking Heads thread, Bill Moyers sat down with Anat Admati, the George G.C. Parker Professor of Finance and Economics at the Graduate School of Business at Stanford. The talked about the s
|By: Neil Barofsky Saturday April 20, 2013 1:59 pm|
In their groundbreaking new book, The Bankers’ New Clothes, Anat Admati and Martin Hellwig, two of the world’s most prominent and respected academics in finance and economics, expose the lies propagated by those who fight so dramatically to preserve the broken status quo. Argument by argument, scare tactic by scare tactic, they take on the bankers’ arguments and shred them, one by one, exposing them as nothing more than self-serving justifications for preserving a system that serves only the banks, not the general public. And most importantly, they do so in plain English with real world examples that are familiar to anyone who has ever had a bank account, a credit card, or a mortgage. They make the complex simple, and in so doing, reveal that as taxpayers we have been on the wrong side of a decades-long con that has enriched a handful of bankers while the rest of us suffer for their excesses.