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 War II 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.
Table of Content
Foreword by Niall Ferguson.
Acknowledgments.
Introduction.
PART I: IN PERSPECTIVE.
1 Past Blunders and Future Choices.
2 Reflections on Business, the Lessons of History, and Globalization.
3 If Adam Smith Were Alive Today.
PART II: NEGLECTED EARLY WARNINGS.
4 Troubling Trends in Financial Markets and Official Policies.
5 Debt: The Threat to Economic and Financial Stability.
6 The Decapitalization of American Corporations.
7 Shortcomings in Financial Oversight.
PART III: THE BIGNESS DILEMMA.
8 From Financial Segmentation to Concentration.
9 Financial Concentration in Economic Thought.
10 Do We Still Need Glass-Steagall?
11 Banking and Commerce Should Not Merge.
PART IV: FINANCIAL CRISES.
12 Postwar Financial Crises, 1966-2001.
13 The Great Financial Crisis of 2007-2009.
PART V: POLICY FAILURES AND REFORMS.
14 Public Policy and the Markets.
15 The Perils of Monetary Gradualism.
16 The Fed and the Governance of Financial Institutions.
17 Transparency and the Fed.
PART VI: PROSPECTS.
18 Prospects for Interest Rates.
19 The Financial Consequences of the Credit Crisis.
Selected Bibliography.
About the Author.
Index.
About the author
Henry Kaufman, Ph D, has been President of Henry Kaufman & Company Inc., an investment management and economic and financial consulting firm, since April 1988. For twenty-six years, Kaufman was with Salomon Brothers Inc., where he served as a managing director, vice chairman, and member of the executive committee, and was in charge of Salomon’s four research departments. He currently is a trustee at New York University; Chairman Emeritus of the Board of Overseers at the NYU Stern School of Business; Chairman Emeritus of the Institute of International Education; and trustee of the Norton Museum. Kaufman is author of On Money and Markets and Interest Rates, the Markets, and the New Financial World, and a regular contributor to the New York Times, Wall Street Journal, and Financial Times (London). He received a BA in economics from New York University, an MS in finance from Columbia University, a Ph D in banking and finance from the New York University Graduate School of Business Administration, and was awarded honorary doctorates from NYU, Yeshiva University, and Trinity College.
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