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Panic in the Loop: Chicago's Banking Crisis of 1932 de Raymond B. Vickers

Panic in the Loop: Chicago's Banking Crisis of 1932

Autor Raymond B. Vickers
en Limba Engleză Paperback – 9 oct 2013

Bazându-ne pe o gamă vastă de înregistrări oficiale coroborate în premieră, remarcăm în Panic in the Loop o radiografie necruțătoare a mecanismelor care au transformat o criză locală în Chicago într-un dezastru economic național. Autorul Raymond B. Vickers, dublat de experiența sa ca fost reglementator financiar, nu se limitează la o simplă cronologie, ci expune modul în care corupția politică și frauda sistemică au fost protejate de lipsa de transparență a sistemului de reglementare. Analiza sa debutează cu ascensiunea și căderea unor figuri centrale precum Samuel Insull și Charles Dawes, oferind o perspectivă rară asupra modului în care „insiderii” au manipulat instituțiile publice prin sistemul „ușilor rotative”.

Notăm cu interes structura riguroasă a volumului, care ghidează cititorul prin optica abuzurilor de la Reconstruction Finance Corporation și până la deznodământul capitolului despre „Câștigători și Pierzători”. Această abordare acoperă aceeași arie tematică precum A Critical History of Financial Crises de Kedar-Levy Haim, dar cu o metodologie mult mai aplicată pe documente de arhivă specifice și pe mecanismele juridice ale fraudei, spre deosebire de viziunea teoretică generală a lui Kedar-Levy.

Prin integrarea bibliografiei critice și a notelor detaliate, Raymond B. Vickers demonstrează că eșecurile din 1932 au fost repetate aproape identic în 2008. Remarcăm faptul că autorul pledează pentru eliminarea secretului bancar ca măsură de prevenție, oferind o lecție de istorie economică esențială pentru înțelegerea fragilității sistemului financiar american. Este o lucrare academică ce demitizează ideea de „criză inevitabilă”, arătând cum opacitatea reglementărilor a permis abuzurilor să înflorească timp de decenii.

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Livrare economică 19 mai-02 iunie

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Specificații

ISBN-13: 9780739166413
ISBN-10: 0739166417
Pagini: 347
Dimensiuni: 154 x 230 x 27 mm
Greutate: 0.56 kg
Editura: Bloomsbury Publishing
Colecția Lexington Books
Locul publicării:New York, United States

De ce să citești această carte

Această carte este indispensabilă pentru economiști și istorici care doresc să înțeleagă rădăcinile corupției sistemice în bankingul american. Cititorul câștigă o perspectivă documentată asupra modului în care secretul reglementărilor facilitează frauda, oferind argumente solide pentru transparență. Este un studiu de caz esențial despre cum legăturile dintre elitele financiare și politicieni pot declanșa colapsuri economice globale, rămânând relevantă pentru contextul financiar actual.

Descriere

Relying on a broad array of records used together for the first time, Panic in the Loop reveals widespread fraud and insider abuse by bankers-and the complicity of corrupt politicians-that caused the Chicago banking debacle of 1932. It provides a fresh interpretation of the role played by bankers who turned the nation's financial crisis of the early 1930s into the decade-long Great Depression. It also calls for the abolition of secrecy that still permeates the bank regulatory system, which would have prevented the Enron fiasco and the financial meltdown of 2008. This book focuses on the recurrent failures of the financial system-the savings and loan crisis of the 1980s, the Enron debacle of the early 2000s, and finally the financial collapse of 2008. Because of regulatory secrecy, knowing what happened in Chicago in 1932 is critical to understanding the glaring problems in the regulation of American finance, in particular the lack of transparency, the abuse of financial institutions by insiders, and the capture of public institutions by insiders going through the revolving door between the private and public sectors. Eight decades later little has changed. The regulatory failures of the 1930s-especially the pervasive system of secrecy that allowed the fraud and insider abuse to flourish-were repeated during the collapse of 2008. Transparency would strike at the alliance between the executives of financial institutions and public officials, who caused the worst economic upheaval since the Great Depression.

Cuprins

Contents
Introduction
Chapter 1: Insiders of Business and Banking: Samuel Insull and Charles Dawes
Chapter 2: The Fall of Insull
Chapter 3: Insiders at the Reconstruction Finance Corporation
Chapter 4: Insider Abuse at the Dawes Bank
Chapter 5: Dawes Plays His Hand
Chapter 6: Playing the Young Card
Chapter 7: The Winners and Losers
Conclusion
Bibliographical Essay
Abbreviations Used in the Notes
Notes
Select Bibliography
Index

Recenzii

In this book, Raymond Vickers, author of Panic in Paradise (1996), provides yet another masterful indictment of regulatory secrecy in the financial markets. Panic in the Loop highlights the pattern of 'crony banking' in the United States' financial sector, this time examining the 1932 panic in Chicago. Vickers relates how a network of wealthy insiders in Illinois's banking system-including state and federal regulators-enabled reckless, inappropriate, and illegal borrowing that eventually caused the failure of thirty-four Chicago banks during 1932.
Vickers writes out of a particular context-he traces a clear line running from 1932 to 2008, and he makes a compelling case that while details have changed, in fundamental ways the Great Depression and our own era shared key similarities. Above all, he makes clear that lack of transparency, then and now, enabled the cronyism and corruption that brought down towering financial structures, wreaked havoc on countless lives, yet never resulted in proper blame and punishment.
Vickers has produced a book that stands out in the scholarship of the banking crisis of the 1930s. It's also greatly relevant to the recent financial collapse that has rocked the American and world economies. In the more than 75 years since the 1932 Chicago banking crisis little has changed. Insider abuse at banks, weak regulation, and the protection of miscreants by powerful politicians of both major parties characterize what happened in the 1930s and recently. Deeply probing research in records often over looked by scholars allows Vickers to carefully expose the web of private and public influence and often fraudulent behavior that sank Chicago's leading banks in the 1930s. His research should inspire scholars and investigators determined to discover the roots of our recent financial collapse.
Panic in the Loop is timely in view of the current financial crisis. Vickers uncovers the corruption, betrayal, and theft of public and private funds in 1932 Chicago and establishes a model for uncovering contemporary financial chicanery. Discussion of the Enron crisis gives the analysis contemporary value and validity and raises the specter of corruption behind the sub-prime mortgage facade, corruption authorities (the regulated and the regulators) will use every device at their disposal to hide from the public. Scholars and students will find Panic in the Loop a worthy title for reading lists.
Rarely has the case for transparency in the regulation banks been made so well. It is hard to imagine that the bankers that caused the Chicago panic of 1932 would have been so brazen or the regulators so slow to stop them if their actions had been quickly made public.