Reading List: Too big to jail
- 23 February 2012
Simon Johnson reflects on a recent settlement in which five large banks "settled" their legal liability for carrying out fraudulent foreclosures on mortgages. He concludes that the outcome of the case sends the message that banks are not only "too big to fail, but also too big to jail." Project Syndicate
"Capital flight, soaring borrowing costs, tanking currency and stocks and a central bank forced to pump vast amounts of cash into local banks — that is what Japan may have to contend with if it fails to tackle its snowballing debt" – ouch! Reuters
Talk of bringing manufacturing "back to America" is foolish because the real issue isn't how to get manufacturing back. "It's how to get good jobs and good wages back. They aren't at all the same thing." Robert Reich
Richard Kirsch says republican candidates are split between supporting free market purists and the public's desire for a living wage. New Deal 2.0
After reading Ralph Hawtrey's Trade Depression and the Way Out, David Glasner highlights differences between the interwar and the pre-war gold standards and what would happen if a gold standard were to be restored today. Uneasy Money
Got any other suggestions for what we should be reading? Tell us below?
To receive our free email newsletter sign up here.
- The UK economy breaks new ground or rather the service sector does
- Millions of flood-risk properties to be left without home insurance
- Pensions: annuities can still offer good value, you just need to shop around
- Leeds is offering 4% on cash but you'll have to lock in for a decade
- Economy jumps past pre-crisis peak but we're not out of the woods yet
- Financial watchdog warns investors about interest rate risk to corporate bonds
- NS&I doubles the chance of becoming a premium bond millionaire
- 500,000 could miss out on compensation over mis-sold card and ID insurance
- The time may have finally come for electric cars and solar power
- Will the UK become a high tax economy?