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?
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- UK slips into deflation for the first time since the sixties
- Ombudsman reveals 278% rise in fee-charging bank account complaints as it marks its 15th anniversary
- The Wellesley Mini-Bond offers up to 7% gross interest per annum
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- Share Centre says Vodafone is a 'buy' despite profit fall
- Barclays hit with record-breaking £1.53bn fine as banks' total forex rigging bill reaches £4bn
- Are bond bubble fears justified? Two experts share contrasting views
- CBI calls on business to speak up for importance of staying in EU
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