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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- How do we defuse the UK student debt time bomb?
- The Bank of England blows its own trumpet but what purpose is it now serving?
- Spain continues a more than welcome economic recovery
- Government incentive to encourage retirees to delay taking state pension slashed by almost 50%
- Can Twitter become a viable alternative to Facebook?
- "Should I stay or should I go?" What to consider if your investment fund is under-performing
- Which towns pay the highest amount of income tax in the UK?
- Your glasses may be stylish but is your eye test more important? The MM interview
- First Time Buyers pushed even further out of the property market
- Households need to act swiftly or risk being hit with an energy bill rise of almost £200