Market Rules: Bankers, Presidents, and the Origins of the Great Recession

Mark H. Rose

Published by University of Pennsylvania Press 2019

Market Rules

Bankers, Presidents, and the Origins of the Great Recession

Mark H. Rose

In the series American Business, Politics, and Society

https://doi.org/10.9783/9780812295665

Overview
Contents

About this book

Market Rules explains in accessible language how federal laws, regulatory rulings, and bankers' decisions shaped the financial industry as it existed at the time of the 2008 financial crisis.

Author / Editor information

Mark H. Rose is Professor of History at Florida Atlantic University. He is author or editor of several books, including The Best Transportation System in the World, also available from the University of Pennsylvania Press.

Reviews

"Mark Rose's engaging study follows a group of men, who, over successive presidential administrations, helped transform the landscape of American banking in the late twentieth century. Rose makes a compelling argument that the history of American banking is a fundamentally political one. In its focus on politics and people at the center of banking, Market Rules offers a unique voice."—Susie Pak, St. John's University

"Compared to half a century ago, America has many fewer and much larger banks. Mark Rose's engaging study shows that this was far from a market outcome. It was a product of bank politics: entrepreneurial bankers persuaded U.S. presidents and regulators that ever-larger, less regulated 'supermarket' banks were more efficient, more stable, and thus more growth-promoting. The actual outcome—financial crisis, the Great Recession, and slower growth—lead Rose to suggest that, in banking, political clout trumped economic efficiency."—Richard Sylla, New York University

"Mark Rose has written a lively and lucid account of banking and financial history over the past half century, laying out the grand ambitions and rivalries of leading bankers and policymakers like Walter Wriston, Donald T. Regan, and Sandy Weill—and the changing strategies for delivering economic growth led by presidents Kennedy, Reagan, and Obama. Market Rules relates the history of today's massive multipurpose banks, the 2008 crisis, and its aftermath to broader trends in American society and life from the 1960s to the present. It is a great achievement."—Walter Friedman, Harvard Business School

Topics

Frontmatter Publicly Available Download PDF	i
CONTENTS Publicly Available Download PDF	vii
Preface Publicly Available Download PDF	ix
Introduction. Politics and the Markets They Made Requires Authentication Unlicensed Licensed Download PDF	1
PART I. LAWMAKERS AND REGULATORS
Chapter 1. Deregulation Before Deregulation: John Kennedy, Lyndon Johnson, and James Saxon Requires Authentication Unlicensed Licensed Download PDF	13
Chapter 2. Supermarket Banks: Richard Nixon and Donald Regan Requires Authentication Unlicensed Licensed Download PDF	39
PART II. BANKERS IN POLITICS
Chapter 3. Rescuing Banks Through Growth: Walter Wriston and Citicorp Requires Authentication Unlicensed Licensed Download PDF	67
Chapter 4. A Marine in Banker’s Clothing: Hugh McColl and North Carolina National Bank Requires Authentication Unlicensed Licensed Download PDF	84
PART III. NEW REGIMES FOR BANKERS
Chapter 5. Full-Service Banks: Bill Clinton and Sandy Weill Requires Authentication Unlicensed Licensed Download PDF	105
Chapter 6. God’s Work in Finance: Ken Lewis, Charles Prince, Richard Fuld, and Henry Paulson Requires Authentication Unlicensed Licensed Download PDF	132
Chapter 7. Reregulating the Regulators: Barack Obama and Timothy Geithner Requires Authentication Unlicensed Licensed Download PDF	159
Epilogue. Another Round of Bank Politics Requires Authentication Unlicensed Licensed Download PDF	180
Notes Requires Authentication Unlicensed Licensed Download PDF	197
Index Requires Authentication Unlicensed Licensed Download PDF	239
Acknowledgments Requires Authentication Unlicensed Licensed Download PDF	255

Language: English
Publisher: University of Pennsylvania Press
Audience: College/higher education;
Pages
- Main content: 272
Keywords: American History; Business; Public Policy; American Studies; Business; Economics; Political Science

eBook

Published: November 17, 2018
ISBN: 9780812295665