Jimmy Stewart Is Dead: Ending the World's Ongoing Financial Plague With Limited Purpose Banking

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Jimmy Stewart Is Dead: Ending the World's Ongoing Financial Plague With Limited Purpose Banking

Format:  Hardcover,

241 pages

Publisher: John Wiley & Sons Inc

Publish Date: Mar 2010

ISBN-13: 9780470581551

ISBN-10: 0470581557

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The following content was provided by the publisher.
Discover how the global financial plague is poised to return, and what can be done to stop it

This is not your father's financial system. Jimmy Stewart, the trustworthy, honest banker in the movie, It's a Wonderful Life, is dead.?And so is his small-town bank, Bailey Savings & Loan. Instead, we're watching It's a Horrible Mess with Wall Street (aka the Vegas Strip) playing ever larger craps with our economy and our tax dollars.

This book, written by one of the world's most respected economist, describes in lively, humorous, simple, but also deadly serious terms the big con underlying the big game?the web of interconnected financial, political, and regulatory malfeasance that culminated in financial meltdown and brought us to our economic knees. But it also proposes an amazingly simply solution?Limited Purpose Banking to make Wall Street safe for Main Street.This book, as well as the financial fix described within it, have received rave reviews from a veritable who's who of policymakers and economics, plus five economics Nobel LaureatesWritten by a leading economist whose insights on this topic are unparalleledOutlines the first and only proposal to fundamentally fix our financial disaster for good

"Jimmy Stewart Is Dead" will fundamentally change the way you think about the economy, financial markets, and the government.

Specifications

Publisher: John Wiley & Sons Inc
Publish Date: Mar 2010
ISBN-13: 9780470581551
ISBN-10: 0470581557
Format: Hardcover
Number of Pages: 241
Shipping Weight (in pounds): 1.0
Product in Inches (L x W x H): 6.0 x 9.0 x 0.75

Chapter outline

Forewordp. xiii
Prefacep. xvii
Acknowledgmentsp. xxi
It's a Horrible Messp. 1
It's Not Bailey Savings & Loanp. 2
Economics Diary, Spring 2009: The D Wordp. 7
Economics Diary, August 22, 2009p. 9
The Treasury's No-Stress Stress Testp. 11
Economics Diary, August 26, 2009: The State of the Statesp. 11
It's the Psychology, Duh!p. 13
When Lexington, Massachusetts, Turns into Camden, New Jerseyp. 15
Economics Diary, August 29, 2009: The Great D or the Great R?p. 18
Systemic Risk Insurancep. 20
Who's Backstopping the Backstop?p. 21
Trust Doesn't Come Cheapp. 23
Full Nondisclosurep. 24
A System with No Firewallsp. 26
The Big Con: Financial Malfeasance, American Stylep. 31
Richard Fuld or Elmer Fudd?p. 32
Playing Bridge as Bear Burnedp. 34
Macho, Macho Menp. 38
Stan the Manp. 39
Economic Diary, August 11, 2009: Uncle Sam Sues Uncle Samp. 40
Economics Diary, September 14, 2009: Judge Rakoff to the SEC: "Drop Deadp. 42
The Prince of Rednessp. 42
CDOs to the Racesp. 44
CDO Liquidity Putsp. 45
AIG's Three-Hundred-Million-Dollar Manp. 47
Franklin Delano Rainesp. 51
Speculation with Other People's Moneyp. 52
It's the Leveraging, Not the Leveragep. 54
Stealing Other People's Moneyp. 57
Madoff's Ponzi Schemep. 58
The Essence of Ponzi Schemesp. 58
Economics' Take on Ponzi Schemesp. 61
Don't Show Me the Moneyp. 62
The Real Crime in a Ponzi Schemep. 65
Is the U.S. Banking System a Ponzi Scheme?p. 65
From Ponzi Schemes to Full Disclosurep. 67
Disclosure Is Essentialp. 69
Disclosure Is Not Enoughp. 70
Uncle Sam's Ponzi Schemep. 74
Fiscal Gap Accountingp. 75
Why Is the U.S. Fiscal Gap So Large?p. 76
Social Security's Unfunded Liabilityp. 77
Is the U.S. Bankrupt?p. 78
Uncle Sam's Dangerous Medicinep. 81
Sam's Got Your Backp. 83
Maturity Transformation in Theory and Practicep. 84
Backing the Buckp. 86
Opening Pandora's Boxp. 89
Economics Diary, September 14, 2009: Trade/Financial War with China?p. 90
Our Once and Future Horrible Messp. 91
Big Brother, Can You Spare One Hundred Billion?p. 91
Bailing Out Corporate Pensionsp. 94
Recapitalizing the Banksp. 98
Buying Up Toxic Assetsp. 102
GASP-The Geithner and Summers Planp. 103
Putting More of Someone Else's Skin in the Gamep. 106
Leverage upon Leveragep. 109
Weapons of Mass Financial Destructionp. 1109
The Dangers of Putting Wall Street on a Leashp. 112
This Sucker Could Go Downp. 115
Taking Stockp. 116
We Are Not All Keynesians Nowp. 118
Reviewing the Case for Radical Surgeryp. 122
Limited Purpose Bankingp. 123
Full Disclosure-No Plan Is Perfectp. 124
Banks = Mutual Fundsp. 126
The Federal Financial Authorityp. 126
Ending Insider Ratingp. 128
Bye-Bye, Bernie, Bye-Bye, Allenp. 128
Initiation, Not Securitization, Is the Problemp. 128
Securitizing Deathp. 130
Cash Mutual Fundsp. 131
Obviating FDIC Insurance and Capital Requirementsp. 132
Cash Mutual Funds and Narrow Bankingp. 132
Regaining Control of the Money Supplyp. 134
Insurance Mutual Fundsp. 136
Illustrating a Life Insurance Mutual Fundp. 137
Insuring the Uninsurable-A Life Insurance Examplep. 138
The Financial Risk of Swine Flup. 140
LPB Life Insurance Mutual Funds and Tontinesp. 142
Illustrating Other Types of Insurance Mutual Fundsp. 143
LPB Lets Us Leverage Us, But Not Our Countrymenp. 144
Using Insurance Mutual Funds to Buy and Sell CDSsp. 145
Sharing Aggregate Riskp. 146
Parimutuel Betting and Insurance Mutual Fundsp. 148
Betting on More than One Horse/Mortality Ratep. 148
Illustrating a Homeowner's Insurance Mutual Fundp. 149
Helping Solve the Corporate Governance Problemp. 150
Relationship of Limited Purpose Banking to Glass-Steagallp. 150
Isn't LPB Simply Imposing 100 Percent Capital Requirements?p. 151
Getting from Here to Therep. 155
Implementing Limited Purpose Bankingp. 156
Zombies and Gazellesp. 157
Deleveraging Investment Banking and Tradingp. 158
An End to Rogue Tradingp. 159
The Politics of Limited Purpose Bankingp. 161
What About?p. 163
Can We Just Agree to Agree?p. 165
Will LPB Reduce Liquidity?p. 166
Will LPB Reduce Credit?p. 166
Who Will Lend to Business?p. 167
Will LPB Reduce Leverage?p. 167
Will LPB Shrink the Financial Sector?p. 168
Doesn't LPB Force Us to Become Our Own Bankers?p. 168
Isn't LPB Reducing the Amount of Safe Assets?p. 168
Does LPB Require Homemade Insurance Policies?p. 170
Insuring Against Changes in Insurabilityp. 171
With LPB You Don't Know the Odds Until It's Too Latep. 172
Why Not Simply Correctly Price the Government's Guarantees?p. 172
How Will Monetary Policy Operate?p. 174
What about Foreign Assets?p. 175
Won't Americans Just Bank Abroad?p. 175
Doesn't LPB Dramatically Shrink the Money Supply?p. 176
What's the Role of the FFA in Investment Banking?p. 177
What about Venture Capital, Private Equity Firms, and Hedge Funds?p. 178
Is GE a Bank under LPB?p. 178
Can't Nonfinancial Corporations Play Conventional Bank?p. 179
Why Let Proprietorships Run Traditional Banks?p. 179
Will LPB Prevent Financial Panics?p. 179
LPB Will Destroy Valuable Relationships and Information Banks Have About Their Borrowersp. 180
Economics Diary, November 11, 2009: Whither the Economy?p. 181
Conclusionp. 189
Afterword: Fixing the Rest of Our Economic Messp. 191
Fixing Taxes: The PurpleTaxp. 192
Fixing Healthcare: Medicare Part C for All!p. 197
Fixing Social Security and Retirement Accounts: The Personal Security Systemp. 201
Removing the Fiscal and Economic Swords of Damoclesp. 204
Notesp. 207
About the Authorp. 227
Indexp. 229

Awards and Recognitions

  • PSP Prose Awards, 2010 (United States)

Book description

Discover how the global financial plague is poised to return, and what can be done to stop it

This is not your father's financial system. Jimmy Stewart, the trustworthy, honest banker in the movie, It's a Wonderful Life, is dead.? And so is his small-town bank, Bailey Savings & Loan. Instead, we're watching It's a Horrible Mess with Wall Street (aka the Vegas Strip) playing ever larger craps with our economy and our tax dollars.

This book, written by one of the world's most respected economist, describes in lively, humorous, simple, but also deadly serious terms the big con underlying the big game? the web of interconnected financial, political, and regulatory malfeasance that culminated in financial meltdown and brought us to our economic knees.

But it also proposes an amazingly simply solution? Limited Purpose Banking to make Wall Street safe for Main Street.

  • This book, as well as the financial fix described within it, have received rave reviews from a veritable who's who of policymakers and economics, plus five economics Nobel Laureates
  • Written by a leading economist whose insights on this topic are unparalleled
  • Outlines the first and only proposal to fundamentally fix our financial disaster for good

Jimmy Stewart Is Dead will fundamentally change the way you think about the economy, financial markets, and the government.

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