Sheila Bair’s new book

17 Oct

An inside look at the financial meltdown, with shocking revelations!

I put this one in the jaw hits floor category, and for more than one reason. (Sheila ran the FDIC during the financial crisis and her book is titled Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself).

The book is remarkably full of information and substantive narrative. Few books pack in so much and I mean this in a very positive way. I learned something on virtually every page, even after having read many of the other crisis books.

Yet her running claim that she had a plan to end the bailouts, or abolish “Too Big To Fail” is absurd. (Though most of these people do.) She should be presenting only the more modest argument that it would have been better to distribute more losses on creditors, which indeed she did advocate. Her narrative overreaches by a long mile.

Second, to a remarkable degree, she sees everyone else in the process as filled with fault and herself as never at fault. She has zero qualms about ceaselessly flinging mud out the rear view mirror, and does so for even the tiniest and pettiest of squabbles, including ones the readers never knew or cared about. Geithner by the way is villain number one but no one else on the scene matches her virtue and common sense and scarcely a page flies by when we are allowed to forget this.

via Sheila Bair’s new book.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: