Title
Taming the Megabanks: Why We Need a New GlassSteagall Act,Used
Delivery time: 8-12 business days (International)
Banks were allowed to enter securities markets and become universal banks during two periods in the past century the 1920s and the late 1990s. Both times, universal banks made highrisk loans and packaged them into securities that were sold as safe investments to poorlyinformed investors. Both times, universal banks promoted unsustainable booms that led to destructive busts the Great Depression of the early 1930s and the Global Financial Crisis of 200709. Both times, governments were forced to arrange costly bailouts of universal banks.Congress passed the GlassSteagall Act of 1933 in response to the Great Depression. The Act broke up universal banks and established a decentralized financial system composed of three separate and independent sectors: banking, securities, and insurance. That system was stable and successful for over four decades until the bigbank lobby persuaded regulators to open loopholes in GlassSteagall during the 1980s and convinced Congress to repeal it in 1999.Congress did not adopt a new GlassSteagall Act after the Global Financial Crisis. Instead, Congress passed the DoddFrank Act. DoddFrank's highly technical reforms tried to make banks safer but left in place a dangerous financial system dominated by universal banks. Universal banks continue to pose unacceptable risks to financial stability and economic and social welfare. They exert far too much influence over our political and regulatory systems because of their immense size and their undeniable "toobigtofail" status.In Taming the Megabanks, Arthur Wilmarth argues that we must again separate banks from securities markets to avoid another devastating financial crisis and ensure that our financial system serves Main Street business firms and consumers instead of Wall Street bankers and speculators. Wilmarth's comprehensive and detailed analysis demonstrates that a new GlassSteagall Act would make our financial system much more stable and less likely to produce boomandbust cycles. Giant universal banks would no longer dominate our financial system or receive enormous subsidies. A more decentralized and competitive financial system would encourage banks and securities firms to fulfill their proper roles as servants not masters of Main Street businesses and consumers.
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Shipping & Returns
Shipping
We ship your order within 2–3 business days for USA deliveries and 5–8 business days for international shipments. Once your package has been dispatched from our warehouse, you'll receive an email confirmation with a tracking number, allowing you to track the status of your delivery.
Returns
To facilitate a smooth return process, a Return Authorization (RA) Number is required for all returns. Returns without a valid RA number will be declined and may incur additional fees. You can request an RA number within 15 days of the original delivery date. For more details, please refer to our Return & Refund Policy page.
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Warranty
We provide a 2-year limited warranty, from the date of purchase for all our products.
If you believe you have received a defective product, or are experiencing any problems with your product, please contact us.
This warranty strictly does not cover damages that arose from negligence, misuse, wear and tear, or not in accordance with product instructions (dropping the product, etc.).
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Your payment information is processed securely. We do not store credit card details nor have access to your credit card information.
We accept payments with :
Visa, MasterCard, American Express, Paypal, Shopify Payments, Shop Pay and more.