The U.S. banking system, its regulation and deregulation, and
especially its deposit guarantees, continue to pose complex
problems. The Crisis in American Banking offers six original
perspectives on this continuing crisis, drawing from modern
Austrian economics and from public choice theories that have seldom
been applied to contemporary banking troubles. The contributors
suggest that political regulation has seriously impaired the health
of the banking industry. The authors consider long-term prospects
for reform in the banking industry in light of the regulatory
environment Much in the news lately, the U.S. banking system, its
regulation and deregulation, and its troubles, pose a persistent
and complex problem for Americans. This timely volume offers six
original perspectives keyed to the continuing crisis in the U.S.
banking industry. Several authors draw from modern Austrian
economics or from public choice theory ideas that have seldom been
applied to explaining contemporary banking problems. A pervasive
theme of the ideas presented is that the U.S. banking crisis is
fundamentally linked to the political regulation of banking. Taken
as a whole, the book suggests that government regulatory,
macroeconomic, and fiscal policies have seriously impaired the
health of the banking industry. The Crisis in American Banking
compellingly explains how rent-seeking, ideology, and the
historical accretion of regulations have given banking policy its
current unfortunate form. Also considered are the long term
prospects for reform of banking regulation, and for the banking
industry itself in light of the current and foreseeable regulatory
environment. At present, the state of the U.S. commercialbanking
industry and the FDIC suggests disturbing parallels to the state of
the savings and loan industry and the FSLIC a decade earlier. The
policy regime that allowed their problems to develop does not seem
to be on the verge of any dramatic change. The reluctance of
Congress to enact real reforms means that the critical analyses and
reform proposals in this volume will remain relevant for some time
to come.
Contributing to the volume are: Gerald P. Driscoll, Jr. (Vice
President and Economic Advisor, Federal Reserve Bank of Dallas),
Roger W. Garrison (Auburn University), Thomas Havrilesky (Duke
University), George G. Kaufman (Loyola University of Chicago),
Richard M. Salsman (Vice President, Financial Institutions Group of
Citibank), and Walker Todd (Gulliver Foundation, San
Francisco).
General
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