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Lessons Not Learned - 10 Steps to Stable Financial Markets (Paperback, 1)
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Lessons Not Learned - 10 Steps to Stable Financial Markets (Paperback, 1)
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Much has been written and spoken about the lessons learned from the
financial crisis of 2009. This book deals with the lessons not
learned before the financial crisis. Dr Trimbath demonstrates that
an existing framework for regulating financial systems, available
since at least 2001, could have prevented the systemic failure in
the US that led to the collapse of global credit markets in 2008.
Step by step the book guides you through what could have been done
to prevent the crisis and what investors can do to protect
themselves from the next one, and concludes with a key idea for
making financial services businesses stand out from the crowd
ensuring future success. The list of 10 Steps is quite
straight-forward and simple. Have private, independent rating
agencies. Provide some government safety net but not so much that
banks are not held accountable (""Too Big to Fail"") Allow very
little government ownership and control of national financial
assets. Allow banks to reduce the volatility of returns by offering
a wide-range of services. Require financial market players to
register and be authorized. Provide information, including setting
standards, to enhance market transparency. Routinely examine
financial institutions to ensure that the regulatory code is
obeyed. Enforce the code and discipline transgressors. Develop
policies that keep the regulatory code up to date. Encourage the
creation of specialized financial institutions. For each step the
reader will find: the legislative and regulatory background on the
existing rules; a review of academic research on the theory behind
each step; and the facts and data connecting each step to the
financial crisis of 2008.
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