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

ISBN-10: 1118011333
ISBN-13: 9781118011331
Edition: 2010
List price: $11.99 Buy it from $8.21
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Description: Discover how the global financial plague is poised to return, and what can be done to stop itThis 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  More...

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Book details

List price: $11.99
Copyright year: 2010
Publisher: John Wiley & Sons, Limited
Publication date: 4/15/2011
Binding: Paperback
Pages: 241
Size: 5.25" wide x 8.75" long x 0.75" tall
Weight: 0.660
Language: English

Discover how the global financial plague is poised to return, and what can be done to stop itThis 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 is also proposes a solution-Limited Purpose Banking, a straightforward and easily implemented plan to make Wall Street safe for Main Street. Outlines the first and only proposal to fundamentally fix our financial disaster for good Written by a leading economist whose insights on this topic are unparalleled Explains the tenets of the plan, such as the regained government control of the money supply and the new role of insurance companiesJimmy Stewart Is Dead will fundamentally change the way you think about the economy, financial markets, and the government-sand even if you don't agree with Kotlikoff's conclusion, you'll find his analysis of the crisis and his simple solution a true economic eye-opener.

Laurence J. Kotlikoff, one of the nation's leading experts on fiscal policy, national saving, and personal finance and a columnist for Bloomberg, is Professor of Economics at Boston University. His writings and views appear in Forbes, the Economist, the Financial Times, the Wall Street Journal, the New York Times, and other leading media outlets.

Foreword
Preface
Acknowledgments
It's a Horrible Mess
It's Not Bailey Savings & Loan
Economics Diary, Spring 2009: The D Word
Economics Diary, August 22, 2009
The Treasury's No-Stress Stress Test
Economics Diary, August 26, 2009: The State of the States
It's the Psychology, Duh!
When Lexington, Massachusetts, Turns into Camden, New Jersey
Economics Diary, August 29, 2009: The Great D or the Great R?
Systemic Risk Insurance
Who's Backstopping the Backstop?
Trust Doesn't Come Cheap
Full Nondisclosure
A System with No Firewalls
The Big Con: Financial Malfeasance, American Style
Richard Fuld or Elmer Fudd?
Playing Bridge as Bear Burned
Macho, Macho Men
Stan the Man
Economic Diary, August 11, 2009: Uncle Sam Sues Uncle Sam
Economics Diary, September 14, 2009: Judge Rakoff to the SEC: "Drop Dead"
The Prince of Redness
CDOs to the Races
CDO Liquidity Puts
AIG's Three-Hundred-Million-Dollar Man
Franklin Delano Raines
Speculation with Other People's Money
It's the Leveraging, Not the Leverage
Stealing Other People's Money
Madoff's Ponzi Scheme
The Essence of Ponzi Schemes
Economics' Take on Ponzi Schemes
Don't Show Me the Money
The Real Crime in a Ponzi Scheme
Is the U.S. Banking System a Ponzi Scheme?
From Ponzi Schemes to Full Disclosure
Disclosure Is Essential
Disclosure Is Not Enough
Uncle Sam's Ponzi Scheme
Fiscal Gap Accounting
Why Is the U.S. Fiscal Gap So Large?
Social Security's Unfunded Liability
Is the U.S. Bankrupt?
Uncle Sam's Dangerous Medicine
Sam's Got Your Back
Maturity Transformation in Theory and Practice
Backing the Buck
Opening Pandora's Box
Economics Diary, September 14, 2009: Trade/Financial War with China?
Our Once and Future Horrible Mess
Big Brother, Can You Spare One Hundred Billion?
Bailing Out Corporate Pensions
Recapitalizing the Banks
Buying Up Toxic Assets
GASP-The Geithner and Summers Plan
Putting More of Someone Else's Skin in the Game
Leverage upon Leverage
"Weapons of Mass Financial Destruction"
Proposed "Control of Derivatives"
The Dangers of Putting Wall Street on a Leash
"This Sucker Could Go Down"
Taking Stock
We Are Not All Keynesians Now
Reviewing the Case for Radical Surgery
Limited Purpose Banking
Full Disclosure-No Plan Is Perfect
Banks = Mutual Funds
The Federal Financial Authority
Ending Insider Rating
Bye-Bye, Bernie, Bye-Bye, Allen
Initiation, Not Securitization, Is the Problem
Securitizing Death
Cash Mutual Funds
Obviating FDIC Insurance and Capital Requirements
Cash Mutual Funds and Narrow Banking
Regaining Control of the Money Supply
Insurance Mutual Funds
Illustrating a Life Insurance Mutual Fund
Insuring the Uninsurable-A Life Insurance Example
The Financial Risk of Swine Flu
LPB Life Insurance Mutual Funds and Tontines
Illustrating Other Types of Insurance Mutual Funds
LPB Lets Us Leverage Us, But Not Our Countrymen
Using Insurance Mutual Funds to Buy and Sell CDSs
Sharing Aggregate Risk
Parimutuel Betting and Insurance Mutual Funds
Betting on More than One Horse/Mortality Rate
Illustrating a Homeowner's Insurance Mutual Fund
Helping Solve the Corporate Governance Problem
Relationship of Limited Purpose Banking to Glass-Steagall
Isn't LPB Simply Imposing 100 Percent Capital Requirements?
Getting from Here to There
Implementing Limited Purpose Banking
Zombies and Gazelles
Deleveraging Investment Banking and Trading
An End to Rogue Trading
The Politics of Limited Purpose Banking
What About?
Can We Just Agree to Agree?
Will LPB Reduce Liquidity?
Will LPB Reduce Credit?
Who Will Lend to Business?
Will LPB Reduce Leverage?
Will LPB Shrink the Financial Sector?
Doesn't LPB Force Us to Become Our Own Bankers?
Isn't LPB Reducing the Amount of Safe Assets?
Does LPB Require Homemade Insurance Policies?
Insuring Against Changes in Insurability
With LPB You Don't Know the Odds Until It's Too Late
Why Not Simply Correctly Price the Government's Guarantees?
How Will Monetary Policy Operate?
What about Foreign Assets?
Won't Americans Just Bank Abroad?
Doesn't LPB Dramatically Shrink the Money Supply?
What's the Role of the FFA in Investment Banking?
What about Venture Capital, Private Equity Firms, and Hedge Funds?
Is GE a Bank under LPB?
Can't Nonfinancial Corporations Play Conventional Bank?
Why Let Proprietorships Run Traditional Banks?
Will LPB Prevent Financial Panics?
LPB Will Destroy Valuable Relationships and Information Banks Have About Their Borrowers
Economics Diary, November 11, 2009: Whither the Economy?
Conclusion
Afterword: Fixing the Rest of Our Economic Mess
Fixing Taxes: The Purple Tax
Fixing Healthcare: Medicare Part C for All!
Fixing Social Security and Retirement Accounts: The Personal Security System
Removing the Fiscal and Economic Swords of Damocles
Notes
About the Author
Index

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