Broken Bargain: Bankers, Bailouts and the Struggle to Tame Wall Street

Tenley-Friendship Library

Broken Bargain: Bankers, Bailouts and the Struggle to Tame Wall Street

Monday, July 22, 2019, 7 p.m.

Please join us for an author talk with Kathleen Day. 
 

Ten years after the Great Recession, a history of major financial crises—and how taxpayers have been left with the bill​

In the 1930s, battered and humbled by the Great Depression, the U.S. financial sector struck a grand bargain with the federal government. Bankers gained a safety net in exchange for certain curbs on their freedom: transparency rules, record-keeping and antifraud measures and fiduciary responsibilities. While these regulations have evolved over time, the underlying bargain played a major role in preserving the stability of the financial markets and the larger economy. By the free-market era of the 1980s and ’90s, however, Wall Street argued that rules embodied in New Deal–era regulations to protect consumers and ultimately taxpayers were no longer needed—and government agreed.

This engaging history documents the country’s financial crises, focusing on those of the 1920s, the 1980s, and the 2000s, and reveals how the more recent crises arose from the neglect of this fundamental bargain, and how taxpayers have been left with the bill.


Kathleen Day has worked for thirty years as a business reporter for the Washington PostLos Angeles Times, and USA Today. She joined the Johns Hopkins Carey Business School in 2013 as a professor of financial crises. She lives in Washington, D.C.
 

 

Add to Calendar 22-07-2019 19:00:00 22-07-2019 20:00:00 Broken Bargain: Bankers, Bailouts and the Struggle to Tame Wall Street Please join us for an author talk with Kathleen Day.    Ten years after the Great Recession, a history of major financial crises—and how taxpayers have been left with the bill​ In the 1930s, battered and humbled by the Great Depression, the U.S. financial sector struck a grand bargain with the federal government. Bankers gained a safety net in exchange for certain curbs on their freedom: transparency rules, record-keeping and antifraud measures and fiduciary responsibilities. While these regulations have evolved over time, the underlying bargain played a major role in preserving the stability of the financial markets and the larger economy. By the free-market era of the 1980s and ’90s, however, Wall Street argued that rules embodied in New Deal–era regulations to protect consumers and ultimately taxpayers were no longer needed—and government agreed. This engaging history documents the country’s financial crises, focusing on those of the 1920s, the 1980s, and the 2000s, and reveals how the more recent crises arose from the neglect of this fundamental bargain, and how taxpayers have been left with the bill. Kathleen Day has worked for thirty years as a business reporter for the Washington Post, Los Angeles Times, and USA Today. She joined the Johns Hopkins Carey Business School in 2013 as a professor of financial crises. She lives in Washington, D.C.     false DD/MM/YYYY

    Broken bargain