|Amazon Price||New from||Used from|
The 2012 election has reinforced for me that the U.S. has a simple choice – return to the principles that made us great or face economic decay and social unrest. One of the reasons I wrote my book is because it seemed to make sense to have someone who had an inside and comprehensive understanding of the causes of our financial problems to comment on the issue. In the aftermath of the recent election, it’s even more important for the public and policy makers to understand what drove the financial crisis and what choices we must make to revitalize our economy.
The media and other statists have created a myth that the financial crisis was caused by banking deregulation and greed on Wall Street. However, banks were not deregulated. In fact, three major new regulations were passes during the Bush Administration: The Privacy Act, The Patriot Act, and Sarbanes-Oxley. Banks were misregulated, not deregulated. Also, there has always been plenty of greed (and fear) on Wall Street. However, there is not one shred of evidence there was a greed plague that swept the Street.
The financial crisis and failed recovery were primarily caused by government policy. The two main culprits were errors made by the Federal Reserve and government housing policy, specifically as executed by Freddie Mac and Fannie Mae, the giant government-sponsored enterprises that would never have existed in a free market.
My book, The Financial Crisis and The Free Market Cure covers this and other economic myths and misunderstanding such as the “shadow” banking system, fair value accounting, Pick-a-Payment mortgages and the like. However, as interesting as the economic discussion is, the real solution for our financial problems is philosophical and the cure was espoused by Thomas Jefferson in the Declaration of Independence: “Life, Liberty, and the Pursuit of Happiness.”
People on all sides of the political spectrum defend liberty, but few people understand why liberty is essential to human well-being. Government regulations put “balls and chains” on innovators and entrepreneurs and thereby, slow and eventually stop progress. Given man’s nature, socialism and communism are doomed to failure.
So, again, I say, the US has a simple choice: The laws of mother nature and human nature are not subject to popularity or political whim. Capitalism or decline. You choose.
“As Allison is no ordinary public intellectual this is no ordinary book. It is a reform blueprint with deep integrity. . . . Allison brings thoughtful solutions to the problems besetting both the banking industry and the American economy. . . . An excellent resource to advance the renewal of equitable prosperity." (Forbes.com)
"[A] landmark work." (The Weekly Standard)
”The Financial Crisis and the Free Market Cure doesn’t shy away from laying bare the alarming details, but it also offers practical advice for today’s leaders in the form of an electrifying analysis. In the end, it’s a call to arms for a nation on the brink."(TheBlaze.com)
It was in the late '90's when old friends in banking told me of the pressure they were under from the Fed and FDIC to make home loans to people who were unqualified and the... Read morePublished 6 hours ago by MIKE Q.
I shared this book with a younger friend and business man who ask a lot of questions about the state of our economy and the governance of our country. Read morePublished 1 month ago by Stith Bynum
John Allison should run for President. If you have questions about what happened in 2008 and 1929 financial crisis as I did, not being a economic guru, this is definite read that... Read morePublished 1 month ago by Jim
Spells out what is being done wrong and dispelling the theories in place in Washington.Published 2 months ago by Dale L. Netherton
This ebook is very readable, and very educative for everyone; buy and enjoy.Published 2 months ago by John Baarda Sr.
It is a very good definition of the role of and players in the government and private industry that led to the great recession. Read morePublished 2 months ago by Tom Reeves
For years I'd been searching for a book that could describe the puzzle of financial crisis. Finally I found it. Absolutely incredible book. Read morePublished 2 months ago by journeyman
This was another good book written with real world perspective from a business leader who was in the trenches during the financial meltdown. Read morePublished 2 months ago by Otis