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The Squam Lake Report: Fixing the Financial System Hardcover – June 14, 2010


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Editorial Reviews

Review

Robert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics
Raghuram Rajan, Winner of the Deutsche Bank Prize in Financial Economics 2013, The Center for Financial Studies

"If you asked me to recommend one thing to read on reforming financial regulation, [The Squam Lake Report] would be it."--Clive Crook, The Atlantic

"The Squam Lake Report [is] a slim volume that contains the best prescriptions of the brightest minds of economics about how to save the financial system."--Heidi N. Moore, CNNMoney.com

"The Squam Lake Report is a slight volume of ten chapters and just 157 pages--practically anorexic by the standards of many tomes about the credit crunch--but it makes heavyweight claims. It is the product of 15 of the leading financial economists in the United States, who first met on a weekend retreat to New Hampshire's remote and scenic Squam Lake, and offers their prescriptions for regulatory reform to stave off future collapses."--New Statesman

"Fifteen prominent academic US economists developed this concise set of recommendations for financial regulation reform in Fall 2008 in a desire to prevent a recurrence of the financial crisis that developed in 2007 and whose effects continue to the present. The introductory chapter provides an excellent summary of the cascade of financial catastrophes precipitated initially by losses on mortgage-backed securities. . . . [A] useful volume for its historical overview and coverage of key issues."--Choice

"The Squam Lake Report is an important book in a growing library of commentary on the worst financial crisis since the Depression. It delivers good and clearly written recommendations and reviews most of the key issues surrounding the crisis."--Mark S. Rzepczynski, Financial Analysts Journal

From the Back Cover

"The Squam Lake Report is an excellent primer on the workings and failures of today's sophisticated financial system. Few can fail to be impressed with the scholarship the Report brings to the subject of reform."--Alan Greenspan

"The Squam Lake Report makes an important contribution to the debate on financial regulation, highlighting many interesting and innovative ideas that should be considered by all those studying how a future crisis can be avoided."--Mervyn King, Governor of the Bank of England

"Insightful and highly relevant."--Markus K. Brunnermeier, Princeton University

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Product Details

  • Hardcover: 168 pages
  • Publisher: Princeton University Press; First Edition edition (June 14, 2010)
  • Language: English
  • ISBN-10: 1405125047
  • ISBN-13: 978-0691148847
  • ASIN: 0691148848
  • Product Dimensions: 8.5 x 5.6 x 0.8 inches
  • Shipping Weight: 10.4 ounces (View shipping rates and policies)
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (7 customer reviews)
  • Amazon Best Sellers Rank: #679,137 in Books (See Top 100 in Books)

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3 of 3 people found the following review helpful By Michael A. Kelly on October 6, 2011
Format: Hardcover Verified Purchase
I am a professor at a liberal arts college and am using this book for a course on financial crises. While it is written by some of the best minds in financial economics, the book is extremely straight forward to read. What I find most impressive is that the simplified language reads "correctly" to me. In other words, they have managed to simplify the language without simplifying the argument, a rare feat in a book of this type.

The book is notable in another respect, this is the only book on the financial crisis that discusses the "prime brokerage runs" that brought down Bear and Lehman and nearly brought down Morgan Stanley and Goldman. Once again, they provide a straight forward explanation of an arcane topic. Few people seem to understand how prime brokerage runs work. In today's (10/6/2011) Wall Street Journal, there is an article on Morgan Stanley's prime brokerage business where the reporter would have greatly benefited from reading this book.
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5 of 6 people found the following review helpful By Joshua Farmer on October 15, 2010
Format: Hardcover
I had the pleasure of hearing Ken French speak at a conference in October of 2009 and heard him mention the "Squam Lake Group" in passing and recently came upon the book. He is an amazing speaker and one that can really get you to think. This book put into more detail some of the "outside the box" idea's Mr. French spoke about when I saw him in person. The book offers a very unique perspecive of the financial system as the authors are primarily academics but did not as is the stereotype have a very left leaning solution to the problems discussed. When the group was talked about I thought to myself, if I only could have been a fly on the wall of those discussions and this books really brings you into the heart of them. I am hopefull that some of the idea's and challenges offfered in this book can be looked at by our policy makers and implemented over time. One of the most promising is the idea of the "living will" mandate for all companies that pose systemic risk to the financial system. Simple yet effective solutions offered and I hope are enacted. Nice read.
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2 of 3 people found the following review helpful By Rolf Dobelli HALL OF FAMETOP 1000 REVIEWER on December 3, 2010
Format: Hardcover
This slim volume is named after the isolated New England resort where 15 renowned economists, academics and policy makers met in the fall of 2008 to devise solutions to the "World Financial Crisis." That they convened amid fast-paced, seismic economic events adds to the star-chamber aspects of their collaboration. Still, these éminences grises - all nonpartisan, without commercial sponsorship or political axes to grind - developed their ideas by sharing their expertise. Their recommendations cover reforms in banking, financial products, regulation, compensation, pensions and hedge funds - all the named villains of the last crisis. Why did they issue these ideas? So they could educate political and fiscal leaders - if they would only listen - about possible laws that could help avert or lessen the likelihood and impact of future meltdowns. getAbstract recommends this sound advice to students of and participants in the global economy.
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Format: Hardcover
Having spent over 20 years on Wall Street and witnessing the abuses of our system from the inside, it is time for our policy makers to listen to the recommendations of these brilliant and rational minds. Whining about greed is no substitute for putting in place proper safeguards. Well written, concise and spot on.
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