May 15 & 22, 2013 • Vol7 Iss19 & 20
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“The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It” by Anat Admati and Martin Hellwig Reviewed by Larry Cox Anat Admati, a professor of finance and economics at Stanford’s Graduate School of Business, and Martin Hellwig, director at Germany’s Max Planck Institute for Research on Collective Goods, have written a book that is part financial primer, part call to arms and part policy prescription. Their plan for reform in the financial marketplace could -- if heeded -- prevent another economic meltdown like the one in 2008, one of the worst in more than a century. As bankers explained it, the sudden collapse of some of the world’s most important financial institutions and the loss of trillions of dollars was much like an earthquake -- such events could not be prevented, only their damage limited. They portrayed the institutions as fragile and added that the financial system was always at risk. This narrative included the belief that in order to enjoy the benefits from a vibrant banking system, there should be few rules and regulations to make the system safer, since that would sacrifice both lending and growth. But acording to Admati and Hellwig, none of this is true. They argue that the bankers’ flawed narrative is preventing real reform and must be seen as having as much substance as the emperor’s new “clothes” in the Hans Christian Andersen tale. We can have a safer and healthier banking system without taking away any its benefits and at essentially no cost to society. The authors say banks are, indeed, fragile, but not because they must be, but rather because bankers want them to be. This distorts the economy and exposes the public to unnecessary risks. Real reform is not just needed, but essential if we are to build and Eddie Boy’s maintain a healthy economy. The big question is whether we have the grit and determination to make positive changes toCookout! our financial inStarts Fri 5pm stitutions.
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