The Road to Financial Reformation: Warnings, Consequences, Reforms

Praise for The Road to Financial Reformation ‘Those who cannot remember the (financial) past are condemned to repeat it. Yet our data-oriented culture suffers from willed amnesia. With this book, one of America’s greatest financial memories, Henry Kaufman, shares his treasure. Buy it for Figure 12-1 alone, a roster of the past half-century’s financial crises and their Kaufman-diagnosed causes. You’ll invest more confidently with Kaufman’s list in your breast pocket.’ —AMITY SHLAES, author, The Forgotten Man: A New History of the Great Depression, and Senior Fellow, Council on Foreign Relations ‘A devastating critique of our troubled financial system with clear explanations of how we got here, and what we must do to get our economy back on track—written by someone who consistently and correctly warned us of the dangers. If Presidents, Congresspersons, and Federal Reserve Chairmen had listened to Henry Kaufman, we wouldn’t be in our current fix.’ —BILL BRADLEY, former U.S. Senator ‘Henry Kaufman, over more than a half century, has seen it all: the risks, the rewards, the foibles of financial markets, and now the mother of all financial crises. His prolific writings have long commanded attention on Wall Street—but not enough. Too often his warnings, his prognoses, his recommendations have been unheeded. Now—drawing in part on earlier writings—he lays out what has gone wrong and why. Dr. Kaufman, in The Road to Financial Reformation, does not shrink from setting guidelines for rebuilding a stronger, safer, and more productive global financial marketplace. They need careful thought by practitioners and officials alike.’ —Paul Volcker, Chairman of the Economic Recovery Advisory Board and former chairman of the Federal Reserve Board