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Download 13 Bankers: The Wall Street Takeover and the Next Financial by Simon Johnson, James Kwak PDF

By Simon Johnson, James Kwak

Even with its key function in growing the ruinous monetary main issue of 2008, the yank banking has grown higher, extra ecocnomic, and extra proof against legislation than ever. Anchored by way of six megabanks whose resources volume to greater than 60 percentage of the country’s gross household product, this oligarchy proved it can first carry the worldwide financial system hostage after which use its political muscle to struggle off significant reform. 13 Bankers brilliantly charts the increase to strength of the monetary area and forcefully argues that we needs to get a divorce the massive banks if we wish to stay away from destiny monetary catastrophes.
Updated, with new research of the government’s fresh try and reform the banking undefined, it is a well timed and professional account of our afflicted political economic system.

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Luckily, I learned a valuable lesson from the whole experience. Although I don’t exactly remember what that was, I’m pretty sure it had something to do with the importance of saving money for things that you might [10] J O E L G R E E N B LAT T want or need in the future rather than wasting money buying giant weather balloons that you get to chase down the block for all of three or four minutes. But for our purposes, let’s assume that we can all agree that it is important to save money for the future.

20 per share last year. 20 divided by $12, or 10 percent— easy enough. 40 per share last year? What if we could still buy a share for $12? What would the earnings yield be then? 40 divided by $12 equals 20 percent. 40 per share last year, at a price of $12 per share, the earnings yield would be 20 percent. 60 per share last year, at a price of $12 per share, the earnings yield would be 30 percent! But it gets easier. Now follow closely because there are only two main points in this chapter and here comes the question that will determine whether you understand the first.

You could have purchased one share of IBM yesterday for $85. Over the past year, shares of IBM have sold for as much as $93 and for as little as $55. “General Motors sold for $37 per share yesterday. But over the last year, shares have sold for between $30 [28] J O E L G R E E N B LAT T and $68. ” I then point out that that’s a pretty wide range of prices for shares and a pretty short period of time for them to change so much. Looking at the price for shares over a twoto three-year period would give us an even wider range.

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