The Bankers’ New Clothes

Why read it

• You will weigh the authors' claim that the downturn after Lehman came from reckless banking, not from regulation
• You will be able to spot misleading explanations that safer banks would harm credit and growth
• You will stop assuming you are unqualified to challenge banking experts, since the authors say refuting bankers' claims is not difficult

Who it is for

• A voter or taxpayer who paid for the last bailout
• A finance student questioning how banks fund themselves
• A journalist covering banking regulation

Contents

1. Dedication Page
2. PREFACE TO THE PAPERBACK EDITION
3. PREFACE
4. 1 The Emperors of Banking Have No Clothes
5. PART I Borrowing, Banking, and Risk
6. 2 How Borrowing Magnifies Risk
7. 3 The Dark Side of Borrowing
8. 4 Is It Really “A Wonderful Life”?
9. 5 Banking Dominos
10. PART II The Case for More Bank Equity
11. 6 What Can Be Done?
12. 7 Is Equity Expensive?
13. 8 Paid to Gamble
14. 9 Sweet Subsidies
15. 10 Must Banks Borrow So Much?
16. PART III Moving Forward
17. 11 If Not Now, When?
18. 12 The Politics of Banking
19. 13 Other People’s Money

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