Did Wall Street cause the mess we are in? Should Washington place stronger regulations on the financial industry? Can we lower unemployment rates by controlling the free market? Answer: no. Not only is free-market capitalism good for the economy, it is our only hope for recovery. As the nation’s longest-serving CEO of one of the top 25 financial institutions, John Allison has had a unique inside view of the events leading up to the financial crisis. He has seen what the government has done to the real estate market and how government regulations only make matters worse. Now in this controversial wake-up call of a book, he has given us a solution.
With shrewd insight, alarming insider details, and practical advice for today’s leaders, this electrifying analysis is nothing less than a call to arms for a nation on the brink. In the end, you’ll understand why it’s so important to put the “free” back into free market.
About the author: John Allison is the former chairman and CEO of Branch Banking & Trust Corporation. He currently serves as a distinguished professor at the Wake Forest University School of Business. He is an inductee of the North Carolina Business Hall of Fame.
The former CEO of one of the few banks that did not need the TARP bailout explains the ways banks and banking regulators failed to protect the rest of us from, and actually caused, the crash of 2008. A fascinating insider's viewpoint on US banking. Quite, quite obvious the author is a big fan of Ayn Rand, long before he said so himself.
2 of 2 people found this review helpful
I'm an economics PhD. student who has been interested in the crisis for years but who, at the same time, hasn't been able to read a comprehensive and fact-based book on it.
I like the pace at which John Allison explains things, relating abstract principles to daily financial events.
I consider that both his explanations for the crisis and potential cures from it are creative and to the point (and very different from what it is taught in classrooms, because he is willing to say what PhDs aren't brave enough to tell).
The reading by Sklar is excellent, a good reader understands what he is reading and communicates it, for which Alan Sklar is very good.
I recommend this book to anyone who is willing to know the story of the crisis and what should an can still be done.
1 of 1 people found this review helpful
I waited a while before reviewing this book. Time often improves perspective. I would say that this is an essential read fro anyone wishing to understand the financial crisis on more than a rudimentary level.
The view of the financial crisis from someone who survived it (very well thank you) John's insight into what caused it and what exacerbated it are probably more first hand than anything else you will read. It makes it very clear that there was plenty of blame to go around both for the regulators (who helped cause the problem) and the banks themselves (whose actions were often unethical). This is a front line report you will learn a lot you probably have not read elsewhere.
Finally the last part of the book contains probably the best discussion of "Business Ethics" that I have read. As someone who had taught the subject at the college level, and as as such has reviewed the standard course material available, John's discussion of ethics is outstanding and should be required reading for any business major. If I were still teaching I would use it as the definitive text on the subject.
1 of 1 people found this review helpful
What did you love best about The Financial Crisis and the Free Market Cure?
The insight and analysis of the author. Also his deep understanding of economics and free market dynamics.
Who was your favorite character and why?
What does Alan Sklar bring to the story that you wouldn’t experience if you just read the book?
Superb intonation and measured narration.
Did you have an extreme reaction to this book? Did it make you laugh or cry?
I bought 16 copies to send to friends and associates!
Any additional comments?
An incredibly good analysis of why free markets are the solution to economic stagnation and abuse. Our government has become so corrupted by special interests, on both sides of the aisle, that the true value of capitalism is being suffocated. The ignorance of basic economics by the masses adds to the problem.
3 of 4 people found this review helpful
A lot has been written about the Financial Crisis, but nothing comes closer to an analysis of all the factors and their relative contribution to the crisis. What is more, John Allison's book is easy to understand for anyone, with or without a background in finance, and offers the necessary solutions to prevent a recurrence.
You will be surprised to learn that the top 3 culprits aren't the ones touted by the pols and the media, but if you really think it through, you'll agree.
8 of 12 people found this review helpful
Would you listen to The Financial Crisis and the Free Market Cure again? Why?
No--most of it was informative and interesting but he ended up talking about his other views, outside of banking, which were a bit weird
Would you be willing to try another book from John Allison? Why or why not?
NO--the banking part was interesting, even when he talked about his own bank, but the rest was boring
Any additional comments?
Most of the book was interesting, but seemed to be poorly edited, especially at the end. At one point the author pointed to poor education for minorities (when talking about minimum wage problems) and said that they could not get jobs so they ended up dealing drugs and then got thrown into jail. This should have been edited out or modified because it sounded very strange.
4 of 6 people found this review helpful
Would you recommend this audiobook to a friend? If so, why?
(I am not Ellen. I am her assistant.) Yes. Excellent job of presenting a complex subject to both a lay audience and a reader having a professional interest in the subject.
2 of 3 people found this review helpful
Finally someone tells the truth about the causes of the Great Recession. It was the government and their altruistic could do gooder policies that caused the Great Recession.
This is the best and most concise explanation of the underlying causes of the recession I've found so far.
The author writes about economics and how free market capitalism is the only moral and just system. But he also discusses life - what a Purpose Driven Life is and why it is important. An excellent read.