Volume 56, Number 17 · November 5, 2009
They Didn't Regulate Enough and Still Don't
By Jeff Madrick
Financial Regulatory Reform: A New Foundation: Rebuilding Supervision and Regulation
Department of the Treasury, 2009; available at www.financialstability.gov/roadtostability/regulatoryreform.html
In Fed We Trust: Ben Bernanke's War on the Great Panic
by David Wessel
Crown Business, 323 pp., $26.99
House of Cards: A Tale of Hubris and Wretched Excess on Wall Street
by William D. Cohan
Doubleday, 468 pp., $27.95
A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers
by Lawrence G. McDonald with Patrick Robinson
Crown Business, 351 pp., $27.00
Practically everyone now agrees that the steep recession of the last two years was caused, at least in part, by lack of government oversight of the financial industry. The half-dozen or so federal agencies that are responsible for regulating the financial community ignored the dangerously risky activities of bankers and traders; so did the Federal Reserve and the US Treasury.
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