Ebook Free Why Wall Street Matters
Ebook Free Why Wall Street Matters
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Why Wall Street Matters
Ebook Free Why Wall Street Matters
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Audible Audiobook
Listening Length: 4 hours and 14 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Random House Audio
Audible.com Release Date: February 28, 2017
Whispersync for Voice: Ready
Language: English, English
ASIN: B06XMQKZ5B
Amazon Best Sellers Rank:
Very well written and easy to follow along even if you don't have a financial or economic background. Cohan does a great job at explaining why Wall Street is the way it is today. Enjoyed the approach to reform he takes, much more practical than common slogans of the Democratic Party. Highly recommend for those looking to learn more about the finance structures of this country.
William Cohan is a magnificent author, perhaps one of my favorites, with his House of Cards on the fall of Bear Stearns being an utter masterpiece, and his frequent writing in Vanity Fair and such being compelling and mature. Furthermore, the general thesis of his new book, Why Wall Street Matters, is an essentially undeniable ditty of wisdom – that very few Americans would like to even comprehend a society without Wall Street – without the capital markets that we now equate with the famed New York road. So I actually hate to write a negative piece on an author I adore writing a book I agree with, but I do have to say that for this Cohan fan, I would have preferred to get a sort of 400-page epic from Cohan on the history of Wall Street, complete with the due indictments of greed and corruption and the apologetic for her basic existence. This 150-page cheat sheet felt rushed, was highly redundant (to a point where I can’t believe an editor let it go), and lacked the gripping saga writing that Cohan has previously mastered. He gives some teasers of Wall Street history, he appropriately whacks the Elizabeth Warrens of our day into oblivion, and he generally states a thesis that really lacks a good counter-argument, but there is little meat on the bone, and that just left me wanting more.His basic conclusion is: Wall Street is vital, but incentives need improving. Okay. Fair enough. No pushback from anywhere. But his apparent connection with Nassim Taleb’s “skin in the game†concept lacks specificity. Though he bemoans the death of private partnerships on Wall Street, he at least is wise enough to admit they could never, ever come back in this realm of modernity and sophistication and scale (and seems to actually miss that that is why they had to evolve in the first place). But his points are wise and heedable that the bonus structure ought to be improved, with significant risk attached to those making systemic decisions. Besides one somewhat silly section about seemingly tearing apart modern limited liability laws, it is totally unclear to the reader if the civil magistrate ought to be imposing these fiery consequences on Wall Street compensation committees, or if he simply means that boards of directors ought to be better re-aligning their own internal guidelines and mandates. It would be hard to flush this out in th few miniature pages he allotted, but there is a big topic here, and Cohan absolutely has the gravitas and intellect to lead the discussion. He just didn’t do it in this book.In a sense, this is an odd review, because I didn’t much care for this little ditty Cohan has put out, but I almost feel like I could write a very positive review now for a 400-page book that doesn’t exist. These topics Cohan addresses are all worthwhile, and he is a capable pen to lead the effort. This book just wasn’t it.
Meh, I was with Cohan for a point here or a point there, but then he really started to rationalize bad behavior. On page 97:"It leads to most people being able to have their own credit card, or many of them--an unsecured line of credit that be used to buy almost anything. It leads to most Americans being able to get a mortgage or buy a home, or a loan to buy a car or boat, or to borrow money to pay for a college education." (and continuing on page 98) "Before the era of financial innovation...it was not possible for an ordinary American to have a credit car or a low-priced mortgage or car loan.Ugh. Sick, sick, sick.Doesn't this dude understand that our country--both as individual citizens and as an institution with a national deficit of many trillions of dollars--is in an extremely perilous position, and this entity that he defends is a main cause of that? He is advocating that "Hey, Americans can buy boats with Wall Street's money!" and that's okay? Our individual citizens and our government are highly leveraged, and when the bills come due (and they will, because we do not learn from history), who will help us out then? And aren't we highly leveraged BECAUSE of the behavior that Wall Street has enabled?He doesn't get it.Man, I wanted to come to this book and love it, but instead, it was just okay. Yes, putting bankers' art collection on the line is a cute idea, but this requires some level of regulation (and not self-regulation, as he is basically proposing). Should Dodd-Frank go? Fine, it's complicated, but SOMETHING needs to be done to regulate, especially if bailouts are going to be an option (which, as he rightfully suggests, they shouldn't).I am tolerant of a high level of risk, and I like cheap money, but I like that risk to be MINE and not in the hands of a greedy banker. I understand that companies can grow because of Wall Street...but I also understand that Toys 'R Us and all of the rest go down because of wonky balance sheets, balance sheets created by Wall Street. Cohan opines this to be a good thing, and I agree, but I'm wondering why such high leverage should be an option in the first place?
Good explanation for the layman on what "Wall St." is, why it came into being, and what its role is today - i.e. efficiently providing the capital needed by businesses both large and small, which in turn create jobs which fuel the (domestic and global) economy and provide goods/services for consumers. Makes the point that blaming Wall St for 2008 and other ills is misplaced. However, Cohan also makes clear that that doesn't mean that some regulation isn't necessary - only that some of the current regulation is misguided and that we need to rethink what we want Wall St. to be able to accomplish and what kind of regulations are thus appropriate.Easy, balanced and clear read. Am going to give this as gift to two young women we know starting out in the (investment) banking world.
Nice early history of Wall Street. Makes good points about where Wall Street is to blame and NOT to blame for the financial crisis. Recommendations are to the point but surely there must be more than adjusting the compensation system.
This book was a gift, so I can not add anything other than it was as described.
A very nice and relatively objective history of Wall Street. It's a very easy and enjoyable read, and everyone will learn a few things along the way. I would definitely recommend it.
Very well written and informative history about Wall Street.
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