Nothing Is Too Big to Fail : How the Last Financial Crisis Informs Today

"A fascinating behind-the-scenes account of misguided government policies and corruption, which along with an unregulated shadow banking system, led to the 2008 financial crisis and may be leading us to a new crisis. Written by two bank executives with firsthand experience of several financial crises, Nothing is Too Big to Fail holds a stiff warning about the future of finance and social justice-revealing how the US government's fiscal and monetary policies are creating asset and debt bubbles that could burst at any time. The COVID-19 pandemic is just one of many risks that could derail our highly leveraged and fragile economic system. The authors also tell how government actions are leading to inequitable distribution of wealth, destroying the middle class, reducing trust in government, and accelerating racial injustice. No institution, government, or country is "too big to fail." This book offers lessons learned from past crises and recommended actions for business and government leaders to take today to return our economic system and our democracy to a safer trajectory"-- Provided by publisher Go behind the scenes of the 2008 financial crisis to learn what actions led to one of the worst recessions in history, and how, without focused action from the US government and leading organizations, we may be on track to repeat our same mistakes. In 2008, the American economy collapsed, taking with it millions of Americans jobs, homes, and life savings. The impending financial crisis was devastating, and many are still feeling its effects today. Though the crisis was debilitating, the US government has yet to implement policies that would prevent a repeat of the Great Recession. The middle class continues to shrink, escalations in racial injustices prevail, and distrust of the government grows by the day. And with the countrys current fiscal policies, our economy is in a fragile place, barely strong enough to survive a shock caused by an international conflict, a cyberattack, or a global pandemic, like COVID-19. Written by the former CEO of Washington Mutual Bank and the former vice chair of the Federal Home Loan Bank of Des Moines, Nothing Is Too Big to Fail holds a microscope to the very policies and corruption that led to this major economic recession. Authors Kerry and Linda Killinger warn that, without significant institutional change, the country has created asset and debt bubbles that could burst at any time. No institution, government, or country is too big to fail. But by learning from our past mistakes and taking action to ensure our countrys businesses and government officials maintain proper fiscal responsibility, we can return our countrys economic systemand in turn, our democracyto one that is secure. All proceeds of this book will be donated to charity to aid in criminal and social justice, government reform, civil discourse, and community building. 2021 Axiom Business Book Award Bronze Winner for Business Commentary No institution, government, or country is “too big to fail.” A behind-the-scenes account of what led to the 2008 crisis—and may soon lead to a bigger one. Written by two bank executives with firsthand experience of several financial crises, Nothing is Too Big to Fail holds a stiff warning about the future of finance and social justice—revealing how the US government’s fiscal and monetary policies are creating asset and debt bubbles that could burst at any time. The COVID-19 pandemic is just one of many risks that could derail our highly leveraged and fragile economic system. The authors also tell how government actions and an unregulated shadow banking system are leading to inequitable distribution of wealth, destroying the middle class, reducing trust in government, and accelerating racial injustice. No institution, government, or country is “too big to fail.” This book offers lessons learned from past crises and recommended actions for business and government leaders to take today to return our economic system and our democracy to a safer trajectory. Introduction -- "Too Clubby to Fail": Wall Street Banks Win, Thrifts and Community Banks Lose -- Increased Risk Taking Due to Deregulation -- Deregulation, Politics, and Criminal Prosecutions -- The Four Major Waves of Change in the 1990s That -- Laid the Groundwork for the 2008 Financial Crisis -- Washington Mutual in the Age of Consolidation of the Financial Industry -- Record Profits and the Stunning Growth of Shadow Banking -- Record Banking Profits and Growth, but There Is a Canary in the Mine -- The Financial Crisis Hits -- The Aftermath of the Financial Crisis -- Part One: Investigations and Lawsuits: 2010 -- Part Two: Investigations and Lawsuits: 2011-2014 -- The Fast Buildup of the Next Shadow Banking System -- The Makings of the Next Financial Crisis -- Recommendations to Avoid the Next Financial Crisis -- Afterword: COVID-19 Strikes