Following the 2008 financial crisis, many found the perfect scapegoat in Wall Street, whose lust for profit, they believe, nearly destroyed the economy and upended the lives of ordinary Americans. John Allison, a former CEO of BB&T Bank, disputes that notion, arguing that misguided government policy led to the collapse and weak recovery. According to Allison, only unfettered free markets can bring long-term prosperity, a point of view gained from his time as leader of a large bank holding company. While some may find his arguments often rambling, with many dizzying leaps in logic, Allison does make points worth considering about too-big-to-fail institutions and the plight of small US community banks.
About the Author
John A. Allison, CEO of BB&T from 1987 to 2010, is a director of Moelis & Company.
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Comment on this summary
5 months agoThe central premise is flawed - unless the banks are broken up and incomes roughly equal at the 'start' of the economic process, money will simply flow back to those who have, rather than those that make the best choices.
1 year agoYet another book calling for further deregulation following whole mess that it caused in 2008. I have no words for this.