Streams

Lords of Finance

Wednesday, February 04, 2009

Many people think the Great Depression resulted from a chain of events that no one person of government could control. Liaquat Ahamed reveals that, in fact, a small number of bankers were primarily responsible for the economic meltdown in his book Lords of Finance.

Guests:

Liaquat Ahamed

Comments [5]

Karen from Westchester

Leonard, what a fascinating history lesson!
I am a graduate student in history and although I should know all this already, the way your guest put certain concepts in the context he chose helps me understand more sophisticated economics history I am studying at this time. don't know if you will ever read this but wish you could get Robert Brenner on your show. Best financial history author of more recent times.

Feb. 06 2009 05:43 PM
Martyn Strong

Capital markets are unstable. In the past there was no way to make them stable. But today we have computer power that can be used to make them stable. By using the greater computer power of today we can have a much higher turn over of capital in the capital market. This higher turnover will make the market harder to game or control and the market will no longer have the unstable run ups or declines. Who can change or control the market when say 20% of the capital is trading each day. So now that we have the compute power to provide for all these transactions that will smooth out the market how to we force people to turn over at a rate of 20% a day? Easy, put a cap gains tax of 0% (zero) on all gains of 7 days or less and put a cap gains tax of 90% of all gains of more than 7 days. The likes of Yahoo, Micosoft and/or Sun Micro Systems will give us the systems that will provide automated software agents to support turning over one's investments every 7 days (based on the specs you give the agent). A system like this will make the financial markets work as smoothly as the local fruit market.

Feb. 06 2009 02:12 PM
stevew from NYC

Please ask him who are the private owners of the Fed, and is it true our income tax goes mainly to pay them off? Thank you

Feb. 04 2009 01:42 PM
RC

What was the bankers views about Smoot Halley? And is it similar to the push in the Stimulus bill to buy American?

Also, why did the Fed raise interest rates back then to deal with the balance of payments? And, what impact did that have?

Feb. 04 2009 01:41 PM
mgduke from hell's kitchen

transatlantic cable 1858

Feb. 04 2009 01:36 PM

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