From 1819 to COVID-19, 200 Years of American Financial Panics offers a comprehensive historical account of financial panics in America. Through a meticulous dissection of historical events and the benefit of his experience handling many of the country’s largest bank failures, Thomas P. Vartanian, whom clients label as “one of the best financial services lawyers in America,” reveals why so many more devastating financial crises have occurred in America than nearly every other country in the world.
Vartanian provides extensive evidence of how the collision of policy-driven government actions and profit-oriented business performance has disrupted market equilibrium and made the U.S. system of financial oversight less effective and more susceptible to missing the signs of future financial crises, including government policies that:
200 Years of American Financial Panics dissects financial crises in a way not attempted before, concluding that the pyramid of governmental oversight intended to foster economic safety and stability has been turned on its head to its detriment. Vartanian provides readers with a unique list of practical solutions. Most importantly, his analysis of financial technology, from artificial intelligence and Big Data to cryptocurrencies and quantum computing, forecasts how financial markets and government regulation will change. “200 Years of American Financial Panics” is a must-read for anyone that wants to understand their money, financial markets, and how they are going to change in the future.
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Questions and Answers
When we were handling The S & Ls crisis in the Reagan administration, it struck me that all 4,500 S&Ls could not have been failing because of executive fraud and neglect. It was a systemic collapse, which had to have systemic causes. If government decisions could cause the collapse of the S&L industry and send a $200 billion bill to the taxpayers, I wondered how many other times that had happened in our history.