Broken Bargain: Bankers, Bailouts, and the Struggle to Tame Wall Street
About this audiobook
A history of major financial crises—and how taxpayers have been left with the bill
In the 1930s, battered and humbled by the Great Depression, the US financial sector struck a grand bargain with the federal government. Bankers gained a safety net in exchange for certain curbs on their freedom: transparency rules, record-keeping and anti-fraud measures, and fiduciary responsibilities. Despite subsequent periodic changes in these regulations, the underlying bargain played a major role in preserving the stability of the financial markets as well as the larger economy. By the free-market era of the 1980s and 90s, however, Wall Street argued that rules embodied in New Deal–era regulations to protect consumers and ultimately taxpayers were no longer needed—and government agreed.
This engaging history documents the country’s financial crises, focusing on those of the 1920s, the 1980s, and the 2000s, and reveals how the two more recent crises arose from the neglect of this fundamental bargain.
About the author
Kathleen Day worked for thirty years as a business journalist with the Washington Post, Los Angeles Times, and USA Today before joining the Johns Hopkins Carey Business School as a professor of financial crises in 2013. She lives in Washington, DC.
Bernadette Dunne has been honored to narrate the work of some of the finest fiction and nonfiction writers of our time, including Margaret Atwood, Joyce Carol Oates, and Sandra Day O'Connor. The winner of more than a dozen Earphones Awards and a three-time Audie Award nominee, she has voiced countless bestsellers, including Memoirs of a Geisha, The Devil Wears Prada, and A Tree Grows in Brooklyn. She studied at The Royal National Theater and lives in New York.
