13 Bankers - Simon Johnson & James Kwak

The Wall Street banks are the new American oligarchy--a group that gains political power because of its economic power, and then uses that political power for its own benefit. Runaway profits and bonuses in the financial sector were transmuted into political power through campaign contributions and the attraction of the revolving door. But those profits and bonuses also bolstered the credibility and influence of Wall Street; in an era of free market capitalism triumphant, an industry that was making so much money had to be good, and people who were making so much money had to know what they were talking about. Money and ideology were mutually reinforcing.

There is a part of me that doesn't want to take the effort to understand how the people at the top pillaged the rest of us. But after a friend sent me this book, I read it and am glad I did. It tells a story the rest of us need to know. Everyone knows something about the financial crisis that began in 2008. In this book, the authors provide the details of how they did it to us. Extremely well-researched by two top economists, the book tells a compelling story of how it happened and what must happen next to stop the next mass movement of money.

13 Bankers should be a textbook required for reading in economics classes. It is easy to read, although it does bog down at times and I didn't take the time to read the extensive footnotes. The authors did a good jog of making this a readable book and not simply facts thrown together. It mixes in history with action steps for a better future. It is worth your time.