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jerryking : financial_history   34

Bagehot by James Grant — an engaging biography of a purveyor of punditry
August 2, 2019 | Financial Times | by John Plender

Bagehot: The Life and Times of the Greatest Victorian, by James Grant, WW Norton, RRP£19.99/$28.95, 368 pages
19th_century  biographies  books  book_reviews  economics  financial_crises  financial_history  journalists  magazines  paradoxes  politicaleconomy  pundits  Victorian  Walter_Bagehot 
august 2019 by jerryking
On the money: a history of the Bank of England
SEPTEMBER 1, 2017 by: John Plender, the FT columnist and author of ‘Capitalism: Money, Morals and Markets’ (Biteback)

Till Time’s Last Sand: A History of the Bank of England 1694-2013, by David Kynaston, Bloomsbury £35, 896 pages
An enduring theme is the friction that existed from the outset between the Bank and its main client, the government. The Bank’s original charter was granted so that it could provide finance for the Nine Years’ War against France. On each renewal, the terms were the subject of much haggling and in the interim the Bank was constantly pressed to advance more money than it felt prudent. ....Another constant theme is forgery and fraud, with some of the Bank’s most senior employees being caught with their fingers in the till. In marked contrast to today’s post-crisis financial world, punishment was harsh. Many miscreants were hanged at Tyburn while the lucky ones were condemned to transportation.

As the 19th century progresses, Kynaston’s story turns increasingly on the issue that preoccupied great Victorian writers on monetary policy such as Henry Thornton and Walter Bagehot: how to reconcile adherence to the gold standard with financial stability. Numerous financial crises, including those surrounding the rescue of Barings and the collapse of Overend Gurney and the City of Glasgow Bank, are retold here with panache.
Bank_of_England  history  central_banks  book_reviews  books  monetary_policy  slavery  Walter_Bagehot  financial_history  19th_century  Victorian  financial_crises 
september 2017 by jerryking
“It’s symbolic annihilation of history, and it’s done for a purpose. It really enforces white supremacy”: Edward Baptist on the lies we tell about slavery - Salon.com
NOV 9, 2014 01:30 PM EST
“It’s symbolic annihilation of history, and it’s done for a purpose. It really enforces white supremacy”: Edward Baptist on the lies we tell about slavery
Edward Baptist on horrifying truth that we memorialize Confederate soldiers and not Americans who died enslaved
MICHAEL SCHULSON
slavery  the_South  cotton  history  historical_amnesia  financial_history  economic_development  lying  white_supremacy 
july 2015 by jerryking
John Steele Gordon: A Short (Sometimes Profitable) History of Private Equity - WSJ.com
JANUARY 17, 2012 | WSJ | By JOHN STEELE GORDON.

The industry may only date back a half-century, but purchases of distressed assets and leveraged buyouts are as old as capitalism.
history  private_equity  venture_capital  financial_history 
january 2012 by jerryking
"Structural Breaks" and Other Timely Phenomena -
December 12, 2008 |Adam Smith, Esq.|Bruce MacEwen.

Finally, some words about strategy in the midst of a structural dislocation. Times like these—especially times like these—call for coherent responses on behalf of your firm to the challenges out there in the marketplace. This, rather than any tepid or hypocritical "mission statement" or allegedly scientific market segmentation analysis that will be overtaken by events before it can be bound and distributed,, is the type of strategy that actually has traction today.

And the essence of such a strategy is a thoughtful and reflective view on the marketplace forces at work, and how they'll affect your firm, your talent pipeline, your geographic centers of gravity, and your client base. To produce a coherent, nuanced, and dynamic view of what's happening, there's no substitute for the hard work of thinking about this multi-dimensional chessboard, with almost daily midcourse corrections based on new data points and new conversations, essentially incoming at you all the time.
Bruce_MacEwen  McKinsey  financial_history  simplicity  ratios  strategic_thinking  talent_pipelines  structural_change  howto  customers  Five_Forces_model  competitive_landscape  situational_awareness  course_correction  disequilibriums  accelerated_lifecycles  dislocations  hard_work  dynamic 
november 2011 by jerryking
Study history, young man
25 Mar 2008 or 13 Mar 2008 | Reuters breakingviews.com |By Hugo Dixon

The current crisis might have been less severe if bankers, traders and fund managers knew more about previous bubbles. To qualify as financial professionals, they should have to pass exams quizzing them about the South Sea Bubble and the crash of 1929.
financial_history  economic_downturn  crisis  bubbles 
july 2010 by jerryking
Thinkers And Tinkerers
June 22, 2010 | The New Republic | Edward Glaeser. Reviews
The Enlightened Economy: An Economic History of Britain, 1700-1850 by
Joel Mokyr Yale University Press, 564 pp., $45. The Industrial
Revolution is the inflection point of economic history. During all the
millennia before that revolution, incomes were static and humans were
poor—often hungry, inadequately clothed, ill-housed. But somehow, in the
2.5 centuries since humanity learned to mass produce, a large number of
ordinary people have acquired more material comfort than even the
wealthiest magnates of the pre-industrial era....Joel Mokyr (The Lever
of Riches) a distinguished economic historian, explores England’s early
industrial age. Mokyr's overarching thesis is about the power of ideas.
His grand idea is that the practical, avaricious inventors of the
industrial revolution owed much to the academic, but worldly,
philosophers of the Enlightenment.
Industrial_Revolution  history  book_reviews  financial_history  the_Enlightenment  Joel_Mokyr  economic_history  industrial_age  precision  ideas  inventors  books  mass_production  England  United_Kingdom  steam_engine  James_Watts  tinkerers  inflection_points 
july 2010 by jerryking
Learning to Love Hedge Funds - WSJ.com
JUNE 12, 2010 | Wall Street Journal | By SEBASTIAN MALLABY.
Mr. Jones's hedge fund, like most later hedge funds, embraced four
features. To begin with, there was a performance fee. Mr. Jones's
second distinguishing feature was a conscious avoidance of regulation.
Thirdly, Mr. Jones embraced short selling. By insulating his fund from
market swings, Mr. Jones cleared the way for his fourth distinctive
practice, which was later to become the most controversial one. Because
he had hedged out market risk, he felt free to embrace more
stock-specific risk, and so he magnified, or "leveraged," his bets with
borrowed money.
hedge_funds  financial_history  scuttlebutt  short_selling  Wall_Street  market_risk 
june 2010 by jerryking
Author Zuckerman on Goldman case - The Globe and Mail
April 19, 2010 | Globe and Mail | Joanna Slater. Interviews
Gregory Zuckerman, author of The Greatest Trade Ever: The
Behind-the-scenes Story of How John Paulson Defied Wall Street and Made
Financial History.

New York — From Monday's Globe and Mail Published on Sunday, Apr. 18,
John_Paulson  hedge_funds  book_reviews  Goldman_Sachs  SEC  financial_history 
may 2010 by jerryking
Lessons of the '30s: Long Study of Great Depression Has Shaped Bernanke's Views; Fed Nominee Learned Perils Of Deflation, Gold Standard And Pricking of Bubbles; A Grandmother's Explanation
Dec 7, 2005 | Wall Street Journal pg. A.1 | Greg Ip. "In
1983, Mark Gertler asked his friend and fellow economist Ben Bernanke
why he was starting his career by studying the Great Depression. "If you
want to understand geology, study earthquakes," Mr. Bernanke replied,
according to Mr. Gertler. "If you want to understand economics, study
the biggest calamity to hit the U.S. and world economies." "Lafley was
in charge of the company's Asian operations during a major Japanese
earthquake and the Asian economic collapse. That's when he discovered,
he says, that "you learn ten times more in a crisis than during normal
times.""
10x  Benjamin_Bernanke  economists  U.S._Federal_Reserve  bubbles  financial_history  Greg_Ip  Great_Depression  disequilibriums  geology  earthquakes  '30s  anomalies  crisis  deflation  lessons_learned 
november 2009 by jerryking
How to Be a Billionaire: Worry!
Monday, Feb. 05, 2001| TIME | By JOSHUA COOPER RAMO. For
George Soros, the problem is not how to make money. That's easy, he
believes. You do that by spotting mistakes. The problem is the mistakes
themselves. Soros thinks that our history, especially economic history,
is sculpted by blunders. It's a radical proposition, as if you suggested
that Botticelli's best art was the result of paint splatters. But Soros
is insistent: mistakes make history. They also make--and
destroy--fortunes. Soros, who made a fortune looking for and finding
mistakes, worries we are making one now. He picks up on these errors by
listening to his money. These days he doesn't like what he
hears..."George is signal," says a Fed adviser, referring to the high
noise-signal ratio among advice givers to Alan Greenspan.

===================================================
From Farhad Manjoo
Step 1: Worry. If you're an investor, employee, founder, tech journalist or in some other way connected to the tech business, worrying about the bubble is your best defense against the bubble. Worrying keeps you sharp. Worrying keeps magical thinking (i.e. happy talk) at bay. As in the 1990s, the tech industry is pushing grand, society-transforming novelties on the rest of the world. If you're not worried that some of these claims are crazy, you're not paying attention.
====================================================
George_Soros  Joshua_Cooper_Ramo  financial_history  wishful_thinking  Kissinger_Associates  pattern_recognition  patterns  moguls  lessons_learned  mistakes  Bank_of_England  financiers  negative_space  investors  signals  worrying  paranoia  human_errors  economic_history  happy_talk  pay_attention 
october 2009 by jerryking
The Unwisdom of Crowds
12/22/2008 | The Weekly Standard Vol. 014, Issue 14 | by
Christopher Caldwell. Financial panics still require what Walter
Bagehot prescribed--that practical men violate their own principles.
Common sense is often not much use in a financial panic. This was the
great discovery of Walter Bagehot, the prolific 19th-century essayist
and journalist, who was editor of the Economist from 1860 to 1877. (His
name rhymes with gadget.) in the so-called Anglo-Saxon world, Bagehot's
book still provides the bedrock of policy thinking during financial
emergencies, including our present one.
bailouts  banking  banks  capitalism  economics  economy  finance  financial_crises  financial_history  financial_journalism  panics  policymaking  politicaleconomy  prolificacy  Walter_Bagehot 
october 2009 by jerryking
Peter L. Bernstein, Explainer of Risks of Stocks, Dies at 90 - Obituary (Obit) - NYTimes.com
June 7, 2009 | New York Times | By LOUIS UCHITELLE

https://en.wikipedia.org/wiki/Peter_L._Bernstein#Works

Bernstein, Peter L. (2005). Wedding of the Waters: The Erie Canal and the Making of a Great Nation. New York: W.W. Norton & Co. ISBN 0-393-05233-8.
Bernstein, Peter L. (1996). Against The Gods: The Remarkable Story of Risk. New York: John Wiley & Sons. ISBN 0-471-12104-5.
Bernstein, Peter L. (1992). Capital Ideas: The Improbable Origins of Modern Wall Street. New York: Maxwell Macmillan International. ISBN 0-02-903011-0.
risk-management  books  Wall_Street  Peter_Bernstein  obituaries  financial_history  writers 
june 2009 by jerryking
Lunch with BS: Liaquat Ahamed
Lunch with BS: Liaquat Ahamed
Lord of finance-turned-author
T N Ninan / New Delhi May 19, 2009
book_reviews  financial_history 
may 2009 by jerryking
Another Classic Book On Historic Bubbles - WSJ.com
OCTOBER 15, 2008 | Wall Street Journal | by David Fisher

Charles MacKay's 1841 book "Extraordinary Popular Delusions and the
Madness of Crowds" was not included. This brilliant analytical volume
documenting the Mississippi scheme of 1719-1720, the English South-Sea
bubble of 1711-1720 and the Dutch tulipomania of 1634-1636 are still
valuable narratives for insight into the numerous financial booms and
busts over time.
letters_to_the_editor  bubbles  financial_history 
april 2009 by jerryking
Word to the young: History may be your greatest guide
Toronto, Ont.: Aug 5, 2006.| The Globe and Mail. pg. B.10| Ira
Gluskin.

The purpose of this reading is twofold. The first is to satisfy
curiosity about the world that we live in. The second purpose is to be
well informed should that be helpful to the investment process. How much
financial history young people are supposed to know? Historical
knowledge and communications skills may become more valuable one day.
reading  financial_history  Ira_Gluskin  high_net_worth  books  Gluskin_Sheff  money_management  wealth_management  Toronto  Bay_Street  history  curiosity  young_people 
march 2009 by jerryking
'There will be blood'
February 24, 2009 G&M interview by HEATHER SCOFFIELD of
Harvard financial guru Niall Ferguson who predicts prolonged financial
hardship, even civil war, before the 'Great Recession' ends
gurus  History  financial  crisis  economics  politicaleconomy  globalization  Niall_Ferguson  financial_history  recessions  economists  hardships 
february 2009 by jerryking
Bernanke's Bubble Laboratory - WSJ.com
May 16, 2008 WSJ article by Justin Lahart on the rise of
studying "bubbles"(manias) in housing, credit, tech stocks,
commodities at Princeton University
economics  History  bubbles  Benjamin_Bernanke  financial_history 
january 2009 by jerryking
One Cure for Mistrust: Fund New Banks - WSJ.com
Nov. 25, 2008 WSJ article by Dennis Berman. Think piece raising
the idea that the US govt. directly fund the formation of new banks.
Dennis_K._Berman  banks  History  financial_history 
january 2009 by jerryking
Central Banks Are Creatures of Financial Crises
JANUARY 27, 2009 WSJ op-ed by JUSTIN LAHART provides an
overview of three centuries of central-banking history. Central banks
have been built on financial crises, with each major tremor expanding
their role. And today's economic convulsions foreshadow more changes to
come at the Fed.
backward_looking  central_banks  crisis  economics  economists  financial  financial_history  foreshadowing  institutions  U.S._Federal_Reserve  Walter_Bagehot  financial_crises 
january 2009 by jerryking
A brief history of capitalism
June 27, 2008 G&M column by Steve Brearton providing bullet
points of the development of key financial instruments AND a
corresponding assessment of the level of risk associated with each new
instrument.
capitalism  History  risks  risk-taking  financial_history  financial_instruments 
january 2009 by jerryking

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