Wednesday, October 17, 2012

Tyler Cowen on the Terror in Sheila Bair's New Book

Tyler writes and I couldn't agree more:
I put this one in the jaw hits floor category, and for more than one reason (Sheila ran the FDIC during the financial crisis and her book is titled Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself)....
The book is remarkably full of information and substantive narrative... 
Yet her running claim that she had a plan to end the bailouts, or abolish “Too Big To Fail” is absurd... 
This tract is a performance of terror, in good and bad ways.  Few books will teach you more about the politics of bureaucracy and regulation, though not exactly as the author intends.
No need for me to write a review after Cowen's comments, though, there will be more snippets from the book here at EPJ as Bair really is good, as Cowen puts it, at teaching "about the politics of bureaucracy and regulation." And, it ain't pretty.

I have already written up Bair's story about Buffett and ShoreBank, but there's plenty more.


  1. Just as a curiosity, how long would it take you to read a book like Bair's?

  2. Sheila gave $2.27 billion in cash to BankUnited's private equity owners, instantly making it the best capitalized bank in the U.S. One year later, the PEU boys began monetizing Bair's giveaway.

    As for Shorebank, it has its own PEU subsidiary:

    Reds and Blues love PEU's...