Press Release Headlines

New Book Examines Financial Regulation, Past and Future

"Why Too Big to Fail?"

HIGH POINT, N.C., June 3, 2010 — In the wake of the global economic meltdown in the fall of 2008, many people around the world have been asking "what happened" and "how do we keep it from happening again?" While the causes are now well known, there is still great debate over how to prevent a similar economic catastrophe in the future. In the new book, Why Too Big to Fail? (published by AuthorHouse), author and financial analyst Kaye Bonnick examines the history of financial regulation in the U.S. since the Great Depression and points the way for the future.

The recent Wall Street meltdown has been touted as the worst financial crisis since the Great Depression. As such, Why Too Big to Fail? begins by looking at how financial regulation was used to address the economic crisis in 1933. Bonnick examines The Glass Steagall Act and its successor The Gramm Leach Bliley Act. Why Too Big to Fail? explores how Gramm Leach Bliley brought the U.S. the financial modernization that allowed multifaceted institutions to expand tremendously. As the new millennium progressed, the world saw a wildly expanding financial services sector and the shadow banking system that went largely unregulated. These factors, and others discussed in Why Too Big to Fail?, led directly to a financial and credit system that inevitably collapsed under its own weight.

Why Too Big to Fail? goes on to scrutinize the failure of the Federal Reserve and other regulators in their duty to ensure that all aspects of the financial system were being properly supervised. Bonnick surmises that these entities held too much power and used this power to influence regulatory changes in their favor. Additionally, Bonnick maintains that Congress failed to ensure that the necessary legislations were in place to safeguard the integrity of the U.S. financial system. Why Too Big to Fail? also discusses several of the major players in the crisis to better understand the events that led up to the crisis and how the U.S. government intervened in its effort to stop a global catastrophe. Finally, Why Too Big to Fail? explores the previous administration's TARP strategy and what it was designed to accomplish as well as the current administration's proposals for long-term financial reform and some of the concerns surrounding them.

About the Author

Kaye Bonnick was born on the Caribbean island of Jamaica. After graduating from high school, she attended the University of the West Indies where she earned a B.S. in management studies. Bonnick went on to attend the City University of New York's Baruch College where she earned an MBA in finance. She and her husband left New York and moved to High Point, N.C. where she worked with her husband to establish a successful dental practice, and where she manages two other small businesses. They have three children.

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