John Allison lays out his plan to fix the world economy, following the financial crisis in 2007, in his book, The Financial Crisis and the Free Market Cure. Allison begins by detailing what he believes to be the cause of the financial crisis. From the very beginning of the book, it is clear he has a very strong conservative bias. The majority of the chapters in his book follow the same format: blame some federal regulatory body, show how those regulatory actions pushed the financial industry to make mistakes, then tell about his experience at BB&T and how they avoided the worst of the collapse.
Allison holds nothing back taking shots at the Securities and Exchange Commission (SEC), Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve. It quickly becomes apparent that Allison is not only very conservative, but also part of the large Tea Party movement following the Great Recession. Allison stands tall on his moral high ground as he condemns the rest of the financial industry for allowing the …show more content…
He believes that government policy is the main cause of the financial crisis. Allison begins by blaming the regulatory environment in the financial services industry, calling it, “…probably the most regulated industry in the world.” (Allison, 5). Then he says that it is no surprise that it is also the source of so many of our economic problems. Allison points out that the technology industry, one of the least regulated industries, has continued to grow well. However, Allison fails to recognize that the numerous times the technology industry has built up a bubble, then popped causing major recessions. Then claims that, “government regulations prevent business people from being innovative and thinking creatively,” (Allison, 7) which is by no means a new argument for free market
Allison holds nothing back taking shots at the Securities and Exchange Commission (SEC), Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve. It quickly becomes apparent that Allison is not only very conservative, but also part of the large Tea Party movement following the Great Recession. Allison stands tall on his moral high ground as he condemns the rest of the financial industry for allowing the …show more content…
He believes that government policy is the main cause of the financial crisis. Allison begins by blaming the regulatory environment in the financial services industry, calling it, “…probably the most regulated industry in the world.” (Allison, 5). Then he says that it is no surprise that it is also the source of so many of our economic problems. Allison points out that the technology industry, one of the least regulated industries, has continued to grow well. However, Allison fails to recognize that the numerous times the technology industry has built up a bubble, then popped causing major recessions. Then claims that, “government regulations prevent business people from being innovative and thinking creatively,” (Allison, 7) which is by no means a new argument for free market