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Busting the Bankers' Club: Finance for the Rest of Us
An eye-opening account of the failures of our financial system, the sources of its staying power, and the path to meaningful economic reform.
Bankers brought the global economic system to its knees in 2007 and nearly did the same in 2020. Both times, the US government bailed out the banks and left them in control. How can we end this cycle of trillion-dollar bailouts and make finance work for the rest of us? Busting the Bankers' Club confronts the powerful people and institutions that benefit from our broken financial system—and the struggle to create an alternative.
Drawing from decades of research on the history, economics, and politics of banking, economist Gerald Epstein shows that any meaningful reform will require breaking up this club of politicians, economists, lawyers, and CEOs who sustain the status quo. Thankfully, there are thousands of activists, experts, and public officials who are working to do just that. Clear-eyed and hopeful, Busting the Bankers' Club centers the individuals and groups fighting for a financial system that will better serve the needs of the marginalized and support important transitions to a greener, fairer economy.
Bankers brought the global economic system to its knees in 2007 and nearly did the same in 2020. Both times, the US government bailed out the banks and left them in control. How can we end this cycle of trillion-dollar bailouts and make finance work for the rest of us? Busting the Bankers' Club confronts the powerful people and institutions that benefit from our broken financial system—and the struggle to create an alternative.
Drawing from decades of research on the history, economics, and politics of banking, economist Gerald Epstein shows that any meaningful reform will require breaking up this club of politicians, economists, lawyers, and CEOs who sustain the status quo. Thankfully, there are thousands of activists, experts, and public officials who are working to do just that. Clear-eyed and hopeful, Busting the Bankers' Club centers the individuals and groups fighting for a financial system that will better serve the needs of the marginalized and support important transitions to a greener, fairer economy.
383 pages, Hardcover
Published January 23, 2024
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Displaying 1 - 3 of 3 reviews
October 22, 2025
I am going to start by saying i am conservative in my economic views. While there were several points I can agree with, the Author started loosing me with DEI/Woke BS of red lining and bank under banking, I today's world you can setup a new bank account in 5 min on your phone.
Then he went on to proclaim that Keynesian school of thought is the underdog and that free markets is the mainstream perspective. But if you go back and review all the policies over the last 30 years are heavy on government intervention, with bail outs and interventions. We are heavy on the Keynesian economics, but the author has a victim mentality that revealed his bias.
But the best part was him pointing out that the Bankers Club have this influence, that they own the Fed, but he wants The Fed to be the ones that not only oversee banks but also provide services directly to those that need support a possible public bank. That is the fox in the hen house scenario.
But on a more positive note I was interested to see if public banking is an option, I see this as a viable alternative, except the incentive for running them will be corrupted, it is like the author denies basic human nature.
So is it worth reading, yes, but it could have been half as long if he had removed the overly restated woke lies. So 3 out of 5 stars.
Then he went on to proclaim that Keynesian school of thought is the underdog and that free markets is the mainstream perspective. But if you go back and review all the policies over the last 30 years are heavy on government intervention, with bail outs and interventions. We are heavy on the Keynesian economics, but the author has a victim mentality that revealed his bias.
But the best part was him pointing out that the Bankers Club have this influence, that they own the Fed, but he wants The Fed to be the ones that not only oversee banks but also provide services directly to those that need support a possible public bank. That is the fox in the hen house scenario.
But on a more positive note I was interested to see if public banking is an option, I see this as a viable alternative, except the incentive for running them will be corrupted, it is like the author denies basic human nature.
So is it worth reading, yes, but it could have been half as long if he had removed the overly restated woke lies. So 3 out of 5 stars.
June 3, 2024
This is a deeply researched, highly readable history, detailing how the financial sector has become powerful enough to write its own laws, bury itself in complexity, and convince us not to question their rent-seeking exploitation. To avoid major crashes in the future, reform is needed beyond the half-measures that were put into place following the crisis 15 years ago. This book will help you understand what happened and what might be sound approaches to achieving this.
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May 23, 2024I will finish all the poli/econ books I checked out from the library if it kills me
Displaying 1 - 3 of 3 reviews