Tuesday, May 23, 2017

Why Wall Street Matters

Reform. Many complicated issues are reduced to what can fit on a tweet, and too much explanation can’t overcome a few memorable phrases. “Break up the banks,” or “fat cats on Wall Street,” can convey sentiment, but not nuance or context. Financial writer William D. Cohan has written an easy to read, mostly jargon free book titled, Why Wall Street Matters, that provides readers without financial expertise with reasons why the demonization of Wall Street should stop. Cohan provides a history of Wall Street to create context, and explains why Wall Street should continue in its important role of allocating capital. He also calls for reform, but cautions against vitriol leading to actions with unintended consequences. He makes it plain that Wall Street compensation needs to be fixed, but that the core role of capital allocation keeps our economy strong. If you know something about finance, this book won’t teach you anything new, but it may help explain to doubters why you agree that Wall Street helps all of us. If you don’t know much about finance, this book can inform you about the role that Wall Street plays in your life and why that role should continue. Rating: Four-star (I like it) Click here to purchase Why Wall Street Matters from amazon.com.

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