Sunday, February 24, 2013

The Financial Crisis and the Free Market Solution, by John Allison

This is a great book!  Allison steps the reader through all the government interventions into the economy that resulted in the financial crisis of 2008.  Even though I lived through the crisis and paid attention to the news, many of the events were new to me.  Allison puts them in context and demonstrates that the crisis was government caused.  He goes on to show that the solution to our problems is a free market and the elimination of government intervention in the economy.

As CEO of BB&T Bank at the time of the crisis, then the 6th largest bank in the country, Allison is uniquely qualified to explain the financial crisis.  As a student of Ayn Rand, he is also uniquely qualified to present the solution of free markets.

At the end, Allison gives some interesting perspectives on ethics in the workplace.  I enjoyed his insight about experiential learners--people who learn from their mistakes rather than school--and how those people tended to rise to the top within his organization.  He also pointed out that these people were better than most at avoiding evasion, a practice that stops many people from being effective experiential learners.

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