|Title: The Secondary Banking Crisis
Author: Reid, Margaret
Publisher: Hindsight Books Ltd.
Date Published: 2003
Specifications: Softcover, 235pp., 5.5" x 8", 300g.
Condition: As New
Copies in stock: 741
Category: Finance More books in this category
Book type: Investment History
Hindsight ID: 1890
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|Notes: A crisis that brought the markets to the depths of despair, when the future of capitalism itself came to be doubted by many in Britain. Abundant credit in a liberalised financial system with a domestic economy led by government hell-bent on growth had provided a hot-house atmosphere for a breed of self-styled financial entrepreneurs. Often arriving from a background in property or stock market activity many of these players joined the ranks of the newly-established Secondary Banks. Their reign was brief, foundering in a volatile mix of political chaos, currency crises, rebounding interest rates, over-investment in property and the inevitable and dramatic change in that most fickle of ingredients â€“ confidence. Thus the banking system as a whole was called into question and decisive action required from the Bank of England.
Keys: Banking, Crisis, Bank of England, Secondary Banks, Fringe banks, fringe banking, Property, Cedar, Jim Slater, Bentley, Pat Matthews, Jessel, Tom Whyte (Triumph), First National Finance, cycle
Review: Reid's book is the definitive account of this crisis and crucial role of the Bank of
England in diffusing it. Since it seems that periodic crises and mania are a fixture
of the financial markets, if not human nature, it remains essential reading for bankers
and investors both in the UK and overseas.
"The mid-1970s are now depicted, invariably
in near-apocalyptic brushstrokes, as the time of Britain's most severe political, social
and economic peacetime crisis since the immediate aftermath of the Napoleonic Wars, if
not earlier. The oil shock, the three-day week, the Heath government brought down by the
miners, the plunging stock market, the hyper-inflation, the IMF called in these
well-known jolts to national pride all feature prominently on the lurid historical canvas.
Yet one episode, arguably just as important and pregnant with possibilities as at least
most of the others, has gone strangely missing from our collective memory: the secondary
banking crisis. This welcome reprinting of Margaret Reid's meticulous, penetrating and
deservedly classic account may do something to redress the situation." - from the introduction by David Kynaston.More information on this book