Money and banking
(1)Read the Federal Reserve Board July 2, 1013 Press Release on Basel III:
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Answer the following questions:
(i)What is the main goal of Basel III? Summarize the changes in capital requirements.
(ii)How are the rules different for Community Banks? What is the rationale for having different rules for Community Banks?
(2)Watch a portion of the following video (starting at 3:30 to 36:00) where Michael Lewis discusses “The Big Short and the future of finance”: https://www.youtube.com/watch?v=stnGC9jL8Fk&t=1428s
Answer the following questions:
(i)Michael Lewis’ first book was Liar’s Poker. What was his motivation and intention in writing the book? What perverse conclusion did many readers take from the book?
(ii)Describe “the shift” that Lewis observed while he was working in finance on Wall Street.
(iii)Summarize the Darwinian story that takes place between the “Vinnies” on Wall Street and the younger workers with graduate degrees in physics, math, economics, and business. How does the story about crash insurance provide a metaphor for this evolution?
(iv)What are the two most shocking things that Lewis found in reaction to the publication of The Big Short?
(v)Describe Lewis’ cynical view on the Department of Economics at his Alma Mater.
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