In Bed with Wall Street: The Conspiracy Crippling Our Global Economy portrays the financial crisis of 2008–2009 as a failure of regulation and oversight. The author contends that while the industry’s watchdogs focused on small firms’ petty infractions, the leaders of major institutions escaped retribution for irresponsible practices that brought the global financial system to the brink of collapse.
This perspective is useful, even though it downplays the role of monetary policy and does not explain why the housing market got overheated in such countries as Spain and Ireland, which did not engage in the financial deregulation and promotion of low-income homeownership that the author blames for the U.S .debacle. Unlike many other commentators on public policy, former Wall Street mortgage-backed security trader Larry Doyle cannot be accused of failing to offer concrete alternatives to existing practices. Unfortunately, there are no easy fixes for the problems he tackles.