Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
by Kevin Phillips
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Book Summary Information
Author: Kevin PhillipsEdition: Hardcover
Audio: English (Published)
Format: Bargain Price
Published: 2008-04-15
ISBN: N/A
Number of pages: 256
Publisher: Viking Adult
Book Reviews of Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
Book Review: Finance and American Economic Policy
Summary: 5 Stars
I have read three of Kevin Phillips books before this one.
Wealth and Democracy: A Political History of the American Rich
Arrogant Capital: Washington, Wall Street, and the Frustration of American Politics
American Dynasty: Aristocracy, Fortune, and the Politics of Deceit in the House of Bush
This is his best work to date in my opinion. His witty writing style and extensive research are impressive.
I saw a C-Span interview with the author and the mountains of research material he had was amazing! Mr. Phillips put a lot of time into research for this book and it really shows!
The aim of this book is to demonstrate that as in prior world history, America's position as a leading economic power is tenuous at best and likely to pass.
He emphasizes the following thought on page 20:
"To institutionalize the dominance of minimally regulated finance at this stage of U.S. history is a bad idea."
He points out that after 1988, finance was the sector chosen to be favored over any sector.
Finance passed manufacturing in that respect.
On page 64 he observes the effect of that decision: "Meanwhile, the new economy is breeding more stratification and inheritance than mobility."
There were some really intriguing subjects in this book.
Among them are:
> The "President's Working Group on Financial Markets" or "Plunge Protection Team" and it's existence and possible activity regarding the economy and market manipulation.
> Another is the use of the Consumer Price Index and using subjective figures to cover up economic woes.
> The longstanding quest for mineral acquisitions by nations in the West. Oil is the current mineral being pursued.
He ties this to the "Peak Oil theory". The petro-dollar was discussed also.
He observes that hedge fund speculators spread their campaign contributions in a bi-partisan fashion.
Kevin Phillips gets what's wrong with the American economy and the policies that got us where we are.
The future doesn't look bright for American economic world leadership. He lists some potential successor countries and looks to history for lessons about previous world empires.
This book really answers a lot of questions about government economic policy. Great book and I highly recommend it!!
Some other excellent books to consider are these;
Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse
Bailout Nation, with New Post-Crisis Update: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown (Vintage)
More Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism reviews:
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Summary of Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
The bestselling author reveals how the U.S. financial sector has hijacked our economy and put America?s global future at riskIn American Theocracy, Kevin Phillips warned us of the perilous interaction of debt, financial recklessness, and the increasing cost of scarce oil. The current housing and mortgage debacle is proof once more of Phillips?s prescience, and only the first harbinger of a national crisis. In Bad Money, Phillips describes the consequences of our misguided economic policies, our mounting debt, our collapsing housing market, our threatened oil, and the end of American domination of world markets. America?s current challenges (and failures) run striking parallels to the decline of previous leading world economic powers?especially the Dutch and British. Global overreach, worn-out politics, excessive debt, and exhausted energy regimes are all chilling signals that the United States is crumbling as the world superpower.
?Bad money? refers to a new phenomenon in wayward megafinance?the emergence of a U.S. economy that is globally dependent and dominated by hubris-driven financial services. Also ?bad? are the risk miscalculations and strategic abuses of new multitrillion-dollar products such as asset-backed securities and the lure of buccaneering vehicles like hedge funds. Finally, the U.S. dollar has been turned into bad money as it has weakened and become vulnerable to the world?s other currencies. In all these ways, ?bad? finance has failed the American people and pointed U.S. capitalism toward a global crisis. Bad Money is the perfect follow- up to Phillips?s last book, whose dire warnings are now proving frighteningly accurate.
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