Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism

Overview

In his acclaimed book American Theocracy, Kevin Phillips warned of the perilous interaction of debt, financial recklessness, and the spiking cost (and growing scarcity) of oil- warnings that are proving to be frighteningly accurate. Now, in his most significant and timely book yet, Phillips takes the full measure of this crisis. They are a part of what he calls "bad money"- not just the depreciated dollar, but also the dangerous attitudes and the flawed products of wayward mega-finance. His devastating ...

See more details below
Paperback (Updated)
$13.31
BN.com price
(Save 16%)$16.00 List Price

Pick Up In Store

Reserve and pick up in 60 minutes at your local store

Other sellers (Paperback)
  • All (58) from $1.99   
  • New (8) from $4.35   
  • Used (50) from $1.99   

Overview

In his acclaimed book American Theocracy, Kevin Phillips warned of the perilous interaction of debt, financial recklessness, and the spiking cost (and growing scarcity) of oil- warnings that are proving to be frighteningly accurate. Now, in his most significant and timely book yet, Phillips takes the full measure of this crisis. They are a part of what he calls "bad money"- not just the depreciated dollar, but also the dangerous attitudes and the flawed products of wayward mega-finance. His devastating conclusion: In its hubris, the financial sector has hijacked the American economy and put our very global future at risk-and it may be too late to stop it.

Read More Show Less

Editorial Reviews

From Barnes & Noble
There is no one quite like Kevin Phillips. As a political strategist, he earned fame and presidential recognition as the author of The Coming Republican Majority, but since then his astute political and economic commentary has cut across party lines, excoriating leaders on both sides for ineptitude and cowardice. Bad Money might be best seen as the even more focused sequel to his American Theocracy. Clearly, Phillips thinks that the situation has grown worse since that 2006 book: "The parallel to the historical Achilles heels of previous leading world economic powers -- global over-reach, worn-out politics, excessive debt, financialization and exhausted energy regions -- are chilling." No simple jeremiad, Bad Money is an alarum against the politics of evasion.
Daniel Gross
Bad Money is perfectly timed for the present, as the foul stench of moldering debt and American decline lingers in the concrete canyons of Manhattan…Phillips is an entertaining writer. His prose is full of jabs and one-two combinations that keep things moving briskly.
—The New York Times
Library Journal

Longtime political and economic commentator Phillips continues the theme of his American Theocracy(2006)-also narrated by Scott Brick (www.scottbrickpresents.com)-with this gloomy projection of a major economic storm brewing on the horizon. Here, Phillips again draws parallels between our current situation and the declines of 17thcentury Spain, the 18thcentury Dutch Republic, and early 20thcentury Britain, parallels over which historians and economists will likely quibble. However, even if his moody pessimism is not entirely defensible, his warnings should provide useful fodder for enlightened, learned voters in the exhausting 2008 presidential campaign. Brick's steady pacing will help listeners sustain focus throughout this informationpacked read. Recommended for university libraries supporting business and economics curricula and for larger public libraries. [Also recorded by Books on Tape. 8 CDs. unabridged. ISBN 9781415949900
—Dale Farris

Read More Show Less

Product Details

  • ISBN-13: 9780143114802
  • Publisher: Penguin Group (USA) Incorporated
  • Publication date: 3/31/2009
  • Edition description: Updated
  • Pages: 352
  • Sales rank: 956,304
  • Product dimensions: 5.40 (w) x 8.40 (h) x 0.90 (d)

Meet the Author

Kevin Phillips

Kevin Phillips has been a political and economic commentator for more than three decades. A former White House strategist, he is a regular contributor to the Los Angeles Times and NPR and writes for Harper’s and Time. His books include New York Times bestsellers The Politics of Rich and Poor and Wealth and Democracy.

Read More Show Less

Table of Contents

Preface to the Revised Edition: After the Fall: The Inexcusable Failure of American Fianance xi

1 Introduction: The Panic of August 1

2 Finance: The New Real Economy? 29

3 Bullnomics: Its Favoritism and Fictions 69

4 Securitization: The Insecurity of It All 96

5 Peak Oil: A Potential Pivot of the 2010s 120

6 The Politics of Evasion: Debt, Finance, and Oil 154

7 The Global Crisis of American Capitalism 179

Afterword: Speculative Capitalism Endangered: The Domestic and Global Consequenses 210

Appendix: Global Public Opinion and the Loss of Respect for the United States, 2003-7 237

Notes 241

Index 261

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously
Sort by: Showing 1 – 20 of 15 Customer Reviews
  • Posted December 17, 2008

    Provocative

    Kevin Phillips gives a provocative analysis of our current economic crisis. Except that incredibly he did it a year before it came to pass. We are now living the predictions made in this book. He also gives a good analysis of how it came to be - the mechanisms that allowed it to happen, the bad decisions that were made, the hubris that created the environment. And he does it all in a user friendly way.

    5 out of 5 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted August 25, 2009

    I Also Recommend:

    Brilliant study of capitalism's economic, political and moral failure

    In this brilliant book, Kevin Phillips, a long-time student of the USA, exposes Wall Street's greed, criminality and stupidity. He also exposes the governments which thought they had 'picked a winner' in Wall Street as a whole. They passed laws keeping finance outside the law and gave hedge funds a licence to create debts which acted as money.

    The USA's bloated financial sector grew from 12% of GNP in the 1980s to 21% by 2005, at the expense of manufacturing industry, which fell from 25% to 12% of GNP. The market does not help industry by its bets on changes in asset prices.

    The problem is still Wall Street's toxic debts in banking, insurance, real estate and securities. From 1987 to 2006 the USA's total credit market debt rose from $11 trillion to $44 trillion, 340% of GDP. Wall Street has borrowed $15 trillion since 1983. Derivatives were $615 trillion in 2008, up from $14 trillion in 1993. Mortgage debt doubled to $10 trillion.

    Obama has cosseted, not controlled Wall Street, aiding even greater concentration of economic power. The bailouts rescued the five biggest commercial banks (Citigroup, JP Morgan Chase, the Bank of America, Wells Fargo and Wachovia), and the five biggest investment banks (Goldman Sachs, Bear Stearns, Morgan Stanley, Merrill Lynch and Lehman Brothers), the top four mortgage firms and insurance giant AIG.

    But Obama has not required the banks to lend to the real economy. Instead, federal dollars are funding gross bonuses and salaries.

    Phillips goes on to show how the new seven sisters are not private US firms, but state-owned oil companies: Saudi Aramco, Gazprom (Russia), PetroChina, the National Iranian Oil Company, Petrobras (Brazil), Petronas (Malaysia) and Petroleum de Venezuela. They control 75% of world petroleum reserves. OPEC is moving towards pricing oil in euros not dollars.

    Phillips shows how the attack on Iraq led to soaring oil prices, transferring vast wealth from the USA and Britain to the oil-producing nations. He stresses the need for energy security and calls on Americans to abandon 'the hubris of military and financial imperialism', to strengthen their manufacturing industry and curb their bankers.

    3 out of 3 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted May 1, 2008

    A Wake-Up Call for the USA

    Kevin Phillips once again provides a thoughtful and provocative analysis of the economic and social condition of the United States. Not for the mindlessly jingoistic: the USA needs a little tough-love if it wants to maintain its leadership role in the world and Phillips provides great background for the tough decisions ahead, if there are any politicians or citiziness out there brave enough to make and fight for them.

    3 out of 3 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted July 18, 2009

    Great for all interested in the state of the United States.

    The author's incisive opinions and broad knowledge make this volume essential reading for thoughtful readers.

    1 out of 1 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted January 18, 2010

    Worth your time

    Bad Money offers an in-depth look at the major contributing factors that caused our current recession. It provides historical background as well as the application of empirical research. This combination makes it suitable reading whether or not one possesses a strong business acumen.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted September 21, 2008

    Coming home to roost

    Well what can you say. The U.S. Goverment is going to spend at least 700 Billion dollars to bail out the companies of these criminally negiligent a__holes.

    0 out of 5 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted January 10, 2010

    No text was provided for this review.

  • Anonymous

    Posted November 13, 2008

    No text was provided for this review.

  • Anonymous

    Posted May 21, 2012

    No text was provided for this review.

  • Anonymous

    Posted October 23, 2008

    No text was provided for this review.

  • Anonymous

    Posted January 12, 2010

    No text was provided for this review.

  • Anonymous

    Posted October 27, 2008

    No text was provided for this review.

  • Anonymous

    Posted January 28, 2010

    No text was provided for this review.

  • Anonymous

    Posted January 18, 2009

    No text was provided for this review.

  • Anonymous

    Posted December 24, 2009

    No text was provided for this review.

  • Anonymous

    Posted November 20, 2008

    No text was provided for this review.

  • Anonymous

    Posted December 16, 2009

    No text was provided for this review.

  • Anonymous

    Posted March 14, 2009

    No text was provided for this review.

  • Anonymous

    Posted January 6, 2010

    No text was provided for this review.

  • Anonymous

    Posted April 2, 2009

    No text was provided for this review.

Sort by: Showing 1 – 20 of 15 Customer Reviews

If you find inappropriate content, please report it to Barnes & Noble
Why is this product inappropriate?
Comments (optional)