Bad Money: The Inexcusable Failure of American Finance: An Update to Bad Money (A Penguin Group eSpecial from Penguin Books)

Bad Money: The Inexcusable Failure of American Finance: An Update to Bad Money (A Penguin Group eSpecial from Penguin Books)

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by Kevin Phillips
     
 

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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

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.

Product Details

ISBN-13:
9781101046326
Publisher:
Penguin Publishing Group
Publication date:
03/31/2009
Sold by:
Penguin Group
Format:
NOOK Book
Pages:
352
Sales rank:
366,525
File size:
1 MB
Age Range:
18 Years

Meet the Author

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.

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Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism 4.3 out of 5 based on 0 ratings. 16 reviews.
TulaneGirl More than 1 year ago
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.
willyvan More than 1 year ago
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.
Guest More than 1 year ago
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.
Bartflo More than 1 year ago
The author's incisive opinions and broad knowledge make this volume essential reading for thoughtful readers.
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badger11 More than 1 year ago
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.
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Guest More than 1 year ago
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.