Eight years on from the biggest market meltdown since the Great Depression, the key lessons of the crisis of 2008 still remain unlearned - and our financial system is just as vulnerable as ever. Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate all American businesses, putting us on a collision course with another cataclysmic meltdown.
Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the "financialization of America" - the trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street's reign over Main Street, widening the gap between rich and poor, and threatening the future of the American dream.
Policy makers get caught up in the details of regulating "too big to fail" banks, but the problems in our market system go much broader and deeper than that. Consider that:
And still the majority of the financial regulations promised after the 2008 meltdown have yet come to pass thanks to cozy relationships between our lawmakers and the country's wealthiest financiers.
Exploring these forces that have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society and why reversing this trend is of grave importance to us all. Through colorful stories of both "Takers" and "Makers", she'll reveal how we change the system for a better and more sustainable shared economic future.
©2016 Rana Foroohar (P)2016 Random House Audio
I've read and listened to a number of books on financial markets and the economy. I have never read or listened to a book that so astutely goes over all of the major important points on how our economy has become as rigged as it is.
This is an excellent book. It takes an incredibly complex storyline and simplifies it so we can understand The myriad contributors to our financial and societal challenges.
I found myself looking forward to a summary of what could be done to solve these issues: summary that was provided in the last chapter. I wish the author had presented her recommendations in A more concise and concrete summary. Because we need concise and understandable solutions if we are going to have a chance of seeing them executed.
Overall a great book
If you can handle the truth, sit down, strap in and hold on. Rana's research is superseded only by the logical presentation of the facts -- truths that political spin doctors and private moneyed interests may take issue with -- that include clear cause/effect examples which contribute to the economic situation we face today.
The author, I'm afraid to say, is overly biased against finance as a profession and an academic field. I won't blame her for not knowing the current academic understanding of the problems given her background. But she seems to let anti-finance rhetoric get the better of her.
I like to finish what I start and this was difficult. I agree with the underlying premise of the book, and was deeply disappointed with the support provided. Far too often instead of using taxes, economics, or business which wouldn't have supported the authors suppositions well she just went to quote Elizabeth Warren. She also is very fond of the term Kafka esque.
Yes, The narration was excellent and the story is insightful. Getting the inside scoop on these companies and banks is important because we never hear the truth. Its great to make lots of money but we can now see over the years which companies put the shareholders happiness over there customers, and how that has ultimately lead to there demise or just a crappy company that never grows or improves its products.
It made me upset that MOST of American business is more about pleasing shareholders rather than Innovation. When she starts off with the Tim Cook vs. Steve Jobs way of running a company I was hooked. I'm all for making profits and staying lean but not at the cost of Innovation, even in banking.
This was a very easy to understand synopsis of our current financial situation as well as weaving research and history into the narrative of how our system became what it is today. If we are to survive as a democracy, we ALL need to understand what is happening with our economy and elect people who share that understanding so we can fix it for this and future generations. Should be required reading for all high schools so they can grasp the ideas of how an economy should work that is by, of, and for the people.
Eye opening assessment of the post-2008 financial economy, and events that contributed to the collapse. It was very easy to listen to the performance despite it being relatively lengthy. A+
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