The High-beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble, and Bust Audiobook | Robert Frank | Audible.com
We are currently making improvements to the Audible site. In an effort to enhance the accessibility experience for our customers, we have created a page to more easily navigate the new experience, available at the web address www.audible.com/access.
The High-beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble, and Bust | [Robert Frank]

The High-beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble, and Bust

The rich are not only getting richer, they are becoming more dangerous. Starting in the early 1980s the top one percent broke away from the rest of us to become the most unstable force in the economy. An elite that had once been the flat line on the American income charts - models of financial propriety - suddenly set off on a wild ride of economic binges. Not only do they control more than a third of the country's wealth, their increasing vulnerability to the booms and busts of the stock market wreak havoc on our consumer economy, financial markets, communities, and government finances.
Regular Price:$24.49
  • Membership Details:
    • First book free with 30-day trial
    • $14.95/month thereafter for your choice of 1 new book each month
    • Cancel easily anytime
    • Exchange books you don't like
    • All selected books are yours to keep, even if you cancel
  • - or -

Your Likes make Audible better!

'Likes' are shared on Facebook and Audible.com. We use your 'likes' to improve Audible.com for all our listeners.

You can turn off Audible.com sharing from your Account Details page.

OK

Publisher's Summary

The rich are not only getting richer, they are becoming more dangerous. Starting in the early 1980s the top one percent broke away from the rest of us to become the most unstable force in the economy. An elite that had once been the flat line on the American income charts - models of financial propriety - suddenly set off on a wild ride of economic binges.

Not only do they control more than a third of the country's wealth, their increasing vulnerability to the booms and busts of the stock market wreak havoc on our consumer economy, financial markets, communities, employment opportunities, and government finances.

Robert Frank's insightful analysis provides the disturbing big picture of high-beta wealth. His vivid storytelling brings you inside the mortgaged mansions, blown-up balance sheets, repossessed Bentleys and Gulfstreams, and wrecked lives and relationships:

  • How one couple frittered away a fortune trying to build America’s biggest house - 90,000 square feet with 23 full bathrooms, a 6,000 square foot master suite with a bed on a rotating platform - only to be forced to put it on the market because “we really need the money”.
  • Repo men who are now the scavengers of the wealthy, picking up private jets, helicopters, yachts and racehorses – the shiny remains of a decade of conspicuous consumption financed with debt, asset bubbles, “liquidity events,” and soaring stock prices.
  • How “big money ruins everything” for communities such as Aspen, Colorado whose over-reliance on the rich created a stratified social scene of velvet ropes and A-lists and crises in employment opportunities, housing, and tax revenues.
  • Why California’s worst budget crisis in history is due in large part to reliance on the volatile incomes of the state’s tech tycoons.
  • The bitter divorce of a couple who just a few years ago made the Forbes 400 list of the richest people, the firing of their enormous household staff of 110, and how one former spouse learned the marvels of shopping at Marshalls, filling your own gas tank, and flying commercial.

Robert Frank’s stories and analysis brilliantly show that the emergence of the high-beta rich is not just a high-class problem for the rich. High-beta wealth has national consequences: America’s dependence on the rich + great volatility among the rich = a more volatile America.

Cycles of wealth are now much faster and more extreme. The rich are a new “Potemkin Plutocracy” and the important lessons and consequences are brought to light of day in this engrossing book.

©2011 Robert Frank (P)2011 Tantor

What the Critics Say

"The High-Beta Rich vividly illustrates how the wealthy and those they employ have become increasingly tied to the vicissitudes of the stock market and the macroeconomy. It is a cautionary tale for all." (Steven Neil Kaplan)

What Members Say

Average Customer Rating

4.3 (23 )
5 star
 (9)
4 star
 (11)
3 star
 (3)
2 star
 (0)
1 star
 (0)
Overall
4.0 (20 )
5 star
 (5)
4 star
 (10)
3 star
 (5)
2 star
 (0)
1 star
 (0)
Story
4.2 (20 )
5 star
 (9)
4 star
 (8)
3 star
 (2)
2 star
 (0)
1 star
 (1)
Performance
Sort by:
  •  
    Nichelle Apopka, FL, United States 11-04-11
    Nichelle Apopka, FL, United States 11-04-11
    HELPFUL VOTES
    26
    ratings
    REVIEWS
    7
    6
    FOLLOWERS
    FOLLOWING
    1
    0
    Overall
    Performance
    Story
    "Sell to the Classes, Join the Masses"

    This books is full of lots of interesting riches to rags stories, but it also explains why it's better to have a middle class driven economy than a richistan driven economy. Politicians need to quit worshipping the rich and read this book, and then they need to pass a law that caps all political contributions at $500 or less.

    5 of 5 people found this review helpful
  •  
    Joshua Kim Etna, NH, United States 05-06-12
    Joshua Kim Etna, NH, United States 05-06-12 Member Since 2005

    mostly nonfiction listener

    HELPFUL VOTES
    525
    ratings
    REVIEWS
    296
    154
    FOLLOWERS
    FOLLOWING
    286
    49
    Overall
    Performance
    Story
    "high beta read"

    Robert Frank is the wealth reporter for the WSJ, where he writes the wealth blog, and is also the author of the 2008 book Richistan. Reading The High-Beta Rich is good fun, as who doesn't like to hear about former billionaires reduced to cleaning their own toilets and shopping at Marshalls. Frank hangs The High-Beta Rich on both stories and data, and he is a good story-teller.

    The underlying data story is the degree to which the income, and therefore spending, of the wealthy fluctuates. Today's rich are different from the previous wealthy class, as most of the recent big fortunes were made by way of financial manipulation as opposed to the traditional route of building a company over many years (or through inheritance). The formerly mega-wealthy that Frank profiles made their millions (or billions) by borrowing large sums of money, and as often as not investing this borrowed money in overpriced real estate development schemes. As quickly as the sub-prime bubble burst, they were forced to lay-off the armies of butlers and private chefs that they had accumulated during the financial and housing bubble. The fallout of the rapid declines in the wealth of many previous top-earners is not however limited to the yacht and mansion set, as many municipalities (read Aspen) and employees (read most of us), have grown to depend on the tax dollars and spending of the rich. Turns out, an economy based on rich people is a volatile economy indeed.

    1 of 1 people found this review helpful
  •  
    Gabriel Norwalk, CT, United States 12-13-11
    Gabriel Norwalk, CT, United States 12-13-11 Member Since 2006
    HELPFUL VOTES
    1
    ratings
    REVIEWS
    6
    1
    FOLLOWERS
    FOLLOWING
    0
    0
    Overall
    Performance
    Story
    "A great follow-up to Richistan"

    This book was a very interesting and entertaining follow-up to Richistan. The audio is very clear and the listening experience is great. From private jet repo men to the rise and fall of America's most lavish lifestyles, it's all very eye opening.

    1 of 1 people found this review helpful
  •  
    Saltypants Portland, OR, United States 03-27-12
    Saltypants Portland, OR, United States 03-27-12 Member Since 2011
    ratings
    REVIEWS
    13
    3
    Overall
    Performance
    Story
    "TERRIBLE NARRATOR!!!"

    The book was interesting, but the narrator was HORRIBLE. Almost no inflection in his voice made things just run together into a long string, which made it hard to follow after a while.

    0 of 0 people found this review helpful
  •  
    stephen Baytown, TX, United States 11-30-11
    stephen Baytown, TX, United States 11-30-11 Member Since 2009
    ratings
    REVIEWS
    1
    1
    Overall
    Performance
    Story
    "Pretty entertaining Book, I enjoyed it."

    It was quite an insight to life of High-Beta rich (as Robert Frank calls them) I didn't really know, far from the world of reality TV we all aware of . This was the best book to see the wealthy in true form.

    0 of 0 people found this review helpful
  • Showing: 1-5 of 5 results

    There are no listener reviews for this title yet.

Report Inappropriate Content

If you find this review inappropriate and think it should be removed from our site, let us know. This report will be reviewed by Audible and we will take appropriate action.

CANCEL

Thank You

Your report has been received. It will be reviewed by Audible and we will take appropriate action.