Who Stole the American Dream?

By: Hedrick Smith

Narrated by: Rob Shapiro

Length: 16 hrs and 29 mins

Publisher's summary

Pulitzer Prize winner Hedrick Smith’s new book is an extraordinary achievement, an eye-opening account of how, over the past four decades, the American Dream has been dismantled and we became two Americas.

In his best-selling The Russians, Smith took millions of readers inside the Soviet Union. In The Power Game, he took us inside Washington’s corridors of power. Now Smith takes us across America to show how seismic changes, sparked by a sequence of landmark political and economic decisions, have transformed America. As only a veteran reporter can, Smith fits the puzzle together, starting with Lewis Powell’s provocative memo that triggered a political rebellion that dramatically altered the landscape of power from then until today.

This is a book full of surprises and revelations - the accidental beginnings of the 401(k) plan, with disastrous economic consequences for many; the major policy changes that began under Jimmy Carter; how the New Economy disrupted America’s engine of shared prosperity, the "virtuous circle" of growth, and how America lost the title of "Land of Opportunity". Smith documents the transfer of $6 trillion in middle-class wealth from homeowners to banks even before the housing boom went bust, and how the U.S. policy tilt favoring the rich is stunting America’s economic growth.

This book is essential reading for all of us who want to understand America today, or why average Americans are struggling to keep afloat. Smith reveals how pivotal laws and policies were altered while the public wasn’t looking, how Congress often ignores public opinion, why moderate politicians got shoved to the sidelines, and how Wall Street often wins politically by hiring over 1,400 former government officials as lobbyists.

©2012 Hendrick Smith; 2012 Random House Audio

Critic reviews

"Remarkably comprehensive and coherent analysis of and prescriptions for America's contemporary economic malaise by Pulitzer Prize-winning journalist Smith.... Smith sets out on a mission to trace the history of these strategies and policies, which transformed America from a roughly fair society to its current status as a plutocracy. He leaves few stones unturned.... [F]ascinating detail...brilliant analyses." ( Kirkus Reviews)

"Hedrick Smith is a clear thinker and a great writer who has done a terrific job chronicling the increasing disarray in the once powerful social compact between America's middle class and our business and political leadership. Smith also presents an American 'Marshall Plan' which is a solid road map for recovery from the results of failed business, media, and political leadership of the last 30 years." (Howard Dean, former Governor of Vermont, former DNC Chairman)

"Here now is the terrible story of how the so-called New Economy destroyed the many credos and practices that once pushed and prodded the American way of life. Hedrick Smith gives names, dates, and actions behind the transformation from a corporate and financial culture driven by shared wealth to one of CEO/ownership greed. Read it and weep with profound sadness and then scream with red-faced anger. It seems almost too tame to call it simply a book. It is an indictment that is as stinging, stunning and important as any ever handed down by a grand jury." (Jim Lehrer)

A clear description of why we have so many angry Americans

Anyone who wants to understand why the rich are so much richer while the rest of us struggle needs to read this book. Hedrick Smith lays it all out very clearly. Until the American people demand change, corporations and bankers will own more and more. We live in not a trickle up economy, but one that gushes money to the rich.

A Must Listen

This is well worth the listen if you have ever wondered when & why our government stopped working for us.

A must-read for anyone interested in the topic.

Best accounting of the transfer of wealth to from poor and middle class to the wealthy I’ve ever heard/read! The author makes a complicated explanation surprisingly easy to understand.

He ties it all together

I have been looking for this book for a long time. I have read many books looking for the answer to how we got here (in this economical mess) and why are we stuck. Each book seemed only to deal with a small part of the problem. Hedrick Smith puts the puzzle together for us. He explains the legislation, motivation behind it, and the players responsible for it. He deals with each sector of the economy, because there is no one culprit. He debunks many of the "sound bite" reasons given by our politicians for our lack of progress out of the woods.
Read it before you step into the voter booth!

I found it very informative

Where does Who Stole the American Dream? rank among all the audiobooks you’ve listened to so far?

It would be unfair to rank since I am new at audiobooks this being my second

Clearly Stated and Factually Conclusive

Would you recommend this audiobook to a friend? If so, why?

We've all seen the changes that have happened over the last generation but this book spells out clearly how theses changes grew out of legislation from a congress that was heavily influenced by lobbyist. A deliberate and purposeful plan to transfer wealth form the middle class to the wealthy. The decline of the value of labor and the steady erosion of the social contract that the sharing of wealth is a flow of wealth that lifts all boats.

Great listen. good explanations & background

Would you consider the audio edition of Who Stole the American Dream? to be better than the print version?

I have never read the printed version, so i would not know. But this is narrated very well, very thorough without hanging up on irrelevant details that don't pertain to the story. Details are presented in an easy to listen format, as well as explaining background information. great listen for any one

What other book might you compare Who Stole the American Dream? to and why?

I don't read/listen to many politically central or related books, but this one stuck out. With a background in industry and business some examples used i felt i could side either way, but the thing that sets this book apart from other 'stronger one-sided opinions' is the great ways the author goes in giving detailed back ground knowledge and history, most of which we would otherwise not pay attention to.

Have you listened to any of Rob Shapiro’s other performances before? How does this one compare?

I have not, but after this I may.

Did you have an extreme reaction to this book? Did it make you laugh or cry?

This book will potentially make you angry. Not at the author or the book, but the context and information of the book. Especially that you see the same thing occurring, RIGHT NOW. and you almost feel useless. But knowledge is power, and we should probably learn as much as we can before its banned too.

Any additional comments?

This book definitely made a positive impact in the way I live my life in that I more actively shop/purchase from companies that are innovative, treat their customers AND employees like people, not just a means to increase their stock price.

Required reading if disturbingly accurate.

I had to take breaks to recover from time to time, but the author gives any unbiased, accurate, and insightful history lesson.

Depressing in More Ways Than One.

What would have made Who Stole the American Dream? better?

I was reading this book for a class. So had I actually chosen it to read for myself, I suppose it would have been better.

What do you think your next listen will be?

The Blind Watchmaker - Richard Dawkins

Who would you have cast as narrator instead of Rob Shapiro?

Lewis Black

What reaction did this book spark in you? Anger, sadness, disappointment?

Well, the premise of the book sucked because who wants to find out they have been getting screwed?! Nobody!

Raise our blood pressure - enforces the status quo

Yes, my first review was lame. I have now exercised what everyone should exercise -- critical thinking. This writer's solutions were out of the Great Book of Utopia. One can always discern what is spoken by academia, politicians, and historians. They form a bias and then search for something to enforce that "safe space" in their minds. As is said in Russia: "We know our future -- we just don't know our past."

A look at commercial real estate (a real world example that transforms many fortunes). It easily explains the problem with the "American Dream", using accounting and real numbers -- instead of confirmation bias. The three greatest factors affecting as-built CRE returns, in order, are: 1) Property taxes; 2) Insurance; and 3) Regulation. Real truths by the numbers: government and big business greed -- and government, _again_ erode our dreams.

If one is reading this book through this massive corporation, one has probably already achieved some of the "American Dream". This author merely has a political ax to grind -- complete with flogging one party and handily bypassing those with pens and phones. This book's dogma is merely confirmation bias. I hope to write a book about the "Four Evil E's". Then the world will be exposed for what it is.

Personally, I find Smith's dogma similar to propaganda from the old USSR. The US will be different by 2050.