Makers and Takers

The Rise of Finance and the Fall of American Business

By: Rana Foroohar

Narrated by: Rachel Fulginiti

Is Wall Street bad for Main Street America?

"A well-told exploration of why our current economy is leaving too many behind." —The New York Times

In looking at the forces that shaped the 2016 presidential election, one thing is clear: much of the population believes that our economic system is rigged to enrich the privileged elites at the expense of hard-working Americans. This is a belief held equally on both sides of political spectrum, and it seems only to be gaining momentum.

A key reason, says Financial Times columnist Rana Foroohar, is the fact that Wall Street is no longer supporting Main Street businesses that create the jobs for the middle and working class. She draws on in-depth reporting and interviews at the highest rungs of business and government to show how the “financialization of America”—the phenomenon by which finance and its way of thinking have come to dominate every corner of business—is threatening the American Dream.

Now updated with new material explaining how our corrupted financial sys­tem propelled Donald Trump to power, Makers and Takers explores the confluence of forces that has led American businesses to favor balance-sheet engineering over the actual kind, greed over growth, and short-term profits over putting people to work. From the cozy relationship between Wall Street and Washington, to a tax code designed to benefit wealthy individuals and corporations, to forty years of bad policy decisions, she shows why so many Americans have lost trust in the sys­tem, and why it matters urgently to us all.

Through colorful stories of both “Takers,” those stifling job creation while lining their own pockets, and “Makers,” businesses serving the real economy, Foroohar shows how we can reverse these trends for a better path forward.

repeating patterns

crazy how 8 years later we can see the same patterns happening in our economy today.

Overly biased against finance as a profession and an academic field

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.

snarky critique of Apple, self-promotion distract

If you could play editor, what scene or scenes would you have cut from Makers and Takers?

I suggest that all the self-referential comments by the author, and all comments about Apple be removed. Criticizing Apple for acting according to current laws and in its own self-interest is not helpful. I suggest that the focus be on policy suggestions and a storyline, rather than snark.

Enlightening

Good analysis of the impacts of financializing our businesses, government and beliefs as well as the impacts on our society. Our politicians are talking about the wrong reasons we have a middle class that is struggling financially.

Required reading for all

Excellent accounting of how we got into the dangerous mess we are in. Written and narrated with calm aplomb. Very important book, which I intend to read again. Thank you!