Bad Money: The Inexcusable Failure of American Finance: An Update to Bad Money (A Penguin Group eSpecial from Penguin Books)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. |
From inside the book
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Page xv
... consumer - spending and debt culture in the United States clearly harks back to the nineteen fifties , with acceleration in the sixties and seventies . ' However , for this postmortem of recent financial recklessness , we dissect only ...
... consumer - spending and debt culture in the United States clearly harks back to the nineteen fifties , with acceleration in the sixties and seventies . ' However , for this postmortem of recent financial recklessness , we dissect only ...
Page xvi
... consumer debt alone more than dou- bled , and by the early 2000s , the escalation was frightening . In 2004 , economists from Northern Trust and Goldman Sachs began talking about household deficits , not just the federal budget xvi Preface.
... consumer debt alone more than dou- bled , and by the early 2000s , the escalation was frightening . In 2004 , economists from Northern Trust and Goldman Sachs began talking about household deficits , not just the federal budget xvi Preface.
Page xvii
... consumer credit and debt . " Issuers focused on young people -- many were teenagers with no job or budgeting experience and pursued them relentlessly . Consumer historian Peter Stearns noted that for many Americans with decent incomes ...
... consumer credit and debt . " Issuers focused on young people -- many were teenagers with no job or budgeting experience and pursued them relentlessly . Consumer historian Peter Stearns noted that for many Americans with decent incomes ...
Page xviii
... consumer debt alone had climbed to a record 85.7 percent of GDP . But a glittering opportunity for lenders increas- ingly became a yoke for borrowers . Between 2000 and 2007 , household debt almost doubled , as Figure P.1 shows . By ...
... consumer debt alone had climbed to a record 85.7 percent of GDP . But a glittering opportunity for lenders increas- ingly became a yoke for borrowers . Between 2000 and 2007 , household debt almost doubled , as Figure P.1 shows . By ...
Page xx
... alongside the lucrative inflammation of consumer debt , in the fi- nancial services takeover . I'm sorry if this book doesn't make for pleasant reading . But I can't underscore too strongly how much of the upsurge of financial XX Preface.
... alongside the lucrative inflammation of consumer debt , in the fi- nancial services takeover . I'm sorry if this book doesn't make for pleasant reading . But I can't underscore too strongly how much of the upsurge of financial XX Preface.
Other editions - View all
Bad Money: The Inexcusable Failure of American Finance: An Update to Bad ... Kevin Phillips No preview available - 2009 |
Bad Money: The Inexcusable Failure of American Finance: An Update to Bad ... Kevin Phillips No preview available - 2009 |
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