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 xii
... U.S. financial sector - the increasingly commingled excesses of banking , se- curities , insurance , and real estate - failed the nation's trust through extreme greed , inexcusable speculative leverage , and a streak xii Preface.
... U.S. financial sector - the increasingly commingled excesses of banking , se- curities , insurance , and real estate - failed the nation's trust through extreme greed , inexcusable speculative leverage , and a streak xii Preface.
Page xiii
... leverage , and a streak of sheer incompetence . After first reaching the bestseller charts in spring , Bad Money got a second life in September when crashing U.S. and world stock markets prompted more Americans to look for an ...
... leverage , and a streak of sheer incompetence . After first reaching the bestseller charts in spring , Bad Money got a second life in September when crashing U.S. and world stock markets prompted more Americans to look for an ...
Page xvi
... leverage provided the essential structure of the Multi - bubble , and its principal architect , from 1987 to 2006 , was Federal Reserve Board Chairman Alan Greenspan . He kept the liquidity flow- ing and declined to regulate the ...
... leverage provided the essential structure of the Multi - bubble , and its principal architect , from 1987 to 2006 , was Federal Reserve Board Chairman Alan Greenspan . He kept the liquidity flow- ing and declined to regulate the ...
Page xx
... leveraged buyouts for the entire period from 1980 to early 1988 came to only a little over two thirds of a trillion dollars . " 1 Perhaps unsurprisingly , the new mega - firms took advantage of their new size , funding , and ...
... leveraged buyouts for the entire period from 1980 to early 1988 came to only a little over two thirds of a trillion dollars . " 1 Perhaps unsurprisingly , the new mega - firms took advantage of their new size , funding , and ...
Page xxi
... leveraged buyouts , or the ability of institutions to take positions with 30 : 1 leverage . This meant $ 30 mil- lion borrowed dollars in play for every million actually owned . The cheaper the interest rate , the better . One facet of ...
... leveraged buyouts , or the ability of institutions to take positions with 30 : 1 leverage . This meant $ 30 mil- lion borrowed dollars in play for every million actually owned . The cheaper the interest rate , the better . One facet of ...
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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