My subject line is the first chapter of The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street while Mugging Main Street, by celebrated LA Times journalist Robert Scheer. This recently published book begins, “They did it. Yes, there is a ‘they’: the captains of finance, their lobbyists, and allies among leading politicians of both parties, who together destroyed an American regulatory system that had been functioning splendidly for most of the six decades since it was enacted in the 1930s.” Intriguing premise, right?
Right. Except…I will admit, I knew little-to-nothing about global economic principles before reading this book. However, almost certainly like most of you, the Wall Street financial crash of 2008 and subsequent global recession has impacted me personally and recently, professionally. I couldn’t ignore the facts any longer; I was compelled to learn “why?” This book gave me answers. But I was also stunned to read about dangerous banking practices and greedy policy makers who continue to thrive in the Obama administration.
This is a story largely forgotten or overlooked by the mainstream media, explained in precise but understandable detail. Rather than going where other journalists have gone in search of this hidden story – the board rooms and trading floors of huge Wall Street firms – Scheer looks to Washington DC, a “veritable crime scene.” A warning though…my hope is that reading this book will at the very least change your perception of the economic crisis. At best you will be compelled to act on it!
For further reading and answers about this intriguing subject, also read:
A Colossal Failure of Common Sense: the Inside Story of the Collapse of Lehman Brothers, by Lawrence G. McDonald
Crisis Economics: a Crash Course in the Future of Finance, by Nouriel Roubini