Download Bad Money: Reckless Finance, Failed Politics, and the Global by Kevin Phillips PDF

By Kevin Phillips

In his acclaimed ebook American Theocracy, Kevin Phillips warned of the perilous interplay of debt, monetary recklessness, and the spiking fee (and starting to be shortage) of oil- warnings which are proving to be frighteningly exact. Now, in his most vital and well timed publication but, Phillips takes the entire degree of this drawback. they seem to be a a part of what he calls "bad money"- not only the depreciated buck, but in addition the harmful attitudes and the fallacious items of wayward mega-finance. His devastating end: In its hubris, the monetary quarter has hijacked the yankee economic system and placed our very international destiny at risk-and it can be too overdue to forestall it.

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Additional info for Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism

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The importance of these borrowed trillions also changed and enlarged the financial sector’s institutional profile. For starters, banks and insurance companies in general lost relative ground and prominence. Whereas the two groups had enjoyed 71 percent of financial sector assets back in 1966 and 52 percent in 1986, their share as of 2006 had shriveled to 30 percent. 3 on page 108 details the rest of the participants. Mutual funds and federally related mortgage pools rose from 6 percent in 1966 to 31 percent forty years later.

The further benefit was that rising home prices offset much of the nationwide loss of wealth—some $7 trillion—occasioned by the 2000- 2002 collapse of the stock market bubble, most notably the implosion of the tech-laden Nasdaq Index (see pp. 11-13, 62). 4 on p. 114. Wealth-wise, this increase was gangbusters. It was also a powerful tool of financial expansion, mortgage finance being one of the sector’s weightiest pillars. Virtually all the mega-firms were enthusiastic participants. I don’t think it is any coincidence that the peak of financial services’ share of GDP came in 2004, amid the heyday of low-interest rate refinancings and before California real estate, in particular, started showing early hints of a downturn in 2006.

1 shows. By harnessing consumerism, credit card issuers—few major financial firms did not participate—had so enlarged their business that observers talked of a “borrower-credit” industrial complex. By mid-2008, consumer spending finally began to fall like George W. Bush’s approval rating, but debt had already become one of America’s giant industries. Paper Entrepreneurialism: Mergers, Acquisitions, and Buyouts Comparable growth opportunities for the financial sector came from a trio of frenetic, debt-enabled merger and acquisition waves.

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