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Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism | 
 enlarge | Author: Kevin Phillips
Publisher: Viking Adult
Category: Book
List Price: $25.95
Buy New: $11.04
You Save: $14.91 (57%)
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Rating:  51 reviews
Sales Rank: 78
Media: Hardcover
Number Of Items: 1
Pages: 256
Shipping Weight (lbs): 1.1
Dimensions (in): 9.1 x 6.2 x 0.1
ISBN: 0670019070
Dewey Decimal Number: 330.973
EAN: 9780670019076
ASIN: 0670019070
Publication Date: April 15, 2008
Availability: Usually ships in 1-2 business days
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Product Description
The bestselling author reveals how the U.S. financial sector has hijacked our economy and put Americas global future at risk
In American Theocracy, Kevin Phillips warned us of the perilous interaction of debt, financial recklessness, and the increasing cost of scarce oil. The current housing and mortgage debacle is proof once more of Phillipss prescience, and only the first harbinger of a national crisis. In Bad Money, Phillips describes the consequences of our misguided economic policies, our mounting debt, our collapsing housing market, our threatened oil, and the end of American domination of world markets. Americas current challenges (and failures) run striking parallels to the decline of previous leading world economic powersespecially the Dutch and British. Global overreach, worn-out politics, excessive debt, and exhausted energy regimes are all chilling signals that the United States is crumbling as the world superpower.
Bad money refers to a new phenomenon in wayward megafinancethe emergence of a U.S. economy that is globally dependent and dominated by hubris-driven financial services. Also bad are the risk miscalculations and strategic abuses of new multitrillion-dollar products such as asset-backed securities and the lure of buccaneering vehicles like hedge funds. Finally, the U.S. dollar has been turned into bad money as it has weakened and become vulnerable to the worlds other currencies. In all these ways, bad finance has failed the American people and pointed U.S. capitalism toward a global crisis. Bad Money is the perfect follow- up to Phillipss last book, whose dire warnings are now proving frighteningly accurate.
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| Customer Reviews: Read 46 more reviews...
Too Tough for Most, Here is Short Version and Links October 1, 2008
1 out of 1 found this review helpful
I admire this author, very much, and consider him to be one of the more thoughtful public intelligence minutemen--sadly, the media has failed us, as have the think tanks, and we who wish to know the truth of any matter are left very much on our own.
Here is the short version of this book (ending with NO on the bail-out) courtesy of and with permission of Sterling Seagraves, co-author of GOLD WARRIORS:
Many Continental European banks ARE stronger than USA banks, because they have more experience with disaster in past centuries. As do some current EU governments like France, Spain and Germany. But they are exposed for 2 reasons: 1, they found it easy to borrow money from USA banks, so they became somewhat addicted to easy money, and are now having to adjust to that source of money drying up. 2, most big banks not long ago set up divisions in Paris (for example, SocGen, CredAgri, Paribas) that were to play the investment game of derivatives and short-selling. In the case of SocGen, this was exposed recently but blamed on only one man, a trick to protect many others. With CredAgri, all their regional commercial banks are very solid, but their newer Paris investment division is in deep shit because of emulating New York and London corrupt practices.
The basic problem is that citizens must have a secure place to put their savings. Conservative banks initially use this money to make conservative investments, but as time passes the young and ambitious "upstarts" (arrivists) begin to make crazier investments to advance their careers and enlarge their private wealth -- but still speculating only with the savings of citizens who trusted their bank. Eventually, these upstarts went crazy. But they were encouraged to do so by their bosses, and then by the Reagan, Bush Sr and Bush Jr administrations. During the first year of the Bush Jr administration, it had such a terrible reputation and the US economy was in such terrible condition, that it was decided to increase "housing starts" (home construction) by giving mortgages to everyone (even if they could not pay-back) because the statistics would look good on paper. This soon became a "feeding-frenzy" by the Piranha, creating a global feeding-frenzy by almost all big banks, including UBS and CreditSuisse.
The reason none of the "authorities" sounded the alarm is because they, and the politicians, and journalists, and professors, are all tied together like black slaves on a slave ship. If one goes overboard, they ALL go overboard. So they protect themselves by protecting "the system". The proposed 700-billion US$ bail-out was simply the final robbery by the Bush admin, shared with all the big bank owners. In fact, the ECB has given that much to banks in the last two weeks to "increase liquidity" (put money in the pockets of the malefactors), so the Bush/Paulson bail-out was just a way of feeding their personal friends.
The people who are cheated are the citizens who trusted the banks with their savings. It is better to have the criminal banks crash, because only that will provoke a serious reform. I hope we are getting closer to the time when citizens will rise up and get violent. It is very healthy for governments and politicians (and bankers) to get their asses kicked, to be put in the tumbril and sent to the guillotine. This must be done every several generations to keep them afraid, because nothing on earth will keep them honest except fear. The Bush regime postponed the guillotine by mis-directing the fear of citizens toward Muslims, and avoided a quick military coup at home by sending most soldiers to Iraq and Afghanistan where they are no danger to Washington. I may have put this very simply, but there are times when things need to be put simply.
END SHARED INFORMATION
Here are books that are easier to read and make the same case, but please note that all of this can be traced back to Senator Phil Gramm (R-TX) and his deregulation of the financial industry with a 200+ page amendment that none of the other Senators read. Clinton "went along" because "easy money" was a popularity enhancer.
The Battle for the Soul of Capitalism
The Soul of Capitalism: Opening Paths to a Moral Economy
The Shock Doctrine: The Rise of Disaster Capitalism
Confessions of an Economic Hit Man
The Manufacture of Evil: Ethics, Evolution and the Industrial System
Running on Empty: How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It
Breach of Trust: How Washington Turns Outsiders Into Insiders
The Global Class War: How America's Bipartisan Elite Lost Our Future - and What It Will Take to Win It Back
Screwed: The Undeclared War Against the Middle Class - And What We Can Do about It (BK Currents (Paperback))
Election 2008: Lipstick on the Pig (Substance of Governance; Legitimate Grievances; Candidates on the Issues; Balanced Budget 101; Call to Arms: Fund We Not Them; Annotated Bibliography)
Great book if you have some knowledge of economics & securitization October 1, 2008
1 out of 1 found this review helpful
If you haven't studied (or educated yourself on) things like GNP, GDP and securitization this book isn't for you as the author implicitly assumes some knowledge of these things. I majored in economics in college and have worked in securitization and I enjoyed this book a great deal. It ties together some trends like massive increases in private debt levels, the mechanisms that allowed this increase, and how a lot of new and unregulated products like credit default swaps, plus massive debt levels, set up our country for the financial game of dominos we are in today.
I've already purchased "The Trillion Dollar Meltdown" and will read it next.
 We must act quickly September 29, 2008
1 out of 1 found this review helpful
A well researched view of how the United States has come to be a seriously indebted, precariously troubled economy which could lead to the end of our role as the world's dominant nation. Everyone should read this book to understand our present situation and what the future will likely be for the U.S. Unless we begin to deal with the issues Phillips details, our children and grandchildren will face a far different world than the one we have enjoyed and they will wonder why we allowed this to happen to them.
Not Perfect But Still Very Worthwhile September 24, 2008
2 out of 2 found this review helpful
This book is prophetic esepcially in light of the events of the last couple of weeks and earlier this year (Bear Stearns and the rest) though I did find it sometimes a bit repetitive.
Also with the rather rapid changing events in the financial market some of the information is a bit outdated, but that it endemic with any book that really is trying to capture a moving target - as of the writing of the book it was more on point in terms of timeliness, but regardless of that fact it does offer insights as to the factors which were/are causing issues - oil, mortgages and the rest that we have become all too familiar with.
Despite the shortcomings the book is still very worthwhile in providing an overview of the situation and is a springboard for you to learn more about the issues facing the U.S. economy.
Good but pesamistic September 20, 2008
3 out of 3 found this review helpful
This book is very well researched and much of the financial market is playing out in the ways predicted by the book. I found it informative and very useful for a group discussion that my coworkers had on the topic as part of a Staff Ride.
My only critique of the book is that it is big on problems but short on solutions. He tries to express the silver lining and talk about the ways out at the end of the book but it is a little late after a largely depressing look at where our country and economy are.
I would recommend "The Post American World" if you are looking for a good complimentary book.
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