By Kevin Phillips
In his acclaimed ebook American Theocracy, Kevin Phillips warned of the perilous interplay of debt, monetary recklessness, and the spiking rate (and starting to be shortage) of oil- warnings which are proving to be frighteningly exact. Now, in his most vital and well timed booklet but, Phillips takes the whole degree of this drawback. they're a a part of what he calls "bad money"- not only the depreciated greenback, but additionally the harmful attitudes and the unsuitable items of wayward mega-finance. His devastating end: In its hubris, the monetary region has hijacked the yankee economic climate and placed our very worldwide destiny at risk-and it can be too overdue to forestall it.
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Extra info for Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
Between George W. Bush’s first and second inaugurals, household debt increased by 39 percent. 1 The Great American Household Debt Binge, 2008 The principal wave of credit card use for debt consolidation and consumption crested in 2005, but industry growth had been enormous. Over the period from 1990 to 2003, the number of card-holding Americans jumped by 75 percent—to 144 million from 82 million. 8 Issuer profits were further swollen by penalty income. CBS News reported that the portion of credit-card issuer profits that came from fees rose from 28 percent in 2000 to 35 percent in 2003 and hit 39 percent in 2004.
Securitization was based on the premise that a fool was born every minute,” Columbia University economics professor Joseph Stiglitz told a congressional committee in October 2008. ” 17 Not exactly, though. The other fools—or worse—were some Americans sitting in large corner offices. Foreclosing on the American Dream: Mortgage Finance and Housing The fifth vehicle of the financial sector’s mega-expansion, hardly a great disclosure, can be treated quickly, in light of the great 2000-2006 media focus on housing, mortgage finance, and related securitization.
Some five hundred new FHCs were also created. S. iron and steel industry. For 2000 alone, total merger and acquisitions activity in the United States hit $3 trillion, by far and away a record (see p. 53). 11 Perhaps unsurprisingly, the new mega-firms took advantage of their new size, funding, and deregulation to experiment, like Icarus of Greek mythology, to see how close they could fly to the sun. With regulation all but suspended, competition to innovate, experiment, and return to the collusions of the 1920s became intense.