The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do about It (Google eBook)
How could the best and brightest (and most highly paid) in finance crash the global economy and then get us to bail them out as well? What caused this mess in the first place? Housing? Greed? Dumb politicians? What can Main Street do about it?
In The Looting of America, Leopold debunks the prevailing media myths that blame low-income home buyers who got in over their heads, people who ran up too much credit-card debt, and government interference with free markets. Instead, readers will discover how Wall Street undermined itself and the rest of the economy by playing and losing at a highly lucrative and dangerous game of fantasy finance.
He also asks some tough questions:
In this page-turning narrative (no background in finance required) Leopold tells the story of how we fell victim to Wall Street's exotic financial products. Readers learn how even school districts were taken in by "innovative" products like collateralized debt obligations, better known as CDOs, and how they sucked trillions of dollars from the global economy when they failed. They'll also learn what average Americans can do to ensure that fantasy finance never rules our economy again.
As the country teeters on the brink of what could be the next Great Depression, we should be especially wary of the so-called financial experts who got us here, and then conveniently got themselves out. So far, it appears they've won the battle, but The Looting of America refuses to let them write the history--or plan its aftermath.
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Review: The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do about ItUser Review - Goodreads
I'd probably rate it higher if the subject matter didn't make me so crazy. It's a very good description of what happened to our economy, including understandable explanations of CDOs, synthetic CDOs, and all the other crap that got us into this mess. Infuriating, but a good read. Read full review
Review: The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do about ItUser Review - Ryan Olson - Goodreads
This was a very quick read that takes the maze of finances and economics and "dumbs" it down for the layperson. If you're like me and get confused about all the economic terms that describe the ... Read full review
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