A Piece of the Action: How the Middle Class Joined the Money Class

Front Cover
Simon & Schuster, 1994 - Business & Economics - 464 pages
A Piece of the Action begins with the Bank of America's decision to drop credit cards on the unsuspecting citizens of Fresno, California, and the hatching, in relative obscurity, of what has become the key middle-class investing tool, the money market mutual fund. Nocera tells the true tale of great visionaries such as Charlie Merrill (founder of Merrill Lynch) and Dee Hock (creator of Visa), great innovators like Ned Johnson (who, as the untested head of Fidelity Investments, attached check-writing to money funds) and Andrew Kahr (the strange consultant who devised the cash management account and the "non-bank bank"), great investors like Peter Lynch, and great gamblers like Charles Schwab (who put together a nationwide network of storefront discount brokerages) and John Reed (whose $500 million bet pushed Citibank to the top of the credit card world). Nocera reveals not just how the financial world changed but how we changed, too. An America that barely knew the difference between a stock and a bond thirty-five years ago, that prized thrift and security above all, is fueling today's stock market and caught up in its mood swings. This is the story of how that happened and why - and what it means to all of us.

From inside the book

What people are saying - Write a review

LibraryThing Review

User Review  - tamaranewman - LibraryThing

I wasn't anticipating how heartbreaking this book would be, went in thinking it was a light hearted romance. But it gets deep. Real deep. And for me real dark. Read full review

A PIECE OF THE ACTION: How the Middle Class Joined the Money Class

User Review  - Kirkus

A wonderful pudding of a book that serves up large helpings of US socioeconomic history over the past 35 years or so. The title and subtitle notwithstanding, GQ columnist Nocera never makes clear ... Read full review


The Money Revolution
Parti The Shape of the Wave
The Drop September 1958

22 other sections not shown

Other editions - View all

Common terms and phrases

Bibliographic information