Capital Offense: How Washington's Wise Men Turned America's Future Over to Wall Street

Front Cover
John Wiley & Sons, Aug 20, 2010 - Political Science - 352 pages
2 Reviews
Why every president from Reagan through Obama has put Wall Street before Main Street

Over the last few decades, Washington’s firmly held belief that if you make investors happy, a booming economy will follow has caused an economic crisis in Asia, hardship in Latin America, and now a severe recession in America and Europe. How did the best and brightest of our time allow this to happen? Why have these disasters done nothing to change the free-market mantra of the Washington faithful? The answer has nothing to do with lobbyists and everything to do with ideology. In Capital Offense, veteran Newsweek reporter Michael Hirsh gives us a colorful narrative history of the era he calls the Age of Capital, telling the story through the eyes of its key players, from Ronald Reagan and Milton Friedman through Larry Summers and Timothy Geithner.
•    Based on the solid research and skilled reporting of Newsweek Senior Editor Michael Hirsh
•    Takes you inside high-level, closed-door conversations of top White House advisers and administration officials such as Alan Greenspan, Robert Rubin, Paul O’Neill, and others
•    Illuminates key figures and lively interpersonal clashes, including the conflict between Larry Summers and Nobel Prize-winning economist Joe Stiglitz
•    Offers crucial insights on why President Obama took so long to work on the economy—and why he may not be going far enough
•    Catalogs the missteps of three decades of fiscal, regulatory, and financial recklessness, including the dismantling of the Glass-Steagall Act, the S&L debacle, Enron, and the subprime mortgage meltdown
As we struggle to emerge from the financial crisis, one thing seems certain: Wall Street’s continued dominance of the global economy. Propelled into the lead by a generation of Washington policy-makers, Wall Street will continue to stay ahead of them.

What people are saying - Write a review

LibraryThing Review

User Review  - mitchellray - LibraryThing

While there have been many books written about the immediate events that brought about the recent economic crash that we are still striving to recover from, economic correspondent Michael Hirsh ... Read full review

LibraryThing Review

User Review  - BillRob - LibraryThing

Very good analysis of the economic crisis of 2008 - 2011. Starts back with the failure of Keynesianism that lead to fascist capitalism during 1980's growing into partial deregulation up through ... Read full review


The Hippopotamus under the Rug
The Most Certain Man in the World
The Stealth Ideologue
The Rise of Rubinomics
Larry and Joe
Portrait of a Contrarian
Children of the Boom
Reaganites Redux
The Canary in the Mine
The King of the Street
Last Gathering of the Faithful
Blown Away
Geithner Cleans Up with Bernanke at His Back
Too Big to Jail
Larry and Joe Again

The High Tide of Hubris
The Last Guy at the Alamo

Other editions - View all

Common terms and phrases

About the author (2010)

MICHAEL HIRSH is Newsweek's National Economics Correspondent. He has covered international affairs for more than two decades, from several continents, and now writes an online column entitled "The World from Washington." His 2003 cover story, "Bush's $87 Billion Mess," was one of three that earned Newsweek the 2004 National Magazine Award for General Excellence.

Bibliographic information