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
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.
What people are saying - Write a review
The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity√Ę‚‚¨‚€ and What We Can Do About ItUser Review - Not Available - Book Verdict
Leopold (founding director, Labor Inst. & Public Health Inst.; The Man Who Hated Work and Loved Labor) spends much of this text providing an excellent "lemonade stand" explanation of the history and ... Read full review
Is There a dimes Bit of difference between Wall streets Innovation and Gambling?
Learning and Unlearning the Lessons of the Great depression
The oracle Blesses derivatives the Newest Game in the Casino
Getting the story Backwards
Financial Weapons of Mass destruction
Fantasy Finance Meets Reality The Great Crash of 2008