4.5
The Great American Stickup
ByPublisher Description
In The Great American Stickup, celebrated journalist Robert Scheer uncovers the hidden story behind one of the greatest financial crimes of our time: the Wall Street financial crash of 2008 and the consequent global recession. Instead of going where other journalists have gone in search of this story -- the board rooms and trading floors of the big Wall Street firms -- Scheer goes back to Washington, D.C., a veritable crime scene, beginning in the 1980s, where the captains of the finance industry, their lobbyists and allies among leading politicians destroyed an American regulatory system that had been functioning effectively since the era of the New Deal.
This is a story largely forgotten or overlooked by the mainstream media, who wasted more than two decades with their boosterish coverage of Wall Street. Scheer argues that the roots of the disaster go back to the free-market propaganda of the Reagan years and, most damagingly, to the bipartisan deregulation of the banking industry undertaken with the full support of "progressive" Bill Clinton.
In fact, if this debacle has a name, Scheer suggests, it is the "Clinton Bubble," that era when the administration let its friends on Wall Street write legislation that razed decades of robust financial regulation. It was Wall Street and Democratic Party darling Robert Rubin along with his clique of economist super-friends -- Alan Greenspan, Lawrence Summers, and a few others -- who inflated a giant real estate bubble by purposely not regulating the derivatives market, resulting in the pain and hardship millions are experiencing now.
The Great American Stickup is both a brilliant telling of the story of the Clinton financial clique and the havoc it wrought -- informed by whistleblowers such as Brooksley Born, who goes on the record for Scheer -- and an unsparing anatomy of the American business and political class. It is also a cautionary tale: those who form the nucleus of the Clinton clique are now advising the Obama administration.
This is a story largely forgotten or overlooked by the mainstream media, who wasted more than two decades with their boosterish coverage of Wall Street. Scheer argues that the roots of the disaster go back to the free-market propaganda of the Reagan years and, most damagingly, to the bipartisan deregulation of the banking industry undertaken with the full support of "progressive" Bill Clinton.
In fact, if this debacle has a name, Scheer suggests, it is the "Clinton Bubble," that era when the administration let its friends on Wall Street write legislation that razed decades of robust financial regulation. It was Wall Street and Democratic Party darling Robert Rubin along with his clique of economist super-friends -- Alan Greenspan, Lawrence Summers, and a few others -- who inflated a giant real estate bubble by purposely not regulating the derivatives market, resulting in the pain and hardship millions are experiencing now.
The Great American Stickup is both a brilliant telling of the story of the Clinton financial clique and the havoc it wrought -- informed by whistleblowers such as Brooksley Born, who goes on the record for Scheer -- and an unsparing anatomy of the American business and political class. It is also a cautionary tale: those who form the nucleus of the Clinton clique are now advising the Obama administration.
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Meet readers like you in the Fable For You feed, designed to build bookish communitiesThe Great American Stickup Reviews
4.5
“While some people deride Robert Scheer for continually harping on the banks, he also tends to be right about them and the stranglehold they have on American and world societies. He does not go into much detail about the derivatives that led to the current financial crisis themselves, but rather how they were created and, more importantly, what legislation allowed their creation and trading.
One thing that was particularly refreshing about this book is how he does not favor one end of the political spectrum over the other. He places the blame squarely on the shoulders of both the Republicans AND the Democrats. In fact, he hammers the Clinton administration much more savagely than the Reagan administration. But not without good cause, as is detailed in the book. And he quite rightly expresses his extreme disappointment with the lack of financial reform under the current Obama administration.
Overall, it is a good book to read if you do not know much about how the current financial crisis came into being, and the answers are much simpler and straightforward than most of the financial regulators make it out to be. This book will get your blood boiling and make you want to start taking action to enact real regulatory reform.”
About Robert Scheer
Robert Scheer is the editor-in-chief of the Webby Award-winning online magazine Truthdig, professor at the University of Southern California's Annenberg School for Communication and Journalism, and co-host of Left, Right & Center, a weekly syndicated radio show broadcast from NPR's west coast affiliate, KCRW. In the 1960s, he was editor of the groundbreaking Ramparts magazine and later was national correspondent and columnist for the Los Angeles Times. Scheer is the author of nine books, including The Great American Stickup. He lives in Los Angeles.
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