The United States is in the midst of an economic implosion that could make the Great Depression look like child's play. In THE CRASH OF 2016, Thom Hartmann argues that the facade of our once-great United States will soon disintegrate to reveal the rotting core where corporate and billionaire power and greed have replaced democratic infrastructure and governance. Our once-enlightened political and economic systems have been manipulated to ensure the success of only a fraction of the population at the expense of the rest of us.
The result is a "for the rich, by the rich" scheme leading to policies that only benefit the highest bidders. Hartmann outlines the destructive forces-planted by Lewis Powell in 1971 and come to fruition with the "Reagan Revolution"-that have looted our nation over the past decade, and how their actions fit into a cycle of American history that lets such forces rise to power every four generations.
However, a backlash is now palpable against the "economic royalists"-a term coined by FDR to describe those hoarding power and wealth-including the banksters, oligarchs, and politicians who have plunged our nation into economic chaos and social instability.
Although we are in the midst of what could become the most catastrophic economic crash in American History, a way forward is emerging, just as it did in the previous great crashes of the 1760s, 1856, and 1929. The choices we make now will redefine American culture. Before us stands a genuine opportunity to embrace the moral motive over the profit motive-and to rebuild the American economic model that once yielded great success.
Thoroughly researched and passionately argued, THE CRASH OF 2016 is not just a roadmap to redemption in post-Crash America, but a critical wake-up call, challenging us to act. Only if the right reforms are enacted and the moral choices are made, can we avert disaster and make our nation whole again.
Is it culture, the weather, geography? Perhaps ignorance of what the right policies are?
Simply, no. None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra Leone, are mired in poverty and violence?
Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities.
The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories.
Based on fifteen years of original research Acemoglu and Robinson marshall extraordinary historical evidence from the Roman Empire, the Mayan city-states, medieval Venice, the Soviet Union, Latin America, England, Europe, the United States, and Africa to build a new theory of political economy with great relevance for the big questions of today, including:
- China has built an authoritarian growth machine. Will it continue to grow at such high speed and overwhelm the West?
- Are America’s best days behind it? Are we moving from a virtuous circle in which efforts by elites to aggrandize power are resisted to a vicious one that enriches and empowers a small minority?
- What is the most effective way to help move billions of people from the rut of poverty to prosperity? More philanthropy from the wealthy nations of the West? Or learning the hard-won lessons of Acemoglu and Robinson’s breakthrough ideas on the interplay between inclusive political and economic institutions?
Why Nations Fail will change the way you look at—and understand—the world.
A New York Times Bestseller
Selected by New York Times' critic Dwight Garner as a Favorite Book of 2013
One of Amazon's Best Books of 2013
A New York Times Notable Book of 2013
A Washington Post Best Political Book of 2013
An NPR Best Book of 2013
A New Republic Best Book of 2013
One of Publishers Weekly's Best Nonfiction Books of 2013
A Kirkus Reviews Best Nonfiction Book of 2013
A riveting examination of a nation in crisis, from one of the finest political journalists of our generation
American democracy is beset by a sense of crisis. Seismic shifts during a single generation have created a country of winners and losers, allowing unprecedented freedom while rending the social contract, driving the political system to the verge of breakdown, and setting citizens adrift to find new paths forward. In The Unwinding, George Packer, author of The Assassins' Gate: America in Iraq, tells the story of the United States over the past three decades in an utterly original way, with his characteristically sharp eye for detail and gift for weaving together complex narratives.
The Unwinding journeys through the lives of several Americans, including Dean Price, the son of tobacco farmers, who becomes an evangelist for a new economy in the rural South; Tammy Thomas, a factory worker in the Rust Belt trying to survive the collapse of her city; Jeff Connaughton, a Washington insider oscillating between political idealism and the lure of organized money; and Peter Thiel, a Silicon Valley billionaire who questions the Internet's significance and arrives at a radical vision of the future. Packer interweaves these intimate stories with biographical sketches of the era's leading public figures, from Newt Gingrich to Jay-Z, and collages made from newspaper headlines, advertising slogans, and song lyrics that capture the flow of events and their undercurrents.
The Unwinding portrays a superpower in danger of coming apart at the seams, its elites no longer elite, its institutions no longer working, its ordinary people left to improvise their own schemes for success and salvation. Packer's novelistic and kaleidoscopic history of the new America is his most ambitious work to date.
A Washington Post Best Book of the Year
A Businessweek Best Business Book of the Year
A Chicago Tribune Best Book of the Year
In this brilliant, essential book, Pulitzer Prize-winning author Thomas L. Friedman speaks to America's urgent need for national renewal and explains how a green revolution can bring about both a sustainable environment and a sustainable America.
Friedman explains how global warming, rapidly growing populations, and the expansion of the world's middle class through globalization have produced a dangerously unstable planet--one that is "hot, flat, and crowded." In this Release 2.0 edition, he also shows how the very habits that led us to ravage the natural world led to the meltdown of the financial markets and the Great Recession. The challenge of a sustainable way of life presents the United States with an opportunity not only to rebuild its economy, but to lead the world in radically innovating toward cleaner energy. And it could inspire Americans to something we haven't seen in a long time--nation-building in America--by summoning the intelligence, creativity, and concern for the common good that are our greatest national resources.
Hot, Flat, and Crowded is classic Thomas L. Friedman: fearless, incisive, forward-looking, and rich in surprising common sense about the challenge--and the promise--of the future.
We all know that the very rich have gotten a lot richer these past few decades while most Americans haven’t. In fact, the exorbitantly paid have continued to thrive during the current economic crisis, even as the rest of Americans have continued to fall behind. Why do the “haveit- alls” have so much more? And how have they managed to restructure the economy to reap the lion’s share of the gains and shift the costs of their new economic playground downward, tearing new holes in the safety net and saddling all of us with increased debt and risk? Lots of so-called experts claim to have solved this great mystery, but no one has really gotten to the bottom of it—until now.
In their lively and provocative Winner-Take-All Politics, renowned political scientists Jacob S. Hacker and Paul Pierson demonstrate convincingly that the usual suspects—foreign trade and financial globalization, technological changes in the workplace, increased education at the top—are largely innocent of the charges against them. Instead, they indict an unlikely suspect and take us on an entertaining tour of the mountain of evidence against the culprit. The guilty party is American politics. Runaway inequality and the present economic crisis reflect what government has done to aid the rich and what it has not done to safeguard the interests of the middle class. The winner-take-all economy is primarily a result of winner-take-all politics.
In an innovative historical departure, Hacker and Pierson trace the rise of the winner-take-all economy back to the late 1970s when, under a Democratic president and a Democratic Congress, a major transformation of American politics occurred. With big business and conservative ideologues organizing themselves to undo the regulations and progressive tax policies that had helped ensure a fair distribution of economic rewards, deregulation got under way, taxes were cut for the wealthiest, and business decisively defeated labor in Washington. And this transformation continued under Reagan and the Bushes as well as under Clinton, with both parties catering to the interests of those at the very top. Hacker and Pierson’s gripping narration of the epic battles waged during President Obama’s first two years in office reveals an unpleasant but catalyzing truth: winner-take-all politics, while under challenge, is still very much with us.
Winner-Take-All Politics—part revelatory history, part political analysis, part intellectual journey— shows how a political system that traditionally has been responsive to the interests of the middle class has been hijacked by the superrich. In doing so, it not only changes how we think about American politics, but also points the way to rebuilding a democracy that serves the interests of the many rather than just those of the wealthy few.
If you want to build a better future, you must believe in secrets.
The great secret of our time is that there are still uncharted frontiers to explore and new inventions to create. In Zero to One, legendary entrepreneur and investor Peter Thiel shows how we can find singular ways to create those new things.
Thiel begins with the contrarian premise that we live in an age of technological stagnation, even if we’re too distracted by shiny mobile devices to notice. Information technology has improved rapidly, but there is no reason why progress should be limited to computers or Silicon Valley. Progress can be achieved in any industry or area of business. It comes from the most important skill that every leader must master: learning to think for yourself.
Doing what someone else already knows how to do takes the world from 1 to n, adding more of something familiar. But when you do something new, you go from 0 to 1. The next Bill Gates will not build an operating system. The next Larry Page or Sergey Brin won’t make a search engine. Tomorrow’s champions will not win by competing ruthlessly in today’s marketplace. They will escape competition altogether, because their businesses will be unique.
Zero to One presents at once an optimistic view of the future of progress in America and a new way of thinking about innovation: it starts by learning to ask the questions that lead you to find value in unexpected places.
First published by the University of Chicago Press on September 18, 1944, The Road to Serfdom garnered immediate, widespread attention. The first printing of 2,000 copies was exhausted instantly, and within six months more than 30,000 books were sold. In April 1945, Reader’s Digest published a condensed version of the book, and soon thereafter the Book-of-the-Month Club distributed this edition to more than 600,000 readers. A perennial best seller, the book has sold 400,000 copies in the United States alone and has been translated into more than twenty languages, along the way becoming one of the most important and influential books of the century.
With this new edition, The Road to Serfdom takes its place in the series The Collected Works of F. A. Hayek. The volume includes a foreword by series editor and leading Hayek scholar Bruce Caldwell explaining the book's origins and publishing history and assessing common misinterpretations of Hayek's thought. Caldwell has also standardized and corrected Hayek's references and added helpful new explanatory notes. Supplemented with an appendix of related materials ranging from prepublication reports on the initial manuscript to forewords to earlier editions by John Chamberlain, Milton Friedman, and Hayek himself, this new edition of The Road to Serfdom will be the definitive version of Hayek's enduring masterwork.
Remarkably, it was just two years ago that Enron was thought to epitomize a great New Economy company, with its skyrocketing profits and share price. But that was before Fortune published an article by McLean that asked a seemingly innocent question: How exactly does Enron make money? From that point on, Enron's house of cards began to crumble. Now, McLean and Elkind have investigated much deeper, to offer the definitive book about the Enron scandal and the fascinating people behind it.
Meticulously researched and character driven, Smartest Guys in the Room takes the reader deep into Enron's past—and behind the closed doors of private meetings. Drawing on a wide range of unique sources, the book follows Enron's rise from obscurity to the top of the business world to its disastrous demise. It reveals as never before major characters such as Ken Lay, Jeff Skilling, and Andy Fastow, as well as lesser known players like Cliff Baxter and Rebecca Mark. Smartest Guys in the Room is a story of greed, arrogance, and deceit—a microcosm of all that is wrong with American business today. Above all, it's a fascinating human drama that will prove to be the authoritative account of the Enron scandal.
Are you intimidated by insurance? Have no fear — this easy-to-understand guide explains everything you need to know, from getting the most coverage at the best price to dealing with adjusters, filing claims, and more. Whether you're looking for personal or business insurance, you'll see how to avoid common pitfalls, lower your costs, and get what you deserve at claim time.Get to know the basics — understand how to make good insurance decisions and reduce the chances of a financial loss in your life
Take your insurance on the road — manage your personal automobile risks, handle special situations, insure recreational vehicles, and deal with insurance adjusters
Understand homeowner's and renter's insurance — know what is and isn't covered by typical policies, common exclusions and pitfalls, and how to cover yourself against personal lawsuits
Buy the right umbrella policy — discover the advantages, and coordinate your policies to cover the gaps
Manage life, health, and disability risks — explore individual and group policies, understand Medicare basics, and evaluate long-term disability and long-term-care insurance
Open the book and find:The best life, health, home, and auto policies
Strategies for handling the claims process to get what you deserve
Tips on adjusting your deductible to suit your lifestyle
How to navigate healthcare policies
Ways to reduce your risk and your premiums
Common traps and loopholes
Considerations for grads, freelancers, and remote workers
The Spirit Level does not simply provide a diagnosis of our ills, but provides invaluable instruction in shifting the balance from self-interested consumerism to a friendlier, more collaborative society. It shows a way out of the social and environmental problems which beset us, and opens up a major new approach to improving the real quality of life, not just for the poor but for everyone. It is, in its conclusion, an optimistic book, which should revitalize politics and provide a new way of thinking about how we organize human communities.
One of The Economist's 2011 Books of the Year
The New York Times's Pulitzer Prize-winning columnist reveals how the financial meltdown emerged from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders
In Reckless Endangerment, Gretchen Morgenson, the star business columnist of The New York Times, exposes how the watchdogs who were supposed to protect the country from financial harm were actually complicit in the actions that finally blew up the American economy.
Drawing on previously untapped sources and building on original research from coauthor Joshua Rosner—who himself raised early warnings with the public and investors, and kept detailed records—Morgenson connects the dots that led to this fiasco.
Morgenson and Rosner draw back the curtain on Fannie Mae, the mortgage-finance giant that grew, with the support of the Clinton administration, through the 1990s, becoming a major opponent of government oversight even as it was benefiting from public subsidies. They expose the role played not only by Fannie Mae executives but also by enablers at Countrywide Financial, Goldman Sachs, the Federal Reserve, HUD, Congress, the FDIC, and the biggest players on Wall Street, to show how greed, aggression, and fear led countless officials to ignore warning signs of an imminent disaster.
Character-rich and definitive in its analysis, this is the one account of the financial crisis you must read.
Want to know the strategies of successful swing trading? This friendly guide covers the ins and outs of this risky but profitable investing approach, explaining all the basics in plain English. You'll see how to use the two investment approaches - technical and fundamental analysis - to indentify promising securities in strongly trending markets. In addition, this guide covers how to calculate investment returns and, most important, how to manage your portfolio's risk.Learn from a highly experienced trader, analyst, and portfolio manager - the author shares his insider knowledge Understand often overlooked topics such as money management, journal keeping, and strategy planning - key areas that will largely determine your success Focus on the fundamentals - often overlooked by swing traders, fundamental analysis can increase your chance of success Determine your entry and exit points with technical analysis - read charts, apply indicators, and compare markets Evaluate companies with fundamental analysis - grasp the basics of financial statements and the criteria to screen for undervalued or overvalued stocks Develop and implement your trading plan - outline what you trade and how often, decide your risk tolerance, and calculate your performance
Open the book and find:The differences among swing trading, day trading, and buy-and-hold investing The pros and cons of technical and fundamental analysis A step-by-step anatomy of a trade A wealth of charts and screenshots Real-world examples of swing trading successes The 10 deadly sins of swing trading - avoid at all costs! Sample trading plans Useful resources for navigating data
Neil Irwin’s The Alchemists is a gripping account of the most intense exercise in economic crisis management we’ve ever seen, a poker game in which the stakes have run into the trillions of dollars. The book begins in, of all places, Stockholm, Sweden, in the seventeenth century, where central banking had its rocky birth, and then progresses through a brisk but dazzling tutorial on how the central banker came to exert such vast influence over our world, from its troubled beginnings to the Age of Greenspan, bringing the reader into the present with a marvelous handle on how these figures and institutions became what they are – the possessors of extraordinary power over our collective fate. What they chose to do with those powers is the heart of the story Irwin tells.
Irwin covered the Fed and other central banks from the earliest days of the crisis for the Washington Post, enjoying privileged access to leading central bankers and people close to them. His account, based on reporting that took place in 27 cities in 11 countries, is the holistic, truly global story of the central bankers’ role in the world economy we have been missing. It is a landmark reckoning with central bankers and their power, with the great financial crisis of our time, and with the history of the relationship between capitalism and the state. Definitive, revelatory, and riveting, The Alchemists shows us where money comes from—and where it may well be going.
Econometrics can prove challenging for many students unfamiliar with the terms and concepts discussed in a typical econometrics course. Econometrics For Dummies eliminates that confusion with easy-to-understand explanations of important topics in the study of economics.
Econometrics For Dummies breaks down this complex subject and provides you with an easy-to-follow course supplement to further refine your understanding of how econometrics works and how it can be applied in real-world situations.An excellent resource for anyone participating in a college or graduate level econometrics course Provides you with an easy-to-follow introduction to the techniques and applications of econometrics Helps you score high on exam day
If you're seeking a degree in economics and looking for a plain-English guide to this often-intimidating course, Econometrics For Dummies has you covered.
Starting from the premise that human beings "exist wholly within nature as part of natural order in every respect," Jane Jacobs has focused her singular eye on the natural world in order to discover the fundamental models for a vibrant economy. The lessons she discloses come from fields as diverse as ecology, evolution, and cell biology. Written in the form of a Platonic dialogue among five fictional characters, The Nature of Economies is as astonishingly accessible and clear as it is irrepressibly brilliant and wise–a groundbreaking yet humane study destined to become another world-altering classic.
From the Trade Paperback edition.
Chua shows how in non-Western countries around the globe, free markets have concentrated starkly disproportionate wealth in the hands of a resented ethnic minority. These “market-dominant minorities” – Chinese in Southeast Asia, Croatians in the former Yugoslavia, whites in Latin America and South Africa, Indians in East Africa, Lebanese in West Africa, Jews in post-communist Russia – become objects of violent hatred. At the same time, democracy empowers the impoverished majority, unleashing ethnic demagoguery, confiscation, and sometimes genocidal revenge. She also argues that the United States has become the world’s most visible market-dominant minority, a fact that helps explain the rising tide of anti-Americanism around the world. Chua is a friend of globalization, but she urges us to find ways to spread its benefits and curb its most destructive aspects.
Don Peck’s Pinched, a fascinating and harrowing exploration of our dramatic economic climate, keenly observes how the recession has changed the places we live, the work we do, and even who we are—and details the transformations that are yet to come. Every class and every generation will be affected: newly minted college graduates, blue-collar men, affluent professionals, exurban families, elite financiers, inner city youth, middle-class retirees.
This was not an ordinary recession, and ordinary responses will not fully end it. The crash has shifted the course of the economy. In its aftermath, the middle class is shrinking faster, wealth is becoming more concentrated, twenty-somethings are sinking, and working-class families and communities are changing in unsavory ways.
We sit today between two eras, buffeted, anxious, and uncertain of the future. Through vivid reporting and lucid argument, Peck helps us make sense of how our society has changed, and why so many people are still struggling.
The answers to these questions reveal a new way forward for America. The country has endured periods like this one before, and has emerged all the stronger from them; adaptation and reinvention have been perhaps the nation’s best and most enduring traits. The time is ripe for another such reinvention. Pinched lays out the principles and public actions that can help us pull it off.
Technical analysis is a collection of techniques designed to help you make trading decisions in securities markets. Technical Analysis For Dummies helps you take a hard-headed look at what securities prices are actually doing rather than what economists or analysts say they should be doing, giving you the know-how to use that data to decide whether to buy or sell individual securities.
Since the publication of the first edition, readers have been faced with many changes, such as new interest rates, looming bank crises, and adjusting market climates. This new edition provides an updated look at unique formulas and key indicators, as well as refreshed and practical examples that reflect today today's financial atmosphere.Determine how markets are performing and make decisions using real data Spot investment trends and turning points Improve your profits and your portfolio performance
With straightforward coverage of concepts and execution, Technical Analysis For Dummies shows you how to make better trading decisions in no time.
Ranging across an ideological spectrum that includes Hobbes, Voltaire, Adam Smith, Edmund Burke, Hegel, Marx, and Matthew Arnold, as well as twentieth-century communist, fascist, and neoliberal intellectuals, historian Jerry Muller examines a fascinating thread of ideas about the ramifications of capitalism and its future implications. This is an engaging and accessible history of ideas that reverberate throughout everyday life.
But just what is this thing called a new economy, and how might it take shape in America? In What Then Must We Do? Gar Alperovitz speaks directly to the reader about where we find ourselves in history, why the time is right for a new-economy movement to coalesce, what it means to build a new system to replace the crumbling one, and how we might begin. He also suggests what the next system might look like—and where we can see its outlines, like an image slowly emerging in the developing trays of a photographer's darkroom, already taking shape.
He proposes a possible next system that is not corporate capitalism, not state socialism, but something else entirely—and something entirely American.
Alperovitz calls for an evolution, not a revolution, out of the old system and into the new. That new system would democratize the ownership of wealth, strengthen communities in diverse ways, and be governed by policies and institutions sophisticated enough to manage a large-scale, powerful economy.
For the growing group of Americans pacing at the edge of confidence in the old system, or already among its detractors, What Then Must We Do? offers an elegant solution for moving from anger to strategy.
In The Tyranny of Experts, renowned economist William Easterly examines our failing efforts to fight global poverty, and argues that the "expert approved" top-down approach to development has not only made little lasting progress, but has proven a convenient rationale for decades of human rights violations perpetrated by colonialists, postcolonial dictators, and US and UK foreign policymakers seeking autocratic allies. Demonstrating how our traditional antipoverty tactics have both trampled the freedom of the world's poor and suppressed a vital debate about alternative approaches to solving poverty, Easterly presents a devastating critique of the blighted record of authoritarian development. In this masterful work, Easterly reveals the fundamental errors inherent in our traditional approach and offers new principles for Western agencies and developing countries alike: principles that, because they are predicated on respect for the rights of poor people, have the power to end global poverty once and for all.
Looking for help making smarter, more profitable high-end investment decisions? Why buy 13 books that cover each of the major topics you need to understand, when High-Powered Investing All-In-One For Dummies gives you 13 expert guides for the price of one?
This hands-on resource arms you with an arsenal of advanced investing techniques for everything from stocks and futures to options and exchange-traded funds. You'll find out how to trade on the FOREX market, evaluate annuities, choose the right commodities, and buy into hedge funds. Plus, you'll get up to speed on using business fundamentals and technical analysis to help you make smarter decisions and maximize your returns. You'll also find ways to be as aggressive as your personality and bank account allow, without taking foolish or excessive risks.Updated compilation is targeted at readers who already have a basic understanding of investing principles and who are looking for a reference to help them build a diversified portfolio Offers a succinct framework and expert advice to help you make solid decisions and confidently invest in the marketplace
The key to expanding your investment opportunities successfully is information. Whether you're just beginning to explore more advanced investing or have been dabbling in it for a while, High-Powered Investing All-In-One For Dummies gives you the information, strategies, and techniques you need to make your financial dreams come true.
The Great Recession is more than four years old—and counting. Yet, as Paul Krugman points out in this powerful volley, "Nations rich in resources, talent, and knowledge—all the ingredients for prosperity and a decent standard of living for all—remain in a state of intense pain."
How bad have things gotten? How did we get stuck in what now can only be called a depression? And above all, how do we free ourselves? Krugman pursues these questions with his characteristic lucidity and insight. He has a powerful message for anyone who has suffered over these past four years—a quick, strong recovery is just one step away, if our leaders can find the "intellectual clarity and political will" to end this depression now.
This plain-English guide reveals the secrets of how to value stocks, decide when the price is right, and make your move. You’ll find out why a good deal is a good deal, no matter what the bulls and bears say, get tips in investing during jittery times, and understand how to detect hidden agendas in financial reports. And, you’ll uncover the keys to identifying the truly good businesses with enduring and growing value that continually outperform both their competition and the market as a whole. Discover how to:Understand financial investments View markets like a value investor Assess a company’s value Make use of value investing resources Incorporate fundamentals and intangibles Make the most of funds, REITs, and ETFs Develop your own investing style Figure out what a financial statement is really telling you Decipher earnings and cash-flow statements Detect irrational exuberance in company publications Make a value judgment and decide when to buy
Complete with helpful lists of the telltale signs of value and “unvalue,” as well as the habits of highly successful value investors, Value Investing For Dummies, 2nd Edition, could be the smartest investment you’ll ever make!
Over the past decade, Americans watched in bafflement and rage as one institution after another – from Wall Street to Congress, the Catholic Church to corporate America, even Major League Baseball – imploded under the weight of corruption and incompetence. In the wake of the Fail Decade, Americans have historically low levels of trust in their institutions; the social contract between ordinary citizens and elites lies in tatters.
How did we get here? With Twilight of the Elites, Christopher Hayes offers a radically novel answer. Since the 1960s, as the meritocracy elevated a more diverse group of men and women into power, they learned to embrace the accelerating inequality that had placed them near the very top. Their ascension heightened social distance and spawned a new American elite--one more prone to failure and corruption than any that came before it.
Mixing deft political analysis, timely social commentary, and deep historical understanding, Twilight of the Elites describes how the society we have come to inhabit – utterly forgiving at the top and relentlessly punitive at the bottom – produces leaders who are out of touch with the people they have been trusted to govern. Hayes argues that the public's failure to trust the federal government, corporate America, and the media has led to a crisis of authority that threatens to engulf not just our politics but our day-to-day lives.
Upending well-worn ideological and partisan categories, Hayes entirely reorients our perspective on our times. Twilight of the Elites is the defining work of social criticism for the post-bailout age.
That was Federal Reserve Chairman Ben Bernanke’s vow as the worst financial panic in more than fifty years gripped the world and he struggled to avoid the once unthinkable: a repeat of the Great Depression. Brilliant but temperamentally cautious, Bernanke researched and wrote about the causes of the Depression during his career as an academic. Then when thrust into a role as one of the most important people in the world, he was compelled to boldness by circumstances he never anticipated.
The president of the United States can respond instantly to a missile attack with America’s military might, but he cannot respond to a financial crisis with real money unless Congress acts. The Fed chairman can. Bernanke did. Under his leadership the Fed spearheaded the biggest government intervention in more than half a century and effectively became the fourth branch of government, with no direct accountability to the nation’s voters.
Believing that the economic catastrophe of the 1930s was largely the fault of a sluggish and wrongheaded Federal Reserve, Bernanke was determined not to repeat that epic mistake. In this penetrating look inside the most powerful economic institution in the world, David Wessel illuminates its opaque and undemocratic inner workings, while revealing how the Bernanke Fed led the desperate effort to prevent the world’s financial engine from grinding to a halt.
In piecing together the fullest, most authoritative, and alarming picture yet of this decisive moment in our nation’s history, In Fed We Trust answers the most critical questions. Among them:
• What did Bernanke and his team at the Fed know–and what took them by surprise? Which of their actions stretched–or even ripped through–the Fed’s legal authority? Which chilling numbers and indicators made them feel they had no choice?
• What were they thinking at pivotal moments during the race to sell Bear Stearns, the unsuccessful quest to save Lehman Brothers, and the virtual nationalization of AIG, Fannie Mae, and Freddie Mac? What were they saying to one another when, as Bernanke put it to Wessel: “We came very close to Depression 2.0”?
• How well did Bernanke, former treasury secretary Hank Paulson, and then New York Fed president Tim Geithner perform under intense pressure?
• How did the crisis prompt a reappraisal of the once-impregnable reputation of Alan Greenspan?
In Fed We Trust is a breathtaking and singularly perceptive look at a historic episode in American and global economic history.
From the Hardcover edition.
From the acclaimed, award-winning author of Alexander Hamilton: here is the essential, endlessly engrossing biography of John D. Rockefeller, Sr.—the Jekyll-and-Hyde of American capitalism. In the course of his nearly 98 years, Rockefeller was known as both a rapacious robber baron, whose Standard Oil Company rode roughshod over an industry, and a philanthropist who donated money lavishly to universities and medical centers. He was the terror of his competitors, the bogeyman of reformers, the delight of caricaturists—and an utter enigma.
Drawing on unprecedented access to Rockefeller’s private papers, Chernow reconstructs his subjects’ troubled origins (his father was a swindler and a bigamist) and his single-minded pursuit of wealth. But he also uncovers the profound religiosity that drove him “to give all I could”; his devotion to his father; and the wry sense of humor that made him the country’s most colorful codger. Titan is a magnificent biography—balanced, revelatory, elegantly written.
Authored by Ann Logue, a financial writer and hedge fund specialist, this handy, friendly guide covers all the bases for investors of all levels. Whether you’re just building your first portfolio or you’ve been investing for years, you’ll find everything you need to know inside:What a hedge fund is and what it does How hedge funds are structured Determining whether a hedge fund is right for your portfolio Calculating investment risk and return Short- and long-term tax issues Developing a hedge fund investment strategy Monitoring and profiting on macroeconomic trends Evaluating fund performance Evaluating hedge fund management
If you’re investing for the future, you definitely want to minimize your risk and maximize your returns. A balanced portfolio with hedge funds is one of the best ways to achieve that sort of balance. This book walks you step by step through the process of evaluating and choosing funds, incorporating them into your portfolio in the right amounts, and making sure they give you the returns you expect and deserve. You’ll learn all the ins and outs of funds, including:What kind of fees you should expect to pay Picking a hedge fund advisor or broker Fulfilling paperwork and purchasing requirements Performing technical analysis and reading the data How to withdraw funds and handle the taxes Tracking fund performance yourself or through reporting services Hedge fund strategies for smaller portfolios Performing due diligence on funds that interest you
This friendly, to-the-point resource includes information you can’t do without, including sample portfolios that show you how to invest wisely. Hedge funds are an important part of every balanced portfolio, and this friendly guide tells how to use them to your best advantage. With important resources, vital information, and commonsense advice, Hedge Funds For Dummies is the perfect resource for every investor interested in hedge funds.
Slaughter and Rhoades track changes in policy and practice, revealing new social networks and circuits of knowledge creation and dissemination, as well as new organizational structures and expanded managerial capacity to link higher education institutions and markets. They depict an ascendant academic capitalist knowledge/learning regime expressed in faculty work, departmental activity, and administrative behavior. Clarifying the regime's internal contradictions, they note the public subsidies embedded in new revenue streams and the shift in emphasis from serving student customers to leveraging resources from them.
Defining the terms of academic capitalism in the new economy, this groundbreaking study offers essential insights into the trajectory of American higher education.
One of The Wall Street Journal's 10 Books to Read Now • One of Kirkus Reviews's Best Nonfiction Books of the Year • One of Publishers Weekly's Most Anticipated Books of the Year
Shortlisted for the OWL Business Book Award and Longlisted for the Financial Times and McKinsey Business Book of the Year Award
Version 2.0, Updated and Expanded, with a New Afterword
We all sense it—something big is going on. You feel it in your workplace. You feel it when you talk to your kids. You can’t miss it when you read the newspapers or watch the news. Our lives are being transformed in so many realms all at once—and it is dizzying.
In Thank You for Being Late, version 2.0, with a new afterword, Thomas L. Friedman exposes the tectonic movements that are reshaping the world today and explains how to get the most out of them and cushion their worst impacts. His thesis: to understand the twenty-first century, you need to understand that the planet’s three largest forces—Moore’s law (technology), the Market (globalization), and Mother Nature (climate change and biodiversity loss)—are accelerating all at once. These accelerations are transforming five key realms: the workplace, politics, geopolitics, ethics, and community. The year 2007 was the major inflection point: the release of the iPhone, together with advances in silicon chips, software, storage, sensors, and networking, created a new technology platform that is reshaping everything from how we hail a taxi to the fate of nations to our most intimate relationships. It is providing vast new opportunities for individuals and small groups to save the world—or to destroy it.
With his trademark vitality, wit, and optimism, Friedman shows that we can overcome the multiple stresses of an age of accelerations—if we slow down, if we dare to be late and use the time to reimagine work, politics, and community. Thank You for Being Late is an essential guide to the present and the future.
From their first face-to-face encounter to the heated arguments between their ardent disciples, Nicholas Wapshott here unearths the contemporary relevance of Keynes and Hayek, as present-day arguments over the virtues of the free market and government intervention rage with the same ferocity as they did in the 1930s.
In short, either we embrace radical change ourselves or radical changes will be visited upon our physical world. The status quo is no longer an option.
In This Changes Everything Naomi Klein argues that climate change isn’t just another issue to be neatly filed between taxes and health care. It’s an alarm that calls us to fix an economic system that is already failing us in many ways. Klein meticulously builds the case for how massively reducing our greenhouse emissions is our best chance to simultaneously reduce gaping inequalities, re-imagine our broken democracies, and rebuild our gutted local economies. She exposes the ideological desperation of the climate-change deniers, the messianic delusions of the would-be geoengineers, and the tragic defeatism of too many mainstream green initiatives. And she demonstrates precisely why the market has not—and cannot—fix the climate crisis but will instead make things worse, with ever more extreme and ecologically damaging extraction methods, accompanied by rampant disaster capitalism.
Klein argues that the changes to our relationship with nature and one another that are required to respond to the climate crisis humanely should not be viewed as grim penance, but rather as a kind of gift—a catalyst to transform broken economic and cultural priorities and to heal long-festering historical wounds. And she documents the inspiring movements that have already begun this process: communities that are not just refusing to be sites of further fossil fuel extraction but are building the next, regeneration-based economies right now.
Can we pull off these changes in time? Nothing is certain. Nothing except that climate change changes everything. And for a very brief time, the nature of that change is still up to us.
Updated, with additional analysis of the government’s recent attempt to reform the banking industry, this is a timely and expert account of our troubled political economy.
In his bestselling The Russians, Smith took millions of readers inside the Soviet Union. In The Power Game, he took us inside Washington’s corridors of power. Now Smith takes us across America to show how seismic changes, sparked by a sequence of landmark political and economic decisions, have transformed America. As only a veteran reporter can, Smith fits the puzzle together, starting with Lewis Powell’s provocative memo that triggered a political rebellion that dramatically altered the landscape of power from then until today.
This is a book full of surprises and revelations—the accidental beginnings of the 401(k) plan, with disastrous economic consequences for many; the major policy changes that began under Jimmy Carter; how the New Economy disrupted America’s engine of shared prosperity, the “virtuous circle” of growth, and how America lost the title of “Land of Opportunity.” Smith documents the transfer of $6 trillion in middle-class wealth from homeowners to banks even before the housing boom went bust, and how the U.S. policy tilt favoring the rich is stunting America’s economic growth.
This book is essential reading for all of us who want to understand America today, or why average Americans are struggling to keep afloat. Smith reveals how pivotal laws and policies were altered while the public wasn’t looking, how Congress often ignores public opinion, why moderate politicians got shoved to the sidelines, and how Wall Street often wins politically by hiring over 1,400 former government officials as lobbyists.
Smith talks to a wide range of people, telling the stories of Americans high and low. From political leaders such as Bill Clinton, Newt Gingrich, and Martin Luther King, Jr., to CEOs such as Al Dunlap, Bob Galvin, and Andy Grove, to heartland Middle Americans such as airline mechanic Pat O’Neill, software systems manager Kristine Serrano, small businessman John Terboss, and subcontractor Eliseo Guardado, Smith puts a human face on how middle-class America and the American Dream have been undermined.
This magnificent work of history and reportage is filled with the penetrating insights, provocative discoveries, and the great empathy of a master journalist. Finally, Smith offers ideas for restoring America’s great promise and reclaiming the American Dream.
Praise for Who Stole the American Dream?
“[A] sweeping, authoritative examination of the last four decades of the American economic experience.”—The Huffington Post
“Some fine work has been done in explaining the mess we’re in. . . . But no book goes to the headwaters with the precision, detail and accessibility of Smith.”—The Seattle Times
“Sweeping in scope . . . [Smith] posits some steps that could alleviate the problems of the United States.”—USA Today
“Brilliant . . . [a] remarkably comprehensive and coherent analysis of and prescriptions for America’s contemporary economic malaise.”—Kirkus Reviews (starred review)
“Smith enlivens his narrative with portraits of the people caught up in events, humanizing complex subjects often rendered sterile in economic analysis. . . . The human face of the story is inseparable from the history.”—Reuters
With timely, substantial information about energy stocks, Energy Investing For Dummies teaches the ins and outs of energy sectors and how to incorporate them into business and investment plans. As a savvy investor and business manager you will find the important information and advice you need to incorporate these growth areas into your investment portfolio.
In Energy Investing For Dummies, you'll find important information on the big-three markets of electricity, natural gas, and oil; growing markets for liquefied natural gas, emissions, coal, and alternative energy; primers on advanced topics like storage, wheeling, load forecasting, and pipeline transportation; tips on investing in and trading energy stocks, ETFs, dividends, and derivatives; and much more.Includes examples of ways to invest in wind power, carbon emissions, thermal solar power, and other new markets Packed with the latest information on energy investing Shows you how to incorporate energy investing into your investment plans
Energy Investing For Dummies is your friendly, un-intimidating guide to this hot topic in business and investment trading.
When Blake was nine, her answers told Joe that she had already absorbed a distorted view of economics—from her school, pop culture, and just about everywhere else. She was learning that capitalism is unavoidably immoral . . . that business people can’t be trusted, especially if they run big companies . . . that trade is bad because it hurts American workers . . . and that no matter how bad things get, the government will always bail us out.
Joe was outraged. If he couldn’t fix our education system or Hollywood, at least he could teach Blake how capitalism really works, and why it’s worth defending. Ultimately, Joe convinced Blake that capitalism isn’t about greed; it’s about freedom. In today’s America, there’s no greater lesson to teach your children.
From the Trade Paperback edition.
* Outsourcing (why it's good for Americans) and zoning restrictions (why they're not)
* Why central planning has never worked and never will
* How prices operate in a free market (and why socialist schemes like rent control always backfire)
* How labor unions actually hurt workers more than they help them
* Why increasing the minimum wage is always a bad idea
* Why the free market is the best guard against racism
* How capitalism will save the environment--and why Communist countries were the most polluted on earth
* Raising taxes: why it is never "responsible"
* Why no genuine advocate for the downtrodden could endorse the dehumanizing Welfare State
* The single biggest myth underlying the public's support for government regulation of business
* Antitrust suits: usually filed by firms that lose in free competition
* How tariffs and other restrictions "protect" privileged workers but make other Americans poorer
* The IMF and World Bank: why they don't help poor countries
* Plus: Are you a capitalist pig? Take the quiz and find out! Breezy, witty, but always clear, precise, and elegantly reasoned, The Politically Incorrect Guide(tm) to Capitalism is a solid and entertaining guide to free market economics. With his twelve-step plan for understanding the free market, Murphy shows why conservatives should resist attempts to socialize America and fight spiritedly for the free market.
Get ready to change the way you think about economics.
Nobel laureate Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans—predictable, error-prone individuals. Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth—and change the way we think about economics, ourselves, and our world.
Traditional economics assumes rational actors. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. Whether buying a clock radio, selling basketball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. In other words, we misbehave. More importantly, our misbehavior has serious consequences. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, our businesses, and our governments.
Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. He reveals how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber.
Laced with antic stories of Thaler’s spirited battles with the bastions of traditional economic thinking, Misbehaving is a singular look into profound human foibles. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining.
Shortlisted for the Financial Times & McKinsey Business Book of the Year Award
John F. Kennedy was the first president since the 1920s to slash tax rates across-the-board, becoming one of the earliest supply-siders. Sadly, today’s Democrats have ignored JFK’s tax-cut legacy and have opted instead for an anti-growth, tax-hiking redistribution program, undermining America’s economy.
One person who followed JFK’s tax-cut growth model was Ronald Reagan. This is the never-before-told story of the link between JFK and Ronald Reagan. This is the secret history of American prosperity.
JFK realized that high taxes that punished success and fanned class warfare harmed the economy. In the 1950s, when high tax rates prevailed, America endured recessions every two or three years and the ranks of the unemployed swelled. Only in the 1960s did an uninterrupted boom at a high rate of growth (averaging 5 percent per year) drive a tremendous increase in jobs for the long term. The difference was Kennedy’s economic policy, particularly his push for sweeping tax-rate cuts.
Kennedy was so successful in the ’60s that he directly inspired Ronald Reagan’s tax cut revolution in the 1980s, which rejuvenated the economy and gave us another boom that lasted for two decades.
Lawrence Kudlow and Brian Domitrovic reveal the secret history of American prosperity by exploring the little-known battles within the Kennedy administration. They show why JFK rejected the advice of his Keynesian advisors, turning instead to the ideas proposed by the non-Keynesians on his team of rivals.
We meet a fascinating cast of characters, especially Treasury Secretary Douglas Dillon, a Republican. Dillon’s opponents, such as liberal economists Paul Samuelson, James Tobin, and Walter Heller, fought to maintain the high tax rates—including an astonishing 91% top rate—that were smothering the economy. In a wrenching struggle for the mind of the president, Dillon convinced JFK of the long-term dangers of nosebleed income-tax rates, big spending, and loose money. Ultimately, JFK chose Dillon’s tax cuts and sound-dollar policies and rejected Samuelson and Heller.
In response to Kennedy’s revolutionary tax cut, the economy soared. But as the 1960s wore on, the departed president’s priorities were undone by the government-expanding and tax-hiking mistakes of Presidents Johnson, Nixon, Ford, and Carter. The resulting recessions and the “stagflation” of the 1970s took the nation off its natural course of growth and prosperity-- until JFK’s true heirs returned to the White House in the Reagan era.
Kudlow and Domitrovic make a convincing case that the solutions needed to solve the long economic stagnation of the early twenty-first century are once again the free-market principles of limited government, low tax rates, and a strong dollar. We simply need to embrace the bipartisan wisdom of two great presidents, unleash prosperity, and recover the greatness of America.
From the Hardcover edition.
The Great Deformation is a searing look at Washington's craven response to the recent myriad of financial crises and fiscal cliffs. It counters conventional wisdom with an eighty-year revisionist history of how the American state—especially the Federal Reserve—has fallen prey to the politics of crony capitalism and the ideologies of fiscal stimulus, monetary central planning, and financial bailouts. These forces have left the public sector teetering on the edge of political dysfunction and fiscal collapse and have caused America's private enterprise foundation to morph into a speculative casino that swindles the masses and enriches the few.
Defying right- and left-wing boxes, David Stockman provides a catalogue of corrupters and defenders of sound money, fiscal rectitude, and free markets. The former includes Franklin Roosevelt, who fathered crony capitalism; Richard Nixon, who destroyed national financial discipline and the Bretton Woods gold-backed dollar; Fed chairmen Greenspan and Bernanke, who fostered our present scourge of bubble finance and addiction to debt and speculation; George W. Bush, who repudiated fiscal rectitude and ballooned the warfare state via senseless wars; and Barack Obama, who revived failed Keynesian “borrow and spend” policies that have driven the national debt to perilous heights. By contrast, the book also traces a parade of statesmen who championed balanced budgets and financial market discipline including Carter Glass, Harry Truman, Dwight Eisenhower, Bill Simon, Paul Volcker, Bill Clinton, and Sheila Bair.
Stockman's analysis skewers Keynesian spenders and GOP tax-cutters alike, showing how they converged to bloat the welfare state, perpetuate the military-industrial complex, and deplete the revenue base—even as the Fed's massive money printing allowed politicians to enjoy “deficits without tears.” But these policies have also fueled new financial bubbles and favored Wall Street with cheap money and rigged stock and bond markets, while crushing Main Street savers and punishing family budgets with soaring food and energy costs. The Great Deformation explains how we got here and why these warped, crony capitalist policies are an epochal threat to free market prosperity and American political democracy.
Yet Matt Ridley does more than describe how things are getting better. He explains why. Prosperity comes from everybody working for everybody else. The habit of exchange and specialization—which started more than 100,000 years ago—has created a collective brain that sets human living standards on a rising trend. The mutual dependence, trust, and sharing that result are causes for hope, not despair.
This bold book covers the entire sweep of human history, from the Stone Age to the Internet, from the stagnation of the Ming empire to the invention of the steam engine, from the population explosion to the likely consequences of climate change. It ends with a confident assertion that thanks to the ceaseless capacity of the human race for innovative change, and despite inevitable disasters along the way, the twenty-first century will see both human prosperity and natural biodiversity enhanced. Acute, refreshing, and revelatory, The Rational Optimist will change your way of thinking about the world for the better.
Americans from all walks of life are still feeling the roller-coaster effects of the Great Recession. For many, home values are still too low and unemployment is still too high. Others have prospered despite the ups and downs. In Clark Howard’s Living Large for the Long Haul, the renowned broadcaster examines our new paradigm through the eyes of those whose financial portfolios have beaten the odds, and those whose economic situation has gone off course. Through these fascinating personal accounts, readers uncover amazing opportunities and smart decisions, finding advantages in bleak times for lasting payoffs in the long run.
Day trading is undoubtedly the most exciting way to make your own money. Before you begin, you need three things: patience, nerves of steel, and a well-thumbed copy of Day Trading For Dummies.
This plain-English guide shows you how day trading works, identifies its all-too-numerous pitfalls, and gets you started with an action plan. From classic and renegade strategies to the nitty-gritty of daily trading practices, it gives you the knowledge and confidence you'll need to keep a cool head, manage risk, and make decisions instantly as you buy and sell your positions.Expanded coverage of day trading resources and sites available Help choosing an online broker in the current market New trading products Updated information on SEC rules and regulations (and tax laws) New investment options Updated examples that reflect current market and economic conditions
Read Day Trading For Dummies and get the tips, guidance, and solid foundation you need to succeed in this thrilling, lucrative, and rewarding career!
Remarkable as it may seem today, there once was a time when the president of the United States could pick up the phone and ask the president of General Motors to resign his position and take the reins of a great national enterprise. And the CEO would oblige, no questions asked, because it was his patriotic duty.
In Freedom’s Forge, bestselling author Arthur Herman takes us back to that time, revealing how two extraordinary American businessmen—automobile magnate William Knudsen and shipbuilder Henry J. Kaiser—helped corral, cajole, and inspire business leaders across the country to mobilize the “arsenal of democracy” that propelled the Allies to victory in World War II.
“Knudsen? I want to see you in Washington. I want you to work on some production matters.” With those words, President Franklin D. Roosevelt enlisted “Big Bill” Knudsen, a Danish immigrant who had risen through the ranks of the auto industry to become president of General Motors, to drop his plans for market domination and join the U.S. Army. Commissioned a lieutenant general, Knudsen assembled a crack team of industrial innovators, persuading them one by one to leave their lucrative private sector positions and join him in Washington, D.C. Dubbed the “dollar-a-year men,” these dedicated patriots quickly took charge of America’s moribund war production effort.
Henry J. Kaiser was a maverick California industrialist famed for his innovative business techniques and his can-do management style. He, too, joined the cause. His Liberty ships became World War II icons—and the Kaiser name became so admired that FDR briefly considered making him his vice president in 1944. Together, Knudsen and Kaiser created a wartime production behemoth. Drafting top talent from companies like Chrysler, Republic Steel, Boeing, Lockheed, GE, and Frigidaire, they turned auto plants into aircraft factories and civilian assembly lines into fountains of munitions, giving Americans fighting in Europe and Asia the tools they needed to defeat the Axis. In four short years they transformed America’s army from a hollow shell into a truly global force, laying the foundations for a new industrial America—and for the country’s rise as an economic as well as military superpower.
Featuring behind-the-scenes portraits of FDR, George Marshall, Henry Stimson, Harry Hopkins, Jimmy Doolittle, and Curtis LeMay, as well as scores of largely forgotten heroes and heroines of the wartime industrial effort, Freedom’s Forge is the American story writ large. It vividly re-creates American industry’s finest hour, when the nation’s business elites put aside their pursuit of profits and set about saving the world.
Praise for Freedom’s Forge
“A rambunctious book that is itself alive with the animal spirits of the marketplace.”—The Wall Street Journal
“A rarely told industrial saga, rich with particulars of the growing pains and eventual triumphs of American industry . . . Arthur Herman has set out to right an injustice: the loss, down history’s memory hole, of the epic achievements of American business in helping the United States and its allies win World War II.”—The New York Times Book Review
“Magnificent . . . It’s not often that a historian comes up with a fresh approach to an absolutely critical element of the Allied victory in World War II, but Pulitzer finalist Herman . . . has done just that.”—Kirkus Reviews (starred review)
From the Hardcover edition.