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Makers and Takers

the Rise of Finance and the Fall of American Business
Dec 01, 2016zipread rated this title 4.5 out of 5 stars
Let's face it, this book isn't going to be as much fun to read as a Baldacci or a Cornwell. Iit is, none the less, something that should be read. In fact if Americans were to read this book en masse they'd be in the streets en masse. Stranger than fiction, this is the story of how large-scale banking and the near-banks have acquired over three quarters of the nation's wealth. This wealth, generated by the efforts of the entire nation is being used, not to foster greater national prosperity but rather to enrich the pocket books of the favoured few. And so who's responsible for the economic melt-down of the Great Recession? Who's responsible the widening income chasm between the CEOs and the hired hand on the factory floor? Who's responsible for the decrease in spending on R&D? Why do average Americans carry a debt load that's greater than ever? Why have wages stagnated since the 1970s? Why are jobs being outsourced to wherever labour is cheapest? According to Foroohar, the culprit behind all of these problems are the mega financial industries who are in business not to lend money to Main Street but rather to enrich Wall Street..These are the "institutions" that are "too large to fail" so when they do fail they can count on nervous governments to bail them out. She calls it "the fanancialization of America" A remarkable book. Read it and get angry.