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Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
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Binding: Hardcover
Dewey Decimal Number: 330.973
EAN: 9780670019076
ISBN: 0670019070
Label: Viking Adult
Manufacturer: Viking Adult
Number Of Items: 1
Number Of Pages: 256
Publication Date: April 15, 2008
Publisher: Viking Adult
Studio: Viking Adult
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Editorial Review:
The bestselling author reveals how the U.S. financial sector has hijacked our economy and put Americas global future at risk In American Theocracy, Kevin Phillips warned us of the perilous interaction of debt, financial recklessness, and the increasing cost of scarce oil. The current housing and mortgage debacle is proof once more of Phillipss prescience, and only the first harbinger of a national crisis. In Bad Money, Phillips describes the consequences of our misguided economic policies, our mounting debt, our collapsing housing market, our threatened oil, and the end of American domination of world markets. Americas current challenges (and failures) run striking parallels to the decline of previous leading world economic powersespecially the Dutch and British. Global overreach, worn-out politics, excessive debt, and exhausted energy regimes are all chilling signals that the United States is crumbling as the world superpower. Bad money refers to a new phenomenon in wayward megafinancethe emergence of a U.S. economy that is globally dependent and dominated by hubris-driven financial services. Also bad are the risk miscalculations and strategic abuses of new multitrillion-dollar products such as asset-backed securities and the lure of buccaneering vehicles like hedge funds. Finally, the U.S. dollar has been turned into bad money as it has weakened and become vulnerable to the worlds other currencies. In all these ways, bad finance has failed the American people and pointed U.S. capitalism toward a global crisis. Bad Money is the perfect follow- up to Phillipss last book, whose dire warnings are now proving frighteningly accurate.
Customer Reviews
Average Rating: 
Rating:  - Losing Control
Kevin Phillips describes immediate problems with the economy, that is, energy shortage, dollar decline, and mushrooming debt. Few are thinking about what it will take to avoid major recession and how badly a recession will be compounded with huge debts.
The end result is loss of control. Growth of debt and credit industry leads to public loss of control of its economic future - a result of higher inflation coupled with higher interest rates producing enormous debts. The financial ... Read More
Rating: - Bad money, good book
I don't have much to add to the other reviews except that, as a professional writer and editor, I think Phillips's style is pretty smooth and non-fatiguing, considering the complexity of the subject. He does as well as anyone can explaining such man-in-the-moon concepts as collateralized debt obligations. It is true, though, that Bad Money is probably not the ideal introduction to the story of our colossal economic undoing for any reader who is entirely unfamiliar with modern financial terminology ... Read More
Rating:  - Sound Message, Poor Writing
The book brought forth a significant message about what ails America and how/why the dollar is facing collapse. The problem is that Phillips writes in a high-brow academic style and with an assumption of knowledge probably not possessed by the average reader. He has been poorly served by his editor/publisher in this regard. This important and timely work could've delivered the same message to a much wider audience had he written in plain English. Phillips gets an 'A' for concepts/ideas/analysis, ... Read More
Rating:  - Bad Money Tedious, no solutions
Phillips' book Bad Money is one of the most poorly written, tedious books I have ever tried to read. It has a lot of disturbing facts through-out; things the american public should be informed about, and elected officials should be held accountable for. But GEEZ! Why doesn't the author abide by basic writing principles, for example having one main subject per paragraph, clear and concise language, etc. The book reads like a rough draft.
What are we supposed to DO about the problem??? ... Read More
Rating: - dismantles economic myths and self-deceptions
By avoiding completely America's habitual junior high school political patriotic pep rally approach practiced universally by politicians and pundits, Phillips provides uncompromising realism necessary to stem the relative and self-immolative economic decline of the U.S.
His book demonstrates overwhelmingly that the few, but not the people, benefited from what he terms the "financialization" of the economy over the last few decades at the expense of neglecting the manufacturing sector. ... Read More
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