The Great American Stickup ePUB ½ The Great PDF/EPUB

The Great American Stickup ePUB ½ The Great PDF/EPUB

10 thoughts on “The Great American Stickup

  1. Lobstergirl Lobstergirl says:

    Scheer approaches the Great Recession from the viewpoint of deregulation and government The deregulatory mania begins with Reagan here but it's under Clinton that the biggest damage is done the repeal of Glass Steagall which allowed regular banks with their federally insured deposits to take on much riskier investment banking and vice versa and the Commodity Futures Modernization Act which banned the regulation of derivatives Both these things ended up causing the economy to implode Obama also has to take some of the blame for catering to Wall Street as he tried to sop up the mess it had created Alan Greenspan Wendy Gramm Robert Rubin Clinton's Treasury secretary Lawrence Summers Rubin's deputy and Timothy Geithner head of the New York Fed are the villains who insisted on the deregulation of Wall Street some in order to benefit the corporations they worked for variously Goldman Sachs Citigroup and Enron yet Obama brought Summers and Geithner and other guilty parties into his administration as the economy was collapsing The one person who implored politicians to regulate derivatives was Brooksley Born head of the Commodity Futures Trading Commission during the Clinton era and she was roundly scornedThere's not a lot of technical explanation; you won't learn precisely what a collateralized debt obligation is But Scheer is good on the topic of the GSEs Fannie Mae and Freddie Mac the revolving door between government and the financial sector and he properly ridicules some of the adulatory mainstream media reporting on pre Recession Wall Street and its glorious titans

  2. Joe Joe says:

    The Great American Stickup is an exhaustively researched and detailed account of how exactly the economic crash of 2008 came about Scheer traces the catastrophe's beginning to players in the Reagan administration its acceleration under the Clinton administration and the astonishing failure of the Obama administrations to address the causes or the criminal individuals who brought it about The story is a complex one almost like unraveling a Russian novel The villains who emerge most culpably seem to be the Republican power couple of Phil and Wendy Gramm Enron's Ken Lay and Bill Clinton and his evil economic triumvirate of Robert Rubin Larry Sommers and Tim GeitnerI won't even attempt to lay out the chronology here; you'd have to read it and it is pretty shocking Basically after the Great Depression laws were put in place to regulate the financial markets and to put a wall between commercial banking and investment banking Bankers in the 80's and 90's thought they could get rich if these safeguards were removed and bought and paid for politicians let them do it New investments were invented like derivatives and credit default swaps and these same guys pushed for non regulation and oversight of these new markets When Brooksley Born Clinton's chair of the Commodity Futures Trading Commission tried to sound the alarm of dangerous these unregulated markets were banking execs and their cronies in the Clinton administration went to war against her and destroyed her career The shit hit the fan and then Bush and Obama put some of these same guys who caused the mess in charge of cleaning it up which they did to their own benefit The 2008 bail out Scheer argues is the greatest robbery in American historyScheer a prominent liberal columnist surprised me by how unforgiving he was to fellow democrats like Clinton Rubin and Obama His white hot rage is defended pretty convincingly Sadly he concludes that there really is no difference in the two parties with regard to bending over for Wall StreetMy take aways The line between government and banking does not really exist; the same people running the banks are at times the same people running Treasury There is basically a revolving door In the case of the Gramms they simply took turns working for the government and working for the private sector helping each other and tagging each other outin periodically These people really are reprehensibleThe super rich and well connected can make their own rules in America It truly is their country and we're only living in it When Obama finally wised up and pushed for some modest reforms the banking industry slapped his hand funded Republicans in 2010 and he learned his lesson Short of a revolution it is hard to see any positive change in our futureWhen I think about how public employees like teachers are pilloried for their high salaries and for doing such a bad job it makes me want to vomit remembering these bankers who ruined the economy and got rich off doing it Really there is no prison bad enough for them

  3. Piker7977 Piker7977 says:

    Wow This was a very condemning recap of the past four presidential administrations and their financialeconomic policies Scheer argues these administrations were infected with flawed free market philosophies that accumulated into the devastating financial meltdown of 2008 This book is also an addition to the woodpile of criticisms about the current president and recycling the likes of Summers and Geithner I found this book to be part eulogy for New Deal financial reform and a war cry for the return of Keynesian economic policies with regards to the financial system Mr Scheer has no shortage of villains in his recent history of the financial crisis The reader rarely encounters a hero in this tale of swindle Brooksley Born being one of the few which would arouse my anger and lead me to price Guy Fawkes masks on com The prose of the book is definitely negative and some redundant use of facts and names gets in the way of an otherwise flowing account The accusations of both Republicans and Democrats make Scheer's version refreshingly non partisan I would have like to see about the rise of the Tea Party but perhaps we will see that in a follow up bookThis is a good introduction to the effects causes and outcomes of the financial crisis The Great American Stickup will benefit those looking for answers about the who where when why and how much? of the recent financial crisis

  4. Sagar Jethani Sagar Jethani says:

    Robert Scheer has published a brilliant piece of forensic reporting in The Great American Stickup How Reagan Republicans and Clinton Democrats Enriched Wall Street by Mugging Main Street By peeling back the layers of obfuscation which surround the financial crisis of 2008 he has laid bare the causes of the crisis in a manner which is accessible to the laymanScheer describes the origins of the crisis as beginning in the Clinton administration In order to strike a new accord with Wall Street Democrats destroyed the regulatory framework which had protected consumers for 70 years The Financial Services Modernization Act FSMA rolled back Glass Steagall which had drawn a sharp line between depository banks and investment banks Once this division had been gutted all banks were free to take high risk gambles with taxpayer money in the certainty that should worse come to worse the government would bail them out This was followed a year later by laws which exempted derivatives like collateralized debt obligations from any degree of regulatory scrutiny whatsoeverThe main architects of these laws were none other than Robert Rubin Treasury Secretary under Bill Clinton his successor Larry Summers Fed Chair Alan Greenspan and a coterie of behind the scenes lobbyists from Citibank Goldman Sachs and other titans of the banking industry The revolving door between high government office and high power banks is particularly disturbing Rubin a former Goldman exec pushed through FSMA as a means of allowing Citibank to merge with Traveler's Group a disastrous deal that destroyed value He later left government for a multi million dollar job with the newly christened Citigroup whose existence he helped bring about Rubin didn't stop there When Citi later realized the extent of the losses it would suffer when its major client Enron was found to be conducting fraud on a massive scale Rubin called his pals in Treasury and asked them to apply pressure to Moody's not to downgrade Enron until Citi had pawned it off on an unsuspecting buyer When a rare moment of civil prudence Treasury opted not to get involved Rubin promptly contacted the credit rating agencies himself to influence their downgrading scheduleRubin was succeeded by Larry Summers whose disdain for any ounce of regulation over the new derivatives market led him to destroy the career of civil servants who warned that such unregulated markets could someday threaten the entire economy This unholy trinity was completed by Fed Chairman Alan Greenspan whose free market fanaticism had its origins in his work with pseudophilosopher Ayn RandTogether this trio of government officials destroyed anyone who objected to their blind faith in the ability of banks to regulate themselves Scheer tells the story of Brooksley Born former head of the Commodity Futures Trading Board and of how her single handed attempts to inject common sense into the discussion made her the target of the aforementioned trinity as well as dozens of their Wall Street lobbyist friendsDisturbingly it is these very architects of the financial crisis who Barack Obama turned to upon stepping into his presidency To Scheer a lifelong liberal this represented the ultimate betrayal Candidate Obama talked a good talk about financial reform Unlike George W Bush Obama seemed to grasp the complex details surrounding the causes of the crisis When push came to shove however Obama sought to reassure the Democratic party's friends in Wall Street that business would continue as usual Only when public opinion polls show a level of dissatisfaction with his performance will Obama show the rare flash of anger toward the banks but they have long since learned that he is merely providing red meat to the masses and does not actually intend to back up his words with substantive actionScheer has produced what may ultimately prove to be the best summary of the financial crisis in a single highly readable volume Disturbingly one is left with the irrefutable conclusion that Obama will continue the same love affair between Washington and Wall Street that has spanned several past administration be they Democrat or Republican

  5. Book Book says:

    The Great American Stickup How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street by Robert Scheer“The Great American Stickup” is an even handed book about the conflict of interests of American finances and politicians from Reagan’s presidency to this day This insightful 304 page book is composed of the following nine chapters 1 It Was the Economy Stupid 2 The High Priestess of the Reagan Revolution 3 The Clinton Bubble 4 The Valiant Stand of Brooksley Born 5 They Have No Shame 6 Robert Rubin Rakes It In at Citigroup 7 Poverty Pimps 8 Goldman Cleans Up 9 Sucking Up to the Bankers Crisis Handoff from Bush to ObamaPositives 1 Well written well researched book that is accessible to the masses2 This is the most even handed book I’ve read about the causes of the economic disasters of the past 30 years or so Mr Scheer does not hold back in placing blame where blame is due 3 Does not waste time laying out the foundation of this book “For it was this Wall Street and Democratic Party darling along with this cliue 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 oceans of money that was poured into bad loans sold as safe investments”4 A very good explanation of the financial instruments that became the downfall of the economy swaps derivatives and collaterized debt obligations to name a few5 The infuriating scapegoating of borrowers for the economic collapse caused by the lenders6 The wisdom of FDR’s New Deal reforms that helped preserve capitalism from its own excesses7 The importance of the Glass Steagall Act of 1933 8 The beginning of regulation easing by President Reagan as evidenced by the Garn St Germain Depository Institutions Act of 19829 Senator Gramm’s undeniable legislative marks that opened the floodgates of the abuse of financial power the Financial Modernization Act of 1999 and the Commodity Futures Modernization Act of 200010 Not to be left behind Mrs Gramm leaves an indelible mark of her own Can you say derivatives?11 Deregulation deregulation deregulation12 The Weill Jackson alliance and its impact And from Jackson’s perspective how it hurt those he intended to help13 The heroic efforts of one Brooksley Born who attacked unregulated OTC derivatives14 The deals of President Clinton15 The three “amigos” Rubin Summers and Greenspan16 The Enron loophole17 The power of lobbyists18 Many examples of conflict of interests 19 Citigroup and the subprime craze20 The shocking compensation of the main players involvedgood work if you can find it21 Fannie Mae and Freddie Mac in proper context Excellent explanation22 Countrywide and its “connections”23 The incentive to “cook the books”24 The power of influence consider the case of Goldman Sachs25 Honestly can we just clone Senator Sanders26 Bailout nation 27 Why it may be too late for President Obama to turn the tide28 The harsh yet clear realization that Wall Street runs this country29 Comprehensive Notes section with plenty of web linksNegatives1 A bit repetitive 2 No links to Notes to speak off A shame3 It can be dry at times4 Not as engaging as similar books of this topicIn summary this was an educational and informative book The impact of deregulations that were backed by both parties caused enormous damage to our world’s economy Mr Scheer does a wonderful job of explaining how who and when all this happened He also takes down the myth that financial markets are self correcting It’s a very good and I recommend it Further suggestions “Winner Take All Politics” by Jacob S Hacker “Screwed the Undeclared War Against the Middle Class” by Thom Hartmann “The Monster How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America” by Michael W Hudson “Perfectly Legal” by David Cay Johnston and “The Looting of America” by Les Leopold

  6. Jack Jack says:

    This book gave me a basic understanding of the financial crisis It acuainted me with the fundamental issues and the vocabulary derivatives collateralized debt obligations credit default swaps etc and Scheer provides clear and concise explanations of the key congressional legislation related to the topic Scheer also deserves praise for even handedness laying the blame for the crisis on a number of US government officials and business leaders from various sides of the political spectrumHowever the book is poorly edited and reads like a very rough draft with unnecessary repetition of several themes facts and assertions There's also a few collouial phrases for example as anybody not living in a cave now knows p 38 and what everybody and his sister knew was p 188 that along with Scheer's ranting writing style give the entire book a curiously unprofessional tone I understand that Scheer is working as a muckraker exposing the perpetrators of a tragedy that negatively affected the lives of many people around the globe but I think a academic approach would have strengthened the book's overall impact

  7. Dennis Fischman Dennis Fischman says:

    The great virtue of this book is that it names names Without fear or favor it shows how advisers in both Republican and Democratic administrations were greedy Wall Street financiers who put their own interests and those of their companies Goldman Sachs for instance ahead of policy and far ahead of people The defect of the book is the same as its virtue It focuses on the villains and a couple of heroines Brooksley Born Sheila Bair Surprisingly for a leftist analysis it doesn't show how all this stuff is traceable to the dynamics of finance capitalism Putting better people in office won't help We need to break the back of corporate power and this book offers not a clue on how to do so

  8. Ob-jonny Ob-jonny says:

    This is a well written explanation of how the financial crisis came to happen and it explains how guilty the Clinton administration was in encouraging de regulation The 3 elements of the cause of the financial crisis were the deregulation or lack of regulation of derivatives the repeal of the Glass Steagull act and allowing banks to increase their leveraging ratio The first two elements occurred in 1998 2000 and the third was done by the SEC in 2004 These problems need to be fixed in order to have a healthy financial system

  9. Orea Orea says:

    The last chapter of this book was difficult to get through because I was so pissed off at Wall Street and all our American politicians in their pockets Every person who votes should read this book It is very readable and eye opening

  10. Ben Ben says:

    Robert Scheer is by far one of my favorite living reporters He puts the vast majority of his colleagues to shame in this little poison valentine to deregulation and Wall St profiteering

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The Great American Stickup ✅ The Great American Stickup PDF / Epub ⚣ Author Robert Scheer – 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 cons 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 and the conseuent 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 DC a veritable crime scene beginning in the s where the captains of the finance industry their lobbyists and The Great PDF/EPUB or 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 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 cliue 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 cliue 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 cliue are now advising the Obama administration.