Read Makers and Takers: The Rise of Finance and the Fall of American Business Online Free - Eight years on from the biggest market meltdown since the Great Depression, the key lessons of the crisis of 2008 still remain unlearned—and our financial system is just as vulnerable as ever. Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate ALL American businesses, putting us on a collision course for another cataclysmic meltdown.
Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the “financialization of America” - the trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street's reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream.
Policy makers get caught up in the details of regulating “Too Big To Fail” banks, but the problems in our market system go much broader and deeper than that. Consider that:
· Thanks to 40 years of policy changes and bad decisions, only about 15 % of all the money in our market system actually ends up in the real economy – the rest stays within the closed loop of finance itself.
· The financial sector takes a quarter of all corporate profits in this country while creating only 4 % of American jobs.
· The tax code continues to favor debt over equity, making it easier for companies to hoard cash overseas rather than reinvest it on our shores.
· Our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation.
· And, still, the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the country’s wealthiest financiers.
Exploring these forces, which have have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society, and why reversing this trend is of grave importance to us all. Through colorful stories of both "Takers” and "Makers,” she’ll reveal how we change the system for a better and more sustainable shared economic future.
|Title||:||Makers and Takers: The Rise of Finance and the Fall of American Business|
|Number of Pages||:||400 pages|
June 11, 2016
I was really looking forward to reading a good analysis of the perils of financialization, how it came to pass and what can be done about it. Unfortunately, "Makers and Takers" is not that book. Rana Foroohar, who is a long time financial journalist, has written a book that is filled with both f...
July 10, 2016
What "Dark Money" was to political realities in 2016 - "Makers and Takers" is to the economic reality of the USA in 2016. Foroohar traces the 2008 crises, causes, loopholes remaining, tax advantages to corporations, examples of corporate "welfare," and assorted other Wall Street advantages and po...
March 15, 2017
There are 2 types of CEOs, the short term greedy vs long term innovator. It must take balls to not please your shareholders in the short term. Financialization is a company culture and political disease. It destroys a productive company or manufacturer. And the American MBA education is breeding...
June 16, 2017
Makers and Takers: The Rise of Finance and the Fall of American Business, by Rana Foroohar, is an interesting look at the changing landscape of American Business and macroconomic finance. The book examines the post-2008 economic crisis economy in the United States, and examines what the author te...
January 28, 2017
The Ideology of Corporate Finance
Around the turn of the 20th century the economic power of the world shifted from capitalists who made things to capitalists who made money. The source of the change was the mid-19th century discovery of limited liability and its rapid dissemination into the corpor...
July 30, 2016
It is quite obvious that there is something fundamentally wrong with our economic system, a system in which the CEO of a corporation is paid several hundred times the wage of its average worker. A system in which the wages of workers have remained flat despite decades of productivity growth. A sy...
June 30, 2016
Holy crap! This book really scared me. At times it seemed contradictory, e.g. privately financed firms do better because they are not beholden to increasing short-term shareholder value, but firms not going public is bad because then we don't know what they're up to. I think this is because stats...
June 02, 2016
I always enjoy Rana Foroohar's columns. I find them concise and insightful. This book is in that same tradition. She sets the Paul Ryan analysis of "makers and takers" on its head, identifying the financialization industry as the true takers and those enterprises contributing to society's progres...
July 13, 2016
Objective, politics-free & well-researched look into the scary place the U.S. economy has become.
The author walks through the causes & origins, they why, the how, and finally her recommended fixes as to how to reverse course from a first-world economy that once was a bastion and in many...
October 20, 2016
This is likely the most important & informative book I’ve read this year.
It think the title may intimidate some readers as it suggests financial wonkiness- but please don’t let it deter you.
It’s extremely readable, and the use of anecdotes to illustrate points gives it a Macolm Gladwellian t...