The Great American Stickup

The Great American Stickup

How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street

Book - 2010
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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 consequent 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, D.C., a veritable crime scene, beginning in the 1980s, where the captains of the finance industry, their lobbyists and 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 more 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 clique 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 clique 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 clique are now advising the Obama administration.

Publisher: New York : Nation Books, c2010
ISBN: 9781568584348
1568584342
Characteristics: viii, 292 p. ; 21 cm
Additional Contributors: Scheer, Joshua.
Scheer, Christopher

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StarGladiator
Oct 31, 2013

A great book, which one would predictably expect from the intrepid professional reporter, Robert Scheer (truthdig.com) and various radio/tv shows. Mr. Scheer captures the essence of the collusion between both factions of the unofficial bankster party (the dems and those other people), laying the blame as it should be lain. (While we are blessed with such fine authors on this catastrophe-by-design, it is a shame a personage like Ferdinand Lundberg doesn't exist, to fully explain those connections between modern day private equity firms and hedge funds and old money - - for example, Mortimer (Harriman money) and Arden Asset Management, Rockefeller and the Blackstone Group (plus JPMorgan Chase, ExxonMobil, et cetera), Mellon and du Pont and various hedge funds (pluse Bank of New York Mellon), Guggenheim (same name) and various Guggenheim hedge funds, Rosenwald and American Securities, and on and on and on.)

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jetboy2k
Jan 18, 2013

An excellent and unbiased (e.g., non-partisan) analysis of how politicians from both "sides" of the aisle colluded with the "leaders" of the financial industry to rip off the middle class. Scheer is clear and concise, and he also does an excellent job of explaining the lies that have been told to us by the above parties - including a chapter devoted to Henry Paulsen's On the Brink (see my comments on that below), and his (Paulsen's) blatant attempt to misrepresent the truth of the situation and pass off his and others' collusion as a heroic rescue. Despite containing a great deal of useful information, this book is nonetheless a quick and easy read, and I would recommend it to anyone and everyone who wants to understand how we got to the place we did in 2008.

2
21288004246712
Feb 05, 2011

Thorough research, clearly shows how the US plutocracy operates, and nothing to suggest that the power of the wealthy will diminish any time soon

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