The Looting of America: How Wall Street's Game of Fantasy

The Looting of America: How Wall Street's Game of Fantasy

The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do About It ❴Download❵ ➵ The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do About It Author Les Leopold – Capitalsoftworks.co.uk How could the best and brightest and most highly paid in finance crash the global economy and then get us to bail them out as well What caused this mess in the first place Housing Greed Dumb politicia How could the best and brightest of America: PDF ✓ and most highly paid in finance crash the global economy and then get us to bail them out as well What caused this mess in the first place Housing Greed Dumb politicians What can Main The Looting MOBI :Þ Street do about itIn The Looting of America Leopold debunks the prevailing media myths that blame low income home buyers who got in over their heads people who ran up too much credit card debt and government interference with free markets Instead Looting of America: Kindle Ð readers will discover how Wall Street undermined itself and the rest of the economy by playing and losing at a highly lucrative and dangerous game of fantasy financeHe also asks some tough uestionsWhy did Americans let the gap between workers' wages and Looting of America: How Wall PDF/EPUB or executive compensation grow so largeWhy did we fail to realize that the excess money in those executives' pockets was fueling casino style investment schemesWhy did we buy the notion that too good to be true financial products that no one could even understand would somehow form the backbone of America's new postindustrial economyHow do we make sure we never give our wages away to gamblers againAnd what can we do to get our money backIn this page turning narrative no background in finance reuired Leopold tells the Looting of America: How Wall PDF/EPUB or story of how we fell victim to Wall Street's exotic financial products Readers learn how even school districts were taken in by innovative products like collateralized debt obligations better known as CDOs and how they sucked trillions of dollars from the global economy when they failed They'll also learn what average Americans can do to ensure that fantasy finance never rules our economy againAs the country teeters on the brink of what could be the next Great Depression we should be especially wary of the so called financial experts who got us here and then conveniently got themselves out So far it appears they've won the battle but The Looting of America refuses to let them write the history or plan its aftermath.


9 thoughts on “The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do About It

  1. DoctorM DoctorM says:

    A uick and easy read about the financial instruments behind the Global Economic Meltdown of the Year Eight Leopold grew up in the labour movement and his focus is on how what he calls fantasy finance has affected workers nonsupervisory personnel as the BoL says Leopold writes in a conversational style and while he sometimes lapses into cynicism he does give clear concise and acerbic definitions and examples about the instruments behind the financial crisis credit default swaps and collateralised debt obligations My one major fault with the book is that Leopold focuses on the period after the early 1970s as the genesis of a casino mentality on Wall Street and the dominance of the financial sector which leaves out the whole Go Go era of the mid 1960s on Wall St And while Leopold does look at the decoupling of productivity and wages in the early 1970s as the source of the surplus capital he doesn't go into the ideological changes in the early '70s that allowed Wall St to sell the idea of deregulation and unregulated financial derivatives to the voting publicNonetheless his proposals for transaction taxes and regulations are well taken and so are his reminders that without unions and a commitment to a financial system that's actually based on concrete assets the casino mentality of the last thirty years will lead only to ever intense boombust cycles


  2. Dan Petegorsky Dan Petegorsky says:

    Read this book Soon Here's what Steelworkers President Leo Gerard says about it Leopold's account of the economic crisis is the clearest and most accessible that I have seen It gives a reader with little economic or financial background a riveting description of how Wall Street tore down our economyI agree and I've been reading a lot on the topic The amazing part is Leopold does this without in any way avoiding discussion of the kinds of arcane financial products that brought the economy down Here's an example as a way to help readers understand just how derivatives like collateralized debt obligations work he uses the analogy offantasy baseball Really And it works


  3. Kim Zinkowski Kim Zinkowski says:

    Did not rate at completion but remember being influenced by the book I think I sent it to Kirk


  4. Paul Paul says:

    With America in the economic doldrums a lot of attention has been paid to artificial financial instruments called derivatives created by Wall Street No one has tried to explain them in plain English until nowYour local bank puts together a financial security pooling 10000 debts mortgages credit card debt car loans etc That is a collateralized debt obligation or CDO An investor would get a portion of the interest owed by those 10000 borrowers There is always a risk that some borrowers will default on their loans supposedly reduced by bundling together so many loans The amount of interest an investor gets is based on the amount of risk they are willing to acceptOf course the bank has sold that security or pieces of it to other banks municipalities pension funds; anyone it could seduce with promises of high profits with little or no risk The security had been given a high rating by one of the major credit rating agencies in exchange for huge fees when such a rating was totally unjustified Large numbers of borrowers start defaulting on their loans because the local economy is in big trouble and the bank is on the hook to pay off the security based on all that debt not to mention being on the hook for the original debts Unfortunately the bank does not know the size of their obligation because there is no public listing of derivative prices They can’t sell the security at any price because the other banks are also in troubleMove that bank to Wall Street and multiply the problem by trillions of dollars per day and you get some idea of the size of the problem Those who still worship the free market say that government intervention is the cause of all this All that credit card debt and all those homebuyers who defaulted on their mortgages knowing that they could not afford them are what drove the economy into the ditch not Wall Street Simply cut taxes on the rich reduce or eliminate government regulations on business and the market will take care of itself Nonsense the author saysHe advocates greater transparency in derivatives including a publicly accessible list of prices and keeping them on an institution’s regular books not off the books He also calls for salary limits and a consumer watchdog agency with teethFinally someone explains how the economy almost collapsed in plain English This is an excellent and eye opening book that is very much worth reading


  5. Theodore Kinni Theodore Kinni says:

    Labor educator Leopold tracks the financial meltdown back to the divergence of productivity and real wages starting in the 1970s He says that once an increasing portion of the productivity gains in the US economy began going to the wealthy trillions in new capital became available for investment This eventually spawned new financial instruments like CDOs and bubbles like the one that just popped The solution realign productivity and real wages so that money goes to working people who will spend it on real goods and create sustainable economic growth I'm not so sure that wage earners have actually generated and thus are entitled to the productivity gains in uestion but this is the most provocative book I've read in recent memory


  6. Robert Robert says:

    Short but very informative this book has demystified a lot of the financial crisis for me It hasn't made me less angry but I feel like I understand What's a credit default swap? A CDO? And why on earth did we bail out these giant banks? You may not like the answers but at least there are answersLes Leopold writes this book with a nicely conversational tone which makes it easy to digest It's hard to not like a book whose introduction ends with In short if I can understand this crap so can you and whose last two chapters are titled Proposals Wall Street Won't Like and Proposals Wall Street Really Won't Like


  7. Ryan Olson Ryan Olson says:

    This was a very uick read that takes the maze of finances and economics and dumbs it down for the layperson If you're like me and get confused about all the economic terms that describe the meltdown this book is your key It's dry and not for everyone but if you want further clarification about what happened this is the key Great book


  8. Steve Steve says:

    I'd probably rate it higher if the subject matter didn't make me so crazy It's a very good description of what happened to our economy including understandable explanations of CDOs synthetic CDOs and all the other crap that got us into this mess Infuriating but a good read


  9. Derek Markham Derek Markham says:

    Wow I learned a lot from this book about the crap shoot that is our 'high finance'


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9 thoughts on “The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do About It

  1. DoctorM DoctorM says:

    A uick and easy read about the financial instruments behind the Global Economic Meltdown of the Year Eight Leopold grew up in the labour movement and his focus is on how what he calls fantasy finance has affected workers nonsupervisory personnel as the BoL says Leopold writes in a conversational style and while he sometimes lapses into cynicism he does give clear concise and acerbic definitions and examples about the instruments behind the financial crisis credit default swaps and collateralised debt obligations My one major fault with the book is that Leopold focuses on the period after the early 1970s as the genesis of a casino mentality on Wall Street and the dominance of the financial sector which leaves out the whole Go Go era of the mid 1960s on Wall St And while Leopold does look at the decoupling of productivity and wages in the early 1970s as the source of the surplus capital he doesn't go into the ideological changes in the early '70s that allowed Wall St to sell the idea of deregulation and unregulated financial derivatives to the voting publicNonetheless his proposals for transaction taxes and regulations are well taken and so are his reminders that without unions and a commitment to a financial system that's actually based on concrete assets the casino mentality of the last thirty years will lead only to ever intense boombust cycles

  2. Dan Petegorsky Dan Petegorsky says:

    Read this book Soon Here's what Steelworkers President Leo Gerard says about it Leopold's account of the economic crisis is the clearest and most accessible that I have seen It gives a reader with little economic or financial background a riveting description of how Wall Street tore down our economyI agree and I've been reading a lot on the topic The amazing part is Leopold does this without in any way avoiding discussion of the kinds of arcane financial products that brought the economy down Here's an example as a way to help readers understand just how derivatives like collateralized debt obligations work he uses the analogy offantasy baseball Really And it works

  3. Kim Zinkowski Kim Zinkowski says:

    Did not rate at completion but remember being influenced by the book I think I sent it to Kirk

  4. Paul Paul says:

    With America in the economic doldrums a lot of attention has been paid to artificial financial instruments called derivatives created by Wall Street No one has tried to explain them in plain English until nowYour local bank puts together a financial security pooling 10000 debts mortgages credit card debt car loans etc That is a collateralized debt obligation or CDO An investor would get a portion of the interest owed by those 10000 borrowers There is always a risk that some borrowers will default on their loans supposedly reduced by bundling together so many loans The amount of interest an investor gets is based on the amount of risk they are willing to acceptOf course the bank has sold that security or pieces of it to other banks municipalities pension funds; anyone it could seduce with promises of high profits with little or no risk The security had been given a high rating by one of the major credit rating agencies in exchange for huge fees when such a rating was totally unjustified Large numbers of borrowers start defaulting on their loans because the local economy is in big trouble and the bank is on the hook to pay off the security based on all that debt not to mention being on the hook for the original debts Unfortunately the bank does not know the size of their obligation because there is no public listing of derivative prices They can’t sell the security at any price because the other banks are also in troubleMove that bank to Wall Street and multiply the problem by trillions of dollars per day and you get some idea of the size of the problem Those who still worship the free market say that government intervention is the cause of all this All that credit card debt and all those homebuyers who defaulted on their mortgages knowing that they could not afford them are what drove the economy into the ditch not Wall Street Simply cut taxes on the rich reduce or eliminate government regulations on business and the market will take care of itself Nonsense the author saysHe advocates greater transparency in derivatives including a publicly accessible list of prices and keeping them on an institution’s regular books not off the books He also calls for salary limits and a consumer watchdog agency with teethFinally someone explains how the economy almost collapsed in plain English This is an excellent and eye opening book that is very much worth reading

  5. Theodore Kinni Theodore Kinni says:

    Labor educator Leopold tracks the financial meltdown back to the divergence of productivity and real wages starting in the 1970s He says that once an increasing portion of the productivity gains in the US economy began going to the wealthy trillions in new capital became available for investment This eventually spawned new financial instruments like CDOs and bubbles like the one that just popped The solution realign productivity and real wages so that money goes to working people who will spend it on real goods and create sustainable economic growth I'm not so sure that wage earners have actually generated and thus are entitled to the productivity gains in uestion but this is the most provocative book I've read in recent memory

  6. Robert Robert says:

    Short but very informative this book has demystified a lot of the financial crisis for me It hasn't made me less angry but I feel like I understand What's a credit default swap? A CDO? And why on earth did we bail out these giant banks? You may not like the answers but at least there are answersLes Leopold writes this book with a nicely conversational tone which makes it easy to digest It's hard to not like a book whose introduction ends with In short if I can understand this crap so can you and whose last two chapters are titled Proposals Wall Street Won't Like and Proposals Wall Street Really Won't Like

  7. Ryan Olson Ryan Olson says:

    This was a very uick read that takes the maze of finances and economics and dumbs it down for the layperson If you're like me and get confused about all the economic terms that describe the meltdown this book is your key It's dry and not for everyone but if you want further clarification about what happened this is the key Great book

  8. Steve Steve says:

    I'd probably rate it higher if the subject matter didn't make me so crazy It's a very good description of what happened to our economy including understandable explanations of CDOs synthetic CDOs and all the other crap that got us into this mess Infuriating but a good read

  9. Derek Markham Derek Markham says:

    Wow I learned a lot from this book about the crap shoot that is our 'high finance'

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