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Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present Unknown Binding – 2000


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Product Details

  • Unknown Binding
  • Publisher: published by: (2000)
  • ASIN: B005MZG836
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (33 customer reviews)

More About the Author

JEFF MADRICK is a former economics columnist for The New York Times and has been a regular contributor to The New York Review of Books for many years. He is editor of Challenge Magazine, visiting professor of humanities at The Cooper Union, and senior fellow at The Roosevelt Institute and the Schwartz Center for Economic Policy Analysis, The New School. He is the author of a half dozen books, including Taking America (Bantam), and The End of Affluence (Random House), both of which were New York Times Notable Books of the Year. Taking America was also chosen by Business Week as one of the ten best books of the year. His most recent books are Why Economies Grow (Basic Books) and The Case for Big Government, which won a general non-fiction award from Pen America. His new book, published in mid-2011 by Alfred A. Knopf, is Age of Greed, The Triumph of Finance and the Decline of America, 1970 to the Present.

He has written for many other publications, including The Washington Post, The Los Angeles Times, Institutional Investor, The Nation, American Prospect, The Boston Globe, Newsday, Dissent, and the business, op-ed, and magazine sections of The New York Times. He has appeared on Charlie Rose, The Lehrer News Hour, Now With Bill Moyers, Frontline, CNN, CNBC, CBS, BBC,and NPR. He was formerly finance editor of Business Week Magazine, a columnist for Money Magazine, and an NBC News reporter and commentator. His awards also include an Emmy and a Page One Award. He was educated at New York University and Harvard University, and was a Shorenstein Fellow at Harvard.

Customer Reviews

This book is long on information but well-written and readable.
Edwin C. Pauzer
It is amazing how a handful of men consumed with greed have negatively affected not only the United States but also the greater world.
Dahlin
It led to the worst financial collapse since The Great Depression.
George Fulmore

Most Helpful Customer Reviews

138 of 142 people found the following review helpful By John D. Cofield TOP 500 REVIEWERVINE VOICE on June 18, 2011
Format: Hardcover Verified Purchase
Americans in 2011 have a lot to be unhappy about: high unemployment, entire neighborhoods of foreclosed houses, decimated retirement accounts and portfolios, and so on for far too many depressing statistics. Since the Crisis of 2007-08 we've grown accustomed to talking heads wisely explaining that this is part of a cycle of boom and bust that is unavoidable. Really? Jeff Madrick's well researched and engaging history of the last 40 years or so has a very different view.

Beginning in the late 1950s and early 1960s financiers began to pressure the US government to ease or eliminate many of the provisions to regulate the financial markets that had been put into place during the New Deal. Their efforts began to bear fruit in the 1970s, when both Republican and Democratic Administrations and Congresses, heavily influenced by advice from wealthy bankers and brokers, agreed to dismantle most of the regulatory structure. This deregulatory process gained strength in the 1980s and 1990s, again at the hands of both parties, and finally bore fruit in the 2000s when the markets collapsed and came close to dragging the entire world into another Great Depression. Like most people, I remember those frightening days all too well, but I didn't fully understand what was going on and I certainly didn't know what to expect in the future.

Jeff Madrick has done an excellent job of chronicling the financial decisions and decision makers of the last four decades. He provides many short but thorough biographies of the principal actors, some well known or infamous like Ivan Boesky and Michael Milken, others less public but still important like Lewis Uhler and Walter Wriston.
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30 of 33 people found the following review helpful By Didaskalex VINE VOICE on July 11, 2011
Format: Hardcover
*****
"Who's responsible for the laying waste of our economy, making the rich far richer and everyone else economically insecure? Madrick ...tells us who did what and how they did it--the ideologues, demagogues, corporate titans, and crooks. A wonderfully insightful but deeply troubling account of the movers and shakers who toppled America." -- Robert B. Reich,

The great financial crisis of 2008 had consequences so dreadful that still paralyzes our economy. It is sometimes portrayed as a 100 year economic tsunami, an erupting event that nobody could have prevented or even predicted. Intense economic inequity and instability became the character of our age. Jeff Madrick, director of policy research at the Schwartz Center for Economic Policy Analysis, eloquently tells us about the tragic story with an unerring command of expertise. His vivid historical version of America's greed bred economic ills, advancing quitely over the last four decades, and the agents most responsible for them may shock you. Deeply disturbing, is the suggestion not just that we are witnessing a repeating cycle, but that the busts keep getting bigger. According to Madrick, it was just the most recent downpayment for a recurrent pattern of financial outwit, taxpayer bailout, and Wall Street subsequent lack of commitment to clean their own mess.

He describes, the accumulation and eruption of America's slow receding economic crisis, in an engaging though tragic story. Thus, he relates that in 1991, when the outcome of vast, loan-financed commercial real estate over-development in the 1980's came home to settle, helping to trigger the collapse of the 'junk-bond' market and putting Citibank, and the other big banks to great risk.
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34 of 38 people found the following review helpful By Bill Jarvis on July 7, 2011
Format: Hardcover
Age of Greed is a fascinating account of how unfettered self-interest and outright greed overcame virtually all barriers and resulted in enourmous growth of the financial sector over the past 30-40 years. The book is really a series of interconnected stories, each illustrating how prominent individuals and institutions manipulated the system and took on devastating risk levels for private gain.

The book covers a series of ever increasing financial crises and frauds, such as the Latin American and Asian financial crises and the Enron scam. It focuses on prominant people like Milton Friedman, Alan Greenspan, Jack Grubman, Frank Quattrone, Ken Lay, Angelo Mozilo and Dick Fuld and how they contributed to one disaster after another. The book shows how free-market fundamentalism and "greed is good" mentality came to dominate, and how that resulted in the destruction of the regulatory environment that once kept the banking sector safe.

While the book offers a great overview of what happened in the financial sector, it fails to acknowledge the other critical forces that have been in play in America since the 1970s: Globalization, the decline of private sector unions, the entry of huge numbers of women into the workforce, and the relentless advance of information technology. (However, for an alternate view on technology and innovation see also The Great Stagnation: How America Ate All the Low-Hanging Fruit of Modern History, Got Sick, and Will(Eventually) Feel Better.)

While the role of Wall Street, and in particular, deregulation is of critical importance, it would be a mistake to make the simplistic assumption that this explains all our problems. Information technology, in particular, has advanced tremendously since the 1970s, and it is important to recognize this because the impact will be even greater in the future.
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