Bull Run: Wall Street, the Democrats, and the New Politics of Personal Finance [Hardcover]

Daniel Gross (Author)

Book Description

Publication Date: April 4, 2000

This lively, illuminating look at how the Democrats became the party of Wall Street--and how all of us became investors--provides a surprising new perspective on today's booming stock market and its political ramifications.. During the historic bull market of the last decade, a series of powerful tremors rocked the financial world: global economic crises; the Internet explosion and day trading craze; the 401k boom. Perhaps the most seismic shift of all was the "democratization" of the stock market, as middle class investors joined the party and the Democratics followed suit, effectively ending a century-old tradition in which Republicans, never Democrats, were the party most solidly aligned with Wall Street. These developments have defined the last decade and will help set the political agenda for the next. We are entering an era when the personal finance is the political.In Bull Run, journalist Daniel Gross outlines these important changes and explores their implications for our country, our pocketbooks, and our two major parties. His fresh take on Wall Street, his provocative opinions on the new relationship between politics and finance, and a wealth of enlightening stories and examples make this book a must for Wall Streeters, business leaders, and anyone who wants to understand what's happening in the market--and what might happen next. During the historic bull market of the last decade, a series of powerful tremors rocked the financial world: global economic crises; the Internet explosion and day trading craze; the 401k boom. Perhaps the most seismic shift of all was the "democratization" of the stock market, as middle class investors joined the party and the Democratics followed suit, effectively ending a century-old tradition in which Republicans, never Democrats, were the party most solidly aligned with Wall Street. These developments have defined the last decade and will help set the political agenda for the next. We are entering an era when the personal finance is the political.In Bull Run, journalist Daniel Gross outlines these important changes and explores their implications for our country, our pocketbooks, and our two major parties. His fresh take on Wall Street, his provocative opinions on the new relationship between politics and finance, and a wealth of enlightening stories and examples make this book a must for Wall Streeters, business leaders, and anyone who wants to understand what's happening in the market--and what might happen next. *The first book to place this decade's stock market boom in a fascinating historical and political context * Gross's provocative take on today's political landscape is sure to generate interest among journalists, commentators, and opinion leaders covering the 2000 elections * Gross is the author of the New York Times business bestseller Forbes Greatest Business Stories of All Time .

Editorial Reviews

From Publishers Weekly

The "democratization of money" (with a small d) is Gross's term for the doubling, since 1990, of the percentage of Americans who own stocks and mutual funds. The biggest effect of America's love affair with the stock market, claims the author of the bestseller Forbes Greatest Business Stories of All Time (he also writes on politics and business for the Washington Post and New York magazine), has been the reorientation of the Democratic Party toward Wall Street--and the simultaneous alienation of many Republicans from one of their historical bases. In this brisk and refreshing study, Gross carefully traces how the Clinton administration has formed a symbiotic relationship with Democratic-leaning Wall Street movers and shakers, whom he dubs the "New Moneycrats," including Michael Bloomberg, Warren Buffett and TheStreet.com founder James Cramer. In addition to contending that the Clinton administration has based its crucial budget decisions on the anticipated reaction of the stock and bond markets, the author points to Clinton's controversial proposal last year to invest a portion of the Social Security fund in the stock market. Meanwhile, the conservatives who dominate the Republican Party, in Gross's diagnosis, harbor a deep antipathy toward the northeastern elite as well as reactionary opposition to internationalism, trade liberalism and the shaky global financial architecture that helps guarantee the stability of markets. Although Gross overestimates the extent of the Republicans' alleged divorce from Wall Street, and his vision of an enlightened Democratic Party truly serving both rich and poor may be chimerical, he spells out important issues that presidential candidates of both parties ought to address, including shareholder democracy, reform of stock options and excessive executive compensation. Major ad/promo. (Apr.)
Copyright 2000 Reed Business Information, Inc.

From Library Journal

One of the more salient features of the 1990s bull market has been the creation of enormous new wealth. Here, Gross (Forbes Greatest Business Stories of All Time) pulls back the financial curtains to reveal the "democratization of money" he sees as the result. With the growth of pension funds, labor and education retirement funds, mutual funds, and new investment groups, investment has become more decentralized. Since 1990, the percentage of Americans owning stocks and mutual funds has doubled, from 23 to 46. As a result, argues Gross, Wall Street is no longer the purview of "old-moneyed" Republicans; a lot more people have ownership stakes in stocks and bonds. Much of this new wealth has found its way into the hands of Democrats, benefiting Bill Clinton, Al Gore, and other Democratic politicians. Unfortunately, the excessive cash has also caused problems, resulting in calls for campaign finance reform. Unlike books that offer insight into how people acquire and keep wealth, e.g., Thomas J. Stanley and William D. Danko's The Millionaire Next Door (Longstreet, 1996), this book explores the consequences of wealth. Appropriate for larger public libraries.DRichard Drezen, Washington Post News Research, Washington, DC
Copyright 2000 Reed Business Information, Inc.

See all Editorial Reviews

Product Details

• Hardcover: 256 pages
• Publisher: PublicAffairs; 1st edition (April 4, 2000)
• Language: English
• ISBN-10: 1891620290
• ISBN-13: 978-1891620294
• Product Dimensions: 9.5 x 6.4 x 1 inches
• Shipping Weight: 1.3 pounds
• Average Customer Review: 5.0 out of 5 stars  See all reviews (3 customer reviews)
• Amazon Best Sellers Rank: #2,496,011 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

4 of 5 people found the following review helpful:

5.0 out of 5 stars A Feast of a Book, June 17, 2000

By A Customer

This review is from: Bull Run: Wall Street, the Democrats, and the New Politics of Personal Finance (Hardcover)

No Bull. Anyone with even a passing interest in national politics will find this book invaluable. The author, clearly a Jack of many trades, brings a wealth of evidence to show a shift in the political landscape that may well affect the outcome of the next election and certainly clarifies positions taken by each party. The stories, facts and humor made it eminently readable.

5 of 7 people found the following review helpful:

5.0 out of 5 stars informative and amusing, April 14, 2000

By A Customer

This review is from: Bull Run: Wall Street, the Democrats, and the New Politics of Personal Finance (Hardcover)

This book was a quick read and explained in an entertaining manner with wit and stories about the public policy issues and players in today's economy. There was a laugh a paragraph and it was a quick read. I enjoyed the characterization of his parents as academics who accrued wealth through TIAA-CREF.

5.0 out of 5 stars Informative, invaluable reading for do-it-yourself investors, August 6, 2000

By 

Midwest Book Review (Oregon, WI USA) - See all my reviews

This review is from: Bull Run: Wall Street, the Democrats, and the New Politics of Personal Finance (Hardcover)

There have been major shifts and changes in the American financial world over the past two decades driven by the aging baby boom generation, the Internet and computerized day trading, global economic crises, and the "democratization" of the stock and markets. In Bull Run: Wall Street, The Democrats, And The New Politics Of Personal Finance, Daniel Gross examines how the changes in attitudes and policies of the Democratic party under the influence of the Clinton administration has led to an unprecedented period of sustained stability and growth in the American financial community, the rapidly increasing percentage of Americans owning stocks and mutual funds, with the result that today a majority of citizens have a personal stake in public equity and debt markets. Gross offers provocative opinions backed with true-life stories illustrating the new relationship and interdependence of politics and finance, Wall Street, Main Street, and Washington. Bull Run is highly recommended, informative reading for do-it-yourself investors seeking to understand American financial markets -- and what the on-coming decade might bring.