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Warren, a law professor at Harvard (The Fragile Middle Class) and her daughter Tyagi, a former McKinsey consultant, have joined forces here to argue here that the two-parent middle-class working family is on the brink of financial disaster. The number of families declaring bankruptcy or receiving a foreclosure against their house has shot up dramatically. Presenting carefully researched economic data to support their arguments, the authors contend that, contrary to popular myth, families aren't in trouble because they're squandering their second income on luxuries. On the contrary, both incomes are almost entirely committed to necessities, such as home and car payments, health insurance and children's education costs. When an unforeseen event such as serious illness, job loss or divorce occurs, families have no discretionary income to fall back on. The authors recommend a number of useful societal solutions to get families out of this trap, such as legally prohibiting credit card companies from charging grossly unfair interest rates and exposing banks that employ a loan-to-own strategy that steers minority customers to higher mortgage rates with an eye to future foreclosures. Warren and Tyagi point out that families buy homes they cannot afford in order to live in a neighborhood with better schools. Their proposed solution, however-to institute a public school voucher system with wider choice-is less carefully thought out. Overall, however, this is a needed examination of an emerging social problem.
Copyright 2003 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
"A startling account of the elusiveness of the American Dream." -- - Time Magazine
"Makes a good case that the epidemic of bankruptcy is not about people being irresponsible." -- - Paul Krugman
"You should read this book!" -- - Dr. Phil
This book is a must read for anyone wanting to buy and own a home. She exposes the banking industry.Published 12 days ago by karen abel
A great gift to a son or daughter considering marriage or newly weds. Well written and and data that supports the authors' opinions. Their follow up book is also a must. Read morePublished 28 days ago by F. B. Rang
I have read this book at different points in my life, and I have to say that my understanding and take away points are vastly different each time I've read it-- First assigned to... Read morePublished 6 months ago by Miss Chelle
Very disappointing. I bought this book in the hope of learning why one breadwinner is better than two. Read morePublished 6 months ago by Swordsman
Intro stuff was excellent. The setup is very important. The suggested remedies are clearly defined. Good sense of humor as wellPublished 6 months ago by Margie Gerry
Interesting points and data, but how she arrived at some conclusions was beyond me. Definately didn't address all possible options for some of the problems. Read morePublished 7 months ago by Guide03
Everyone should read this book! How many times have any of us heard someone saying that another person just didn't try hard enough to help themselves financially? Read morePublished 7 months ago by B. Milani
I wish I could REQUIRE every politician to read this book.
I am a staunch Conservative. Elizabeth Warren is a staunch liberal, but her expertise in bankruptcy law and... Read more