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Too Big Has Failed: A Primer on How Wall Street Hurts You, and What To Do About It Kindle Edition

4.6 out of 5 stars 9 customer reviews

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Kindle, Kindle eBook, September 3, 2013
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Length: 100 pages Enhanced Typesetting: Enabled

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Product Details

  • File Size: 1388 KB
  • Print Length: 100 pages
  • Simultaneous Device Usage: Unlimited
  • Publication Date: September 3, 2013
  • Sold by: Amazon Digital Services LLC
  • Language: English
  • ASIN: B00EYRUH76
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Not Enabled
  • Lending: Enabled
  • Enhanced Typesetting: Enabled
  • Amazon Best Sellers Rank: #1,351,943 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Top Customer Reviews

This book with erudition and plainness describes the impact big finance not only has in the abstract world of the political but also in the day-to-day world of personal and family finances. Not only do they put the country and the world's economies at risk, they make it harder for us to pay for college educations, retirement, life. This is an important book, one that you should read, and one you should share.
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As a PhD candidate in economics, I really enjoyed this book. It is concise and explains in layman's terms how our nation got into the Great Recession, along with explaining what needs to change in order to prevent a repeat collapse.

The book does a great job of educating the reader about basic financial principles (such as borrowing within our means and making sure our 401(k) isn't actively managed) and the pros and cons of the financial system (why credit is so good and so bad at the same time). It also clearly outlines what got us into the Great Recession (outright lying by financial institutions and shoddy regulation of complex, shady financial instruments called derivatives).

Because of its aims to gather activists to rally for reform on Wall Street, the book has a sensational feel. Some facts which I considered minor are over-emphasized (e.g. arguing that Wall Street's tax avoidance has significantly contributed to our national debt), and the argument against banks is a little too one-sided (nothing good is mentioned about any of the big banks, even though they probably engage in some amount of worthwhile activity).

All in all, this is a great read if you want to hear a different side of the story about how our nation fell into financial ruin. Another great read on the topic is Waffle Street: The Confession and Rehabilitation of a Financier.
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Verified Purchase
This book explains, in an easy-to-understand manner how deregulation in the banking industry and gambling with derivatives led directly to the collapse in 2008. It shows clearly who the culprits, banks and individuals, were and that no bank or individual has paid a price for their crimes. Not only that, but the few biggest banks are now even. More firmly entrenched in their too-big-to-fail status, almost ensuring a future collapse. Many of the individual culprits have rotated through influential government positions with a guarantee of being able to return to the financial sector and their multi-million dollar jobs.

Who loses in all of this? You.

The final chapter explains how you can protect yourself and what you can do to take a stand to prevent it from happening again.
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Anyone who's underwater on their mortgage or who has lost their retirement savings or their job in the last five years and doesn't really understand why should read this book. It takes a simple, plain-spoken approach to the complicated and archane swamp of the financial mess that anyone can understand. It's a scary book, not recommended for bedtime reading if you're one of those mentioned above. But the last chapter does give some helpful suggestions for us ordinary types to minimize the damage done by those responsible for this latest meltdown. The chapter on the criminal activities of some in the industry is especially harrowing, though perhaps it should be noted that, apart from those deliberately and maliciously violating the law, much of the carnage was a matter of foolish imagination among those who really believed that housing prices couldn't ever go down anymore and other such nonsense. The matter of big money in politics and the self-serving malfeasance and misfeasance of elected officials and appointees is also addressed, but only briefly as that's a saga for a much bigger and more wrenching book.

All in all a good read for anyone who wants to get a handle on how we got where we are and what we can do about it.
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A terrific explanation that gets the reader up to speed on the situation of Wall St., the 2008 crash, and how the corruption continues unabated today!

It's short, concise, easy to read, with just enough jargon to familiarize the reader with the business while providing many simplified explanations of the complex concepts surrounding the issue. As an issue of national importance, every American must be familiar with the concepts and facts outlined in this book.
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