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Architects of Ruin: How big government liberals wrecked the global economy---and how they will do it again if no one stops them Hardcover – Bargain Price, October 6, 2009
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Praise for DO AS I SAY, NOT AS I DO:“A spirited attack on lefty icons.” (New York Times )
From the Back Cover
Was the financial collapsecaused by free-market capitalismand deregulation run amok,as liberals claim?
Not on your life, says Peter Schweizer. In Architects of Ruin, Schweizer describes how a coalition of left-wing activists, liberal politicians, and “do-good capitalists” on Wall Street leveraged government power to achieve their goal of broadening homeownership among minorities and the poor. The results were not only devastating to the economy, but hurt the very people they were supposedly trying to help.
This tale of liberal “Robin Hood capitalism run wild” has never beentold. But more than just a story about the past, Architects of Ruin is also an urgent warning about the future. The very same people who planted the seeds of the collapse are back in Washington, determined to use the crisis they caused as cover for a massive overhaul of the American economic system. These people have learned nothing from their past mistakes and are busy applying the same methods to other sectors of the economy—health care, the auto industry, real estate (again!), and above all the promotion of“green” technologies—inflating bubbles that are sure to bring about another crisis. Ordinary Americans who foot the bill for the last state-capitalist bubble have reason to be afraid—very afraid—of the inevitable result.--This text refers to an out of print or unavailable edition of this title.
Top Customer Reviews
Note that the positive reviews state points made in the book, all of which are carefully footnoted so can be fact-checked. The negative reviews typically say that the book is weak because it is in conflict with some well-known perceived fact. Those "facts" turn out to be the media consensus that is usually not based upon certifiable facts but on some anonymous statement or an editorial opinion.
Both supporters and critics point out that the tone can be overly strident. Whether or not this might have been more persuasive to unbiased readers is questionable but it would make for a better read.
Those readers who have already made up their minds that the melt-down was the responsibility of an unfettered capitalistic system will quickly dismiss the facts presented. Those readers who had generally concluded that the main contributor was the CRA combined with activist's pressure and capitalist's greed will now have facts and dates to flesh out their suspicions.Read more ›
by Peter Schweizer
By 2007 up to 4.2 Trillion dollars of sub prime loans had been made. "By 2005, almost 33 percent of the new mortgages were interest-only and 32 percent of new home buyers put no money down "(Schweizer, 2009 ).
Peter Schweizer's book: Architects of Ruin explains how these dire credit conditions and the resultant economic calamity happened.
Schweizer asks and answers this question: "Why has this story been missed? It isn't all that hard to understand. First of course, the operations of quasi-governmental agencies such as Fannie Mae and Fredddie Mac are shrouded in layers of bureaucratic tedium. Few reporters take the time to actually dig into their inner workings. Besides, they are governed by congressional committees, so people naturally assume that some responsible is paying attention."
Schweizer details how activist organizations developed tactics to challenge redlining. This was begun by Jesse Jackson's PUSH and Gale Cincotta of NPA and Acorn.
"In 1976 Cincotta began pushing for something she called the Community Reinvestment Act (CRA). Again , the idea sounded simple enough: declair that banks have "an afffirmative obligation: to lend to people in their own neighborhoods, and make their record of doing so part of the approval process for mergers, acquisitions, or expansion. In short , make it the law that banks needed to lend in areas they had traditionally avoided out of fear that they were poor credit risks." Page 16.
Reagan and Bush I
"For more than fifteen years, fair housing activists had been using the Community Reinvestment Act to compel banks to make increasingly risky loans.Read more ›
Three points of interest:
1) Schweizer opened my eyes to the neat trick pulled by President Clinton - while declaring the Era of Big Government to be Over, he was concurrently manipulating financial institutions to pick up the wealth redistribution slack, almost wholly under the public radar. Brilliant. Devious. Destructive.
2) I believe Schweizer goes too easy on the Bush administration. While they made efforts to address the worst of the Clinton abuses, they did encourage the same sort of "universal home ownership" mentality as the Clinton cabal. Chalk up their efforts to promote ownership as misguided and their efforts to reign in the worst of the abuses as lacking in sufficient urgency (rather than neglect) - they still failed to head off the financial collapse.
3) Schweizer altered my perspective on the wage controls that were imposed on the executives of the financial institutions that received bailouts. Those wailing about the assault on the free market are, for the time being, off-base.Read more ›
Most Recent Customer Reviews
Scary and sad to see the same people involved in the creating the problems are not only never held accountable but actually continue to thrive in politics and business.Published 3 months ago by Jp
So true! when will America wake up and we the people start to take back our great country!Published 3 months ago by Jim Bandy
As someone who loves to shred idiotic democrats with facts, I can personally attest to this book's utility. Read morePublished 5 months ago by John Reagan
Here's another book loaded with actual facts about the inevitable failure of socialist do-gooding. The sad truth is that facts don't seem to change people's minds, I've seen this... Read morePublished 8 months ago by Althusius
Everyone has an opinion of the banks. Too many cry "Republican Greed"! Please read what actually led to the problems and how we are all threatened now. Read morePublished 9 months ago by Susan Mathewson