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Fate of the States: The New Geography of American Prosperity Hardcover – June 4, 2013
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About the Author
MEREDITH WHITNEY is the CEO of the investment firm Meredith Whitney Advisory Group, LLC. Before founding her company in 2009, she was a managing director and a senior analyst for Oppenheimer & Co., where she attracted national attention for her predictions about housing prices, the mortgage industry, and the coming financial crisis. She was on Fortune’s list of the fifty most powerful women in business for four consecutive years, from 2008–2011, and was named in 2009 to Time’s list of the one hundred most influential people in the world. She and her husband live in New York City and Bermuda.
Top customer reviews
My only complaints about the book are that she explains her premise right at the beginning and the rest of the book doesn't introduce any new ideas, just statistics to back up her argument. I could have put down the book after page three and gotten just as much out of it as I did reading the whole thing.
Also she talks a lot about certain states but not others. When she talked about mismanaged states she almost always was talking about California. When she was talking about well positioned states she almost always mentioned North Dakota or Texas. Most other states (including my home state of Nebraska) were only mentioned in passing, if at all. I'd would have like to have seen her examples be a little more varied, and not just talk about the same three states all the time. Since this is a national issue.
My suggestion - buy the book used. Don't spend $29 buying it new at Barnes & Noble. 3 out of 5 stars. It was good, not great.
city's, counties, and states are. As I keep reading it I;m finding out how it happened
and where this poor financial management has happened across our nation. Great reading but don't try to go to sleep after reading it, you won't be able to! Very good information and Ms. Whitney shows us how it happened and what our states need to do to fix these problems.
Thank you Meredith Whitney for an excellent guide book into the mismanagement of our nations finances.
As I write this, Detroit and its impending bankruptcy is in the news. A smaller (and poorer) population is charged with paying for pension promises made when times were better. Police response times are almost an hour there and the crime rate is soaring. It is unlikely many new businesses would want to move there not only because a lack of safety but also because of lack of other services the local government is unable to afford to provide.
So if the city can't afford its pension payments, more money must be found. Yet there's a practical limit to how high taxes can be raised. Business growth seems unlikely. Yet without economic growth, where does the tax revenue come from? Quite a quandary! Courts don't allow governments to discharge these obligations easily short of paying the promised benefits. Yet if some agreement isn't reached then they aren't going to be able to provide the services their population needs and that will leave the retirees with nothing. That's a complicated mess if there ever was one.
Great book because it brings to light details that can remain unconsidered and hidden when you're considering a move or an investment. Also, despite the derision 401Ks receive, maybe they're not necessarily bad compared to holding rights to a pension that's unsustainable.
This book provides food for thought, either way.