- Paperback: 320 pages
- Publisher: Portfolio Trade (May 29, 2007)
- Language: English
- ISBN-10: 1591841631
- ISBN-13: 978-1591841630
- Product Dimensions: 5.5 x 0.9 x 8.5 inches
- Shipping Weight: 9.6 ounces
- Average Customer Review: 7 customer reviews
- Amazon Best Sellers Rank: #4,096,235 in Books (See Top 100 in Books)
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Wall Street Versus America: A Muckraking Look at the Thieves, Fakers, and Charlatans Who Are Ripping You Off Paperback – May 29, 2007
"Enlightenment Now: The Case for Reason, Science, Humanism, and Progress"
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Gary Weiss has written a book that strips away the gloss and glamour of the stock world and reveals the sometimes sordid details.
Wall Street Versus America is erudite and savagely funny. -- Houston Chronicle
His arguments are hotheaded as in, by the way, be sure to stick the word "allegedly" into every sentence of the preceding paragraph but highly illuminating. -- The New York Times
With lethal intent, Weisss new book unleashes a nuclear blast across the spectrum of financial finagling. -- Barrons
Witty, readable, and hunts big game. -- New York Post
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stock market, but before you put 100% of you saving into the market you should read
how the market really works. Same old story. The little guy gets the shaft Goldman wins.
Weiss does home in on the problem.The problem is that the United States has not had a truly dedicated SEC (Securities and Exchange Commission)chairman since the years 1971-1973,when Bill Casey made sure that such speculation was snuffed out before it could get started.Every SEC chairman since Casey has been someone who essentially allows the Wall Street speculators to peddle their baloney .Weiss does an especially good job in exposing the pathetic tenure of Authur Levitt,who was SEC chairman during the Clinton-Gore years.There was,at best,minimal to no regulation during all 8 years from 1993-2000.The Wall Street speculators built up steam during the Clinton years.Both secretaries of the Treasury,Rubin and Summers,helped create the speculative economy that has now collapsed.
I have deducted one half of a star because there is no discussion of the work of Adam Smith ,J M Keynes, or Kindleberger.All three wrote important works which identified exactly what the problem was-speculation financed and engaged in by the private commercial banking industry and investment banks.Adam Smith 's ancient wisdom identified the problem back in 1776.Smith had an excellent understanding of the causes of the Mississippi and South Sea Island bubbles that ravaged the world back in the 1719-1721 time period.The banking industry and financial services sector must be very heavily regulated so that it is prevented from wasting and destroying the savings of its depositors by loaning out money to prodigals,imprudent risk takers,amd projectors[Keynes's speculators and rentiers from chapter 12 of the General Theory(1936)].Smith's advice is direct and all one needs to know.The fact that Smith's very straightforward advice is not followed means that people refuse to learn from history the fact that every speculative bubble in the past has deflated,bringing with it recsssion or depression paid for by the middle and lower income classes.
This book exposes how the business of investing works. It really opens your eyes to the true reality. Wall Street is a place that many associate with getting rich. The authors says,
"Much of Wall Street is built on catering to that fantasy,"
"That's because fortunes are made on Wall Street by catering to your greed. Not a penny is to be made protecting you from Wall Street's greed. That's your job."
I recommend this book to all investors. It is better to get educated than be sorry.
- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market