In "The Great American Stickup," celebrated journalist Robert
Scheer uncovers the hidden story behind one of the greatest
financial crimes of our time: the Wall Street financial crash of
2008 and the consequent global recession. Instead of going where
other journalists have gone in search of this story--the board
rooms and trading floors of the big Wall Street firms--Scheer goes
back to Washington, D.C., a veritable crime scene, beginning in the
1980s, where the captains of the finance industry, their lobbyists
and allies among leading politicians destroyed an American
regulatory system that had been functioning effectively since the
era of the New Deal.
This is a story largely forgotten or overlooked by the mainstream
media, who wasted more than two decades with their boosterish
coverage of Wall Street. Scheer argues that the roots of the
disaster go back to the free-market propaganda of the Reagan years
and, most damagingly, to the bipartisan deregulation of the banking
industry undertaken with the full support of "progressive" Bill
Clinton.
In fact, if this debacle has a name, Scheer suggests, it is the
"Clinton Bubble," that era when the administration let its friends
on Wall Street write legislation that razed decades of robust
financial regulation. It was Wall Street and Democratic Party
darling Robert Rubin along with his clique of economist
super-friends--Alan Greenspan, Lawrence Summers, and a few
others--who inflated a giant real estate bubble by purposely not
regulating the derivatives market, resulting in the pain and
hardship millions are experiencing now.
"The Great American Stickup" is both a brilliant telling of the
story of the Clinton financial clique and the havoc it
wrought--informed by whistleblowers such as Brooksley Born, who
goes on the record for Scheer--and an unsparing anatomy of the
American business and political class. It is also a cautionary
tale: those who form the nucleus of the Clinton clique are now
advising the Obama administration.
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