Rana Foroohar - Makers and Takers : The Rise of Finance and the Fall of American Business in FB2, PDF
9780553447231 English 0553447238 "Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Foroohar shows how this phenomenon of our best and brightest companies behaving like glorfied banks is solidifying Wall Street's reign over Main Street, widening the gap between rich and poor, hampering economic progress, and threatening the future of the American Dream. Exploring the forces that have led American businesses to favor banking over innovating, balancing-sheet engineering over the actual kind, and the pursuit of short-term corporate profits over job creation, she shows how the infiltration of financialized thinking is so gravely harming our economy and society and why these issues matter so deeply and urgently to us all. Through colorful stories of both oTakerso-the financiers destroying jobs, increasing economic inequality, and stiflng job creation-and also of oMakerso-the companies and communities where finance has been put back into the service of the real economy-she'll reveal how we can reverse these trends for a better path forward.", Eight full years later, the key lessons from the biggest financial downturn since the Great Depression still remain unlearned. But not only do the misguided financial practices that nearly toppled the global economy still run rampant on Wall St, today they have come to infiltrate ALL of American business, not only putting us on course for another financial meltdown, but just as importantly, a less prosperous economic future. Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time Economic Columnist Rana Foroohar shows how the "financialization of America" - the trend by which finance and its way of thinking have come to reign supreme in America - is perpetuating Wall Street's reign over Main Street; slowing growth, flattening wages, widening the gap between rich and poor, and threatening the future of the American Dream. Consider that finance takes nearly a third of all corporate profits in this country, yet creates only 4 percent of all jobs. Or that the tax code continues to favor corporate earnings over individual savings, making it easier for companies to hoard cash overseas rather than reinvest it on our shores. Or that our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation. And then there's the fact that the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the "too big to fail" banks and other powerful financial institutions. Exploring the forces that have led American businesses to favor finance over innovating, balancing-sheet engineering over the actual kind, and the pursuit of short-term corporate profits over job creation, Foroohar shows how the rise of finance and the fall of business is so gravely harming our economy and society, and why these issues matter so urgently to us all. Through colorful stories of both "Takers"--the financially driven powers in both the public and private sector that are destroying jobs and hampering economic progress--and also of "Makers"--the companies and communities where finance has been put back into the service of the real economy--she'll reveal how we can reverse these trends and find a better path forward., Eight years on from the biggest market meltdown since the Great Depression, the key lessons of the crisis of 2008 still remain unlearned and our financial system is just as vulnerable as ever. Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate ALL American businesses, putting us on a collision course for another cataclysmic meltdown. Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the financialization of America - the trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street's reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream. Policy makers get caught up in the details of regulating Too Big To Fail banks, but the problems in our market system go much broader and deeper than that. Consider that: . Thanks to 40 years of policy changes and bad decisions, only about 15 % of all the money in our market system actually ends up in the real economy the rest stays within the closed loop of finance itself. . The financial sector takes a quarter of all corporate profits in this country while creating only 4 % of American jobs. . The tax code continues to favor debt over equity, making it easier for companies to hoard cash overseas rather than reinvest it on our shores. . Our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation. . And, still, the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the country s wealthiest financiers. Exploring these forces, which have have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society, and why reversing this trend is of grave importance to us all. Through colorful stories of both "Takers and "Makers, she ll reveal how we change the system for a better and more sustainable shared economic future."
9780553447231 English 0553447238 "Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Foroohar shows how this phenomenon of our best and brightest companies behaving like glorfied banks is solidifying Wall Street's reign over Main Street, widening the gap between rich and poor, hampering economic progress, and threatening the future of the American Dream. Exploring the forces that have led American businesses to favor banking over innovating, balancing-sheet engineering over the actual kind, and the pursuit of short-term corporate profits over job creation, she shows how the infiltration of financialized thinking is so gravely harming our economy and society and why these issues matter so deeply and urgently to us all. Through colorful stories of both oTakerso-the financiers destroying jobs, increasing economic inequality, and stiflng job creation-and also of oMakerso-the companies and communities where finance has been put back into the service of the real economy-she'll reveal how we can reverse these trends for a better path forward.", Eight full years later, the key lessons from the biggest financial downturn since the Great Depression still remain unlearned. But not only do the misguided financial practices that nearly toppled the global economy still run rampant on Wall St, today they have come to infiltrate ALL of American business, not only putting us on course for another financial meltdown, but just as importantly, a less prosperous economic future. Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time Economic Columnist Rana Foroohar shows how the "financialization of America" - the trend by which finance and its way of thinking have come to reign supreme in America - is perpetuating Wall Street's reign over Main Street; slowing growth, flattening wages, widening the gap between rich and poor, and threatening the future of the American Dream. Consider that finance takes nearly a third of all corporate profits in this country, yet creates only 4 percent of all jobs. Or that the tax code continues to favor corporate earnings over individual savings, making it easier for companies to hoard cash overseas rather than reinvest it on our shores. Or that our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation. And then there's the fact that the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the "too big to fail" banks and other powerful financial institutions. Exploring the forces that have led American businesses to favor finance over innovating, balancing-sheet engineering over the actual kind, and the pursuit of short-term corporate profits over job creation, Foroohar shows how the rise of finance and the fall of business is so gravely harming our economy and society, and why these issues matter so urgently to us all. Through colorful stories of both "Takers"--the financially driven powers in both the public and private sector that are destroying jobs and hampering economic progress--and also of "Makers"--the companies and communities where finance has been put back into the service of the real economy--she'll reveal how we can reverse these trends and find a better path forward., Eight years on from the biggest market meltdown since the Great Depression, the key lessons of the crisis of 2008 still remain unlearned and our financial system is just as vulnerable as ever. Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate ALL American businesses, putting us on a collision course for another cataclysmic meltdown. Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the financialization of America - the trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street's reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream. Policy makers get caught up in the details of regulating Too Big To Fail banks, but the problems in our market system go much broader and deeper than that. Consider that: . Thanks to 40 years of policy changes and bad decisions, only about 15 % of all the money in our market system actually ends up in the real economy the rest stays within the closed loop of finance itself. . The financial sector takes a quarter of all corporate profits in this country while creating only 4 % of American jobs. . The tax code continues to favor debt over equity, making it easier for companies to hoard cash overseas rather than reinvest it on our shores. . Our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation. . And, still, the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the country s wealthiest financiers. Exploring these forces, which have have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society, and why reversing this trend is of grave importance to us all. Through colorful stories of both "Takers and "Makers, she ll reveal how we change the system for a better and more sustainable shared economic future."