BOOK Predator Nation: Corporate Criminals, Political Corruption, and the Hijacking of America by Charles Ferguson full reading ios online apple
BOOK Predator Nation: Corporate Criminals, Political Corruption, and the Hijacking of America by Charles Ferguson full readingBook description
Book description
Predator Nation is the companion book to the Academy Award winning film Inside Job. Both document events that led to the 2007 global economic collapse pinning the blame squarely on deregulation and corrupt and likely criminal behavior by leading financial institutions who:- Lobbied for (and received) deregulation- Initiated “liar” loans- Bundled them into “shitty” tranches- Colluded with ratings agencies to have them labeled as AAA securities- Sold them to suckers then bet that they would failThey took wild risks, leveraging themselves to the hilt, then when the house of cards fell and the global economy was at the point of collapse, they expected and received taxpayer bailouts only to turn around and pay out huge bonuses to the very individuals who instigated the disaster. Ferguson takes great pains to document the immoral and illegal activity that occurred within financial institutions at every step of the process, yet despite widespread fraud the Obama administration has failed to pursue criminal prosecution and, in fact, has failed to enact meaningful regulatory reform that would prohibit the activities that created the meltdown from occurring again. And in a bitter irony, while the administration pumped billions of dollars to prop up the financial sector, individual home owners who were the victims of predatory lenders were left to be foreclosed upon. Anyone who still thinks that an unregulated market provides the best means to distribute capital to where it is most effectively utilized after reading this book should have their heads examined. While some small efficiencies are realized through deregulation and the growth of monopolies, these gains are offset many times over by the lack of transparency and the massive corruption that results. In fact, while the financial industry has become highly profitable, most of these profits are made from skimming, taking advantage of market inefficiencies, creation of tax shelters and the charging exorbitant fees. Activities that provide little to no benefit to society. Much of what the financial industry does is parasitic and serves as a boat anchor to true economic growth.Of course these behaviors are abetted by politicians and academics who accept large cash donations and speaking/consulting fees to parrot industry talking points, write op-ed pieces (which rarely disclose their financial ties) and enact legislation to benefit their corporate paymasters. One doesn’t have to look any further than this to understand the dysfunctional at the heart of our democratic form of governance. And given the fact that the only people who can solve the problem (lawmakers) are the paid lackeys of moneyed interests, it’s difficult to see how it can ever be repaired. Obama, Geithner, Bernanke and the rest blew the single best chance for banking reform, so now we wait for the inevitable next financial crisis (and bailout) while the too-big-to-fail institutions continue to solidify their privileged position and the income inequality gap between the 1% and the 99% continues to rise.
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