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I have read all the books talking about market crashes and so forth. This one is unique - and was certainly worth my while. it has a different twist and it brings in unique historical facts that add much to my knowledge of market forces and economics. If you are a Republican, you may have to bite your tongue in a few places and just grin and bear it. Do not let the political views of the author cloud the message being delivered. I have to admit, it does get dry in some parts and I had to skip one chapter as it got too deep into the politics. There is much truth in this book it is definitely a must read (or in this case a must listen).
6 of 6 people found this review helpful
Hartmann's book is a very good, plain language look at the history of economics and the pendulum swings from liberal to conservative economic policies. It's a far easier read, but makes similar points to Thomas Piketty's Capital in the 21st Century. So, if you peeked at that but found it daunting, this is a more accessible book that focuses specifically on the US.
Like Piketty's book, it argues that, far from hindering economic growth and stability, high levels of taxation of the super rich were directly responsible for the enormous growth of the middle class and dominated during the US's most prosperous decades. And that we now find ourselves in a second 'gilded age' where a small percentage holds the overwhelming bulk of the wealth. Both books use incontestable, factual data to show that trickle-down economics never worked, that high taxation of the rich never stifled economic prosperity for the vast majority of Americans, and that any policies that enable and perpetuate the vast accumulation of wealth in the hands of a very few spells economic misery for the many and, in the case of Hartmann's book, threatens the fabric of democracy as we know it.
The let down in this book is Hartmann's repeated use of the word 'royalists' to represent supporters of the unregulated, anti-taxation, free market forces. I found it distracting and annoying dogmatic. To call them 'royalists' is misleading. There is no monarchy being ideologically defended here. Royalists, at least, hold an ideological belief in the responsibility of a monarch to rule in the best interests of his/her nation. These people are oligarchs (or aspire to be oligarchs) in a lawless, ethic-less anarchy where the only thing that is good is greed.
18 of 22 people found this review helpful
interesting book. alot of information though. it is a little hard to listen to for a long period of time. it reminds me of a university lecture. But do recommend people have a read of it, because the information is relevant and could help change ones prospective on finances in this economy.
This book goes into detail why crashes have happened in the past and why history repeats every 70 to 80 years. It's scary because you can see it happening now. Politicians are little more than puppets.