Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
Author: Kevin Phillips
The bestselling author reveals how the U.S. financial sector has hijacked our economy and put America's global future at risk
In American Theocracy, Kevin Phillips warned us of the perilous interaction of debt, financial recklessness, and the increasing cost of scarce oil. The current housing and mortgage debacle is proof once more of Phillips's prescience, and only the first harbinger of a national crisis. In Bad Money, Phillips describes the consequences of our misguided economic policies, our mounting debt, our collapsing housing market, our threatened oil, and the end of American domination of world markets. America's current challenges (and failures) run striking parallels to the decline of previous leading world economic powers-especially the Dutch and British. Global overreach, worn-out politics, excessive debt, and exhausted energy regimes are all chilling signals that the United States is crumbling as the world superpower.
"Bad money" refers to a new phenomenon in wayward megafinance-the emergence of a U.S. economy that is globally dependent and dominated by hubris-driven financial services. Also "bad" are the risk miscalculations and strategic abuses of new multitrillion-dollar products such as asset-backed securities and the lure of buccaneering vehicles like hedge funds. Finally, the U.S. dollar has been turned into bad money as it has weakened and become vulnerable to the world's other currencies. In all these ways, "bad" finance has failed the American people and pointed U.S. capitalism toward a global crisis. Bad Money is the perfect follow- up to Phillips's last book, whose dire warnings are now proving frighteningly accurate.
The New York Times - Daniel Gross
Bad Money is perfectly timed for the present, as the foul stench of moldering debt and American decline lingers in the concrete canyons of Manhattan…Phillips is an entertaining writer. His prose is full of jabs and one-two combinations that keep things moving briskly.
Dale Farris - Library Journal
Longtime political and economic commentator Phillips continues the theme of his American Theocracy(2006)-also narrated by Scott Brick (
The Audacity of Hope: Thoughts on Reclaiming the American Dream
Author: Barack Obama
“A government that truly represents these Americans–that truly serves these Americans–will require a different kind of politics. That politics will need to reflect our lives as they are actually lived. It won’t be pre-packaged, ready to pull off the shelf. It will have to be constructed from the best of our traditions and will have to account for the darker aspects of our past. We will need to understand just how we got to this place, this land of warring factions and tribal hatreds. And we’ll need to remind ourselves, despite all our differences, just how much we share: common hopes, common dreams, a bond that will not break.”
–from The Audacity of Hope
Before becoming the 44th President-elect of the United States, in July 2004, Barack Obama electrified the Democratic National Convention with an address that spoke to Americans across the political spectrum. One phrase in particular anchored itself in listeners’ minds, a reminder that for all the discord and struggle to be found in our history as a nation, we have always been guided by a dogged optimism in the future, or what President Obama called “the audacity of hope.”
In The Audacity of Hope, President Obama called for a different brand of politics–a politics for those weary of bitter partisanship and alienated by the “endless clash of armies” we see in congress and on the campaign trail; a politics rooted in the faith, inclusiveness, and nobility of spirit at the heart of “our improbable experiment in democracy.” He explores those forces–from the fear of losing to the perpetual need to raise money to the power of the media–that can stifle even thebest-intentioned politician. He also writes, with surprising intimacy and self-deprecating humor, about settling in as a senator, seeking to balance the demands of public service and family life, and his own deepening religious commitment.
At the heart of this book is President Obama’s vision of how we can move beyond our divisions to tackle concrete problems. He examines the growing economic insecurity of American families, the racial and religious tensions within the body politic, and the transnational threats–from terrorism to pandemic–that gather beyond our shores. And he grapples with the role that faith plays in a democracy–where it is vital and where it must never intrude. Underlying his stories about family, friends, members of the Senate, even the president, is a vigorous search for connection: the foundation for a radically hopeful political consensus.
President Obama wrote a book of transforming power. Only by returning to the principles that gave birth to our Constitution, he says, can Americans repair a political process that is broken, and restore to working order a government that has fallen dangerously out of touch with millions of ordinary Americans. Those Americans are out there, he writes–“waiting for Republicans and Democrats to catch up with them.”
The Washington Post - Michael Kazin
… what's most impressive about Obama, 45, is an intelligence that his new book displays in abundance. He articulates a mode of liberalism that sounds both highly pragmatic and deeply moral. The Audacity of Hope -- the title comes from a sermon by his Chicago pastor -- trumpets no unifying theme or grand theory about how the American dream will be reclaimed and by whom. Chapters bear such prosaic titles as "Values," "Opportunity" and "Faith." But in a disarmingly modest way, Obama offers a more sensible perspective on "how we might begin the process of changing our politics and our civic life" than his more seasoned Capitol Hill colleagues have provided.
The New York Times Sunday Book Review - Gary Hart
In a very short time, Barack Obama has made himself into a figure of national interest, curiosity and some undefined hope. This book fully encourages those sentiments. His greatest test will be that of sensing the times, of matching his timing with the tides of the nation.
He is at his best when he writes things like this: "I find comfort in the fact that the longer I'm in politics the less nourishing popularity becomes, that a striving for power and rank and fame seems to betray a poverty of ambition, and that I am answerable mainly to the steady gaze of my own conscience."The New York Times - Michiko Kakutani
Portions of the volume read like outtakes from a stump speech, and the bulk of it is devoted to laying out Mr. Obama's policy positions on a host of issues, from education to health care to the war in Iraq.
But while Mr. Obama occasionally slips into the flabby platitudes favored by politicians, enough of the narrative voice in this volume is recognizably similar to the one in Dreams from My Father, an elastic, personable voice that is capable of accommodating everything from dense discussions of foreign policy to streetwise reminiscences, incisive comments on constitutional law to New-Agey personal asides.
Publishers Weekly
Obama reads his own words with the conviction and strength that listeners would expect from the Ilinois Democratic senator. The audacity of his hope echoes in each sentence he speaks as he lays the groundwork for reclaiming the values and inner strength that makes the United States so grand. While Obama is a great public speaker, those same skills could be overwhelming within the confines of an audiobook. Listeners will rejoice that he does not turn this reading opportunity into a six-hour speech. Instead, his cadence, speed and tone work to bring the listener from point to point, building inspiration through provocative thought rather than intense voice and personal charisma. Political inclinations will determine whether Obama's solutions or intentions are valued or disregarded. However, in his sincerest moments, he seizes hold of the problems plaguing the nation while criticizing both sides' failure to grasp the actual problem and to become bogged down in petty politics. He emphasizes the complexity of politics in a pluralist country spread out over millions of square miles. But even in his exploration of the political landscape, he does not hesitate to admit to his own limitations within the system. Simultaneous release with the Crown hardcover (Reviews, Oct. 2). (Nov.)
Copyright 2006 Reed Business Information.Publishers Weekly
Obama reads his own words with the conviction and strength that listeners would expect from the Ilinois Democratic senator. The audacity of his hope echoes in each sentence he speaks as he lays the groundwork for reclaiming the values and inner strength that makes the United States so grand. While Obama is a great public speaker, those same skills could be overwhelming within the confines of an audiobook. Listeners will rejoice that he does not turn this reading opportunity into a six-hour speech. Instead, his cadence, speed and tone work to bring the listener from point to point, building inspiration through provocative thought rather than intense voice and personal charisma. Political inclinations will determine whether Obama's solutions or intentions are valued or disregarded. However, in his sincerest moments, he seizes hold of the problems plaguing the nation while criticizing both sides' failure to grasp the actual problem and to become bogged down in petty politics. He emphasizes the complexity of politics in a pluralist country spread out over millions of square miles. But even in his exploration of the political landscape, he does not hesitate to admit to his own limitations within the system. Simultaneous release with the Crown hardcover (Reviews, Oct. 2). (Nov.) Copyright 2006 Reed Business Information.
KLIATT
This book has been available in hardcover, audiobook, and trade paperback, but here it is now in a mass-market edition, highly affordable. It has been a bestseller for many months, especially as the campaign for President of the US has put Obama and his political ideas front and center in American life. Here in his own words he describes his basic political philosophies and how they have been formed in his own mind. He reveals himself to be a visionary—"reclaiming the American dream"—but all the while he shows he understands the complexities of problems and how difficult it can be to effect change. So, his pragmatic side is revealed, as well as his legal mind. Here are the chapter titles: Republicans and Democrats; Values; Our Constitution; Politics; Opportunity; Faith; Race; the World Beyond Our Borders; and Family. Throughout are woven his own personal experiences, past and present: an important book that can inform readers about how Obama thinks and lives. He is an accomplished writer, and his books have probably influenced voters as much as his speeches have. Reviewer: Claire Rosser
Library Journal
The Democrats' rising star wants U.S. politicians to start thinking big again. Copyright 2006 Reed Business Information.
Table of Contents:
Prologue 3Republicans and Democrats 17
Values 53
Our Constitution 85
Politics 121
Opportunity 162
Faith 231
Race 269
The World Beyond Our Borders 320
Family 383
Epilogue 417
Acknowledgments 429
Index 433
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