Makers and takers : the rise of finance and the fall of American business (eBook, 2016) [WorldCat.org]
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Makers and takers : the rise of finance and the fall of American business

Author: Rana Foroohar
Publisher: New York : Crown Business, [2016] ©2016
Series: Gale virtual reference library
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"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
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Details

Genre/Form: Electronic books
History
e-book [online only]
Additional Physical Format: Print version:
Foroohar, Rana.
Makers and takers.
New York : Crown Business, [2016]
(DLC) 2015040751
(OCoLC)919236581
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Rana Foroohar
ISBN: 9780553447248 0553447246
OCLC Number: 949930070
Awards: Short-listed for Financial Times and McKinsey Business Book of the Year Award 2016
Description: 1 online resource (xi, 388 pages)
Contents: The rise of finance --
The fall of business: bean counters versus car guys--Frederick Winslow Taylor, Robert McNamara, and the financialization of industry --
What an MBA won't teach you: how business education is failing American businesses --
Barbarians at the gate: Apple, Carl Icahn, and the rise of shareholder activism --
We're all bankers now: GE and the story of how American business came to emulate finance --
Financial weapons of mass destruction: commodities, derivatives, and how Wall Street created a food crisis --
When Wall Street owns Main Street: private equity, shadow banking, and how finance reaped the benefits of the housing recovery --
The end of retirement: how Wall Street ate our nest eggs --
The artful dodgers: how our tax code rewards the takers instead f the makers --
The revolving door: how Washington favors Wall Street over Main Street --
How to put finance back in service to business and society.
Series Title: Gale virtual reference library
Responsibility: Rana Foroohar.

Abstract:

"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 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"--

"Award-winning business journalist Rana Foroohar shows how the shortsighted and misguided financial practices that nearly toppled the global economy in 2008 have come to infiltrate all corners of American business--putting us on a dangerous collision course to another economic meltdown that will make 2008 look like a mere blip in the business cycle"--

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