Plutocrats

Plutocrats, The Rise of the New Global Super-Rich and the Fall of Everyone Else by Chrystia Freeland published in 2012. This is a very informative book which I recommend highly. The super-rich owe their good fortune to deregulation and to the financialization of the economy. Too much of our GDP is devoted to finance and Wall Street and not enough to the production of useful goods and services. The Great Recession was a wasted opportunity to rein in the excesses of Wall Street and breakup the too big to fail banks. That means the Great Recession will happen again. Some predict that the Great Recession 2 will be worse.

Aside: Amusing item from the book:

“When he was CEO of Bain Capital and building his current net worth of about $200 million, Mitt Romney drove a Chevrolet Caprice station wagon with red vinyl seats and a beaten-up fender.” (and a dog on top)

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