Over the last several decades, the United States has undergone one of the most radical social and economic transformations in its history: Finance has become America's dominant industry, while manufacturing has nearly disappeared. The financial sector has become increasingly criminalized, with widespread fraud going completely unpunished. Federal tax collections are at their lowest level in sixty years, with the wealthy enjoying the greatest tax reductions. Most shockingly, the United States, so long the beacon of opportunity for the ambitious poor, has become one of the world's most unequal societies. If you're smart and a hard worker, but your parents aren't rich, you're now better off being born in Munich or Singapore than in Cleveland or New York. This radical shift did not happen by accident. Author Ferguson shows how, since the Reagan administration, both major political parties have become captives of the moneyed elite. The Clinton administration dismantled the regulatory controls that protected the average citizen from avaricious financiers. The Bush team destroyed the federal revenue base with its tax cuts for the rich. And the Obama White House has allowed financial criminals to continue to operate unchecked, even after supposed "reforms" installed after the collapse of 2008.--From publisher description
Includes bibliographical references (pages 333-349) and index
This book should be required reading for every business school ethics class. Extremely well documented and compelling storytelling.
Also it will make you sick to see that fraud and dishonesty lead to the highest offices in the land.
Thank you Charles Ferguson for wring it. Too bad no one is held accountable.