Until 35 years ago, credit was something most people had to jump through hoops to obtain--and went to great lengths to avoid. Savings went into the bank; investing was for the rich. Then, the invention of the credit card and the rise of the mutual fund stood the financial world on its head. Now an acclaimed business journalist tells how it all happened.
As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on greedy traders, lazy regulators, or clueless home buyers? This book states that the real answer is all of the above.
The book presents a critical examination of American capitalism's failures during the COVID-19 pandemic, highlighting the government's inability to protect citizens and the resulting devastation. It explores the blunders of officials, the complicity of economists, and the indifference of elites who profited from the crisis. Through detailed analysis, the authors investigate supply chain issues, the impact on healthcare systems, and contrasting responses from political leaders. This insightful account aims to uncover the systemic flaws in capitalism and their implications for the future.