The Great American Stickup by Robert Scheer
How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street

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Synopsis

In The Great American Stickup, celebrated journalist Robert Scheer uncovers the hidden story behind one of the greatest financial crimes of our time: the Wall Street financial crash of 2008 and the consequent global recession. Instead of going where other journalists have gone in search of this story—the board rooms and trading floors of the big Wall Street firms—Scheer goes back to Washington, D.C., a veritable crime scene, beginning in the 1980s, where the captains of the finance industry, their lobbyists and allies among leading politicians destroyed an American regulatory system that had been functioning effectively since the era of the New Deal.

This is a story largely forgotten or overlooked by the mainstream media, who wasted more than two decades with their boosterish coverage of Wall Street. Scheer argues that the roots of the disaster go back to the free-market propaganda of the Reagan years and, most damagingly, to the bipartisan deregulation of the banking industry undertaken with the full support of “progressive” Bill Clinton.

In fact, if this debacle has a name, Scheer suggests, it is the “Clinton Bubble,” that era when the administration let its friends on Wall Street write legislation that razed decades of robust financial regulation. It was Wall Street and Democratic Party darling Robert Rubin along with his clique of economist super-friends—Alan Greenspan, Lawrence Summers, and a few others—who inflated a giant real estate bubble by purposely not regulating the derivatives market, resulting in the pain and hardship millions are experiencing now.

The Great American Stickup is both a brilliant telling of the story of the Clinton financial clique and the havoc it wrought—informed by whistleblowers such as Brooksley Born, who goes on the record for Scheer—and an unsparing anatomy of the American business and political class. It is also a cautionary tale: those who form the nucleus of the Clinton clique are now advising the Obama administration.

 

 

About Robert Scheer

See more books from this Author
Robert Scheer, former foreign correspondent for the Los Angeles Times, is Editor-in-Chief of Truthdig and a senior lecturer at the University of Southern California's Annenberg School for Communication. He lives in Los Angeles.
 
Published September 7, 2010 by Nation Books. 301 pages
Genres: Business & Economics, Education & Reference, Professional & Technical. Non-fiction

Unrated Critic Reviews for The Great American Stickup

Huffington Post

When the prime author of the U.S. Constitution explained why that document grants Congress -- not the president -- the exclusive power to declare and fund wars, Madison wrote, "A delegation of such powers [to the president] would have struck, not only at the fabric of our Constitution, but at the...

May 25 2011 | Read Full Review of The Great American Stickup: H...

Daily Kos

[ Parent ].

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truthdig

A specialist in media and culture, art and communication, visual communication and media portrayals of minorities, Gross helped found the field of gay and lesbian studies.

Feb 05 2014 | Read Full Review of The Great American Stickup: H...

truthdig

Increasingly bereft of social support, or a welfare state able to meet the needs of a growing number of destitute and hungry, locals have set up similar trading networks in the suburbs of Athens, the island of Corfu, the town of Patras and northern Katerini.

Jan 03 2013 | Read Full Review of The Great American Stickup: H...

truthdig

You may not be an Internet billionaire, but for $25 (or .00001 percent of what Amazon CEO Jeff Bezos just paid for the Washington Post), you can help keep us in business.

Jun 03 2011 | Read Full Review of The Great American Stickup: H...

truthdig

Muslims following the guidelines of the Prophet studied and searched for knowledge (1 , 5 , 6) .

Aug 31 2010 | Read Full Review of The Great American Stickup: H...

truthdig

By samosamo, March 10, 2010 at 1:29 pm Link to this comment.

Mar 10 2010 | Read Full Review of The Great American Stickup: H...

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