By Robert Scheer
In The nice American Stickup, celebrated journalist Robert Scheer uncovers the hidden tale at the back of one of many maximum monetary crimes of our time: the Wall highway monetary crash of 2008 and the resultant international recession. rather than going the place different newshounds have long gone looking for this story—the board rooms and buying and selling flooring of the massive Wall highway firms—Scheer is going again to Washington, D.C., a veritable crime scene, starting within the Nineteen Eighties, the place the captains of the finance undefined, their lobbyists and allies between prime politicians destroyed an American regulatory approach that have been functioning successfully because the period of the hot Deal.
it is a tale principally forgotten or neglected by way of the mainstream media, who wasted greater than 20 years with their boosterish assurance of Wall highway. Scheer argues that the roots of the catastrophe return to the free-market propaganda of the Reagan years and, so much damagingly, to the bipartisan deregulation of the banking undertaken with the whole aid of “progressive” invoice Clinton.
in reality, if this debacle has a reputation, Scheer indicates, it's the “Clinton Bubble,” that period whilst the management permit its pals on Wall highway write laws that razed many years of strong monetary legislation. It was once Wall highway and Democratic occasion darling Robert Rubin with his clique of economist super-friends—Alan Greenspan, Lawrence Summers, and some others—who inflated an immense genuine property bubble by way of purposely no longer regulating the derivatives industry, leading to the ache and problem hundreds of thousands are experiencing now.
The nice American Stickup is either an excellent telling of the tale of the Clinton monetary clique and the havoc it wrought—informed through whistleblowers similar to Brooksley Born, who is going at the list for Scheer—and an unsparing anatomy of the yankee enterprise and political classification. it's also a cautionary story: those that shape the nucleus of the Clinton clique at the moment are advising the Obama administration.