Home > American Racket. Debt Deregulation, Bubbles, Bailouts and GoldplatedLies > “Griftopia” Inside The 2008 Economic Meltdown, A New Book By Matt Taibbi

“Griftopia” Inside The 2008 Economic Meltdown, A New Book By Matt Taibbi

 

I just finished reading “Griftopia” the latest book by Rolling Stone reporter Matt Taibbi. Someone who has written extensively about the causes of our current economic disaster. He manages to pack a lot of information in a little over two hundred and fifty pages. And it’s written in an easy to understand style without a lot of overwhelming jargon. It’s all here Alan Greenspan, Goldman Sachs, AIG, healthcare “reform”, credit default swaps and much, much more. Very highly recommended. We present a couple of bits to whet your appetite and a link to a longer excerpt from the book:

“You put all these stories together and what you get is a bizarre snap shop of a national economy in which the old Adam Smith capitalist notion of companies succeeding or failing on their merits, with the price of their assets determined entirely by the market, was tossed out the window. In it’s place was a system in which mergers and bankruptcies were brokered not by the market, but by government officials like Paulson, Geithner and Bernanke, and the prices of assets were determined not by what investors were willing to pay, but by the level of influence of the company’s leaders.”

“….the country increasingly is forgetting that any of this took place. The ability of its citizens to lose focus so quickly and to be distracted by everything from Lebronamania to the immigration debate is part of what makes America so ripe for this particular type to corporate crime. We have voters that don’t pay attention, a news media that ignores key subjects or willfully misunderstands them, and a regulatory environment that bends easily to lobbying and campaign financing efforts.”

 Click here for a longer excerpt. 

And as we always like to give you a video link to check out we have this interview where Mr. Taibbi talks about “Griftopia” with Danny Schecter

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