Summary: It Takes a Pillage E-Book

BusinessNews Publishing

• Herausgeber: Political Book Summaries
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 17

Veröffentlichungsjahr: 2017

Beschreibung

The must-read summary of Nomi Prins's book: “It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals From Washington to Wall Street”.

This complete summary of "It Takes a Pillage" by Nomi Prins, a renowned journalist and former Wall Streeter, presents her argument that the current crisis is not the result of subprime mortgages but of the financial system. She proposes solutions and reforms to try to deal with this problem.

Added-value of this summary:
• Save time
• Understand how Wall Street took advantage of its own bailout
• Expand your knowledge of American economics and politics

To learn more, read "It Takes a Pillage" and discover the dark insider secrets of Wall Street and the financial crisis.

Leseprobe

Book Presentation: It Takes a Pillage by Nomi Prins

Book Abstract

In It Takes a Pillage, former Wall Street insider Nomi Prins argues that the current crisis has almost nothing to do with subprime mortgages and everything to do with a financial system that rewards people who move money, operate outside of the media’s gaze, are sheltered from governmental supervision, and use leverage to turn risky deals into insanely risky deals. These people are the most highly-rewarded in our society despite that fact they don’t actually make anything.

Prins also offers a proposal for extracting ourselves from this downward financial spiral and stabilizing the economy.

About the Author

Nomi Prins is a former insider at Goldman Sachs. Today, she is an investigative journalist who writes about the corruption on Wall Street for Mother Jones, the Nation, Fortune, and Alternet. She is a frequent guest commentator on the PBS Newshour, NPR, CNN, MSNBC, Air America, and Fox News.

Summary of It Takes a Pillage (Nomi Prins)

Introduction

In 2008, the United States experienced the worst financial crisis since the Great Depression. Subprime mortgages were an important factor fueling the meltdown, but they were just the tip of the iceberg. Deadbeat borrowers, of course, have been blamed for the so-called subprime crisis, but the entire financial system was a house of cards waiting to collapse. Put simply, greedy traders and unscrupulous bankers brought the financial system to the brink of collapse.

Unfortunately, Washington has done little to genuinely reform the system and practices that created the catastrophe in the first place. As a result, another financial crisis is all but inevitable.