Tag Archives: great depression

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HBCU Money™ Business Book Feature – Makers and Takers: The Rise of Finance and the Fall of American Business


Eight years on from the biggest market meltdown since the Great Depression, the key lessons of the crisis of 2008 still remain unlearned—and our financial system is just as vulnerable as ever. Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate ALL American businesses,  putting us on a collision course for another cataclysmic meltdown.

Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the “financialization of America” – the trend by which finance and its way of thinking have come to reign supreme – is perpetuating Wall Street’s reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream.
Policy makers get caught up in the details of regulating “Too Big To Fail” banks, but the problems in our market system go much broader and deeper than that. Consider that:

· Thanks to 40 years of policy changes and bad decisions, only about 15 % of all the money in our market system actually ends up in the real economy – the rest stays within the closed loop of finance itself.
· The financial sector takes a quarter of all corporate profits in this country while creating only 4 % of American jobs.
· The tax code continues to favor debt over equity, making it easier for companies to hoard cash overseas rather than reinvest it on our shores.
· Our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation.
· And, still, the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the country’s wealthiest financiers.

Exploring these forces, which have have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society, and why reversing this trend is of grave importance to us all. Through colorful stories of both “Takers” and “Makers,” she’ll reveal how we change the system for a better and more sustainable shared economic future.

— Financial Times – Best Books of 2016: Economics
— Bloomberg Businessweek- Best Books of the Year

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HBCU Money™ Dozen 7/14 – 7/18


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Did you miss HBCU Money™ Dozen via Twitter? No worry. We are now putting them on the site for you to visit at your leisure. We have made some changes here at HBCU Money™ Dozen. We are now solely focused on research and central bank articles from the previous week.

Research

10 Top Jobs by Salary for Social Media Pros l CIOonline trib.al/uvfc9TO

There’s almost a million fake apps targeting your phone l CSOonline bit.ly/1stmMjw

Chaos Computer Club bolsters NSA spying complaint with Tor snooping evidence l CSOonline bit.ly/1mY3zTq

24% Renewable Energy Over 27 Years — Is That All?!? l Clean Technica dlvr.it/6LrPM8

The universe is much, much brighter than it should be. Why? l New Scientist ow.ly/zgbkEpic.twitter.com/oO6VbC71uM

Researchers recreate conditions deep inside giant planets l Livermore Lab 1.usa.gov/1tWlWxk

Federal Reserve, Central Banks, & Financial Departments

House Gives Thumbs-Up to Marijuana Banking l Credit Union Journal bit.ly/1jBukhh

What private payroll employment numbers say about the labor market l St. Louis Fed bit.ly/1nprIyd

Social safety nets to protect people from loss of income on the rise among countries in Africa l World Bank wrld.bg/zejE9

New construction starts plummet 9.3% in June l Housing Wire hwi.re/6LsTyd

Teachers: Planning to teach about the Great Depression next school year? l Econ Lowdown bit.ly/1jRLIZI

Adding this one test could cut FHA default rates in half l Housing Wire hwi.re/6LTYzh

Thank you as always for joining us on Saturday for HBCU Money™ Dozen. The 12 most important research and finance articles of the week.

HBCU Money™ Dozen Links 9/16 – 9/20


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Did you miss HBCU Money™ Dozen via Twitter? No worry. We are now putting them on the site for you to visit at your leisure. We have made some changes here at HBCU Money™ Dozen. We are now solely focused on research and central bank articles from the previous week.

Research

Spacecraft army recruited from across the solar system gears up to watch rare sun-diving comet l New Scientist http://ow.ly/p3Sno

Our modelers are developing innovative methods to assess low-carbon technologies l EPA Research http://go.usa.gov/DEZJ

Research shows Triclosan may be causing antibacterial resistance in Chicago waters l IL-IN Sea Grant http://fb.me/2EPwago6E

Bike-sharing Programs Growing In US l Clean Technica http://dlvr.it/40cyQY

How did the exotic plasma of the early universe become ordinary matter? #supercomputing to the rescue l Brookhaven http://1.usa.gov/15bK1iP

Plug & Play Solar Power Systems Growing In Use In US, Thanks To SolarPod l Clean Technica http://dlvr.it/40bsP7

Federal Reserve, Central Banks, & Financial Departments

Are you a student/researcher working to develop local #dev solutions? Try Open Knowledge Repository l World Bank http://wrld.bg/p3wDz

Great Depression curriculum provides teachers with economic lessons l St. Louis Fed http://bit.ly/16feCyY

Get help learning about your 10th District state. Check out free project for elementary students l KC Fed http://ow.ly/p3UuX

Why aren’t there more women economists? l Richmond Fed http://ow.ly/p3Uza

Discover how investing in education and training is an important economic decision l St. Louis Fed http://bit.ly/169qQsK

Debt limit has nothing to do with new spending l Treasury Department http://ow.ly/p3Voc

Thank you as always for joining us on Saturday for HBCU Money™ Dozen. The 12 most important research and finance articles of the week.