She was shocked to discover just how much tunnel vision, arrogance, liberal dogma, and abuse of power drove the core policies of the Fed. DiMartino Booth found a cabal of unelected academics who made decisions without the slightest understanding of the real world, just a slavish devo­tion to their theoretical models. Over the next nine years, she and her boss, Richard Fisher, tried to speak up about the dangers of Fed policies such as quanti­tative easing and deeply depressed interest rates. But as she puts it, “In a world rendered unsafe by banks that were too big to fail, we came to understand that the Fed was simply too big to fight.” Now DiMartino Booth explains what really happened to our economy after the fateful date of December 8, 2008, when the Federal Open Market Committee approved a grand and unprecedented ex­periment: lowering interest rates to zero and flooding America with easy money. As she feared, millions of individuals, small businesses, and major corporations made rational choices that didn’t line up with the Fed’s “wealth effect” models. The result: eight years and counting of a sluggish “recovery” that barely feels like a recovery at all. While easy money has kept Wall Street and the wealthy afloat and thriving, Main Street isn’t doing so well. Nearly half of men eighteen to thirty-four live with their parents, the highest level since the end of the Great Depression. Incomes are barely increasing for anyone not in the top ten percent of earners. And for those approaching or already in retirement, extremely low interest rates have caused their savings to stagnate. Millions have been left vulnerable and afraid. Perhaps worst of all, when the next financial crisis arrives, the Fed will have no tools left for managing the panic that ensues. And then what? DiMartino Booth pulls no punches in this exposé of the officials who run the Fed and the toxic culture they created. She blends her firsthand experiences with what she’s learned from dozens of high-powered market players, reams of financial data, and Fed docu­ments such as transcripts of FOMC meetings. Whether you’ve been suspicious of the Fed for decades or barely know anything about it, as DiMartino Booth writes, “Every American must understand this extraordinarily powerful institution and how it affects his or her everyday life, and fight back.”

    In behind-the-scenes detail, he shows the extreme degree to which government officials bent over backward to serve the interests of Wall Street firms at the expense of the public—& at the expense of effective financial reform. During the height of the financial crisis in 2008, Barofsky gave up his job as a prosecutor in the US Attorney’s Office in NYC, where he'd convicted drug kingpins, Wall Street executives & mortgage fraud perpetrators, to become the special inspector general in charge of oversight of bailout money spending. From the first his efforts to protect against fraud & to hold big banks accountable for how they spent taxpayer money were met with outright hostility from Treasury officials in charge of the bailouts.Barofsky discloses how, in serving banking interests, Treasury Secretary Timothy Geithner & his team worked with Wall Street executives to design programs to would funnel vast amounts of taxpayer money to their firms & would have allowed them to game the markets & make huge profits with almost no risk or accountability, while repeatedly fighting efforts to put the necessary fraud protections in place. His investigations also uncovered abject mismanagement of the bailout of insurance giant AIG & Geithner’s decision to allow the payment of millions of dollars in bonuses & that the Obama administration’s TARP Czar lobbied for the executives to retain their high pay.Providing details about how, meanwhile, the interests of homeowners & the broader public were betrayed, Barofsky recounts how Geithner & his team steadfastly failed to fix glaring flaws in the Obama administration’s homeowner relief program pointed out by bailout watchdogs, rejecting anti-fraud measures, which unleashed a wave of abuses by mortgage providers against homeowners, even causing some who wouldn't have lost their homes otherwise to go into foreclosure. Ultimately only a small fraction ($1.4 billion when he stepped down) of the $50 billion allocated to help homeowners was spent, while the funds expended to prop up the financial system totaled $4.7 trillion. As he raised the alarm about the bailout failures, he met with obstruction. He recounts in blow-by-blow detail how an increasingly aggressive war was waged against his efforts, with even the White House launching a broadside against him. Bailout is a riveting account of his plunge into the political meat grinder of Washington, as well as a vital revelation of just how captured by Wall Street the political system is & why the too-big-to-fail banks have only become bigger & more dangerous in the wake of the crisis.

    The original and bestselling 2000 edition of Irrational Exuberance evoked Alan Greenspan’s infamous 1996 use of that phrase to explain the alternately soaring and declining stock market. It predicted the collapse of the tech stock bubble through an analysis of the structural, cultural, and psychological factors behind levels of price growth not reflected in any other sector of the economy. In the second edition (2005), Shiller folded real estate into his analysis of market volatility, marshalling evidence that housing prices were dangerously inflated as well, a bubble that could soon burst, leading to a “string of bankruptcies” and a “worldwide recession.” That indeed came to pass, with consequences that the 2009 preface to this edition deals with. Irrational Exuberance is more than ever a cogent, chilling, and astonishingly far-seeing analytical work that no one with any money in any market anywhere can afford not to read–and heed.

    Millions of mostly young people defiantly flooded into the nation’s streets, demanding an end to police brutality and to the broader, systemic repression of Black people and other people of color. To many observers, the protests appeared to be without precedent in their scale and persistence. Yet, as the acclaimed historian Elizabeth Hinton demonstrates in America on Fire, the events of 2020 had clear precursors—and any attempt to understand our current crisis requires a reckoning with the recent past.Even in the aftermath of Donald Trump, many Americans consider the decades since the civil rights movement in the mid-1960s as a story of progress toward greater inclusiveness and equality. Hinton’s sweeping narrative uncovers an altogether different history, taking us on a troubling journey from Detroit in 1967 and Miami in 1980 to Los Angeles in 1992 and beyond to chart the persistence of structural racism and one of its primary consequences, the so-called urban riot. Hinton offers a critical corrective: the word riot was nothing less than a racist trope applied to events that can only be properly understood as rebellions—explosions of collective resistance to an unequal and violent order. As she suggests, if rebellion and the conditions that precipitated it never disappeared, the optimistic story of a post–Jim Crow United States no longer holds.Black rebellion, America on Fire powerfully illustrates, was born in response to poverty and exclusion, but most immediately in reaction to police violence. In 1968, President Lyndon Johnson launched the “War on Crime,” sending militarized police forces into impoverished Black neighborhoods. Facing increasing surveillance and brutality, residents threw rocks and Molotov cocktails at officers, plundered local businesses, and vandalized exploitative institutions. Hinton draws on exclusive sources to uncover a previously hidden geography of violence in smaller American cities, from York, Pennsylvania, to Cairo, Illinois, to Stockton, California.The central lesson from these eruptions—that police violence invariably leads to community violence—continues to escape policymakers, who respond by further criminalizing entire groups instead of addressing underlying socioeconomic causes. The results are the hugely expanded policing and prison regimes that shape the lives of so many Americans today.Presenting a new framework for understanding our nation’s enduring strife, America on Fire is also a warning: rebellions will surely continue unless police are no longer called on to manage the consequences of dismal conditions beyond their control, and until an oppressive system is finally remade on the principles of justice and equality.

    Brown became a tax lawyer to get away from race. As a young black girl growing up in the South Bronx, she’d seen how racism limited the lives of her family and neighbors. Her law school classes offered a refreshing contrast: Tax law was about numbers, and the only color that mattered was green. But when Brown sat down to prepare tax returns for her parents, she found something strange: James and Dottie Brown, a plumber and a nurse, seemed to be paying an unusually high percentage of their income in taxes. When Brown became a law professor, she set out to understand why.In The Whiteness of Wealth, Brown draws on decades of cross-disciplinary research to show that tax law isn’t as color-blind as she’d once believed. She takes us into her adopted city of Atlanta, introducing us to families across the economic spectrum whose stories demonstrate how American tax law rewards the preferences and practices of white people while pushing black people further behind. From attending college to getting married to buying a home, black Americans find themselves at a financial disadvantage compared to their white peers. The results are an ever-increasing wealth gap and more black families shut out of the American dream.Solving the problem will require a wholesale rethinking of America’s tax code. But it will also require both black and white Americans to make different choices. This urgent, actionable book points the way forward.

      A brilliant stylist known for an uncompromising honesty that challenges conventional wisdom at every turn, Krauthammer has for decades daz­zled readers with his keen insight into politics and government. His weekly column is a must-read in Washington and across the country. Now, finally, the best of Krauthammer’s intelligence, erudition and wit are collected in one volume.   Readers will find here not only the country’s leading conservative thinker offering a pas­sionate defense of limited government, but also a highly independent mind whose views—on feminism, evolution and the death penalty, for example—defy ideological convention. Things That Matter also features several of Krautham­mer’s major path-breaking essays—on bioeth­ics, on Jewish destiny and on America’s role as the world’s superpower—that have pro­foundly influenced the nation’s thoughts and policies. And finally, the collection presents a trove of always penetrating, often bemused re­flections on everything from border collies to Halley’s Comet, from Woody Allen to Win­ston Churchill, from the punishing pleasures of speed chess to the elegance of the perfectly thrown outfield assist.   With a special, highly autobiographical in­troduction in which Krauthammer reflects on the events that shaped his career and political philosophy, this indispensible chronicle takes the reader on a fascinating journey through the fashions and follies, the tragedies and triumphs, of the last three decades of American life.

    It is a red state in the heart of Trumpland that hasn't elected a Democrat to a statewide office in more than twenty years; but it is also a state in which minorities already form a majority (including the largest number of Muslims). The cities are blue and among the most diverse in the nation. Oil is still king but Texas now leads California in technology exports. The Texas economic model of low taxes and minimal regulation has produced extraordinary growth but also striking income disparities. Texas looks a lot like the America that Donald Trump wants to create. And Wright's profound portrait of the state not only reflects our country back as it is, but as it was and as it might be.

    The Debt Supercycle--when the easily managed, decades-long growth of debt results in a massive sovereign debt and credit crisis--is affecting developed countries around the world, including the United States. For these countries, there are only two options, and neither is good--restructure the debt or reduce it through austerity measures. Endgame details the Debt Supercycle and the sovereign debt crisis, and shows that, while there are no good choices, the worst choice would be to ignore the deleveraging resulting from the credit crisis. The book:Reveals why the world economy is in for an extended period of sluggish growth, high unemployment, and volatile markets punctuated by persistent recessions Reviews global markets, trends in population, government policies, and currencies Around the world, countries are faced with difficult choices. Endgame provides a framework for making those choices.

    Anthony Fauci is a hero. He is anything but. As director of the National Institute of Allergy and Infectious Diseases (NIAID), Dr. Anthony Fauci dispenses $6.1 billion in annual taxpayer-provided funding for scientific research, allowing him to dictate the subject, content, and outcome of scientific health research across the globe. Fauci uses the financial clout at his disposal to wield extraordinary influence over hospitals, universities, journals, and thousands of influential doctors and scientists—whose careers and institutions he has the power to ruin, advance, or reward. During more than a year of painstaking and meticulous research, Robert F. Kennedy Jr. unearthed a shocking story that obliterates media spin on Dr. Fauci . . . and that will alarm every American—Democrat or Republican—who cares about democracy, our Constitution, and the future of our children’s health. The Real Anthony Fauci reveals how “America’s Doctor” launched his career during the early AIDS crisis by partnering with pharmaceutical companies to sabotage safe and effective off-patent therapeutic treatments for AIDS. Fauci orchestrated fraudulent studies, and then pressured US Food and Drug Administration (FDA) regulators into approving a deadly chemotherapy treatment he had good reason to know was worthless against AIDS. Fauci repeatedly violated federal laws to allow his Pharma partners to use impoverished and dark-skinned children as lab rats in deadly experiments with toxic AIDS and cancer chemotherapies. In early 2000, Fauci shook hands with Bill Gates in the library of Gates’ $147 million Seattle mansion, cementing a partnership that would aim to control an increasingly profitable $60 billion global vaccine enterprise with unlimited growth potential. Through funding leverage and carefully cultivated personal relationships with heads of state and leading media and social media institutions, the Pharma-Fauci-Gates alliance exercises dominion over global health policy. The Real Anthony Fauci details how Fauci, Gates, and their cohorts use their control of media outlets, scientific journals, key government and quasi-governmental agencies, global intelligence agencies, and influential scientists and physicians to flood the public with fearful propaganda about COVID-19 virulence and pathogenesis, and to muzzle debate and ruthlessly censor dissent.

    Our long history of illicit imports has ranged from West Indies molasses and Dutch gunpowder in the 18th century, to British industrial technologies and African slaves in the 19th century, to French condoms and Canadian booze in the early 20th century, to Mexican workers and Colombian cocaine in the modern era. Contraband capitalism, it turns out, has been an integral part of American capitalism.Providing a sweeping narrative history from colonial times to the present, Smuggler Nation is now available in paperback to retell the story of America -- and of its engagement with its neighbors and the rest of the world -- as a series of highly contentious battles over clandestine commerce. As Peter Andreas demonstrates in this provocative and fascinating work, smuggling has played a pivotal and too often overlooked role in America's birth, westward expansion, and economic development, while anti-smuggling campaigns have dramatically enhanced the federal government's policing powers. The great irony, Andreas tells us, is that a country that was born and grew up through smuggling is today the world's leading anti-smuggling crusader. In tracing America's long and often tortuous relationship with the murky underworld of smuggling, Andreas provides a much-needed antidote to today's hyperbolic depictions of out-of-control borders and growing global crime threats. Urgent calls by politicians and pundits to regain control of the nation's borders suffer from a severe case of historical amnesia, nostalgically implying that they were ever actually under control. This is pure mythology, says Andreas. For better and for worse, America's borders have always been highly porous. Far from being a new and unprecedented danger to America, the illicit underside of globalization is actually an old American tradition. As Andreas shows, it goes back not just decades but centuries. And its impact has been decidedly double-edged, not only subverting U.S. laws but also helping to fuel America's evolution from a remote British colony to the world's pre-eminent superpower.

    Every developed nation in the world at one time went through the transformation from predominantly informal, extralegal ownership to a formal, unified legal property system. In the West we've forgotten that creating this system is also what allowed people everywhere to leverage property into wealth. This persuasive book will revolutionize our understanding of capital and point the way to a major transformation of the world economy.

    They peer deeply into Trump's White House – at the aides pressured to lie to the public, the lawyers scrambling to clear up norm-breaking disasters, and the staffers whose careers have been reduced to ashes – to paint an unparalleled group portrait of an administration driven by self-preservation and paranoia. Rucker and Leonnig reveal Trump at his most unvarnished, showing the unhinged decision-making and incompetence that has floored officials and stunned foreign leaders. They portray unscripted calls with Vladimir Putin, steak dinners with Kim Jong-un, and calls with Theresa May so hostile that they left her aides shaken. They also take a hard look at Robert Mueller, Trump's greatest antagonist to date, and how his investigation slowly unravelled an administration whose universal value is loyalty – not to country, but to the president himself.

    Mohamed A. El-Erian, one of the world’s most influential economic thinkers and the author of When Markets Collide, has written a roadmap to what lies ahead and the decisions we must make now to stave off the next global economic and financial crisis.Our current economic path is coming to an end. The signposts are all around us: sluggish growth, rising inequality, stubbornly high pockets of unemployment, and jittery financial markets, to name a few. Soon we will reach a fork in the road: One path leads to renewed growth, prosperity, and financial stability, the other to recession and market disorder.In The Only Game in Town, El-Erian casts his gaze toward the future of the global economy and markets, outlining the choices we face both individually and collectively in an era of economic uncertainty and financial insecurity. Beginning with their response to the 2008 global crisis, El-Erian explains how and why our central banks became the critical policy actors—and, most important, why they cannot continue is this role alone. They saved the financial system from collapse in 2008 and a multiyear economic depression, but lack the tools to enable a return to high inclusive growth and durable financial stability. The time has come for a policy handoff, from a prolonged period of monetary policy experimentation to a strategy that better targets what ails economies and distorts the financial sector—before we stumble into another crisis. The future, critically, is not predestined. It is up to us to decide where we will go from here as households, investors, companies, and governments. Using a mix of insights from economics, finance, and behavioral science, this book gives us the tools we need to properly understand this turning point, prepare for it, and come out of it stronger. A comprehensive, controversial look at the realities of our global economy and markets, The Only Game in Town is required reading for investors, policymakers, and anyone interested in the future.Praise for The Only Game in Town“The one economic book you must read now . . . If you want to understand this bifurcated world and where it’s headed, there is no better interpreter than Mohamed El-Erian. . . . An excellent primer [and] a guide on what to expect as the world struggles to cope with slower, less equal growth.”—Time“How come the global economy is now run largely by unelected central banks? In this highly intelligent analysis, the author, a respected investor and CEO, explains how elected governments are failing in their basic job to take care of the economy and why this might lead to a massive unmanageable crisis.”—Fareed Zakaria, CNN (book of the week)“El-Erian expertly offers a balanced view, commending the central banks for their necessarily aggressive policy views while noting, for example, the failure of the Fed to recognize the pre-crisis housing bubble. . . . A grand tour of the challenges we face, along with ideal solutions and more likely outcomes.”—Steven Rattner, The New York Times Book Review“What better moment could there be for a book subtitled ‘Central Banks, Instability, and Avoiding the Next Collapse’? And who better to write it than Mohamed El-Erian . . . ?”—Financial Times“A warning on the Federal Reserve’s limits . . . For those who consider Washington politicians incapable of acting effectively, [El-Erian’s] diagnosis is chilling.”—The New York Times

    Bull By The Horns: Fighting To Save Main Street From Wall Street, by Bair, Sheila

    Although they do not represent a majority of Americans—and will not for the foreseeable future—today’s Republican senators possess the power to block most legislation. Once known as “the world’s greatest deliberative body,” the Senate has become one of the greatest threats to our democracy. How did this happen?In Kill Switch, Senate insider Adam Jentleson contends that far from reflecting the Framers’ vision, the Senate has been transformed over the decades by a tenacious minority of white conservatives. From John Calhoun in the mid-1800s to Mitch McConnell in the 2010s, their primary weapon has been the filibuster, or the requirement that most legislation secure the support of a supermajority of senators. Yet, as Jentleson reveals, the filibuster was not a feature of the original Senate and, in allowing a determined minority to gridlock the federal government, runs utterly counter to the Framers’ intent.For much of its history, the filibuster was used primarily to prevent civil rights legislation from becoming law. But more recently, Republicans have refined it into a tool for imposing their will on all issues, wielding it to thwart an increasingly progressive American majority represented by Barack Obama’s agenda and appointees. Under Donald Trump, McConnell merged the filibuster with rigid leadership structures initially forged by Lyndon Johnson, in the process surrendering the Senate’s independence and centrality, as infamously shown by its acquiescence in Trump’s impeachment trial. The result is a failed institution and a crippled democracy.Taking us into the Capitol Hill backrooms where the institution’s decline is most evident, Jentleson shows that many of the greatest challenges of our era—partisan polarization, dark money, a media culture built on manufactured outrage—converge within the Senate. Even as he charts the larger forces that have shaped the institution where he served, Jentleson offers incisive portraits of the powerful senators who laid the foundation for the modern Senate, from Calhoun to McConnell to LBJ’s mentor, Richard Russell, to the unapologetic racist Jesse Helms.An essential, revelatory investigation, Kill Switch ultimately makes clear that unless we immediately and drastically reform the Senate’s rules and practices—starting with reforming the filibuster—we face the prospect of permanent minority rule in America.