@article{760451,
      recid = {760451},
      author = {Foroohar, Rana,},
      title = {Makers and takers : the rise of finance and the fall of  American business /},
      pages = {xi, 388 pages ;},
      abstract = {"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"--},
      url = {http://library.usi.edu/record/760451},
}