A brilliant new reading of the economic crisis—and a plan for dealing with the challenge of its aftermath—by one of our most trenchant ...
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Dec 28, 2010
Emily
rated it: 
I need to do more thinking on this one before writing my review...some things need to percolate a bit...
ok, I'm back.
First, a little background. I've always considered myself comfortably conservative, socially, economically, politically. But in my old(er) age (32 and a half or so) when I'm being brutally honest with myself, I'm finding more and more merit in what would have horrified a younger me - a *gasp* more liberal worldview. I'm not really what anyone would call More...
ok, I'm back.
First, a little background. I've always considered myself comfortably conservative, socially, economically, politically. But in my old(er) age (32 and a half or so) when I'm being brutally honest with myself, I'm finding more and more merit in what would have horrified a younger me - a *gasp* more liberal worldview. I'm not really what anyone would call More...
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Dec 04, 2011
Libby
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p. 53 "Remember bank tellers? Telephone operators? The fleets of airline workers behind counters who issued tickets? Service station attendants? These and millions of other jobs weren't lost to globalization; they were lost to automation. America has lost at least as many jobs to automated technology as it has to trade... But contrary to popular mythology, trade and technology have not really reduced the number of jobs available to Americans. Take a look at the rate of unemployment over the
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Nov 27, 2011
Amy
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This review has been hidden because it contains spoilers.
To view it, click here
Nov 20, 2011
Minesweeper
rated it:
This book attempts to explain what caused the Great Recession and tries to provide solutions. The main points of the book:
1. Real wages of middle class Americans have generally remained stagnant for decades while the super rich are taking home more and more.
2. Americans have coped with #1 in three ways: a) women entered the workforce; b) men and women have worked longer hours; and c) families have take on huge amounts of debt.
3. Workers are consumers. With the copin More...
1. Real wages of middle class Americans have generally remained stagnant for decades while the super rich are taking home more and more.
2. Americans have coped with #1 in three ways: a) women entered the workforce; b) men and women have worked longer hours; and c) families have take on huge amounts of debt.
3. Workers are consumers. With the copin More...
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Sep 30, 2011
Jorge
rated it: 
Aftershock: The Next Economy and America's Future by Robert B. Reich
“Aftershock…” is the interesting concise book that deals with how our economy came to be, how we can learn from history and some specific ideas on how we can address these problems. This insightful 194-page book is broken out into three major parts: Part I. The Broken Bargain, Part II. Backlash, and Part III. The Bargain Restored.
Positives:
1. Engaging, well-written, well-researched book that is accessib More...
“Aftershock…” is the interesting concise book that deals with how our economy came to be, how we can learn from history and some specific ideas on how we can address these problems. This insightful 194-page book is broken out into three major parts: Part I. The Broken Bargain, Part II. Backlash, and Part III. The Bargain Restored.
Positives:
1. Engaging, well-written, well-researched book that is accessib More...
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Sep 21, 2011
Melissa
rated it:
This was a very interesting and readable examination of the current economic crisis in America. Reich is critical of both parties, which is rather refreshing, since most people are content to blame the other side completely without looking at their own actions. While examining and comparing the Great Depression to the Great Recession, Reich sees some common threads. He then offers his own analysis and ideas of how America can get through this crisis and be better for it in the end.
W More...
W More...
Aug 30, 2011
Sara
rated it:
Great history of America's economy by a former Labor Secretary and current professor. He begins with the writings of Marriner Eccles, a Utah businessman and later, head of the Federal Reserve, after the Great Crash in 1029, which was interesting and new to me. Reich compares the build-up to that with 2007-8, noting that the stock market and banks were basically doing the same things and then pointing out that our greatest economic prosperity occurred from 1947-1975 when the middle class was st
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Aug 21, 2011
Millicent
rated it:
good explanation of how we got here and what to do about it. covered well the amount of outrage about rewards to wall street and how the financial world of wall street is not the same as the economy.
i liked his concept of the bargain the government has had with workers. but wall street views the workers as expendable. there has been a plan to undercut the ability of workers to bargain collectively over the last 30 years - since reagan fired the air traffic controllers in 1981.
i part More...
i liked his concept of the bargain the government has had with workers. but wall street views the workers as expendable. there has been a plan to undercut the ability of workers to bargain collectively over the last 30 years - since reagan fired the air traffic controllers in 1981.
i part More...
Apr 17, 2011
Sven
rated it: 
Progressives: read this! Conservatives: read this! Liberals: read this!
Robert Reich should know something about government, public policy, money, and crises. He outlines the reasons why our current "recovery" will not be sufficient to bring back prosperity unless we reform aspects of our economic and political systems. His messages is compelling: increasing inequity causes recession, breaks down social cohesion, and threatens democracy. He points out the the greatest ine More...
Robert Reich should know something about government, public policy, money, and crises. He outlines the reasons why our current "recovery" will not be sufficient to bring back prosperity unless we reform aspects of our economic and political systems. His messages is compelling: increasing inequity causes recession, breaks down social cohesion, and threatens democracy. He points out the the greatest ine More...
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Apr 03, 2011
Brian
rated it:
Reich puts together one of the highest-level arguments for the financial crisis I have heard. It’s explained as the ‘basic bargain’ where industry has an inherent role to ensure that consumers/employees have sufficient incomes to afford the products they sell. The idea is explained as similar to Henry Ford’s decision to pay assembly line employees five dollars per day, so they could buy more cars.
Over the last thirty years or so, Reich argues that this basic bargain has gone away and More...
Over the last thirty years or so, Reich argues that this basic bargain has gone away and More...
Apr 02, 2011
Elaine
rated it:
"To summarize: the fundamental problem is that Americans no longer have the purchasing power to buy what the US economy is capable of producing. The reason is that a larger and larger portion of total income has been going to the top. What's broken is the basic bargain linking pay to production. The solution is to remake the bargain." (Ch 11)
That's the whole book in a single paragraph. The first part is all about how the hell we got here, from before the Great Depression to More...
That's the whole book in a single paragraph. The first part is all about how the hell we got here, from before the Great Depression to More...
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Mar 29, 2011
Donna
rated it:
Economics is a complicated subject.
First, for all of us, there's the fundamental problem of trying to balance money received and money spent. That issue applies to everyone, from kids buying penny candy to businesses and governments. Simplistic thinkers, including a good many Tea Party-type "fiscal conservatives"-tend to think that's all there is to it.
Most middle class people, however, also need to deal with interest rates on savings and loans, bank and card us More...
First, for all of us, there's the fundamental problem of trying to balance money received and money spent. That issue applies to everyone, from kids buying penny candy to businesses and governments. Simplistic thinkers, including a good many Tea Party-type "fiscal conservatives"-tend to think that's all there is to it.
Most middle class people, however, also need to deal with interest rates on savings and loans, bank and card us More...
Mar 10, 2011
Christina
rated it:
This is a simplistic book clearly written for a consumer audience. This has its good points and its bad. Good in that it is open to a wide readership. Bad in that it is rather simplistic.
I commend Reich for highlighting the issue of declining middle class incomes and the problem this posses for long term economic growth. I also think he does a nice job of discussing the "coping mechanisms" Americans have pursued to address the problem.
Some of his ideas at the More...
I commend Reich for highlighting the issue of declining middle class incomes and the problem this posses for long term economic growth. I also think he does a nice job of discussing the "coping mechanisms" Americans have pursued to address the problem.
Some of his ideas at the More...
Feb 13, 2011
Caren
rated it:
This is a very accessible examination of the recent economic meltdown. You can tell Prof. Reich is a teacher, as the text is very clearly written, so that even an economic dunce like myself can understand his points. I also appreciate that he has given his ideas for concrete measures that address our problems. He is not, in other words, just telling us what went wrong, but is also advising what to do about it. He believes our economy is like a pendulum that swings from eras in which economic ben
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Feb 01, 2011
Patrick
rated it:
Review originally published in THE FUTURIST, March-April 2011
The inequality of wealth in the United States will result in a stagnant economy and political turmoil by the year 2020, argues public-policy scholar and former U.S. Labor Secretary Robert B. Reich in Aftershock. Millions of deeply indebted Americans will embrace isolationism, reject both big government and big business, and sever America’s ties with the rest of the world, he predicts.
To illustrate the size and s More...
The inequality of wealth in the United States will result in a stagnant economy and political turmoil by the year 2020, argues public-policy scholar and former U.S. Labor Secretary Robert B. Reich in Aftershock. Millions of deeply indebted Americans will embrace isolationism, reject both big government and big business, and sever America’s ties with the rest of the world, he predicts.
To illustrate the size and s More...
Dec 30, 2010
William
rated it:
BOOK REVIEW
“Aftershock” by Robert B. Reich
Reviewed by Bill Breakstone, October 2, 2010
THE AUTHOR
Robert B. Reich is Chancellor’s Professor of Public Policy at the University of California, Berkeley. He served as Secretary of Labor under President Bill Clinton, and has written twelve books.
His most recent book, Aftershock, is both an economic and sociological treatise, brief in length but concise, penetrating and filled with More...
“Aftershock” by Robert B. Reich
Reviewed by Bill Breakstone, October 2, 2010
THE AUTHOR
Robert B. Reich is Chancellor’s Professor of Public Policy at the University of California, Berkeley. He served as Secretary of Labor under President Bill Clinton, and has written twelve books.
His most recent book, Aftershock, is both an economic and sociological treatise, brief in length but concise, penetrating and filled with More...
Dec 28, 2010
Amy
rated it:
In a world in which "progressive" is considered a dirty word and intellectuals are attacked simply for the sake of being intellectuals, it's hard to believe there are rational people out there who still care about the little guy. This was a very refreshing, concise and easy to follow argument. The book is very short, my hard-back copy at around 147 pages of text not including the Notes to Pages and Index sections. Although seeing the current trend in American thought, I find it hard
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Dec 09, 2010
Bookmarks Magazine
rated it: 
Reich's ideas galvanized the critics, whose opinions of the book ranged from "important and well-executed" (NY Times Book Review) to "class-war blather" (Boston Globe). Reich's admirers considered Aftershock an insightful analysis of the economy's structural problems and a clear-cut strategy for improvement. Detractors found fault with specific arguments and conclusions -- for example, his claim that American consumers are not spending enough, which doesn't add up given the c
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Feb 01, 2012
Joe
rated it:
Aftershock is a very concise and readable evaluation of American tax and economic trends since the Great Depression. Reich observes that America prospered greatly from the WWII era until the end of the 70's and seems to decline at an exponential rate following the end of the 70's. His main point seems to me to be that the consolidation of great wealth in the hands of a few is not just immoral, but is economically destructive.
Pre 1980 America was marked by very high tax rates on the w More...
Pre 1980 America was marked by very high tax rates on the w More...
Sep 18, 2011
Dave
rated it:
This book is enlightening, and I wish I could afford to get copies of the first and second sections of this book and give it to everyone I know. As other reviews have said the argument is simplistic (and maybe a little bit over simplified), but the economic forces Reich are trying to explain are very to complex and they need to simplified for those of us don't spend a lot of time thinking about it. There are many of people the book describes that are working more hours for less and don't have
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Jul 26, 2011
This is a life-changing book. For the first time, I find somebody writing a thoughtful, rational, and incisive analysis of what is wrong with the American economy. I was surprised by how evenhandedly Reich criticizes both parties for the current state of affairs.
He writes eloquently about how the main cause of the crisis is inequality and traces the historical precedents to the Great Recession. He also compares how the postwar years up to the mid 70s was a period of prosperity for the middle c More...
He writes eloquently about how the main cause of the crisis is inequality and traces the historical precedents to the Great Recession. He also compares how the postwar years up to the mid 70s was a period of prosperity for the middle c More...
Sep 22, 2010
Jeremy
rated it:
The crux of Reich's argument is that the weakening of the middle class since 1980 has critically eroded both the economy and the social compact that has been the crucial support for American political and economic life. He carefully analyzes the causes of the problem and shows the dangerous direction unchecked, severe wealth inequality threatens to lead us. Even if you don't agree with Reich's politics, it is worth taking note when a respected former Secretary of the Treasury begins to sound suc
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Dec 01, 2010
Lynn
rated it:
I know most of this stuff already, but Reich says it all so well.
Slim book about where we are really at and why - not the usual whining about those greedy financial people, though of course they are mentioned. The long-term problem in the US is really due to the wealth gap and the demise of the working and middle class.
My dad, not an economist, explained to me that this was why the Depression lasted so long - because most people could not afford to buy stuff which kept mone More...
Slim book about where we are really at and why - not the usual whining about those greedy financial people, though of course they are mentioned. The long-term problem in the US is really due to the wealth gap and the demise of the working and middle class.
My dad, not an economist, explained to me that this was why the Depression lasted so long - because most people could not afford to buy stuff which kept mone More...
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Mar 10, 2011
Mark
rated it:
This is more an extended essay than a book per se, but that doesn't make it any less powerful.
As a former labor secretary in the Clinton administration and an unapologetic progressive, Berkeley's Robert Reich makes a strong case that our continued economic vibrancy and our trust in the U.S. democracy are endangered because we have broken the "basic bargain" with the middle class.
The bargain was that if people worked hard and paid their taxes, they would be More...
Nov 08, 2011
Sheehan
rated it:
I read Reich's op-eds every Sunday and his newest book Aftershock came across my desk at work, so I checked it out.
Very timely, well-written, basic engagement with the growing and destructive gap between the super-rich and the besieged middle-class. Written before the Occupy Wall Street (OWS) movement got it's legs under it, Aftershock identifies the backlash that OWS manifests presently, and the Tea Party before it; the reaction of a shrinking middle-class to dwindling opportunities More...
Very timely, well-written, basic engagement with the growing and destructive gap between the super-rich and the besieged middle-class. Written before the Occupy Wall Street (OWS) movement got it's legs under it, Aftershock identifies the backlash that OWS manifests presently, and the Tea Party before it; the reaction of a shrinking middle-class to dwindling opportunities More...
Mar 21, 2011
Vanda
rated it:
A phenomenal book that we should required reading for anyone with half a mind. Robert Reich is somewhat of a radical thinker and some of his ideas are a little out there. But I think the basic hypothesis re. the inequality of income distribution in this country being one of the biggest reasons for the economic meltdown of late 2008-2009 is true. It is also somewhat depressing to think that we have done nothing to solve this problem and all the fixes so far have been band aids for the real cause
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Oct 27, 2010
Megan
rated it:
Despite a fundamentally dismal message on the dismal science, this book is a concise, jaunty pleasure.
Those familiar with Reich will recognize him as the Sensible One. Here he gives a cohesive sketch of the modern history of the American economy. While it has grown substantially in the last thirty years, wages have stagnated for the middle class. Meanwhile, the cost of housing, college tuition, and health care (etc.) increased dramatically, which left most people bereft of savings but More...
Those familiar with Reich will recognize him as the Sensible One. Here he gives a cohesive sketch of the modern history of the American economy. While it has grown substantially in the last thirty years, wages have stagnated for the middle class. Meanwhile, the cost of housing, college tuition, and health care (etc.) increased dramatically, which left most people bereft of savings but More...
Oct 15, 2010
Oldroses
rated it:
Many years ago when I was in college (back when dinosaurs roamed the earth), there were no required courses other than the ones for your major. You better believe I didn’t crack a math or science text for four years. But, once I graduated and entered the real world, I discovered that there is a reason why those courses are taught. Contrary to what many disgruntled students will tell you, that knowledge is relevant to everyday life.
Take economics, for instance. I didn’t take it in More...
Take economics, for instance. I didn’t take it in More...
Sep 29, 2011
Kevin
rated it:
A perfect little manifesto of where we are, where that could lead us, and where we should go. Where we are is outlined by Reich in the section titled "The Broken Bargain." To explain our current situation, Reich goes back to a depression era Mormon businessman named Marriner Eccles, who was basically a pre-Keynesian Keynesian. Ecceles and Reich's central argument is that when too much wealth is concentrated in the hands of the rich, it siphons purchasing power from the rest of the popu
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May 26, 2011
John
rated it:
"Aftershock" is a copycat ripoff of several other books. There are significant differences. Aftershock lacks the depth of analysis of similar books.
On the other hand, like many others starting a decade or more ago, Reich correctly identifies the mal-distribution of income in the USA that has occurred over the last thirty years as the primary problem with the economy. Okay, give Reich credit. Like a lot of other people, he figured that one out.
After that Reich More...
On the other hand, like many others starting a decade or more ago, Reich correctly identifies the mal-distribution of income in the USA that has occurred over the last thirty years as the primary problem with the economy. Okay, give Reich credit. Like a lot of other people, he figured that one out.
After that Reich More...
