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Inflated: How Money and Debt Built the American Dream
Americans as a whole view themselves as reasonably prudent and sober people when it comes to matters of money, reflecting the puritan roots of the earliest European settlers. Yet as a community, we also seem to believe that we are entitled to a lifestyle that is well-beyond our current income, a tendency that goes back to the earliest days of the United States and particul ...more
Hardcover, 393 pages
Published December 8th 2010 by Wiley
(first published November 4th 2010)
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There is a wonderful quote that goes something like this: "A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship." (I had always thought this quote could be ...more
I nice headline view walk through through recent American history. I found it a bit confused/losing a main thread at times, but generally the narrative is interesting and entertaining, and you can tell the author did his research well and thus always presents interesting details.