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The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street
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The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street

4.14 of 5 stars 4.14  ·  rating details  ·  140 ratings  ·  27 reviews
In The Great American Stick-Up, long-time Los Angeles Times columnist and Truthdig Editor-in-Chief Robert Scheer has a controversial thesis: the great financial meltdown, the crash widely regarded as the result of extraordinary circumstances, is, at its heart, an old-fashioned swindle. The architects of our financial calamity knew what they were doing, and now they are the ...more
ebook, 304 pages
Published September 7th 2010 by Nation Books (first published August 13th 2010)
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The Great American Stickup is an exhaustively researched and detailed account of how exactly the economic crash of 2008 came about. Scheer traces the catastrophe's beginning to players in the Reagan administration, its acceleration under the Clinton administration, and the astonishing failure of the Obama administrations to address the causes or the criminal individuals who brought it about.
The story is a complex one-almost like unraveling a Russian novel. The villains who emerge most culpably
This is a well-written explanation of how the financial crisis came to happen and it explains how guilty the Clinton administration was in encouraging de-regulation. The 3 elements of the cause of the financial crisis were the deregulation or lack of regulation of derivatives, the repeal of the Glass-Steagull act, and allowing banks to increase their leveraging ratio. The first two elements occurred in 1998-2000 and the third was done by the SEC in 2004. These problems need to be fixed in order ...more
Wow. This was a very condemning recap of the past four presidential administrations and their financial/economic policies. Scheer argues these administrations were infected with flawed free market philosophies that accumulated into the devastating financial meltdown of 2008. This book is also an addition to the woodpile of criticisms about the current president and recycling the likes of Summers and Geithner.

I found this book to be part eulogy for New Deal financial reform and a war cry for the
The last chapter of this book was difficult to get through because I was so pissed off at Wall Street and all our American politicians in their pockets. Every person who votes should read this book. It is very readable and eye opening.
Robert Scheer does a great job of tracing the roots of the current financial crisis. He starts during the Reagan administration, but this isn't a book that blames one party or the other. He spends a great deal of time castigating Clinton's cozy relationship with Wall Street, as well. Along the way, the author also draws attention to the few who predicted that deregulation would end in disaster. There's no doubt that it was the makers of the mess who benefited from the bailouts, while those who s ...more
Sagar Jethani
Robert Scheer has published a brilliant piece of forensic reporting in "The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street by Mugging Main Street". By peeling back the layers of obfuscation which surround the financial crisis of 2008, he has laid bare the causes of the crisis in a manner which is accessible to the layman.

Scheer describes the origins of the crisis as beginning in the Clinton administration. In order to strike a new accord with Wall Stree
This book gave me a basic understanding of the financial crisis. It acquainted me with the fundamental issues and the vocabulary -- "derivatives", "collateralized debt obligations", "credit default swaps", etc. -- and Scheer provides clear and concise explanations of the key congressional legislation related to the topic. Scheer also deserves praise for even-handedness, laying the blame for the crisis on a number of U.S. government officials and business leaders from various sides of the politic ...more
While some people deride Robert Scheer for continually harping on the banks, he also tends to be right about them and the stranglehold they have on American and world societies. He does not go into much detail about the derivatives that led to the current financial crisis themselves, but rather how they were created and, more importantly, what legislation allowed their creation and trading.

One thing that was particularly refreshing about this book is how he does not favor one end of the politica
The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street by Robert Scheer

“The Great American Stickup” is an even-handed book about the conflict of interests of American finances and politicians from Reagan’s presidency to this day. This insightful 304-page book is composed of the following nine chapters: 1. It Was the Economy, Stupid, 2. The High Priestess of the Reagan Revolution, 3. The Clinton Bubble, 4. The Valiant Stand of Brook
Scheer effectively demystifies the components of the financial crisis to the lay reader and exposes the problematic "revolving door" of the capitalist fat cats who keep one hand in government and the other managing their bonuses. People like Larry Summers and Robert Rubin, central figures in pushing forth deregulation legislation under Clinton, and who occupied influential positions as Secretary of the Treasury, in between their 'real' jobs at Goldman and Citigroup, firms centrally involved in t ...more
Dave Lefevre
Probably the most fair book I've read so far about the financial collapse chicanery. The collapse of 2008 is not the work of one party as your corporate media might like you to believe. Indeed, there is probably only one party in Washington when it comes to this, and it is a pro-corporate party. There are no heroes in this book except for Brooksley Borne, who was lambasted and scorned for trying to sound the alarm on a system that was running wildly out of control.

This books is also a great anti
Have you ever wondered how we got into this mess? Wonder no more. Mr. Scheer does an admirable job chronicling the excesses of the financial markets and the lax regulatory climate that allowed the to flourish. Those contributing to the current financial debacle transcend partisanship or political affiliation: From Reagan's wholesale deregulation of financial markets to Clinton's continuation of same to Obama's reform attempts lead by a cast of characters with built-in conflicts of interest and q ...more
Dennis Fischman
The great virtue of this book is that it names names. Without fear or favor, it shows how advisers in both Republican and Democratic administrations were greedy Wall Street financiers who put their own interests and those of their companies (Goldman Sachs, for instance) ahead of policy and far ahead of people. The defect of the book is the same as its virtue. It focuses on the villains and a couple of heroines (Brooksley Born, Sheila Bair). Surprisingly for a leftist analysis, it doesn't show ho ...more
Ismael Galvan
You want to know who's ass to kick for the economic nightmare we're all dealing with? Then read "The Great American Stickup." I do admit it's a little hard to follow because there's so many people involved in making this mess, but Scheer does the best he can to make it reader friendly. You'll be surprised who's to blame, I'll give you a hint, EVERYONE! A break down of how greed and revolving door between government and corporations has led to global economic disaster. I only wish most of the dum ...more
Ismael Galvan
I strongly recommend this book to anyone who is wondering why the economy is acting as if it just developed a habit of smoking crack. All joking aside, this book gives you a crash course in how Democrat and Republican deregulation led to the global economic meltdown.

It's written in a very straight forward manner but there's a lot of information, so don't expect this to be a walk in the park. But when you think of the alternative, TV pundits, it's worth the extra little effort. Reading this book
Derek Postlewaite
This book should be required reading in economics courses. Beyond mere conflicts of interest, financial moguls who've served--and continue to serve--in numerous executive administrations (from Clinton to Bush to Obama) profited exorbitantly through financial deregulation, and yet Madoff is the only big time financial criminal doing time. Should also be on every book shelf, whether red, blue, or purple, and anyone who says it's just the Dems or just the Repubs really needs to grow up and smell th ...more
Pretty good. I'm not a finance or money person but for those of us (most of my friends thank goodness) who don't talk derivatives and walll street and stocks regularly, I highly reccomend. I think it does a good job of explaining how politics is flush with Wall Street influence and how that influence adversely impacts public policy. It's anti-partisan and equally excoriates Democrats and Republicans.
A perfect political/macro companion to Michael Lewis' excellent "The Big Short", Scheer clearly lays out the regulatory steps (or missteps) that lead to the economic meltdown. The sad thing is that not much has changed since to rein in the floating crap game that is Wall Street and prevent another large-scale economic collapse... and both political parties and their financial masters are to blame.
Robert Wells
For one who has little understanding of how the economy actually works or of how the collapse of 2008 came to be but wants to be more informed, this is a great book that is written so that the previously confused or uninformed can come to understand what happened, how it happened and who was responsible. Warning: Upon reading this book you will at times become full of rage.
Held back one star because of certain left-wing distortions. But they by no means really hurt the value of this book. In fact, I think it is a true "must-read" to understand how our government really works.

Or, worse, who our government really is. Welcome to the kleptocracy.
It was very good, but very disturbing. All presidents Reagan to Obama, Massachusetts political leaders, and top financial experts mostly all came out looking badly. It was disheartening for politics and the continued financial meltdown in the US and world economies. Scary.
An excellent, straightforward analysis of the financial crisis and its roots. Pulls no punches while spreading the blame around the political spectrum. Sheds a mildly depressing light on the choices of the Obama administration over the last two years and now.
Probably the best book you can read in the topic, especially for someone without a financial or economics background. Does a great job of placing the financial crisis in a historical context.
Robert Scheer is by far one of my favorite living reporters. He puts the vast majority of his colleagues to shame in this little poison valentine to deregulation and Wall St. profiteering.
Very good but pretty redundant. He has a tendency to repeat the same points over and over again.
Every American should have to read this.
Oct 09, 2010 Julia marked it as to-read  ·  review of another edition
(Copy signed by author/gift from author.)
Christopher Grear
Christopher Grear marked it as to-read
Nov 21, 2014
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Robert Scheer is an American journalist who writes a column for Truthdig which is nationally syndicated in publications such as the San Francisco Chronicle and The Nation. He teaches communications as a professor at the University of Southern California and is Editor in Chief for the online magazine Truthdig.

Scheer was born to immigrant parents. His mother, a Russian Jew, and his father, a German,
More about Robert Scheer...
The Pornography of Power: How Defense Hawks Hijacked 9/11 and  Weakened America Playing President: My Close Ecounters with Nixon, Carter, Bush I, Reagan, and Clinton--and How They Did Not Prepare Me for George W. Bush With Enough Shovels: Reagan, Bush, and Nuclear War Thinking Tuna Fish, Talking Death: Essays on the Pornography of Power The Great American Stick Up

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