Nancy's Reviews > The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble, and Bust

The High-Beta Rich by Robert    Frank
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's review
Mar 06, 2012

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bookshelves: finance, non-fiction
Read from March 04 to 06, 2012

The High Beta Rich is more than a series of entertaining gossipy stories about the rise and fall of fortunes. But it isn't much more. Robert Frank touches on the problems of wealth concentration and an increasingly volatile boom/bust economy, but he doesn't offer hope for the future beyond quoting competing sound bites from a few politicians. I'd hoped for some sort of path away from more for the wealthy and less for everyone else.

Frank points out that there is quite a bit of turnover in the top 1% which many people will find encouraging. What struck me most was the fact that the top 1% now earns 22% of U.S. income, up for 9% in 1982. Folks in the top 5% may be taking turns popping into the top 1% but that does not comfort me at all if the rest of us are steadily getting a small and smaller cut of the economic pie.
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