Age of Greed

AvividlytoldhistoryofhowgreedbredAmerica’seconomicillsoverthelastfortyyears,andofthemenmostresponsibleforthem.AsJeffMadrickmakesclearinanarrativeatoncesweeping,fast-paced,andincisive,thesingle-mindedpursuitofhugepersonalwealthhasbeenontheriseintheUnitedStatessincethe1970s,ledbyafewindividualswhohavearguedthatself-interestguidessocietymoreeffectivelythancommunityconcerns.ThesestewardsofAmericancapitalismhaveinsistedonthecentralandessentialplaceofaccumulatedwealththroughthebooms,busts,andrecessionsofthelasthalfcentury,givingrisetoourcurrentwoes.Intellingthestoriesofthesepoliticians,economists,andfinancierswhodeclaredamoralbattleforfreedombutinsteadgaverisetoanageofgreed,Madricktracesthelineageofsomeofournation’smostpressingeconomicproblems.HebeginswithWalterWriston,headofwhatwouldbecomeCiticorp,wholedthebattleagainstgovernmentregulation.HeexaminestheideasofeconomistMiltonFriedman,whocreatedtheplanforananti-RooseveltianAmerica;thepoliticallyexpedientdecisionsofRichardNixonthatfueledinflation;thephilosophyofAlanGreenspan,onwhoselibertarianideologyahouseofcardswasbuiltonWallStreet;andtheactionsofSandyWeill,whoconstructedthelargestfinancialinstitutionintheworld,whichwouldhavegonebankruptin2008withoutafederalbailoutof$45billion.SignificantfiguresincludingIvanBoesky,MichaelMilken,JackWelch,andRonaldReaganplaykeyrolesaswell.Intenseeconomicinequityandinstabilityisthestoryofourage,andJeffMadricktellsitwithstyle,clarity,andanunerringcommandofhissubject.