J
JAMESBJOHNSON
Guest
DUMB MONEY by Daniel Gross.
Gross is NEWSWEEKS financial senior editor.
This is a short book about our financial crisis and why we're fucked. Our government, elites, Wall Street, and major corporations conspire to screw you out of your wealth. George Soros, George Bush, the Clintons, Barney Frank, Dick Cheney, (fill in the blank) work together to get every dime you possess. Their politics are tv wrestler theatre.
The book reveals how they got your money and left you holding a sack full of IOUs and debt. Take healthcare for example: The insurance companies bought tons of shit paper (sub prime mortgages and credit card debt) and lost their asses. So they jacked up the price of health insurance to make good the losses. The insurance companies pay politicians to force you to buy policies that include coverage for common problems like being devoured by space aliens or killer rabbits. Hospital corporations loaded themselves up with debt to pay huge bonuses to corporation executives, and the hospitals charged you more to pay the debt. If you write a best seller porn novel and make a million dollars, your tax bite is 36%; if you manage a hedge fund and get a million dollar bonus, your tax bite is 15%.
The top 5 hedge fund managers made more money than virtually everyone (9 million people) at the bottom of the income pile.
Its a depressing and infuriating read.
Gross is NEWSWEEKS financial senior editor.
This is a short book about our financial crisis and why we're fucked. Our government, elites, Wall Street, and major corporations conspire to screw you out of your wealth. George Soros, George Bush, the Clintons, Barney Frank, Dick Cheney, (fill in the blank) work together to get every dime you possess. Their politics are tv wrestler theatre.
The book reveals how they got your money and left you holding a sack full of IOUs and debt. Take healthcare for example: The insurance companies bought tons of shit paper (sub prime mortgages and credit card debt) and lost their asses. So they jacked up the price of health insurance to make good the losses. The insurance companies pay politicians to force you to buy policies that include coverage for common problems like being devoured by space aliens or killer rabbits. Hospital corporations loaded themselves up with debt to pay huge bonuses to corporation executives, and the hospitals charged you more to pay the debt. If you write a best seller porn novel and make a million dollars, your tax bite is 36%; if you manage a hedge fund and get a million dollar bonus, your tax bite is 15%.
The top 5 hedge fund managers made more money than virtually everyone (9 million people) at the bottom of the income pile.
Its a depressing and infuriating read.
