A Piece of the Action: How the Middle Class Joined the Money Class
| Author | : | |
| Rating | : | 4.91 (987 Votes) |
| Asin | : | 1476744890 |
| Format Type | : | paperback |
| Number of Pages | : | 480 Pages |
| Publish Date | : | 2016-12-16 |
| Language | : | English |
DESCRIPTION:
Probing the genesis of our worst financial debacle Dennis R. Jugan All too often, we're content to find fault in the present and the recent past. Joe Nocera wrote the opening chapters of the 2007 - ??? financial crisis in 1994 citing names, financial institutions, and that irreplaceable contribution to doublespeak known to all as "innovation." You'll be taken back to the 1950's where it all began and you'll learn about the ambitions, the goals and the personalities of the first wave of financial engineers who set the dominoes in place prior to this book being written. You'll learn that this debacle was. Excellent history of how financial products came about In the late 60's and mainly the 1970's, a huge sea change took place in American financial history - a change so dramatic that it is still being felt today. Joseph Nocera takes a look at those dramatic changes an the figures behind them in A Piece of the Action. The book presents the story of how Americans financial future shifted from mostly employers to the individual and how government action trailed and, in some cases, badly lagged the fast moving financial landscape of the 70's.The book reads well with each chapter a coming across . From a participant It may be difficult for many of you younger people to grasp how primitive many of our business practices were back only From a participant B. Ray It may be difficult for many of you younger people to grasp how primitive many of our business practices were back only 40 years ago.When I started working at Visa in 1973, those thin tissue copies of sales receipts were manually taken to the merchant's bank each evening and placed in a "drop-box". Then they were "processed" by the merchant's bank which really meant they were physically sorted into piles to be copied and sent by mail to each of the banks around the country that had issued the card to the customer. In addition, a calcula. 0 years ago.When I started working at Visa in 1973, those thin tissue copies of sales receipts were manually taken to the merchant's bank each evening and placed in a "drop-box". Then they were "processed" by the merchant's bank which really meant they were physically sorted into piles to be copied and sent by mail to each of the banks around the country that had issued the card to the customer. In addition, a calcula
The raging inflation of the late 1970s and early '80s, he argues, led many people to abandon thrift and their aversion to risk, attitudes acquired during the Depression. Faced with double-digit inflation, wildly gyrating interest rates and a sinking standard of living, consumers displayed a great willingness to take on debt. From Publishers Weekly In an entertaining and edifying history of personal finance, GQ columnist Nocera charts the transformation of the habits of middle-class Americans. . The emergence of two-income couples, adjustable-rate mortgages, credit cards and the middle class's growing particip
Now with a new introduction describing the fallout of America’s consumer credit boom, 1994’s wildly acclaimed bestseller A Piece of the Action tells the story of how millions of middle class Americans went from being savers to borrowers and investors through the invention of credit cards, mutual funds, and IRAs—resulting in profound societal change.“America began to change on a mid-September day in 1958, when the Bank of America dropped its first 60,000 credit cards on the unassuming city of Fresno, California.” So begins Joe Nocera’s riveting account of one of the most astonishing revolutions in modern American life—what Nocera labels “the money revolution.” In the