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CAPITAL OFFENSE: How Washington’s Wise Men Turned America’s Future Over To Wall Street
Over the last few decades, the Washington belief that if you make investors happy, a booming economy will follow has caused an economic crisis in Asia, hardship in Latin America, and now a severe recession in America and Europe. How did the best and brightest of our time allow this to happen? The answer has nothing to do with lobbyists and everything to do with ideology.
In CAPITAL OFFENSE: How Washington’s Wise Men Turned America’s Future Over to Wall Street veteran Newsweek reporter Michael Hirsh gives us a colorful narrative history of the era he calls the “Age of Capital”, telling the story through the eyes of its key players, from Ronald Reagan through Bill Clinton to the current administration.
With his reporters savvy and instinct in Capital Offense, Hirsh covers the following:
- Takes readers inside high-level, closed-door conversations of top White House advisers and officials, including Greenspan, Rubin, Paul O’Neill, and others.
- Reveals never-before-disclosed facts about the Obama administration’s handling of the financial crisis; why Obama chose Geithner over Summers for Treasury secretary; what really happened in the famous 1998 confrontation over derivatives between Rubin and Brooksley Born, chairwoman of the Commodity Futures Trade Commission; and Summers’ refusal to concede Born was right even after the crisis of 2007-2009
- Illuminates key figures and lively interpersonal clashes, including the conflict between Larry Summers and Nobel Prize-winning economist Joe Stiglitz
- Offers crucial insights on why President Obama took so long to work on the economy—and why he may not be going far enough
- Catalogues the missteps of three decades of fiscal, regulatory, and financial recklessness
As we struggle to emerge from the financial crisis, one thing seems certain: Wall Street’s continued dominance of the global economy. Propelled into the lead by a generation of Washington policy-makers, Wall Street will continue to stay ahead of them.