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Books — Kevin Phillips



Bad Money (2nd Edition)

by Kevin Phillips

Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism

Last year, Kevin Phillips's bold book Bad Money was on the New York Times non-fiction bestseller list for four weeks (April, September) and on the NYT business bestseller list four months (April, May, September, October). When the book came out, many reviewers lauded his research and thesis that a hubris-driven financial sector had essentially highjacked the U.S. economy over two decades, with potentially grave results. But others saw his analysis as extreme, even catastrophist. Now, as Mr. Phillips releases an updated edition of Bad Money, his original warnings have been vindicated as prophetic and the situation has turned out worse than we even imagined.

The new edition includes 90 pages of new and groundbreaking material that carries the original analysis forward in the light of the year that's passed. Sixty-five pages are in a new preface entitled After the Fall: The Inexcusable Failure of American Finance. The other twenty-five come in a new Afterword entitled Speculative Capitalism Endangered: The Domestic and Global Consequences. Both sections update the book and its thesis for the period from January, 2008 to January, 2009, including the new Obama administration.

Once again, Kevin Phillips has earned his reputation as one of America's most insightful political-economic thinkers, a first-rate historian with an extraordinarily clear eye on the future.

Bad Money

Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism

by Kevin Phillips

The bestselling author reveals how the U.S. financial sector has hijacked our economy and put America’s global future at risk

In American Theocracy, Kevin Phillips warned us of the perilous interaction of debt, financial recklessness, and the increasing cost of scarce oil. The current housing and mortgage debacle is proof once more of Phillips’s prescience, and only the first harbinger of a national crisis. In Bad Money, Phillips describes the consequences of our misguided economic policies, our mounting debt, our collapsing housing market, our threatened oil, and the end of American domination of world markets. America’s current challenges (and failures) run striking parallels to the decline of previous leading world economic powers—especially the Dutch and British. Global overreach, worn-out politics, excessive debt, and exhausted energy regimes are all chilling signals that the United States is crumbling as the world superpower.

"Bad money" refers to a new phenomenon in wayward megafinance—the emergence of a U.S. economy that is globally dependent and dominated by hubris-driven financial services. Also "bad" are the risk miscalculations and strategic abuses of new multitrillion-dollar products such as asset-backed securities and the lure of buccaneering vehicles like hedge funds. Finally, the U.S. dollar has been turned into bad money as it has weakened and become vulnerable to the world’s other currencies. In all these ways, "bad" finance has failed the American people and pointed U.S. capitalism toward a global crisis. Bad Money is the perfect follow-up to Phillips’s last book, whose dire warnings are now proving frighteningly accurate.

Reviews
Here is a review of Bad Money:
Riches to Rags – The New York Times
What Ails the American Economy? Everything, and There’s Worse to Come – The New York Times
Scary Times Ahead – ArtVoice

Viking Adult (April 15, 2008)

American Theocracy

The Peril And Politics Of Radical Religion, Oil, And Borrowed Money In The 21st Century

by Kevin Phillips

From America’s premier political analyst, an explosive examination of the axis of religion, politics, and borrowed money that threatens to destroy the nation

In his two most recent New York Times bestselling books, American Dynasty and Wealth and Democracy, Kevin Phillips established himself as a powerful critic of the political and economic forces that are ruling—and imperiling—the United States. Now, Phillips takes an uncompromising view of the political coalition, led by radical religion, that is driving America to the brink of disaster.

From Ancient Rome to the British Empire, Phillips demonstrates that every world-dominating power has been brought down by a related set of causes: a lethal combination of global over- reach, militant religion, resource problems, and ballooning debt. It is this same axis of ills that has come to define America’s political and economic identity in the past decade. Military miscalculations in the Middle East, the surge of fundamentalist religion, the staggering national debt, the costs of U.S. oil dependence—together these factors are undermining our nation’s security, solvency, and standing in the world. If left unchecked, the same forces will bring a debt- bloated, preachy, energy-starved America to its knees. With an eye on the past and a searing vision of the future, Phillips has written a book that no American can afford to ignore.

American Dynasty

Aristocracy, Fortune, And The Politics of Deceit In The House Of Bush

by Kevin Phillips

The Bushes are the family nobody really knows, says Kevin Phillips. This popular lack of acquaintance—nurtured by gauzy imagery of Maine summer cottages, gray-haired national grandmothers, July Fourth sparklers, and cowboy boots—has let national politics create a dynasticized presidency that would have horrified America's founding fathers. They, after all, had led a revolution against a succession of royal Georges.

In this devastating book, onetime Republican strategist Phillips reveals how four generations of Bushes have ascended the ladder of national power since World War One, becoming entrenched within the American establishment—Yale, Wall Street, the Senate, the CIA, the vice presidency, and the presidency—through a recurrent flair for old-boy networking, national security involvement, and political deception. By uncovering relationships and connecting facts with new clarity, Phillips comes to a stunning conclusion: The Bush family has systematically used its financial and social empire—its "aristocracy"—to gain the White House, thereby subverting the very core of American democracy. In their ambition, the Bushes ultimately reinvented themselves with brilliant timing, twisting and turning from silver spoon Yankees to born-again evangelical Texans. As America—and the world—holds its breath for the 2004 presidential election, American Dynasty explains how it happened and what it all means.

Wealth and Democracy

A Political History Of The American Rich

by Kevin Phillips

"For more than thirty years, Kevin Phillips' insight into American politics and economics has helped to make history as well as record it. Now he turns his attention to the United States' history of great wealth and power, a sweeping cavalcade from the American Revolution to what he calls "the Second Gilded Age" at the turn of the twenty-first century." The Second Gilded Age has been staggering enough in its concentration of wealth to dwarf the original Gilded Age a hundred years earlier. However, the tech crash and then the horrible events of September 11, 2001, pointed out that great riches are as vulnerable as they have ever been. In Wealth and Democracy, Kevin Phillips charts the ongoing American saga of great wealth - how it has been accumulated, its shifting sources, and its ups and downs over more than two centuries. He explores how the rich and politically powerful have frequently worked together to create or perpetuate privilege, often at the expense of the national interest and usually at the expense of the middle and lower classes.

Arrogant Capital

by Kevin Phillips

Everyone knows that Washington is completely out of touch with the rest of the country. Now Kevin Phillips, whose bestselling books have prophesied the major watersheds of American party politics, tells us why. Washington - mired in bureaucracy, captured by the money power of Wall Street, and dominated by 90,000 lobbyists, 60,000 lawyers, and the largest concentration of special interests the world has ever seen - has become the albatross that Thomas Jefferson and our other Founding Fathers feared: a swollen capital city feeding off the country it should be governing. Throughout most of our history, the genius of American politics was that ballot revolutions every generation swept out failed establishments and created new ones. Now that can no longer happen. Feared and even hated by a majority of the citizenry, "Permanent Washington" has dug in. Using history as a chilling warning, Kevin Phillips parallels the present atrophy to that of formerly mighty and arrogant capitals like Rome, Madrid, and Amsterdam. Unchecked, Washington will - like other great powers before it - lead the country to its inevitable decline and fall. To work again, Washington must be purged and revitalized. In his unique blueprint for a political upheaval, Kevin Phillips puts Washington on notice by sounding a cry for immediate action, offering us a wide variety of remedies - some quasi-revolutionary, others more moderate, but all sure to be controversial.

Boiling Point

Democrats, Republicans, and the Decline of Middle-Class Prosperity

by Kevin Phillips

In the election of 1992, support for George Bush plunged to a level below Herbert Hoover's in 1932 as many middle-class suburbs voted Democratic and Ross Perot surged. In this book, Kevin Phillips shows how this populist explosion revealed a powerful new political force: widespread frustration over the decline of middle-class prosperity and the threat to the American dream. Teenage homelessness in the Chicago suburbs ... crumpled home values in Southern California ... the worst job market for college graduates in New York City since the Great Depression: It all added up to the sharpest economic decline in decades, provoking political unrest unequaled in sixty years. There had been declines before, but no previous postwar downturn so damaged the white middle class as a whole or raised such fears that Americans might lose the unique economic privileges that they have enjoyed since World War II. Boiling Point shows in dismaying detail what has happened to the middle class since the 1970s in disposable income, earnings, home values, job prospects, public services, assets and net worth, pension safety and health insurance, and the next generation's prospects of enjoying the same rising living standards and upward mobility as its parents had. And it was not a natural result of adverse global trends but of deliberate political choices. In the Reagan-Bush years American leaders who had once spoken up for the average family were celebrating investors, speculators, and the rich, shifting the burden of taxes from the wealthy to the middle class while starving public services and disregarding the growing debt that would punish future generations. The populist anger so vivid in 1992 is not a onetime phenomenon. It will persist, Phillips says, until the middle class resumes the road to prosperity under government policies that it considers fair. It is on this that the politics of the 1990s now depends.

Politics of Rich and Poor

Wealth and the American Electorate in the Reagan Aftermath

by Kevin Phillips

The enormous concentration of wealth in the United States during the 1980s--most of it in the hands of the top 1% of the population--will provoke what Phillips calls a watershed change in American politics. His masterly analysis portrays the public's growing concern over this unequal distribution of wealth and the Republican policies that enhanced the imbalance.