Money

Lucrative Dealing in the Age of Austerity

Photo by Funk Dooby | CC BY 2.0

CounterPunchers such as Michael Hudson and Rob Urie have long informed its readers about what goes on in the financial sectors of the US economy in particular and the global economy more generally.

Their writings are usefully complemented for me by valuable accounts of how banking insiders do their work, ranging from the more journalistic (Michael Lewis and Matt Taibbi come to mind) to the more scholarly.  Among the latter, Doug Henwood’s Wall Street: How It Works and for Whom (Verso Press, 1987), although published over two decades ago is still pertinent, especially in view of the Senate’s recent vote, with Trump’s support, to roll back some of the Dodd-Frank legal provisions regulating “too big to fail” banks– thereby of course increasing the likelihood taxpayers will be stiffed yet again in the event of another major banking collapse (deemed to be “inevitable” by Bill Gates).

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