“OK, I really can't give five stars to anything that goes into this much detail about financial stuff. But Matt has done a better job than most at explaining things in little, easy to swallow bites. He also uses good similes from ordinary life to explain what the big stake players in the gamble that is Wall Street are doing. Along the way, he makes it clear that the main reason they are doing these really dishonest, dishonorable, despicable things is that the de-regulation craze of the Reagan era made it possible.
I don't agree with everything Taibbi says, especially when he blames President Obama more than I do for the fact that this BS continues to be done in spite of what was supposed to be Wall Street Reform. Taibbi discounts the factor of Republican obstructionism more than I do. However, to be fair, he's also much more aware of the inside stories, having been writing for Rolling Stone for several years.
Matt does not pull any punches, and he's prone to calling a crook by any number of unprintable names. (Well, no; not unprintable, but certainly not the sort of thing a lady would say.) Also, he knows what really went on far more than those of us who get our "facts" from major news outlets.
Some of this gets really esoteric, like the actions of the Federal Reserve, various regulatory agencies that fail to regulate, and many tricks of the trade that allow stock brokers to sell toxic assets. If you really want to know just how fucked up (OK, I guess a lady does sometimes use that sort of language), read slow and follow each explanation carefully. Fair warning: the more you understand, the more your anger will burn.
In this sort of topic, even two years ago is out of date to some extent. For example, the Consumer Financial Protection Agency is FINALLY up and running, and President Obama has recently announced some changes that may make a big difference in the long run. Also, I get a lot of hope from the coordinated work of all 50 state attorneys general with the US Attorney's office, in investigating and indicting those who really did break the law, even the very lax laws of the past 20 years or so.
It is also quite obvious that major changes in finance laws, and in tax laws, are still needed. But then even a cursory glance at the current news would tell you that. What makes this book so special is that Taibbi has pointed out with considerable specificity just what changes we need.”
