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How We Got Swindled by Wall Street Godfathers, Greed & Financial Darwinism - The 30-Year War Against the American Dream von Schoenberger, E. Henry (eBook)

  • Erscheinungsdatum: 16.01.2013
  • Verlag: riverrun press
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How We Got Swindled by Wall Street Godfathers, Greed & Financial Darwinism

Swindled is a political, socio-economic, financial, and philosophical treatise on the state of our dysfunctional society. It is a brutally candid expose of political self-interest and economic self-interest. And how our democracy, founded on the primary principle 'of the people, by the people and for the people' (Lincoln's Gettysburg Address) has become a political system of the lobbyists, by the ultra rich and for the ultra rich and their special interests. 'With keen intellect and searing wit, Henry Schoenberger's How We Got Swindled exposes the myriad of financial hijinks and colossal leadership failures that have turned the first decade of the new century into an economic disaster. Schoenberger not only identifies the causes, rationales and human failings that led to this mess; he provides some ready answers for how we must go about fixing it. This should be must-reading for every policy maker in Washington and every student of economics and finance.' -David Satterfield, former Business Editor of the Miami Herald, 2 times Pulitzer Prize Winner


    Format: ePUB
    Kopierschutz: none
    Seitenzahl: 271
    Erscheinungsdatum: 16.01.2013
    Sprache: Englisch
    ISBN: 9780962200632
    Verlag: riverrun press
    Größe: 2272 kBytes
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How We Got Swindled by Wall Street Godfathers, Greed & Financial Darwinism


For the past twenty years I have considered the adverse effects of the undeclared pursuit of Financial Darwinism which, ironically, is a derivative of the Social Darwinism practiced by Andrew Carnegie, John D. Rockefeller, and the ultra rich prior to the Great Depression. Social Darwinism was based on the writings of the British philosopher Herbert Spencer. Spencer profoundly influenced Carnegie by providing him with the philosophical justification for his unabashed Greed in pursuit of personal riches in business. And the philosophy of Social Darwinism freed Carnegie from any moral reservations about the pursuit of unbridled financial acquisition at the expense of the wellbeing of his workers . This philosophy also freed Carnegie from any concern for his avaricious behavior's toxic effect on society; certainly not the high society type.

Spencer applied Darwin's idea of natural selection to those who could acquire the highest pile of gold. It was Spencer who coined the term Survival of the Fittest , which he used to explain the fate of the rich and poor in a laissez-faire capitalist society. Spencer argued there was nothing unnatural, and therefore wrong, with competing and rising to the top in a cut-throat capitalist world. Capitalism is not the problem - it is how it is used, or abused in the name of freedom.

So it is important to begin this book with the knowledge that Financial Darwinism is simply the metamorphosis of Social Darwinism which never died . And that the Social Darwinism of Spencer is still fundamentally vital to the so-called free-market capitalism practiced by Wall Street. Therefore Financial Darwinism is the core belief underlying how we got swindled ; which means - Survival of the Richest , as David Satterfield explained in his foreword.

Before beginning keep in mind that the sum of the parts equals the whole . So do not expect a logical progression of causes or events or a plot to follow. Because there are so many seemingly isolated but related issues and culprits that must be individually examined and explained - before it is possible to achieve a true understanding of what happened, and why our economy and society has arrived at this point in time. Additionally keep in mind that swindles based on a return to the Laissez-faire economics which caused the Great Depression are not straightforward. And keep in mind that swindlers do not care about victims .

In 1988, when I was writing my first book, Invest for Success, How to Avoid Getting Ripped Off by; Real Estate Partnerships, the Stock Market and Diversification , I sent an outline about Financial Darwinism to Senator Christopher Dodd, Jonathon Katz Secretary of the SEC and to Senator George Mitchell, (who had asked me to present testimony through him for the Senate Finance Committee hearings for TRA 86.) I have provided these communications in an appendix so you may conclude that - if I knew about the growing proliferation of egregious financial manipulations and the lack of regulatory oversight - some members of Congress had to have been aware of how regulations from the 30's, enacted to protect us from the unbridled greed and self interest which caused the Great Depression, were being unraveled.

I believed in 1990, which is now manifestly apparent, that deregulating Greed would lead to a devaluation of ethics . Certainly many members of Congress had to have read Paul Samuelson or Lester Thurow or Robert Heilbroner, as I did in th

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