Economic Perspectives with Hopeton Hay on KAZI 88.7 FM in Austin, TX

Causes of Finanical Crisis Focus of April 20 Economic Perspectives

Posted by Hopeton on April 18, 2009

bad_money1Kevin Phillips, author of Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism, will be the April 20 guest on Economic Perspectives.  In the preface to Bad Money, Phillips writes, “My book locks in on how over the last two decades, speculative finance rose to a counterproductive economic and political dominance in the United States.  As we will see, the lessons of modern history-the successive declines of leading world economic powers-suggests that financialization was dangerous in itself.  Then, after riding a long and huge wave of borrowing and liquidity, a grossly overinflated U.S. financial sector-the increasingly commingled excesses of banking, securities, insurance and real estate-failed the nation’s trust through extreme greed, inexcusable speculative leverage, and a streak of sheer incompetence.

Phillips has over 40 years experience as a political commentator and consultant.  His past experience includes working for the 1968 Republican presidential campaign, serving as a political consultant to two major Wall Street firms, and serving on the staff of a U.S. Congressman.  A 1964 graduate of Harvard Law School, Phillips has authored 13 books including Wealth and Democacy: A Political History of the American Rich, and Arrogant Capital: Washington, Wall Street, and the Frustration of American Politics.

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