Who Repo'd My Jet?

Download or read book Who Repo'd My Jet? written by Robert Frank and published by Scribe Publications. This book was released on 2011-01-01 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: Though intimate portraits of people who are named and on the record, Who Repo'd My Jet? chronicles the decline of the newly-moneyed class: their mortgaged mansion, blown-up balance sheets, repossessed Bentleys and Gulfstreams, and wrecked lives and relationships. But who cares about the sudden discomfort of the rich amidst so much real mass hardship? Aside from eliciting pure schadenfreude, this engrossing book explains the deeper economic shocks that come from such precipitous losses at the top. The wealthy dominated the consumer economy at the beginning of the millennium, and their fall is likely to prolong any downturn. Their increasing vulnerability to the booms and busts of the stock market wreaks havoc on our communities, employment opportunities, and government finances. With vivid storytelling and insightful analysis, Robert Frank illuminates the impact that the 'high-beta rich' have had upon the broader landscape of the global economy. In a time when cycles of wealth are getting faster and more extreme, Who Repo'd My Jet? is a cautionary tale with lessons for every reader. 'Robert Frank has uncovered one of the most important new forces shaping our economy: the volatility of the wealthy. Filled with gripping human stories and groundbreaking analysis, Who Repo'd My Jet? will change the way you think about wealth and the American economy. Funny, smart, and memorable.' - Nouriel Roubini, economist and author of Crisis Economics