Griftopia
by Matt Taibbi · first published 2010
50% recommend50% neutral
Why HN recommends it
A plain-language explanation of the 2008 financial crisis and the mortgage collapse. It makes complex financial matters approachable and eye-opening, suited to readers new to the subject.
Summarised by Claude from recommending comments
The financial crisis that exploded in 2008 was only a prologue. The rise, fall, and rescue of Wall Street in the bubble-and-bailout era was the coming-out party for the network of looters who sit at the nexus of American political and economic power. The grifter class--made up of the largest players in the financial industry and the politicians who do their bidding--has been growing in power for a generation, transferring wealth upward through increasingly complex financial mechanisms and political maneuvers. The crisis was only one terrifying manifestation of how they've hijacked America's po
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…assumes knowledge of facts surrounding the financial crisis. There's plenty written elsewhere about that. Here's a sampling of books and blogs to comprehend what led to the Great Financial Crisis. * Griftopia by Matt Taibbi * https://www.rollingstone.com/politics/politics-news/the-9-bi... * https://jpmadoff.com/ * https://wallstreetonparade.com
on “Why didn’t any Wall Street CEOs go to jail after the financial crisis? (2019)” ↗If you haven't already, please read Matt Taibbi's Griftopia: http://www.amazon.com/gp/product/B003F3FJS2/ref=dp-kindle-re... He covers the nitty gritty details on mortgage collapse in an approachable and enlightening fashion. His book lends weight to your assertion…
on “T. Rowe Price Marks Down Most of Its Tech Startups” ↗…shill, whether the editor chose the most clueless reporter to write about the issue, deliberately or otherwise. I never understood why Max Keiser repeatedly called for the bankers to be hanged until I read Griftopia by Matt Taibbi. Its such an eye opener. I can't even understand most of the instruments involved I see enough to understand why Max Keiser called for their hanging. Turner’s viewpoint caused consternation…
on “Much of what investment bankers do is socially worthless (2010)” ↗Taibbi has published "Griftopia", a book which I heartily recommend. Perhaps the least partisan of his works, because everyone in it gets it: republicans and democrats alike. Even Obama, believe it or not. He has a knack for explaining…
on “Tesla drops 7% after Goldman Sachs says the stock is worth $180” ↗…they manufacture consent or dissent depends entirely on what party currently controls the White House and the Congress. So he's half-right. I'm a big fan of Taibbi's writing, and especially his books. "Griftopia" was pretty good, too. He's a rare breed - a liberal who is also willing to criticize liberals when they deserve it.
…the foot price bubble may cause the current surge in gas-prices http://news.ycombinator.com/item?id=2315894 Also the Author of the article (Taibbi) wrote a book about the bubble: http://www.amazon.com/Griftopia-Machines-Vampire-Breaking-Am... All the information I have is obviously very biased towards blaming Goldman Sachs, yet if their involvement in the extreme price hikes in foot, oil, housing markets is…
on “The People vs. Goldman Sachs” ↗…possible dips in stock value around the time of expiration. The agreements for LinkedIn will expire in November. http://www.investmentu.com/2011/August/linkedin-good-company... In Matt Taibbi's book, Griftopia, most of these stocks are little more than pump & dump operations by finance industry, who collect some fees on the side. Here’s how it works: Say you’re Goldman Sachs and Worthless.com comes to you…
on “Groupon To Sell 30M Shares At $16-$18 A Pop” ↗After just finishing reading Griftopia; I would not be surprised if Goldman Sachs had something to do with this or at least speculation of perishable commodities.
on “Food Prices Are Soaring Faster Than Inflation and Incomes” ↗I agree that speculation isn't the sole cause of the price increase in oil since there are other buyers besides speculators and the post's long quote from Matt Taibbi’s Griftopia acknowledges this. The quote gives facts to show the increase in speculative demand for oil was more or less equal to the increase in China's demand. If China makes up a substantial amount of the change…
on “Why Gas Is So Expensive Today (Hint: It’s Not Libya)” ↗Matt Taibbi coined the term Griftopia. This problem needs to be investigated, but unfortunately it's being used as cover for larger crimes at the moment. It's important to maintain perspective here, as one side has an immediate need for…
on “Search PPP Loans by Zip Code” ↗