Wall Street Capitalism

The Theory of the Bondholding Class

E Ray Canterbery

• Publisher: WSPC
• Year: 2000
• eBook ISBN: 9789813102866
• Topic: Business
• Subtopic: Finance
• Index: Business

Breaking the chains of the bond market…

This book goes behind the headlines of the Wall Street Journal to unmask the “bondholding class”. Insulated from criticism by a self-serving ideology, the bondholders have redefined the indicators of economic well-being decidedly in Wall Street's favor. Created out of the fiscal folly of Reaganomics, fortified by Federal Reserve officials, and patronized by the Clinton Administration, the bondholding class invented the “Goldilocks economy” (never too hot, never too cold). As this powerful class has amassed the greatest wealth in history, ordinary Americans have been losing ground to the ensuing global financial turbulence. In a tour de force, Ray Canterbery shows how the evaporation of personal savings — “the Angels share” — is as necessary to Wall Street capitalism as it is damaging to growth and wages on Main Street.

Table of contents

• Contents
• Preface
• Introduction
• I. THE BOND MARKET: A NEW AMERICAN ICON
• II. WALL STREET FACILITATES THE TAKEOVER BY THE BONDHOLDERS
• III. THE BAD NEWS FOR ORDINARY PEOPLE
• IV. PROBLEMS WITH THE BOND MARKET STRATEGY
• V. WHAT TO DO: SOME IMMODEST PROPOSALS
• Index