WALL STREET CAPITALISM: THE THEORY OF THE BONDHOLDING CLASS

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.