Bad Money: The Global Crisis of American Capitalism

TUE, APR 15, 2008 (1:13:08)

Kevin Phillips argues that “bad money has driven out good,” in Bad Money: Reckless Finance, Failed Politics and the Global Crisis of American Capitalism. Subprime lending. The housing bubble. A falling dollar. Imploding credit. Just how bad is the American financial situation? Analyzing the domestic upheavals and the global dangers resulting from the rising influence of Wall Street over the past twenty years, Phillips demonstrates how every aspect of American life has been put at risk by the “bad money” that has come to dominate the US Gross Domestic Product. How can the nation extricate itself from its current dilemmas? Where is the political will to solve our economic problems? How painful will the coming “correction” be for individual citizens and for a nation that finds itself dependent on, rather than driving, the global economy?

+ BIO: Kevin Phillips

Kevin Phillips is an American writer and commentator on politics, economics, and history. Formerly a Republican Party strategist, Phillips has become disaffected with his former party over the last two decades, and is now one of its harshest critics. He is a regular contributor to The Los Angeles Times and NPR, and is a political analyst on PBS’ NOW with Bill Moyers.

Cambridge Forum
AMERICAN EXPERIENCE: The Crash of 1929 Series