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Reckless!: How Debt, Deregulation, and Dark Money Nearly Bankrupted America (And How We Can Fix It!) |  | Author: Byron L. Dorgan
Publisher: Thomas Dunne Books
Category: Book
List Price: $24.99
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Seller: totalmedia
Rating:  8 reviews
Sales Rank: 504624
Media: Hardcover
Pages: 288
Number Of Items: 1
Shipping Weight (lbs): 1.1
Dimensions (in): 9.7 x 6.5 x 1
ISBN: 0312383037
Dewey Decimal Number: 330.973
EAN: 9780312383039
ASIN: 0312383037
Publication Date: May 26, 2009
Availability: Usually ships in 1-2 business days
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Product Description
As one of only eight senators to vote against bank deregulation, Byron Dorgan warned America that a free-market system left unchecked is like a driving a car at ninety miles per hour without brakes. With the recent financial collapse having proven him right, Dorgan exposes this modern-day carnival of greed and calls out the corporate executives who reap millions and even billions as a “reward” for self-interest and mismanagement. More poignantly, he argues that public officials we elect to represent the best interests of the people have sold us out, as government has become a partner to Big Oil, Big Media, and Big Pharma.
In his prairie-populist voice peppered with incisive wit, Dorgan argues that we must rescue the economy from the influence of financial conglomerates and power brokers, and to hold our public officials accountable for regulating the economy.
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| Customer Reviews:
Showing reviews 1-5 of 8
 Greed and the Financial Crisis March 18, 2010
J.L. Populist (WI,USA)
RECKLESS is about the financial crisis from Byron Dorgan's perspective as a U.S. Senator.
He describes the influence of populism on his political ideology.
This is his second book following Take This Job and Ship It: How Corporate Greed and Brain-Dead Politics Are Selling Out America.
I highly recommend that book for anyone interested in populism or reading about corporate profits vs. the American worker.
On Hank Paulson's role in the Wall Street bailout he observes that Paulson would play a role in trying to fix the mess caused by the very activities that he encouraged.
Another interesting issue is financial monopolizing.
We now have four major banks that control almost 33% of bank deposits in America.
A popular criticism is the lack of accountability for bailout recipients and the outrageous bonuses for those at the top of failing institutions like AIG.
Time has proven Senator Dorgan was correct in his warning about the consequences of passing the Financial Services Modernization Act.
He provides some of the most coherent material on the market manipulation of oil futures. Wild speculation and unbridled greed played a large part in the high cost of gasoline. Some of the same folks who got the taxpayer bailout also speculate on oil futures!
On page 132 Senator Dorgan writes-
"It is unheard of to push for tax breaks during wartime. Yet that's exactly what the Bush/Cheney administration did. They not only decided to fight the war by putting the bills on a charge card; they also pushed tax breaks for the wealthiest Americans at the same time."
Another reason why history will likely judge the past administration as one of the worst in our history. But there's more in this book on that subject.
Another interesting topic is the e-mail from Douglas Feith on approving an RIO contract for Halliburton which states that "action had been coordinated with the VPs office."
The reader can form their own conclusion on how much Cheney was involved in the many no-bid contracts.
The author also touches on the sleazy side of the Iraq war- the war profiteering and subsequent tax evasion by off-shoring of companies like Halliburton.
RECKLESS is an easy and sometimes entertaining read on a dismal subject. I think that Senator Dorgan communicates the outrage that many feel about futures speculation and he sheds a lot of light on war profiteering better than most authors.
This is a good book!
 Dorgan Gives us Hope in These Dark Times February 19, 2010
Sean Mulligan (Alpharetta, Georgia)
1 out of 1 found this review helpful
Senator Byron Dorgan warned his fellow senators back in 1999 that repealing the banking regulations in Glass-Steagall would be an extremely shortsighted move that would cause severe damage to America's security. Dorgan was provent right by the recent financial crisis. Like in Dorgan's last book "Take This Job and Ship It" Dorgan advocates for the common people who are suffering in America, because of the recent economic recession and the growth of inequality. Dorgan showcases the many ways Corporations dodge taxes, causing the extra taxes to pass to the rest of the country and the deficit to rise. He calls for closing corporate loopholes so that all Americans pay their fair share.
Dorgan shows that massive war profiteering is occuring in Iraq and Afghanistan. Dorgan calls for a new Truman Committee that would expose corruption among military contractors, the same way the original Truman Committee did during World War II. Senator Dorgan makes some good points about immigration, such as the need to legalize most illegal immigrants who are in the country, while stoping corporations from importing cheap labor and undermining American wages and labor rights.
Senator Dorgan has a lot of ideas about reducing our dependence on foreign oil, by conservation measures and supporting alternative energy sources, however, I am dubious about some of his energy proposals such as encouraging ethanol use.
While Senator Dorgan highlights America's many problems, he reassures his readers that we should be optimistic, and that the American spirit of problem solving can steer us through our current rough patch.
A tunnel at the end of a dark light October 5, 2009
C. Wagner (On the banks of the Wabash far away)
2 out of 2 found this review helpful
Senator Dorgan explicates information difficult for common sense to deny. For example, our 42nd president, in keeping with the philosophy of the 40th president, allowed financial services to be "modernized" with the freedom to go wild (p.4). However, on page 5, the author is convinced our economy will recover and that a certain computer entrepreneur, who took total advantage of outsourcing while piling up a fantabulous fortune, helped build a stronger economy (pp. 24-25). That one mystified me, gentle reader. Dorgan advocates better not bigger government that would protect the public from the excesses of those who would rule over us. However, I fear this book will do no more to improve our nation's economy for those who actually work for a living than his book "Take This Job and Ship It" did to save the jobs of American workers. His discussion of the Iraq debacle was revealing and the discussion of apalling theft, fraud and general corruption should be read by all. Dorgan stressed the need for energy independence. "So, as we fuel our gas-guzzlers, we fuel Islamic extremism. (p. 193)." The discussion of medical care and wage stagnation were also insightful. But, I am afraid, the book will make no real change in status quo. The words "(And How We Can Fix It!)" from the subtitle remain to be fulfilled. The government is still run by the same lobbyists. But, perhaps, someday, a dedicated gadfly such as Senator Dorgan will make the change for the better.
A good read September 2, 2009
B. C. Dibble (Mesa AZ)
2 out of 2 found this review helpful
I like his style and how he laid out mistakes that led us to the mess we are in. Wish we had more in Congress like him.
Reckless August 27, 2009
Thelma L. Colvin (La Junta, Colorado)
2 out of 2 found this review helpful
Enjoyed every bit of it!!! Much of it is old information, but when put together in sequence and understood completely, you can see how we were all fooled and used. Surely when the Republicans realize how they also were duped they will see how The Bush Administration and the Military Industry and the CIA were all involved and promoted companies like Halliburton to access huge amounts of money. Debt we will pay off for years to come. It should make everyone angry.
Showing reviews 1-5 of 8
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