Age of Greed

Age of Greed examines the key figures and events that shaped America's financial system from the 1970s through the 2008 crisis. Through profiles of influential bankers, economists, and political leaders, Madrick traces how deregulation and free-market ideology transformed Wall Street and the U.S. economy. The book moves chronologically through four decades, exploring watershed moments like the savings and loan crisis, the dot-com bubble, and the subprime mortgage collapse. Madrick focuses on the personal stories and decisions of power players including Alan Greenspan, Sandy Weill, Ken Lay, and others who drove major changes in American capitalism. The narrative connects individual actions to broader economic trends, showing how the pursuit of wealth and dismantling of financial safeguards led to increasing instability. Madrick's account reveals how a shift in both policy and culture produced a system that prioritized short-term profits over long-term stability, fundamentally altering the relationship between Wall Street and Main Street. This work offers critical insights into the human motivations and ideological forces that reshaped American economic life, while raising questions about the true costs of unchecked financial innovation and deregulation.

Readers found the book provided detailed accounts of key financial players and economic shifts from 1970-2010, but many felt overwhelmed by the amount of biographical information. Readers appreciated: - Clear explanations of complex financial concepts - In-depth research and historical context - The focus on individual decision-makers rather than abstract forces - The connections drawn between deregulation and economic crises Common criticisms: - Too many biographical details that distract from the main narrative - Lacks clear organization and jumps between time periods - Some readers found the tone accusatory rather than analytical - Limited coverage of international factors Ratings: Goodreads: 3.8/5 (384 ratings) Amazon: 3.9/5 (71 ratings) Notable reader comments: "Thorough but dense" - Goodreads reviewer "Great historical detail but needed better editing" - Amazon reviewer "Valuable perspective on deregulation's effects" - LibraryThing review "Lost focus amid endless biographical tangents" - Amazon reviewer

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🔸 Author Jeff Madrick spent seven years researching and writing Age of Greed, conducting over 100 interviews with Wall Street insiders, economists, and policymakers. 🔸 The book traces the rise of American-style free market capitalism through 27 key figures, including Milton Friedman, Ivan Boesky, and Alan Greenspan. 🔸 Age of Greed covers a 50-year period (1970-2020) during which the average CEO's compensation went from 30 times to more than 300 times the average worker's salary. 🔸 The term "greed is good" - famously used in the movie Wall Street - was inspired by a real speech given by Ivan Boesky at UC Berkeley in 1986, which is analyzed in the book. 🔸 Madrick reveals how Sandy Weill built Citigroup into the world's largest financial institution by systematically dismantling the Glass-Steagall Act, which had separated commercial and investment banking since the Great Depression.