The Great American Stickup

The Great American Stickup examines the 2008 financial crisis and traces its origins back through decades of Wall Street deregulation. Scheer investigates the roles of key political figures and financial leaders who championed the dismantling of Depression-era banking regulations. The book details the specific policy decisions and legislative changes that enabled the rise of complex financial instruments and risky lending practices. Through interviews and deep research, Scheer reconstructs the sequence of events that transformed the American banking system from a regulated industry into a high-stakes casino. The narrative follows both Democratic and Republican administrations' contributions to financial deregulation, with particular focus on the Clinton era and the repeal of Glass-Steagall. Scheer draws connections between Wall Street lobbying efforts, campaign contributions, and the eventual policy shifts that reshaped the financial sector. This work stands as an indictment of the revolving door between Washington and Wall Street, revealing how the interests of ordinary citizens were subordinated to those of financial institutions. The book raises fundamental questions about democracy, accountability, and the relationship between government and private enterprise in America.

Readers describe the book as a clear explanation of the 2008 financial crisis, focusing on deregulation and the roles of key political figures. Many note that Scheer avoids partisan blame, instead documenting how both Democrats and Republicans contributed to the crisis. Readers appreciated: - Detailed research and documentation - Accessible writing style for complex financial topics - Historical context going back to the Clinton administration Common criticisms: - Some repetition of points - Focus on certain figures (Rubin, Summers) while giving less attention to others - Lack of proposed solutions Ratings across platforms: Goodreads: 4.0/5 (486 ratings) Amazon: 4.3/5 (89 reviews) Several readers noted the book pairs well with "Inside Job" documentary. One reader remarked: "Finally understood how Glass-Steagall's repeal led to the meltdown." Multiple reviewers mentioned the book helped them grasp the connections between Wall Street and Washington that contributed to the crisis.

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🏦 Author Robert Scheer served as a reporter and editor at the Los Angeles Times for nearly 30 years, where he frequently covered economic policy and Wall Street. 💰 The book traces the roots of the 2008 financial crisis back to decisions made during the Clinton administration, particularly the repeal of the Glass-Steagall Act. 📝 Scheer conducted extensive interviews with key figures including former Federal Reserve Chairman Paul Volcker and Clinton Treasury Secretary Robert Rubin for this book. 🏛️ The Glass-Steagall Act, a central focus of the book, had kept commercial and investment banking separate for 66 years before its repeal in 1999. 💼 Larry Summers, Timothy Geithner, and Robert Rubin—three main figures criticized in the book—all held the position of Treasury Secretary and all had connections to Wall Street firms either before or after their government service.