432:'s "impending ratings holocaust." And not content to excoriate the former Federal Reserve chairman Alan Greenspan for his near-cultish reverence for unsupervised markets, Taibbi calls him a liar, adding that he "castrated the government as a regulatory authority, then transformed himself into the Pablo Escobar of high finance, unleashing a steady river of cheap weight into the crack house that Wall Street was rapidly becoming." Mixed metaphors aside, this sort of hyperventilation makes Taibbi's legitimate accusations seem flimsy, as if the facts alone were not sufficient cause for consternation.
315:(IPOs) (most of which lost money) during the internet bubble, at the heart of the commodity crisis of 2008 (enabling speculation in oil and other essentials and driving up their prices), and was right at the center of the financial crisis of 2008 ongoing. Goldman Sachs is seen as the "apotheosis of the Grifter Era" controlling rules and regulations through manipulation of the government by money, pressure, insider connections, and
392:
magazine, Taibbi views the color of the US not red and blue but rather "puke green". Sheelah
Kolhatkar has stated that Taibbi has "legitimate targets" and a "right to be angry", as most of the "perpetrators of the financial crisis have escaped more or less unscathed", and while "the worse things get
213:
contains seven analytical essays, followed by an epilogue, and a note about the author's sources. Taibbi names most sources he interviewed. However, in some instances sources remained anonymous for their protection. Other sourcing is self-evident from publicly known material. The introductory chapter
265:
Taibbi dissects the housing bubble crisis as a complex scam involving players at many levels. Entry level assessments, income levels, and credit scores were falsified or neglected, allowing the finance sector to profit in fees by foisting mortgage loans onto customers that could not afford to carry
330:
on "lazy poor people living in too much house", a view
Republicans embraced as a failure of mixing private enterprise and social engineering, while the Obama administration continues to let Wall Street run the economic policy of the White House. Much of the backroom dealing that resulted in the
335:
article who did not argue his facts, but instead took fault with him for not understanding that the bail-out was necessary. Taibbi finally points out that, after 2008, the financial landscape is more concentrated than ever, and efforts at its regulation have been watered down.
310:
article where he "famously" likened the world’s most powerful investment bank to "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money". He describes GS as it was in the forefront of pushing
197:
as "necessary ... corrective" of the assertion that bubbles are inevitable in the market system, and another review said the book contests the idea greed of the
American consumer was a primary cause of the problem. More negative reviews described
29:
266:
them. Taibbi maintains that ARMs and other "financial inventions" enlarged the pool of loans that could never be paid back, yet issuing agents and agencies were made rich by commissions. The real money, however, came in for the big banks that
253:
by pushing money and abandoning traditional evaluations when advocating that "ideas" (not financial results) had become the new paradigm of financial evaluation. Greenspan is criticized for advising the public to use
218:
whose members are aiming for simple solutions with less government intrusion. Taibbi maintains that the real world is too complex, and the Tea Party adherents are being manipulated (and financed) to do the bidding of
186:"grifter class" that holds a grip on the political process. Taibbi maintains that "all of us, conservatives and progressives, are being bled dry by a tiny oligarchy of extremely clever criminals and their
249:
and financial crisis. Taibbi catalogues
Greenspan's string of economic prognostications that were "awful at best". He holds Greenspan accountable for fueling economic bubbles during his watch at the
941:
152:
293:
is described as a "grotesque give-away" to the health insurance industry and a betrayal of the public trust. Taibbi argues that the insurance industry unfairly continues to be exempted from
319:
jobs as a "parasitic enterprise". The author asserts that "in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy."
1033:
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223:. Dismantling of regulations and absence of control has been part of the problem of the recent fiasco. Taibbi sees the Tea Party as "top-down media con" initiated by
544:
613:
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289:. The sell-off of public assets is described in another essay with examples of frittering away assets under value to the detriment of future generations. The
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shortly before his raising of interest rates. Taibbi accuses
Greenspan of turning the Federal Reserve into a permanent bail-out system for the super-rich.
420:
said the writing style makes the book readable and "engaging", the tone of the book has also been criticized as "playing dirty" and as distracting. As
743:
281:
led to global food shortages and prompted the price of oil to rise over $ 140 per barrel. Taibbi depicts as its cause investment-bank led commodity
787:
182:
but the result of a complex and ongoing politico-financial process taking place in the United States whereby wealth and power are transferred to a
290:
522:
381:
is not a partisan book in the traditional sense as Taibbi dishes out criticism at both
Republicans and Democrats. Yet Salmon also declared: "if
285:, after having convinced regulators to dismantle sensible regulations that had safeguarded the process of commodity trading, in place since the
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up by calling it "a coarse, superficial and one-sided rant that oozes contempt for humanity." Financial journalist
882:
316:
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255:
428:
Words and phrases like "bloviating," "utterly insane" and "moron" all get vigorous workouts. Taibbi refers to
231:
when he denounced not the huge bailout of the banks but rather the relatively small bailout for people facing
618:
398:
312:
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991:
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331:
massive and selective bail-out has not seen the light of day. Taibbi addresses his critics of the 2009
402:
criticized the book for failing to offer any solutions Taibbi explores, and for some of its language.
875:
322:
In the epilogue Taibbi takes a look at the events after 2008. He addresses the issue that bankers in
271:
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as "superficial and one-sided" and as spoiled by Taibbi's use of hyperbolic and profane language.
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22:
Griftopia: Bubble
Machines, Vampire Squids, and the Long Con That Is Breaking America
1012:
997:
466:
Griftopia. Bubble
Machines, Vampire Squids, and the Long Con That Is Breaking America
412:
351:
has described the book as a "relentlessly disturbing, penetrating exploration" while
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259:
228:
164:
Griftopia: Bubble
Machines, Vampire Squids, and the Long Con That Is Breaking America
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416:, uses a journalistic style that incorporates R-rated language. While
659:. November 11, 2011. Archived from the original on October 14, 2012
355:
said it was "provocative exploration" of the events leading to the
393:
for average
Americans, the better off (are) the top 1 percent".
224:
871:
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274:(and in the process took the loan originators off the hook).
122:
245:
from 1987 to 2006, is described as the major enabler of the
838:(Vancouver). Archived from the original on January 7, 2011
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Critical reception was mixed. One observer described
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It argues that the crisis was not an accident of the
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270:these loans, that is to say, repackaged them as
167:is a 2010 book by American political journalist
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300:Taibbi's last chapter takes on investment bank
717:. Archived from the original on June 16, 2011.
291:health care reform by the Obama administration
883:
545:"25 People to Blame for the Financial Crisis"
8:
612:Jay Palmer, Ann C. Logue (October 2, 2010).
21:
1034:Non-fiction books about the Great Recession
385:, you want Taibbi to be doing the raking."
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304:(GS) in an updated version of his 2009
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832:"Book review: Giftopia by Matt Taibbi"
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786:Sheelah Kolhatka (November 18, 2010).
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326:(FCIC) hearings laid the blame of the
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525:from the original on November 9, 2020
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324:Financial Crisis Inquiry Commission
258:(ARMs) in preference to fixed–rate
14:
171:about the events that led to the
830:Brian Lynch (December 7, 2010).
742:Alex Altman (November 8, 2010).
707:(December 2010 – January 2011).
1:
614:"Return of the Vampire Squid"
590:"Griftopia: A flawed thesis"
396:Jay Palmer and Ann Logue of
1060:
788:"Interview with a Vampire"
443:Chicago Parking Meters LLC
357:2007–2008 financial crisis
328:2007–2008 financial crisis
279:commodities bubble of 2008
173:2007–2008 financial crisis
820:Matt Taibbi, ibid. p. 206
383:muck is going to be raked
256:adjustable-rate mortgages
190:henchmen in government."
26:
1044:Spiegel & Grau books
691:Matt Taibbi, ibid. p.210
313:Initial public offerings
18:2010 book by Matt Taibbi
651:"Editor's picks: Books"
410:Taibbi, a reporter for
1019:2010 non-fiction books
950:Insane Clown President
434:
347:earned mixed reviews.
295:anti-trust legislation
926:The Great Derangement
709:"Giant Sucking Sound"
511:(December 24, 2010).
353:The Los Angeles Times
140:The Great Derangement
1039:Books by Matt Taibbi
462:Matt Taibbi (2010).
513:"Thieves' Paradise"
272:investment vehicles
23:
518:The New York Times
472:Spiegel & Grau
422:The New York Times
418:The New York Times
349:The New York Times
241:, chairman of the
216:Tea Party movement
214:is focused on the
69:Spiegel & Grau
1006:
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656:Los Angeles Times
598:. March 24, 2011.
485:978-0-385-52995-2
160:
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85:Publication place
33:Hardcover edition
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802:cite magazine
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764:cite magazine
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744:"The Skimmer"
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840:. Retrieved
836:Straight.com
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793:Businessweek
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754:December 29,
752:. Retrieved
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737:
723:cite journal
712:
705:Felix Salmon
687:
673:cite journal
661:. Retrieved
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557:December 29,
555:. Retrieved
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529:December 29,
527:. Retrieved
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899:Matt Taibbi
283:speculation
268:securitized
233:foreclosure
221:Wall Street
180:free market
169:Matt Taibbi
60:Non-fiction
43:Matt Taibbi
1013:Categories
942:The Divide
663:January 2,
449:References
184:super-rich
153:The Divide
992:The Beast
985:The eXile
966:Hate Inc.
934:Griftopia
919:Mark Ames
914:The eXile
714:Bookforum
628:cite news
379:Griftopia
371:Griftopia
345:Griftopia
340:Reception
260:mortgages
211:Griftopia
200:Griftopia
195:Griftopia
129:795624595
65:Publisher
852:cite web
523:Archived
437:See also
424:states:
406:Language
206:Contents
188:castrato
49:Language
619:Barrons
399:Barrons
369:summed
363:of the
52:English
969:(2019)
961:(2017)
953:(2017)
945:(2014)
937:(2010)
929:(2008)
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430:A.I.G.
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39:Author
906:Books
101:Pages
57:Genre
858:link
844:2010
808:link
770:link
756:2010
748:Time
729:link
679:link
665:2011
634:link
573:link
559:2010
550:Time
531:2010
480:ISBN
390:Time
277:The
225:CNBC
123:OCLC
110:ISBN
227:'s
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
