The Judas Economy: the triumph of capital and the betrayal of work

Wolman, William

Perseus Books

In this compelling and impassioned book, Business Week chief economist Bill Wolman and Anne Colamosca say what our business and government leaders are unwilling to admit, but most Americans know in their gut: in the brave new global economy, big money holds all the cards while workers - including white-collar professionals - are increasingly expendable. Until now, our leaders have chosen to ignore that the new global economy has rewritten the economic rules that have governed our thinking over the last fifty years. The consequences for American competitiveness and morale are dire. Yet there are many actions we could take, the authors show, if only Americans would not let themselves be blinded by a false faith in ever-rising stock market, and would begin to question the dogma of the politicians and economists who assure us that the American economy is getting healthier for all of us. The downsizing trend will continue, the authors argue, whether or not America grows more competitive. A vastly expanded global labor pool, and the ability of corporations to move more and more of their operations to low-wage developing countries, guarantees this. The authors underscore this point in a chilling chapter on the rise of an educated, high-tech, and high-morale workforce in Bangalore, India, ready for international work and a study in contrast with the demoralized American middle class. Wolman and Colamosca pointedly expose reengineering and other management fads as mainly ways for corporations to justify or obscure the firing of their workers. The insidious effect of these purges is that workers blame themselves for their fate. Furthermore, the panacea of the downsized - starting you own business - is a mirage, according to the authors. To succeed in the new economy you need capital, and contrary to the hype only a lucky few will prosper on their own. In clear terms the authors explain why, economically, this is so. The dynamics of the global securities markets, and the control of interest rates by the Federal Reserves and Bundesbanks of the world, perpetuate a system where fast economic growth is allowed only in developing countries. Meanwhile in the U.S. and the rest of the developed world inflation is kept low, so as to protect the value of the wealthy's financial assets. Any nation which strays from this policy is punished by a devastating outflow of investment capital. The result: few economic opportunities for American workers, combined with historically high real interest rates. Not surprisingly, worker morale and productivity are suffering, bankruptcies and debt are at record highs, and debt collection in predicted to be one of the fastest-growing industries in the U.S. in the next five years. In a final section, the authors provide suggestions for how capitalism can "save itself" and restore some balance of power to workers. Anything but conventional wisdom, The Judas Economy will be essential reading for all those concerned with the future of their jobs, and of the American economy.

The Judas Economy: The Triumph Of Capital And The Betrayal Of Work

Business & Money

Colamosca, Anne

Biography & History

Basic Books

Beat Inflation Strategy

Klein, Roger

Simon&Schuster

According to business and finance journalists Bill Wolman and Anne Colamosca, the American public has been hoodwinked: 401(k)s, the most popular mechanism for retirement investing, were established to satisfy corporate, not individual, interests. They are replacing defined benefit-pension plans at an alarming rate and are vulnerable to the vicissitudes of the market, which--if history serves as our guide--is destined for at least a decade of lackluster performance. Drawing on primary historical and contemporary data, Wolman and Colamosca build a compelling case against the 401(k) as a tool for ensuring long-term financial security. They urge individuals and families to diversify their savings and investments, building conservative portfolios that include bonds, high-dividend stocks, and savings. In the process, they explore the colorful social history of our love-hate relationship with the stock market and address many key questions facing any family today, such as: How do I accumulate enough wealth to educate my children and retire comfortably? How secure are my sources of income and how can I anticipate change? Timely and incisive, The Great 401(k) Hoax is guaranteed to inspire debate and action from the water cooler to the boardroom to the voting booth.

The Great 401(k) Hoax: What You Need to Know to Protect Your Family and Your Future

Wolman, Bill

Economics

The American public was hoodwinked: 401(k)s were established to satisfy corporations, not the interests of working Americans. Portrayed as a perpetual wealth machine, the 401(k) was meant to satisfy the needs of every employee. Yet, it was an impossible promise to fulfill: It was the great 401(k) hoax. According to William Wolman and Anne Colamosca, this was the latest act in the gradual erosion of the nation's retirement system. Drawing from reams of historical and contemporary data as well as economic, social, and political trends, they reveal the system's troubled 100year history. Beyond exposing the hoax, the authors urge everyone to take charge of their investment portfolio and recommend strategies for beating Wall Street at its own game. Timely and incisive, The Great 401(k) Hoax is guaranteed to inspire debate and action-from the water cooler to the boardroom to the voting booth.

The Great 401 (k) Hoax: Why Your Family's Financial Security Is At Risk, And What You Can Do About It

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