The High-Beta Rich: how the manic wealthy will take us to the next boom, bubble, and bust

Book Cover
Average Rating
Publisher:
Crown Business,
Pub. Date:
c2011.
Edition:
1st ed.
Language:
English
Description
The rich are not only getting richer, they are becoming more dangerous. Starting in the early 1980s the top one percent broke away from the rest of us to become the most unstable force in the economy. An elite that had once been the flat line on the American income charts-models of financial propriety-suddenly set off on a wild ride of economic binges.Not only do they control more than a third of the country's wealth, their increasing vulnerability to the booms and busts of the stock market wreak havoc on our consumer economy, financial markets, communities, employment opportunities, and government finances.Robert Frank's insightful analysis provides the disturbing big picture of high-beta wealth. His vivid storytelling brings you inside the mortgaged mansions, blown-up balance sheets, repossessed Bentleys and Gulfstreams, and wrecked lives and relationships:How one couple frittered away a fortune trying to build America's biggest house-90,000 square feet with 23 full bathrooms, a 6,000 square foot master suite with a bed on a rotating platform-only to be forced to put it on the market because "we really need the money".Repo men who are now the scavengers of the wealthy, picking up private jets, helicopters, yachts and racehorses-the shiny remains of a decade of conspicuous consumption financed with debt, asset bubbles, "liquidity events," and soaring stock prices.How "big money ruins everything" for communities such as Aspen, Colorado whose over-reliance on the rich created a stratified social scene of velvet ropes and A-lists and crises in employment opportunities, housing, and tax revenues.Why California's worst budget crisis in history is due in large part to reliance on the volatile incomes of the state's tech tycoons.The bitter divorce of a couple who just a few years ago made the Forbes 400 list of the richest people, the firing of their enormous household staff of 110, and how one former spouse learned the marvels of shopping at Marshalls, filling your own gas tank, and flying commercial.Robert Frank's stories and analysis brilliantly show that the emergence of the high-beta rich is not just a high-class problem for the rich. High-beta wealth has national consequences: America's dependence on the rich + great volatility among the rich = a more volatile America. Cycles of wealth are now much faster and more extreme. The rich are a new "Potemkin Plutocracy" and the important lessons and consequences are brought to light of day in this engrossing book.
Also in This Series
More Like This
More Copies In Prospector
Loading Prospector Copies...
More Details
Contributors:
ISBN:
9780307589897
9781452624921
Staff View

Grouping Information

Grouped Work ID 6e5b76c7-5ae3-2d3d-a71a-1c8962566a89
Grouping Title high beta rich how the manic wealthy will take us to the next boom bubble and bust
Grouping Author frank robert
Grouping Category book
Last Grouping Update 2019-01-22 04:01:12AM
Last Indexed 2019-02-15 04:27:43AM

Solr Details

accelerated_reader_interest_level
accelerated_reader_point_value 0
accelerated_reader_reading_level 0
auth_author2 Costanzo, Paul.
author Frank, Robert, 1968-
author2-role Costanzo, Paul.|Narrator, hoopla digital.
author_display Frank, Robert
available_at_longmont Longmont Public Library
detailed_location_longmont Longmont Adult Nonfiction
display_description The rich are not only getting richer, they are becoming more dangerous. Starting in the early 1980s the top one percent broke away from the rest of us to become the most unstable force in the economy. An elite that had once been the flat line on the American income charts-models of financial propriety-suddenly set off on a wild ride of economic binges.Not only do they control more than a third of the country's wealth, their increasing vulnerability to the booms and busts of the stock market wreak havoc on our consumer economy, financial markets, communities, employment opportunities, and government finances.Robert Frank's insightful analysis provides the disturbing big picture of high-beta wealth. His vivid storytelling brings you inside the mortgaged mansions, blown-up balance sheets, repossessed Bentleys and Gulfstreams, and wrecked lives and relationships:How one couple frittered away a fortune trying to build America's biggest house-90,000 square feet with 23 full bathrooms, a 6,000 square foot master suite with a bed on a rotating platform-only to be forced to put it on the market because "we really need the money".Repo men who are now the scavengers of the wealthy, picking up private jets, helicopters, yachts and racehorses-the shiny remains of a decade of conspicuous consumption financed with debt, asset bubbles, "liquidity events," and soaring stock prices.How "big money ruins everything" for communities such as Aspen, Colorado whose over-reliance on the rich created a stratified social scene of velvet ropes and A-lists and crises in employment opportunities, housing, and tax revenues.Why California's worst budget crisis in history is due in large part to reliance on the volatile incomes of the state's tech tycoons.The bitter divorce of a couple who just a few years ago made the Forbes 400 list of the richest people, the firing of their enormous household staff of 110, and how one former spouse learned the marvels of shopping at Marshalls, filling your own gas tank, and flying commercial.Robert Frank's stories and analysis brilliantly show that the emergence of the high-beta rich is not just a high-class problem for the rich. High-beta wealth has national consequences: America's dependence on the rich + great volatility among the rich = a more volatile America. Cycles of wealth are now much faster and more extreme. The rich are a new "Potemkin Plutocracy" and the important lessons and consequences are brought to light of day in this engrossing book.
format_category_longmont Books
format_longmont Book
id 6e5b76c7-5ae3-2d3d-a71a-1c8962566a89
isbn 9780307589897, 9781452624921
item_details hoopla:MWT10755102||Online Hoopla Collection|Online Hoopla|eAudiobook|Audio Books|1|false|true|Hoopla||https://www.hoopladigital.com/title/10755102||Available Online||||, ils:.b19179376|.i30583421|Longmont Adult Nonfiction|330.973 FRA|||1|false|false|||||On Shelf|Nov 27, 2017|lgnfa||
itype_longmont hardcover book
last_indexed 2019-02-15T11:27:43.152Z
lexile_score -1
literary_form Non Fiction
literary_form_full Non Fiction
local_callnumber_longmont 330.973 FRA
owning_library_longmont Longmont Pulblic Library
owning_location_longmont Longmont Public Library
primary_isbn 9780307589897
publishDate 2011
record_details hoopla:MWT10755102|eAudiobook|Audio Books|Unabridged.|English|Tantor Audio ,|2011.|1 online resource (1 audio file (420 min.)) : digital., ils:.b19179376|Book|Books|1st ed.|English|Crown Business,|c2011.|viii, 239 p. : ill. ; 25 cm.
recordtype grouped_work
scoping_details_longmont
Bib IdItem IdGrouped StatusStatusLocally OwnedAvailableHoldableBookableIn Library Use OnlyLibrary OwnedHoldable PTypesBookable PTypesLocal Url
ils:.b19179376 .i30583421 On Shelf On Shelf false true true false false true 128, 1, 129, 2, 3, 131, 4, 132, 5, 133, 6, 7, 135, 8, 136, 9, 10, 11, 12, 13, 17, 18, 19, 20, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 45, 46, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 80, 81, 82, 84, 85, 86, 92, 93, 95, 96, 97, 98, 99, 100, 105, 106, 108, 109, 110, 111, 112, 114, 115, 116, 117, 118, 119, 125, 126, 127
subject_facet Business cycles -- United States, Financial crises -- United States, Millionaires -- United States, Recessions -- United States, Rich people -- United States, Wealth -- United States
title_display The High-Beta Rich : how the manic wealthy will take us to the next boom, bubble, and bust
title_full The High-Beta Rich : how the manic wealthy will take us to the next boom, bubble, and bust / Robert Frank, The high-beta rich : how the manic wealthy will take us to the next boom, bubble, and bust [electronic resource] / Robert Frank
title_short The High-Beta Rich :
title_sub how the manic wealthy will take us to the next boom, bubble, and bust
topic_facet Business cycles, Financial crises, Millionaires, Recessions, Rich people, Wealth