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

Book Cover
Average Rating
Publisher:
Varies, see individual formats and editions
Pub. Date:
Varies, see individual formats and editions
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.
More Details
ISBN:
9780307589897
9780307589910
9781452624921
Also in This Series
More Like This
Reviews from GoodReads
Loading GoodReads Reviews.
Staff View

Grouping Information

Grouped Work ID6e5b76c7-5ae3-2d3d-a71a-1c8962566a89
Grouping Titlehigh beta rich how the manic wealthy will take us to the next boom bubble and bust
Grouping Authorfrank robert
Grouping Categorybook
Last Grouping Update2020-02-26 04:38:22AM
Last Indexed2020-02-26 04:39:13AM

Solr Details

accelerated_reader_point_value0
accelerated_reader_reading_level0
authorFrank, Robert, 1968-
author_displayFrank, Robert
available_at_arlingtonWestover
collection_arlingtonAdult Nonfiction
detailed_location_arlingtonWestover Adult Nonfiction
display_descriptionA sharp critique of the ultra-wealthy Americans who have contributed to today's economic conditions and heightened economic inequities.
format_arlingtonBook
eAudiobook
eBook
format_category_arlingtonAudio Books
Books
eBook
id6e5b76c7-5ae3-2d3d-a71a-1c8962566a89
isbn9780307589897
9780307589910
9781452624921
item_details
Bib IdItem IdShelf LocCall NumFormatFormat CategoryNum CopiesIs Order ItemIs eContenteContent SourceeContent FileeContent URLsubformatDetailed StatusLast CheckinLocationSub-location
ils:.b13748415.i16999393Westover Adult Nonfiction330.973 FRANK1falsefalseOn ShelfOct 09, 2019wan
overdrive:f9b23d20-c4b5-45e1-8fd4-243dc2c595ba-1Online OverDrive CollectionOnline OverDriveeBookeBook1falsetrueOverDriveAdobe EPUB eBook, Kindle Book, OverDrive ReadAvailable Online
overdrive:bf0d6a04-60a9-4053-9b5a-2d1859d5f8a5-1Online OverDrive CollectionOnline OverDriveeAudiobookAudio Books1falsetrueOverDriveOverDrive MP3 Audiobook, OverDrive ListenAvailable Online
itype_arlingtonHardback
last_indexed2020-02-26T09:39:13.976Z
lexile_score-1
literary_formNon Fiction
literary_form_fullNon Fiction
local_callnumber_arlington330.973 FRANK
Online OverDrive
owning_library_arlingtonArlington Public Library
Aurora Hills
Central
Cherrydale
Columbia Pike
Connection Crystal City
Detention Center
Glencarlyn
Local History
Plaza
Shirlington
Westover
owning_location_arlingtonWestover
primary_isbn9780307589897
publishDate2011
record_details
Bib IdFormatFormat CategoryEditionLanguagePublisherPublication DatePhysical Description
ils:.b13748415BookBooks1st ed.EnglishCrown Business, c2011.239 p. : ill. ; 25 cm.
overdrive:f9b23d20-c4b5-45e1-8fd4-243dc2c595baeBookeBookEnglishCrown2011
overdrive:bf0d6a04-60a9-4053-9b5a-2d1859d5f8a5eAudiobookAudio BooksEnglishTantor Media, Inc.
recordtypegrouped_work
scoping_details_arlington
Bib IdItem IdGrouped StatusStatusLocally OwnedAvailableHoldableBookableIn Library Use OnlyLibrary OwnedHoldable PTypesBookable PTypesLocal Url
ils:.b13748415.i16999393On ShelfOn Shelffalsetruetruefalsefalsetrue9999
overdrive:f9b23d20-c4b5-45e1-8fd4-243dc2c595ba-1Available OnlineAvailable Onlinefalsetruetruefalsefalsefalse
overdrive:bf0d6a04-60a9-4053-9b5a-2d1859d5f8a5-1Available OnlineAvailable Onlinefalsetruetruefalsefalsefalse
subject_facetBusiness cycles -- United States
Financial crises -- United States
Millionaires -- United States
Recessions -- United States
Rich people -- United States
Wealth -- United States
title_displayThe High-Beta Rich : how the manic wealthy will take us to the next boom, bubble, and bust
title_fullThe 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
title_shortThe High-Beta Rich
title_subhow the manic wealthy will take us to the next boom, bubble, and bust
topic_facetBusiness
Nonfiction
Psychology
Sociology