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A passionate, articulate argument detailing how the United States political system has failed to adapt to the economic challenges of the late 20th and early 21st centuries

The American economy is in peril. It has fallen hostage to a casino of financial speculation, creating instability as well as inequality. Tens of millions of workers are vulnerable to layoffs and outsourcing, health care and retirement burdens are increasingly being shifted from employers to individuals. Here Kuttner debunks alarmist claims about supposed economic hazards and exposes the genuine dangers: hedge funds and private equity run amok, sub-prime lenders, Wall Street middlemen, and America's dependence on foreign central banks. He then outlines a persuasive, bold alternative, a new model of managed capitalism that can deliver security and opportunity, and rekindle democracy as we know it..
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Poor, misguided fellow. David Brancaccio, host of public radio's rambunctious and eclectic business program "Marketplace," used to think the big problem with money was getting some. Didn't he understand that during a time of bounty the big problem is knowing what to do with money once you have it? It took a conversation with one of the richest guys in America to set him straight. "I think Warren Buffett's got the problem and Gates has the problem and Bloomberg's got the problem," the billionaire said. "And the problem doesn't just have to be at our level. It can be with people who have just a couple of million bucks." It was the second "just" in that sentence that made tears well up in Brancaccio's eyes. Most of us once thought the problem was getting some money. Now what? Squander: to spend or use something precious in a wasteful way. Squandering ranks even below "leaving it in a passbook savings account" on the list of the greatest personal finance sins of our age, according to Brancaccio, who hit the road to determine the right answer to the question of what to do with money. Brancaccio gets this question from "Marketplace" listeners all the time: What does one do with a lump sum, perhaps the proceeds from some stock options, the profit on the sale of a house, an inheritance, a bonus, a settlement, or even a modest accumulation in a savings account? A natural storyteller, Brancaccio has a clear, intelligent, and delightfully offbeat way of explaining to his listeners the complexities of business, investing, and the economy. He has access to rivers of market information that should help answer this question of what to do with money. But data do not necessarilyequal wisdom, so Brancaccio hit upon the idea of venturing out on a random "walk" to acquire some street smarts. Imagining a windfall of his own and haunted by his own checkered history with money, Brancaccio embarked on a funny and irreverent personal finance pilgrimage. His travels took him from Minnesota's Mall of America to New York City's Wall Street to one of the poorest towns in the West. He encountered entrepreneurs in California, homeowners in New York, retirees in Arizona, and some folks following their lifelong dreams in Texas. A drifter in a desert offered advice. So did a U.S. secretary of the treasury. Along the way, Brancaccio was challenged by a cascade of practical and philosophical issues: If consumption drives the economy, is there something wrong with saving? Is there such a thing as a socially responsible investment? Is charity an investment? If you can't beat a Las Vegas casino, can you beat the stock market? While Brancaccio's journey was a personal one, his eye-opening adventures reveal a great deal about attitudes toward money in America at the dawn of the new century -- and they provide entertaining lessons about how best to spend, invest, and save..
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This digital document is an article from American Journalism Review, published by University of Maryland on April 1, 2000. The length of the article is 918 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Squandering Aimlessly: My Adventures in the American Marketplace.(Review)
Author: Carl Sessions Stepp
Publication:American Journalism Review (Refereed)
Date: April 1, 2000
Publisher: University of Maryland
Volume: 22 Issue: 3 Page: 67

Article Type: Book Review

Distributed by Thomson Gale.
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As correspondent for Newsweek, Michael Hirsh has traveled to every continent, reporting on American foreign policy. Now he draws on his experience to offer an original explanation of America's role in the world and the problems facing the nation today and in the future.
Using colorful vignettes and up-close reporting from his coverage of the first two post-Cold War presidents, Bill Clinton and George W. Bush, Hirsh argues that America has a new role never before played by any nation: it is the world's Uberpower, overseeing the global system from the air, land, sea and, increasingly, from space as well. And that means America has a unique opportunity do what no great power in history has ever done--to perpetuate indefinitely the global system it has built, to create an international community with American power at its center that is so secure it may never be challenged. Yet Americans are squandering this chance by failing to realize what is at stake. At the same time that America as a nation possesses powers it barely comprehends, Americans as individuals have vulnerabilities they never before imagined. They desperately need the international community on their side.
In an era when democracy and free markets have become the prevailing ideology, Hirsh argues, one of America's biggest problems will be "ideological blowback"--facing up to the flaws and contradictions of its own ideals. Hence, for example, the biggest threat to political stability is not totalitarianism, but the tricky task of instituting democracy in the Arab world without giving Islamic fundamentalists the reigns of power. The only way for Washington to avoid accusations of hypocrisy is to allow the global institutions it has built, like the U.N., to do the hard work of promoting U.S. values..
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