A Different Ponzi Scheme

The Big Squeeze
Tough Times for the American Worker
Steven Greenhouse
Anchor, $14.95, 384 pp.

If nothing else, our current economic crisis has exposed the financial system’s rotten core. The various claims of efficiency, dynamism, and innovation spouted by its most ardent boosters were, it turns out, simply a façade hiding unbridled greed, unethical lending, and unfathomable financial assets. The fallout has been widespread and the pain acute—lost jobs, lost savings, and lost houses—with more to come. And while the system’s collapse has been quick and dramatic...

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About the Author

Robert DeFina is a professor in the Sociology Department at Villanova University. His teaching and research interests include labor markets, poverty, and social inequality. He is co-editor of the Journal of Catholic Social Thought.

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