The High-Beta Rich: How the Manic Wealthy Will Take Us

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The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble, and Bust by Robert Frank
2011 | ISBN: 0307589897 | English | 256 pages | EPUB + MOBI | 2.40 MB + 1.45 MB

The rich are not only getting richer, they are becoming more dangerous. Starting in the early 1980s the top one percent (1%) 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 countryΓÇÖs 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 FrankΓÇÖs 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:

ΓÇó How one couple frittered away a fortune trying to build AmericaΓÇÖs biggest house ΓÇö90,000 square feet with 23 full bathrooms, a 6,000 square foot master suite with a bed on a rotating platformΓÇöonly to be forced to put it on the market because ΓÇ£we really need the moneyΓÇ¥.

ΓÇó Repo men who are now the scavengers of the wealthy, picking up private jets, helicopters, yachts and racehorses ΓÇô the shiny remains of a decade of conspicuous consumption financed with debt, asset bubbles, ΓÇ£liquidity events,ΓÇ¥ and soaring stock prices.

ΓÇó How ΓÇ£big money ruins everythingΓÇ¥ 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.
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