Who Repo'd My Jet?
ebook ∣ The Manic Millionaires and Why They'll Lead Us to the Next Boom and Bust
By Robert Frank
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Through intimate portraits of people who are named and on the record, Who Repo'd My Jet? chronicles the decline of the newly moneyed class: their mortgaged mansions, blown-up balance sheets, repossessed Bentleys and Gulfstreams, and wrecked lives and relationships.
But who cares about the sudden discomfort of the rich amidst so much real mass hardship? Aside from eliciting pure schadenfreude, this engrossing book explains the deeper economic shocks that come from such precipitous losses at the top. The wealthy dominated the consumer economy at the beginning of the millennium, and their fall is likely to prolong any downturn. Their increasing vulnerability to the booms and busts of the stock market wreaks havoc on our communities, employment opportunities, and government finances.
With vivid storytelling and insightful analysis, Robert Frank illuminates the impact that the 'high-beta rich' have had upon the broader landscape of the global economy. In a time when cycles of wealth are getting faster and more extreme, Who Repo'd My Jet? is a cautionary tale with lessons for every reader.