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country. With all-time low interest rates, an almost completely deregulated financial sector, and people eager and frothing to capitalize on 'The American Dream' of homeownership. A recipe for disaster was casted. It began with the issuance of exotically crafted sub-prime mortgages to people who really could not afford them in the first place. Then, Wall Street did some creative financing where they were able to take bundles of these sub-prime mortgages and create new 'securities' for which investors could purchase parts. Through 'securitization of collateralized debt obligations and credit default swaps', people began a high risk, high stakes gambling session where they were basically betting against people and their ability to repay these grossly inflated mortgages. For a time, it seemed to work, and Wall Street was able to export this concept around the world. But, then everything came crashing down with the collapse of Bear Stearns. The bottom fell out of the housing market, and the financial sector began to scramble to ensure its survival by turning to the Federal Government to bail them out.

Phillips's last part of his trio of this failing is America's continued reliance and dependence upon foreign oil. Our dependence has created a situation where our very economy is at risk because our currency is tied to the purchase and sell of Middle Eastern oil. Phillips introduces the concept of 'Peak Oil.' This is essentially the concept that the production of oil around the world has peaked. Demand and consumption is now exceeding supply. This will create all sorts of problems for our country as we continue to be dependent on this finite resource.

After describing each of these situations, Mr. Phillips then wraps up with how our leaders in Washington have bungled each of these crises and how the 'politics of evasion' seems to be the modus operandi in addressing each of the crises. Phillips believes this to be because of Washington's tight linkage with Wall Street and its co-dependence upon the millions of dollars of campaign contributions received from the financial community.

My Impressions of This Book

Obviously, there is much, much more to this book than I can possibly hope to cover in a brief overview. However, I believe these are the important highlights and should set the basis for the discussion of my reactions to this book.

Let me begin with how what I read relates to the topics presented in this class. This is tough for me to assess. My reason is I found this book to be more of a history lesson than a lesson in Managerial Finance. There was a bit of discussion in the book referring to currency valuation and its effect on the overall economy, but it was kept to a high level. I suppose Phillips discussion of the overall state of the U.S. economy and its effect on the World stage could be set in what is presented in Chapter 2 'The Domestic and International Financial Marketplace' of our text book. In the end, I would say this book was marginally relevant to the vast majority of what I learned from this course in Managerial Finance.

Now, what did I learn from this book? In a nutshell, our country is on a dangerous course headed for self-destruction as a global power. The con本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。