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Download The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble, and Bust Audiobook

Extended Audio Sample The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble, and Bust, by Robert Frank Click for printable size audiobook cover
0 out of 50 out of 50 out of 50 out of 50 out of 5 0.00 (0 ratings) (rate this audio book) Author: Robert Frank Narrator: Paul Costanzo Publisher: Tantor Format: Unabridged Audiobook Delivery: Instant Download Audio Length: Release Date:
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The rich are not only getting richer, they are becoming more dangerous. Starting in the early 1980s, the top one percent 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 country’s 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 Frank’s 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. The author shows

  • how one couple frittered away a fortune trying to build America’s biggest house—90,000 square feet with 23 full bathrooms, a 6,000 square foot master suite with a bed on a rotating platform—only to be forced to put it on the market because “we really need the money”;
  • how repo men are now the scavengers of the wealthy, picking up private jets, helicopters, yachts, and racehorses—the shiny remains of a decade of conspicuous consumption financed with debt, asset bubbles, “liquidity events,” and soaring stock prices;
  • how “big money ruins everything” 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;
  • how California’s worst budget crisis in history is due in large part to reliance on the volatile incomes of the state’s tech tycoons; and
  • the bitter divorce of a couple who just a few years ago made the Forbes 400 list of the richest people, the firing of their enormous household staff of 110, and how one former spouse learned the marvels of shopping at Marshalls, filling your own gas tank, and flying commercial.

Robert Frank’s stories and analysis brilliantly show that the emergence of the high-beta rich is not just a high-class problem for the rich. High-beta wealth has national consequences: America’s dependence on the rich + great volatility among the rich = a more volatile America. Cycles of wealth are now much faster and more extreme. The rich are a new “Potemkin Plutocracy,” and the important lessons and consequences are brought to light of day in this engrossing book.

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About the Author
Author Robert Frank

Robert Frank is a senior special writer at the Wall Street Journal, where he writes a weekly column and daily blog called The Wealth Report. He has had postings for the Journal in Atlanta, London, Singapore, and New York, and was part of a team that won an Overseas Press Club Award in 1998 for its coverage of developing economies. Frank lives in New York with his wife and daughter.