In 'A Piece of the Action,' Joe Nocera reveals the mesmerizing world behind the scenes of the modern financial markets. With sharp wit and comprehensive research, he exposes the ambitions, egos, and machinations of Wall Street's key players. The narrative intricately weaves personal anecdotes with broader economic trends, offering readers a captivating glimpse into the high-stakes game of finance. Nocera not only chronicles the chaos and conflicts but also delves into the ethical quandaries that shape our economy. This compelling exploration leaves readers questioning: who truly benefits from the systems in place, and at what cost?
By Joe Nocera
Published: 2013
"In a world where greed often seems to overshadow responsibility, true wealth lies in the lessons we learn from our mistakes."
Now with a new introduction describing the fallout of America’s consumer credit boom, 1994’s wildly acclaimed bestseller A Piece of the Action tells the story of how millions of middle class Americans went from being savers to borrowers and investors through the invention of credit cards, mutual funds, and IRAs—resulting in profound societal change. “America began to change on a mid-September day in 1958, when the Bank of America dropped its first 60,000 credit cards on the unassuming city of Fresno, California.” So begins Joe Nocera’s riveting account of one of the most astonishing revolutions in modern American life—what Nocera labels “the money revolution.” In the decades since, the middle class has gained access to credit cards, to mutual funds, to retirement accounts—and to hundreds of other financial vehicles that have allowed everyone to get “a piece of the action.” In this lively, engaging book, some of the great financial characters of modern times—from Charles Merrill to Charles Schwab to Peter Lynch—strut across the stage as the course of this great financial shift is charted. In an all-new introduction, Nocera takes a look back at the consequences of the money revolution. Were members of the middle class as prepared as the innovators claimed to take control of their financial lives? Or did events like the dot-com and the housing bubbles suggest something else: that far too many of us lacked the wherewithal to make sound investment decisions?
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“In a world where greed often seems to overshadow responsibility, true wealth lies in the lessons we learn from our mistakes.”
A Piece of the Action
By Joe Nocera
Discover a world of knowledge through our extensive collection of book summaries.
Joe Nocera is an acclaimed American author and journalist, known for his insightful commentary on business, economics, and American life. He has written several notable works, including 'A Piece of the Action: How the Middle Class Joined the Money Class' and 'Indentured Will: The Last Days of the American Dream'. Nocera's writing style is characterized by a keen analytical approach and a narrative flair that brings complex subjects to a broad audience. His work has appeared in prominent publications such as The New York Times, where he has served as a columnist.
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