CHAPTER 7THE HIGH COST OF PHANTOM WEALTH

Financial capitalism is a system of irresponsibility and…is amoral. It is a system where the logic of the market excuses everything.…Either we re-found capitalism or we destroy it.

PRESIDENT NICOLAS SARKOZY OF FRANCE

“We have always known that heedless self-interest was bad morals,” said Franklin Delano Roosevelt in 1937. We know now that it is bad economics.

PAUL KRUGMAN

Wall Street’s relentless drive to have it all not only has had devastating economic, social, and environmental consequences but also has destroyed the integrity of money, created expectations that society has no means to fulfill, and sacrificed the health and happiness of nearly everyone. The full costs are beyond comprehension.

PHANTOM ...

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