by Joseph Nocera
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Product Description
In this entertaining chronicle, Nocera illuminates how the vision and ambition of pioneers like Charles Merrill, Gerry Tsai, Dee Hock, and Peter Lynch reshaped the American economy and brought the rewards--and risks--of financial opportunity to the middle class for the first time in history.
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Average Customer Review:
0 of 0 people found the following review helpful:
The Power of Inflation, 2008-11-23
Two milestones in recent U.S. history profoundly impacted the lifestyle of the middle class: The 1929 depression that propagated frugality, and the double digit inflation of the late 1970s-early 1980s that instigated a reversal of the depression era trends and whet America's appetite for risk and propensity to take on debt.
In what Mr. Nocera terms as "the money revolution", consumption in the U.S. rose rapidly, facilitated in large part by the proliferation of credit cards and inflation scares. Investing was brought to the masses through discount brokerages and mutual funds. The money revolution, as the ever enthusiastic and upbeat Money Magazine editor, Marshall Loeb defined it, was about how the middle class was finally gaining access to all the financial tools that had previously been available only to the rich.
Mr. Nocera is a master story teller, and in "A Piece of the Action", he focuses on the eccentric and brilliant individuals who had an integral part in the money revolution; individuals such as Dee Hock, the inventor of Visa, Peter Lynch, the most successful mutual fund manager, Charles Schwab who popularized discount brokerages et al.
The "rapid conversion of income to possessions" that began in the late 1970s' double digit inflation era defined America's consumption and abysmally low savings for decades to follow. It will be interesting to see how the global financial melt down in 2008 will affect these deeply embedded behaviors in the American consumers' psyche. No matter what the outcome, one thing's for certain: You don't mess with the Zohan.
0 of 0 people found the following review helpful:
From a participant, 2008-07-14
It may be difficult for many of you younger people to grasp how primitive many of our business practices were back only 40 years ago.
When I started working at Visa in 1973, those thin tissue copies of sales receipts were manually taken to the merchant's bank each evening and placed in a "drop-box". Then they were "processed" by the merchant's bank which really meant they were physically sorted into piles to be copied and sent by mail to each of the banks around the country that had issued the card to the customer. In addition, a calculator tape was added up to total the receits to be sent to each issuing bank.
Days or weeks later, a bank draft was sent by the issuer to pay for that shoe-box of receipts and then the customer was billed. It took on average over 40 days before the charge actually appeared on the customer's bill. International sales could take up to three months.
This was replaced by an electronic system that could send millions of sales transactions overnight. Your first impression of this description might well be that this was only important to some banks so who cares. The reality is that it permitted banks to loosen their procedures for issuing credit cards so that most of the middle class was able for the first time to buy goods away from home easily and simply. In 1973, less than 2% of Americans had a card that permitted them to buy goods and services when not dealing with a local merchant. Ten years later over 50% had such cards.
There were a number of revolutions that took place in our society from the mid-60s to the mid-70s and this tells the story wonderfully of a few financial revolutions that had tremendous benefits for the general public. You will be both entertained and informed by this book and what more can you ask of a book?
0 of 1 people found the following review helpful:
a fun history of the financial services industry, 2007-12-26
Not a complete and in depth analytical history of banking, but rather a "pop-history" of consumer finance (But the history leg work is there).A look at the innovators and their innovations that changed how we conduct our personal business....good bathroom/travel read;or as supplementary work for a report. The writer does a good job of staying "neutral" but does indeed claim to be pro-consumption (and it shows by tone). But a good fun read anyways.
0 of 0 people found the following review helpful:
Great true story, well written, 2007-04-10
This story of the revolution in the credit & investment industries; & it's powerful impact on society.
2 of 3 people found the following review helpful:
I am shocked this is not better known, 2006-09-08
I bought this on an Amazon recommendation. Its really a great book. I am truly shocked this book is not better known; I'd rate it a classic on Personal Finance.
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