The Hateful Eight – A Book Review

“The Hate of Money” is a blistering expose of the destructive cultural currents that have generated the current economic recession. With shocking revelations such as “White Women Don’t Have to Be Bitchy” and “Heckling Slaves is Better than Frowning,” Andrew Cohen pulls the curtain back to reveal the ugly underbelly of greed, selfishness and hubristic excess. In the past the average American worker has labored hard and was rewarded handsomely for their efforts. Now the system that created the most productive financial class is making it difficult to survive and the downward mobility that the once proud middle class has enjoyed is now being threatened by the greed of the financial elite.

“The Hate of Money” examines the impact of the predatory lending practices of the past and what can be done to halt the process. These practices were designed to create wealth at the top of the food chain and to trickle down to the bottom rungs of the ladder of the economy. The current bailout plan created a sense of urgency to save money for the middle class. The author offers up a detailed analysis of the current bailout strategy and how this may affect you.

We have all been in a financial crisis. It is usually when we least expect it leaves us holding tight to our cash. The author reminds us that money cannot be printed without creating economic destruction. It only takes one person to print too much money and the rest of us are affected. The book offers a sobering reality check of the perils of easy credit and the necessity for the wise use of our limited resources.

The author contends that the bailout plan does not accomplish much because banks will still lend money at high interest rates to people who do not qualify for the rescue package. Even if they were to lower the rates, most people would still not be able to pay them back. They also point out that the vast majority of Americans (at least 95%) have little or no collateral to secure the loans they are receiving – the banks are making up the difference in profits by charging them outrageous fees.

The author concludes with a message that is timely and sobering. He writes, “We cannot allow the disaster to be used as a politically expedient point of discussion.” It is past time to admit that the financial system we currently use is broken and must be fixed. We cannot continue to allow banks and other institutions to run amok while allowing citizens to live beyond their means. If we cannot fix the system, then perhaps the government might as well give away the gold.

The final chapter focuses on how to manage debt. The author rightly points out that debt can be managed on a monthly basis by establishing a realistic budget and following it. He also gives pointers on the best way to eliminate debt through debt settlement. The eight chapters contain valuable information on how to invest, credit repair, retirement, insurance, and eight chapters on how to rebuild your credit through simple actions such as refraining from spending and maintaining your savings.

Overall, this book provides sound advice on how to deal with the current economic crisis and has a solid message for the current state of the American economy. The author clearly states that the United States will not recover until fundamental change takes place. With his eight chapters, he hopes to provide a course of action to steer us out of the hole. Although the book is a short one, there is a lot of important information that makes this book worth reading.

Highly Recommended – Book Review