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《Bran-New + The Transformation of The Habits of American Middle-Class went from Being Savers To Borrowers And Investors Through Revolution In Personal Financial Products》Joe Nocera - A PIECE OF THE ACTION : How The Middle Class Joined The Money Class

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This New York Times & The Wall Street Journal bestseller in paperback edition is a bran-new book and nicely wrapped with protective book-wrapper. The original new book is sold at usual price RM79.80. Now here Only at RM23. 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. Tracing the invention of products like credit cards, mutual funds, and individual retirement accounts, A Piece of the Action tells the stories of a handful of men who transformed the way Americans think about and deal with their money: men like Charles Merrill, the flamboyant founder of Merrill Lynch; Peter Lynch, the investing guru who managed the Fidelity Magellan Fund; and Charles Schwab, who transformed his eponymous company into the nation’s biggest discount broker. These innovations produced a genuine revolution—the democratization of money—in which the middle class became financial players. “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 entertaining and edifying history of personal finance, Nocera charts the transformation of the habits of middle-class Americans. The raging inflation of the late 1970s and early '80s, he argues, led many people to abandon thrift and their aversion to risk, attitudes acquired during the Depression. Faced with double-digit inflation, wildly gyrating interest rates and a sinking standard of living, consumers displayed a great willingness to take on debt. The emergence of two-income couples, adjustable-rate mortgages, credit cards and the middle class's growing participation in stocks, mutual funds and money-market accounts define what the author terms the "money revolution" of the past two decades. Nocera, who believes credit overall has been a force for good in American life, fleshes out this colorful chronicle with profiles of finance wizards Charles Merrill of Merrill Lynch; Dee Hock, creator of Visa; and investment broker Charles Schwab. 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? Nocera is an award-winning journalist who writes a personal finance column for GQ magazine. He shows how, in barely more than one generation, the way we think about money and credit and investing and saving has changed forever. Two major events caused this shift. The first was the advent of the credit card and the second was the popularization of the mutual fund. In a series of profiles, beginning with the Bank of America's original distribution of 60,000 credit cards in Fresno, California, in 1958, Nocera chronicles how middle-income Americans changed their financial lives and habits. He demonstrates that a fear of inflation created a "buy-now" mentality and desire to move money out of savings accounts into alternatives. Colorfully portraying such people and institutions that helped bring about these changes as Charles Schwab (discount brokerage), Charles Edward Merrill (Merrill Lynch), Peter Lynch (Fidelity Funds), Money magazine, and individual retirement accounts, Nocera provides a wonderfully readable history--one that is more cultural than economic--of the recent past. A Piece of the Action is an important piece of financial and social history, and Nocera’s 2013 critique of the uses of the revolution is a powerful warning and admonition to understand what is at stake before we act. This is an interesting and easy to understand account of the rapid development of financial services in the past decades. The subject is worth a long look back and a lot of thinking. Although written in the heyday of democratisation of the financial industry Nocera managed to remain rather restrained in the praise of it all. Thus the book remains a very good and informative read after so many years that were it a human being it could legally drive a car by now. Nonetheless, the reprinted edition of 2013 comes with Nocera's foreword reflecting the post 2008 climate which is also a worthy addition to it. About the Author Joe Nocera is an op-ed columnist for The New York Times. He was previously a business columnist for the Times and a staff writer for The New York Times Magazine. He spent ten years at Fortune, where he rose to editorial director, and has written for numerous publications, including GQ, Esquire, and Newsweek. He has won three Gerald Loeb awards and three John Hancock awards for excellence in business journalism. His most recent book is the New York Times bestseller All the D evils Are Here, which he coauthored with Bethany McClean. He lives in New York.

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