Fate of the States
The New Geography of American Prosperity
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Narrated by:
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Jo Anna Perrin
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By:
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Meredith Whitney
About this listen
"Forget everything you think you know about the direction of the American economy, about our growing need for foreign oil, about the rise of the service economy and the decline of American manufacturing. The story of the next 30 years will not be a repeat of the last 30."
One of the most respected voices on Wall Street, Meredith Whitney shot to global prominence in 2007 when her warnings of a looming crisis in the financial sector proved all too prescient. Now, in her first book, she expands upon her biggest call since the financial crisis.
Whitney points out that it wasn't just consumers who binged on debt for the past 20 years but state and local governments, too. She explains how the fiscal sins of the past are beginning to transform the U.S. economy along regional lines. And she shows how we are moving into a new era in which wealth, power, and opportunity flow away from the coasts and toward the central corridor.
The housing boom was initially great for states such as California, Nevada, and Florida. State and municipal coffers overflowed, unemployment shrank, and local governments spent their tax revenue windfalls on pay hikes and pension increases for their public employees. But when the boom dried up in those parts of the country, so too did the tax revenues, forcing tax rate hikes and cuts to essential public services - especially education and infrastructure.
In contrast to those doom-and-gloom headlines, a much different trend was developing in interior states such as North Dakota, Indiana, and Texas. They survived the housing crisis relatively unscathed, avoiding mass foreclosures and budgetary chaos. As a result they've had the money to retrain workers and offer tax incentives to companies willing to relocate. Coupled with the recent booms in natural gas and oil extraction and a resurgence in manufacturing, these states are poised to become the new powerhouses of the American economy.
Whitney offers a sobering vision of the next few decades, with the coastal states continuing to struggle while the central corridor continues to thrive. She explores the consequences of roughly half the country stuck in a vicious cycle of decline while the other half enjoys a virtuous circle of growth. Whitney also offers practical ideas to help the struggling parts of the country - before the fate of the states becomes irreversible.
©2013 Meredith Whitney (P)2013 TantorListeners also enjoyed...
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Performance
-
Story
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How Are You Going to Pay for That? is filled with engaging discussions and detailed strategies that policymakers and citizens alike can use to assail even the most entrenched lines of neoliberal logic and start to undo these long-held misconceptions. Equal parts economic theory, history, and political polemic, this is an essential roadmap for winning the key battles to come.
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Not horrible but not correct either
- By David on 03-20-23
By: Ryan Cooper
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An Extraordinary Time
- The End of the Postwar Boom and the Return of the Ordinary Economy
- By: Marc Levinson
- Narrated by: James Foster
- Length: 10 hrs and 55 mins
- Unabridged
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A sweeping reappraisal of the last sixty years of world history, An Extraordinary Time describes how the postwar economic boom dissipated, undermining faith in government, destabilizing the global financial system, and forcing us to come to terms with how tumultuous our economy really is.
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Good review of crucial turning point in history
- By Philo on 11-22-16
By: Marc Levinson
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How the Other Half Banks
- Exclusion, Exploitation, and the Threat to Democracy
- By: Mehrsa Baradaran
- Narrated by: Priya Ayyar
- Length: 9 hrs and 36 mins
- Unabridged
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The United States has two separate banking systems today - one serving the well-to-do and another exploiting everyone else. How the Other Half Banks contributes to the growing conversation on American inequality by highlighting one of its prime causes: unequal credit. Mehrsa Baradaran examines how a significant portion of the population, deserted by banks, is forced to wander through a Wild West of payday lenders and check-cashing services to cover emergency expenses and pay for necessities - all thanks to deregulation that began in the 1970s.
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The Borrowers at the Fringe
- By Darwin8u on 09-13-16
By: Mehrsa Baradaran
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American Dreams
- Restoring Economic Opportunity for Everyone
- By: Marco Rubio
- Narrated by: Ricardo Suri
- Length: 6 hrs and 18 mins
- Unabridged
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Marco Rubio's parents came to the United States in 1956. The country they found was truly a land of opportunity, where hardworking people with grade school educations could afford a home, a car, and college for their kids. A country where maids and bartenders could raise doctors, lawyers, small-business owners, and maybe even a US senator. That was the American Dream - our country's central promise to its people.
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Comprehensive and compelling path for renewal.
- By gary on 06-03-15
By: Marco Rubio
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Shaky Ground
- The Strange Saga of the US Mortgage Giants
- By: Bethany McLean
- Narrated by: Gabra Zackman
- Length: 3 hrs and 33 mins
- Unabridged
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In 2008 the US Treasury put Fannie Mae and Freddie Mac into a life-support state known as "conservatorship" to prevent their failure - and worldwide economic chaos. The two companies, which were always controversial, have become a battleground. Today, Fannie and Freddie are profitable again but still in conservatorship. Their profits are being redirected toward reducing the federal deficit, which leaves them with no buffer should they suffer losses again.
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Details on the Culture and History of the GSEs
- By Jose on 10-15-15
By: Bethany McLean
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13 Bankers
- The Wall Street Takeover and the Next Financial Meltdown
- By: Simon Johnson, James Kwak
- Narrated by: Erik Synnestvedt
- Length: 8 hrs and 59 mins
- Unabridged
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Even after the ruinous financial crisis of 2008, America is still beset by the depredations of an oligarchy that is now bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks, which together control assets amounting to more than 60 percent of the country's gross domestic product, these financial institutions (now more emphatically "too big to fail") continue to hold the global economy hostage.
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Easy to Understand and Comprehend
- By Kyle on 04-11-10
By: Simon Johnson, and others
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Putinomics
- Money and Power in Resurgent Russia
- By: Chris Miller
- Narrated by: Traber Burns
- Length: 8 hrs and 4 mins
- Unabridged
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In Putinomics, Chris Miller examines the making of Russian economic policy since Vladimir Putin took power in 1999. Miller argues that Putin's economic strategy has functioned far more effectively than most Westerners realize. While acknowledging that part of Putin's successes - above all, quadrupling per capita GDP in just a decade and a half - can be attributed to cashing in on high oil prices, Miller details the government policies that have also been fundamental to Russia's growth.
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Go find something better
- By Anonymous User on 08-04-21
By: Chris Miller
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After the Music Stopped
- The Financial Crisis, the Response, and the Work Ahead
- By: Alan S. Blinder
- Narrated by: Graham Vick
- Length: 15 hrs and 50 mins
- Unabridged
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Alan S. Blinder - esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board under Alan Greenspan - is one of our wisest and most clear-eyed economic thinkers. In After the Music Stopped, he delivers a masterful narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we must do to recover from it.
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Irresponsible, corrupt, and confused book
- By Thomas on 12-22-14
By: Alan S. Blinder
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Naked Money
- A Revealing Look at What It Is and Why It Matters
- By: Charles Wheelan
- Narrated by: Jonathan Davis
- Length: 13 hrs and 11 mins
- Unabridged
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Consider the $20 bill. It has no more value, as a simple slip of paper, than Monopoly money. Yet even children recognize that tearing one into small pieces is an act of inconceivable stupidity. What makes a $20 bill actually worth $20? In the third volume of his best-selling Naked series, Charles Wheelan uses this seemingly simple question to open the door to the surprisingly colorful world of money and banking.
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This is a beautiful audiobook, and well-narrated.
- By Thirsty Mind on 11-10-18
By: Charles Wheelan
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A Capitalism for the People
- Recapturing the Lost Genius of American Prosperity
- By: Luigi Zingales
- Narrated by: Jonathan Davis
- Length: 11 hrs and 20 mins
- Unabridged
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Born in Italy, University of Chicago economist Luigi Zingales witnessed firsthand the consequences of high inflation and unemployment - paired with rampant nepotism and cronyism - on a country’s economy. This experience profoundly shaped his professional interests, and in 1988 he arrived in the United States, armed with a political passion and the belief that economists should not merely interpret the world, but should change it for the better.
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Enjoyable but a tad predictable.
- By Kevin on 12-24-12
By: Luigi Zingales
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FairTax
- The Truth
- By: Neal Boortz, John Linder
- Narrated by: Neal Boortz
- Length: 6 hrs and 33 mins
- Unabridged
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Offering stunning new insights not covered in the original book, FairTax: The Truth debunks the negative myths and gross misrepresentations of this groundbreaking idea. The FairTax plan is simple, brilliant, and it will work - enabling you to keep all the money in your paycheck; eliminating the fraud, hassle, and waste of our current system; and revolutionizing the way America pays for itself.
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Sound, well-researched plan
- By Tim Hibbetts on 03-06-08
By: Neal Boortz, and others
What listeners say about Fate of the States
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Lynnore
- 09-12-13
Statistic Overload.Grateful to the Narrator.
What made the experience of listening to Fate of the States the most enjoyable?
I actually tried to read the hardcover version of this book first and decided to try the audiobook to see if it improved my perspective. I didn't finish reading the actual hardcover because there are so many statistics that I began to feel I was reading a scientific journal. I was happiest with the audio book. The book is a compendium of dry facts and figures which might have made my head explode if not for the expertise of the narrator. Ms. Whitney's book is part topical and part historical which makes reading it in book form a little jarring and slow. It seems she can't decide if she should be the statistician she is, or rope us in by colloquial banter. It often times feels as if it is 2 books. All that being said, when Ms. Whitney is less formal, she presents an interesting look at how the corridor states, the fly-over states, have survived the economic downturn since 2008 in much better condition than the rest of the country. Is she right? Thought provoking, I felt. Time will tell.
How would you have changed the story to make it more enjoyable?
I would have had Ms. Whitney drop some of the statistical double-speak.
What does Jo Anna Perrin bring to the story that you wouldn’t experience if you just read the book?
Clarity! She did an excellent job of keeping the dry material going, and switching in and out of the statistics with ease.One paragraph alone, had at least 6 sets of trillion dollar figures.
Was this a book you wanted to listen to all in one sitting?
No, way too much to digest.
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- michael
- 09-12-13
Excellent Information; Awful Narration
What did you love best about Fate of the States?
Information is excellent
What was the most compelling aspect of this narrative?
Awful narration
What didn’t you like about Jo Anna Perrin’s performance?
It stopped, eventually.
Did you have an extreme reaction to this book? Did it make you laugh or cry?
No, just cringe
Any additional comments?
For those really interested in the subject, I recommend the paper version. You'll want the numbers, anyway, and will spare yourself hours of painful narration. It's really too bad more authors don't narrate their own books; especially those with a good deal of experience in the media.
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- MNDLBRT
- 01-03-14
A good read / listen
Any additional comments?
This book delves into various state government financial obligations, and gives a good history of the origination of the various policies. The states in the best and worst financial shape are described. If one wants to have a basic understanding of our financial situation, instead of a pretend emotional pile of assumptions that passes for knowledge, please read this to get a piece of the puzzle. (If you have not read dozens of books on economics, this book will still be intelligible. You might also look at Meridith's other works, including USA Inc., a free online presentation ... dated but still relevant.)
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- Jerry
- 07-10-13
Not quite what comes after the colon:
I should have listened to the reviewers, but at least it is a decent rehash about what ails the USA. What the author proposes to solve the problems are warmed over, better yet, tepid discussions of Reagan era, totally progressive mainstream Republican solutions: Good budgeting, privatization and taking on the unions.
In her analysis, the reason the coming prosperity stems from her growth corridor not doing the stupid things (debt: present and future) that happened in the housing boom states. She seems to be oblivious to the reality that the housing bubble really did happen in an easy money bubble caused by the Federal Reserve and people in her line of work, lined their pocket with this lucre.
Booms and busts happen, and just because politicians and investors in search of yields do stupid things in good times, doesn't address the structural problem that lingering consumer debt is a more serious drag on present growth (260% of GDP) than wishing and hoping those slothful politicians can or will do a better job next time.
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- Al
- 12-10-13
Simplistic argument by an overconfident author
The author self congratulates on regular basis her calls on doom and gloom and has a very simplistic argument for states like California that are too much in debt and less tax base. She totally discounts the role innovation plays in economic growth and development. Housing as well has started to recover in California. I would bet on California any day instead of central corridor states like Colorado, Indiana or Montana or north Dakota.
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- Laura
- 09-19-13
Too obviously political
I read the reviews and hoped for better from Whitney. I guess she's just too much a Republican but instead of sticking to reality, she puts in a lot of loaded words like government "handouts" and "outrageous" pension payments. She pays lip service to the fact that these are simply competing interests, legitimate on all sides, but can't seem to help herself from creating good guy taxpayers versus greedy pensioners. (I don't even have a pension and I found her ragging on teachers, firefighters and police retirees pretty distasteful. God forbid a teacher or a firefighter or a policeman might retire anything but lower middle-class, apparently. Hearing this from a Wall Street person is just...ugh...Yeah, distasteful.)
Also, apart from her point that the states which were dogs during the housing boom are now doing great because of the oil and gas boom, there's really not much here beyond the painful and difficult pension problem. She seems to have forgotten her early days as an oil and gas analyst (according to Wikipedia) because she really appears to think that an oil and gas economy will transform places like Texas and Nebraska in some fundamental way.
On top of her loaded and politicized terminology, which makes it hard to trust her, this idea that O/G is ever anything but another boom-bust cycle is just weirdly naive. Nebraska will do great as long as the price of oil stays high enough to go for the expensive technology--this is a price per barrel calculation every company makes, something she knows perfectly well. All that has to happen to Nebraska is for the price to fall, with some big new producer or technology or political shift, and that has happened over and over. So let's hope for Nebraska's sake they ARE being frugal now.
Yeah, you can't get a hotel room in Midland TX right now, but I've seen it a ghost town, then a boom town, then a ghost town, then a boom town again. I guess it takes seeing that happen on the ground a few times before you truly comprehend the boom bust cycle of O/G. There is nothing else driving the economies of these middle states she loves so much, so good luck to them when it busts.
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