So, like dozens of times before, we’re faced with the same situation… massive fraud and criminality that results in huge profits for some, and prosecutions for pretty much nobody – but in this case, it has also led our country into what our guest E. Henry Schoenberger says is absolutely a depression.
How did we get here? And who’s responsible for it?
Tonight, Mike and Mark speak with Henry about his devastating book “How We Got Swindled by Wall Street Godfathers, Greed & Financial Darwinism – The 30-Year War Against The American Dream” – which Mike calls an “autopsy report” on the financial state of the country.
Fixing this might just be something that the 99% of us can get behind, together, to actually change something.
About our guest:
Henry Schoenberger is a Cleveland entrepreneur, financial specialist, writer and author of How We Got Swindled by Wall Street Godfathers, Greed & Financial Darwinism – The 30-Year War Against The American Dream. The book, an insightful look at the failures of Washington and Wall Street as well as all the contributing factors that led to the current depression-like economy and dysfunctional state of the US, includes a foreword from David Satterfield, a veteran financial journalist who shared in two Pulitzer Prizes while he was the business editor at the Miami Herald.
Schoenberger’s 1990 book, Invest for Success, How to Avoid Getting Ripped Off by Real Estate Partnerships, the Stock Market and Diversification became a critical success nationally, and recently B&N decided to carry it again online and in stock. He has authored a number of articles in professional journals and mainstream publications.
A 1964 graduate of Miami University, with a degree in English and Economics, Schoenberger has served in a variety of roles in the financial world. From capital formation consulting, to having been among the earliest financial planners in 1968, to owning his own broker-dealer NASD Member Firm specializing in private placements, to a venture capital CEO leading a small business into and successfully out of Chapter 11. He presented testimony to Senate Finance for TRA 86 at the request of George Mitchell, has spoken before various professional groups and has taught his continuing education course for CPAs, Trust Officers and Trust Department Lawyers for many years.
Schoenberger has been successful in both the insurance and securities businesses for over four decades, and has been a life-long student of economics and economic history as well as a political junkie dating from the day his father gave him an I Like Ike button. He is a poet-philosopher and pragmatic, rational idealist with a point of view encompassing human needs as well as economic realities. He believes the past will be eventually be acknowledged as prologue to provide the lessons to successfully transition from where we find ourselves today to a future that has appropriate concern for the public good. And he believes in the collective spirit of Americans, a spirit that has always found a way to transcend rancorous disagreement to form a stronger union.
From 45 years of personal experience, he understands why we cannot fix our continuing financial tragedy until it is recognized and acknowledged that Financial Darwinism is Born-again Social Darwinism and the survival of the richest ethic has been curbed by rebuilding the barriers against greed. And the Keynesian pragmatic solutions which worked in the after-math of the Great Depression must be applied to solve economic problems that cannot be solved by monetary and fiscal policy.
Henry’s Guest Essays here at the EWRS: