A review by jennyrpotter
A Fighting Chance, by Elizabeth Warren

5.0

I never thought I'd be sad to finish a book on economic policy and financial reform. I absolutely loved this book. To say that I admire Elizabeth Warren is a bit of an understatement; I wish that she could be my Senator, but alas I do not live in Massachusetts. Fortunately, I can settle with knowing that she is out there representing the interests of all honest, hard-working people in a system that she admits is rigged against us. (For example, last year she wrote a bill—which didn't get passed—that would have required the government to lend money to students at the same low interest rate that it lends to giant banks, which in turn produce unethical mortgages that swindled unsuspecting folks and ultimately led to the economic collapse of 2008.) This book is an interweaving of Warren's personal life, beginning in childhood, and includes a big-time tutorial on shadowy corporate banking, the economic fall and subsequent bailout of 2008, and the effects of bankruptcy on people. Her primary point is that the middle class of the U.S. is falling apart because the system is rigged against people. We, as a middle class, are spending no more than did the middle class of the 1970's (adjusted for inflation), but we are falling financially behind because healthcare and college tuition cost over three times as much as they did then. People stretch their budgets and in many cases both spouses enter the work field, but ends become difficult to meet if things go wrong (lost job, medical problems, etc.). Hence, people turn to second mortgages, high-interest loans, and credit cards, all while not realizing that many giant banks like AIG and Citibank have swindled them with 27 pages of nonsensical legalese. Hidden fees later emerge, balloon payments and adjustable interest rates rise, and people have nowhere to turn but bankruptcy or foreclosure. Meanwhile, we aren't being represented by congresspeople because they have largely been bought by big banks, who can afford to send armies of lobbyists to contribute to campaign funds and buy their allegiance when corporate issues come up for voting. Warren, who is now a U.S. Senator but was previously a Harvard law professor, has worked tirelessly to hold big banks accountable for their actions and to make the process of signing financial paperwork more transparent for everyday people, so that we are armed with knowledge and less likely to fall victim to a dazzling smile and a “Just trust me, you won't understand it anyway” from big banks. (Incidentally, her campaign funds do not come from corporate interests—96% of all her campaign donations during her election came from individuals paying $100 or less.) This book was at times charming, infuriating, and always enlightening. I give it five solid stars.