The Two Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash (Anglais) Broché – 10 février 2009
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Description du produit
Revue de presse
"[The Trillion Dollar Meltdown] is an absolutely excellent narrative of the horror that we have in the credit markets right now.... It's a wonderful explanation of how it happened and why it's so rotten, and why it will take a long time to unwind."—Paul Steiger, former Mng Editor,
Présentation de l'éditeur
Now fully updated with the latest financial developments, this is the bestselling book that briefly and brilliantly explains how we got into the economic mess that is the Credit Crunch. With the housing markets unravelling daily and distress signals flying throughout the rest of the economy, there is little doubt that we are facing a fierce recession. In crisp, gripping prose, Charles R. Morris shows how got into this mess. He explains the arcane financial instruments, the chicanery, the policy misjudgments, the dogmas, and the delusions that created the greatest credit bubble in world history. Paul Volcker slew the inflation dragon in the early 1980s, and set the stage for the high performance economy of the 1980s and 1990s. But Wall Street's prosperity soon tilted into gross excess. The astronomical leverage at major banks and their hedge fund and private equity clients led to massive disruption in global markets. A quarter century of free-market zealotry that extolled asset stripping, abusive lending, and hedge fund secrecy will go down in flames with it. Continued denial and concealment could cause the crisis to stretch out for years, but financial and government leaders are still downplaying the problem. The required restructuring will be at least as painful as the very difficult period of 1979-1983. The Two Trillion-Dollar Meltdown, updated to include the latest financial developments, is indispensable to understanding how the world economy has been put on the brink.
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Commentaires client les plus utiles sur Amazon.com
I was trained as an economist and have sustained a reverence (religious tone intended) for free markets and deregulation for most of my professional career. As a professional economist, I have some quibbles with some of Mr. Morris's explanations. They feel oversimplified and supported more by conviction than by a subtle analysis of the facts at hand. That said, taken as a whole, his analysis is much more sophisticated than that which any economist could offer if he stayed within his own discipline's boundaries. Mr. Morris points out things that I would not even think to look for. And at the end of the day, common sense favors most of his broader explanations. He brings us the kind of book you always hope to write, in which the reader reacts in an a-ha! moment: of course he's right--how else could it be?! But few readers will have grasped how obvious the answers are before reading Mr. Morris's book. With great disappointment, I bow to his verdict that free markets have not policed themselves as I would have expected and that, as a result, increased regulatory oversight will be required, despite the risks it brings.
I am not saying that I endorse all his explanations. And the book sort of comes apart at the end, in a series of asides that have little to do with his core messages and his core concerns. But this book has helped me understand today's financial crisis far better than anything else I have encountered. As I read it a second time, I am getting still more. Each of us has to build his own understanding; Mr. Morris has made that immeasurably easier for me.
Don't leave home without it!
One detraction from Morris' book though is that in an efort to be thorough in his analysis of how we found ourselves in this crisis, he sometimes walks the reader through a maze of financial jargon and the history of that jargon, such that the lay reader comes off in somewhat of a deficit. I recommend The Two Trillion Meltdown for anyone who desires to understand the makings of the latest American crisis of leadership. For that is what the "Meltdown" essentially is.
Recently, I completed reading Alan Greenspan's book "Age of Turbulence". It is interesting to see how this book from Greenspan's book, since Greenspan is a strong cheerleader for Unregulated Free Markets. This book takes a more balanced look, acknowledging that Free Market principles contributed to the economic booms of 1980s and 1990s while asserting now the pendulum has swung too far and it is time to have more regulation for financial markets.
Most of the book is interesting to read, except at some points where author goes into nitty-gritty details of things like Mortgage Backed Securities and Collateralized Debt Obligations. But, they are important for understanding the current Credit Crisis. One thing that makes this book more authentic and balanced may be, Author doesn't seem to come from any particular ideology like conservative or liberal.
One important take away after reading this book is, the current Credit crisis is much broader and deeper in its impact than any of the previous crises like 1987 Stock market crash or 1994 Savings and Loan crisis or 1998 Long term Capitol crisis. It is kind of scarier to see the depth of the current problem.