The sub-prime mortgage crisis is only the beginning: A more profound economic and political restructuring is on its way.We are living in the most reckless ...Show synopsisThe sub-prime mortgage crisis is only the beginning: A more profound economic and political restructuring is on its way.We are living in the most reckless financial environment in recent history. Arcane credit derivative bets are now well into the tens of trillions.According to Charles R Morris, the astronomical leverage at investment banks and their hedge fund and private equity clients virtually guarantees massive disruption in global markets. The crash, when it comes, will have no firebreaks. A quarter century of free-market zealotry that extolled asset stripping, abusive lending and hedge fund secrecy will come crashing down with it."The Trillion Dollar Meltdown" explains how we got here and what is about to happen. After the crash our priorities will be quite different. But things are likely to get worse before they get better. This book will be indispensable to understanding the gross excess that has put the world economy on the brink - and what the new landscape will look like.Hide synopsis
Description:Good in good dust jacket. Good, In good dust jacket. Glued...Good in good dust jacket. Good, In good dust jacket. Glued binding. Paper over boards. With dust jacket. 194 p. Ex-Library expected imperfections.
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Morris gets points for being the first out of the blocks, but therein lies the central weakness of his book: he's attempting to tell the story of the meltdown before the crisis has reached its apogee and long before the political actors have started reckoning with the scary realities presented by the near total collapse of the global financial system. My advice: wait for the second edition.
This is a great short book on some of the key causes of the meltdown. I had to read some chapters over to understand them but tha's me, not Morris. His writing is lucid and sharp. He's not afraid use his moral voice.
What an amazing analysis of how the USA got its IOU! Although it was hard for me to remember all the acronyms, I felt inspired and informed as I read this book. It covers the pros and cons of Keynesian liberalism, Reagonomics (the birth of the free market) and government control and offered a lot of detail about how hedge funds work, student loans and the sub prime mortgage situation. I am no expert on economics and I never will be, but books like this help me feel like I have a little more control in managing my own money as well as making informed decisions when I hit the polls.
Another quick listen on audible. If you would really like to understand how the credit bubble was formed and why it is now melting down, this is a must-read. Morris simply and clearly explicates the instruments and causes underlying the crisis. Sub-prime mortgages were securitized and then rolled up into bonds where the underlying risk was masked. Greenspan (probably the biggest culprit in all) would pump cash into the economy at the hint of market downturns so that no one believed that things could really go down. Greenspan also ignored the housing bubble, instead of trying to deflate it. Wall Street greed ran rampant as traders made hundreds of millions on derivatives. Now new credit crises loom in credit cards, commercial real estate, and corporate debt. Highly recommended.
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