Two Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash | Paperback

Released on 13 January 2009

Author: Charles R. Morris | Format: Paperback

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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 mis-judgments, 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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 Wall St greed, how they engineered it and who pays the price

| | See all lolly229's reviews (2)

I saw the film Inside Job and that drove me to buy this book. The fall out of these greedy criminals has affected the whole world and I wanted to know more. It details the shady world of shadow banking and the onslaught of 'financial engineering', engineers are professionals with a code of conduct, these people by no means had an allegiance to any code other than the fast buck. One of the best lines in the book is that "Banking is supposed to be dull, not like spending every night in a casino". The sorry thing is that they were playing in the casino with someone else's money, homes and their livelihoods. No-one knows the true extent of the losses incurred due to the 'shadow banking' practices employed but in the end, we have the distinct pleasure of paying, one way or another, for their greed.
The staggering thing is that none of them are behind bars, even more staggering is that some of the 'engineers' of this global fiasco hold Federal positions of power, protectionsim for the 'old boys network', it makes you think and it makes me sick that they are in a prime position to begin inflating the next bubble.
Read the book, it is a true insight.

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AuthorCharles R. Morris
PublisherThe Perseus Books Group (United States)
Year2009
ISBN9781586486914
FormatPaperback - 240 Pages