The Two Trillion Dollar Meltdown

Amazon.com Price: $9.98 (as of 11/10/2019 15:19 PST- Details)

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Description

Previously published as The Trillion Dollar Meltdown

Now fully up to date with the up to date financial developments, this is the bestselling book that briefly and brilliantly explains how we got into the economic mess that may be the Credit Crunch. With the housing markets unravelling day by day and distress signals flying during the remainder of the economy, there may be little doubt that we face 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 a minimum of as painful as the very difficult period of 1979-1983. The Two Trillion-Dollar Meltdown, up to date to include the up to date financial developments, is indispensable to understanding how the world economy has been put at the brink.

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