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Produktbeschreibungen
Pressestimmen
"The first big book on the credit crunch saw the crisis coming three years ago (The Trillion Dollar Meltdown) is...a well-aimed opening shot in a debate that will only grow louder in coming months." The Economist "(t)his is a scary book for scary times... Morris provides a fascinating and clear chronicle of how a good idea turned into so many bad loans." Spectator Business "Charles Morris's The Trillion Dollar Meltdown has many excellent qualities besides brevity. In fewer than 200 pages, Morris provides a comprehensive and jargon-free description of the hideously complex financial securities that have brought the credit system to collapse." Sunday Times"
Kurzbeschreibung
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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Buchdeckel | Copyright | Inhaltsverzeichnis | Auszug | Stichwortverzeichnis | Rückseite
Buchdeckel | Copyright | Inhaltsverzeichnis | Auszug | Stichwortverzeichnis | Rückseite
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Kundenrezensionen
Die hilfreichsten Kundenrezensionen
6 von 6 Kunden fanden die folgende Rezension hilfreich
Format:Gebundene Ausgabe
Charles takes the reader on an interesting walk through recent financial times. His explanation of the some of the complex financial instruments are detailed and at the same time, presented in an easy language. His predictions, unlike the title, are shortly presented.
In particular, his handling of the upcoming CDS meltdown is scratchy at best. Given the timing of the books release, that is understandable.
If a crystal mirror for the upcoming 12-15 months is what you are looking for, then this book is at best an introduction.
3 stars because his predictions seem low given the scale of toxic waste out there ($65 trillion in CDSs outstanding. If the rate of corporate default rises to 5%, then its $3.25 trillion in CDS losses itself, which the hedge funds who sold the insurance are in no position to cover). Also, the role played by banks as transactors to hedge funds in selling toxic waste could be covered in more detail.
In particular, his handling of the upcoming CDS meltdown is scratchy at best. Given the timing of the books release, that is understandable.
If a crystal mirror for the upcoming 12-15 months is what you are looking for, then this book is at best an introduction.
3 stars because his predictions seem low given the scale of toxic waste out there ($65 trillion in CDSs outstanding. If the rate of corporate default rises to 5%, then its $3.25 trillion in CDS losses itself, which the hedge funds who sold the insurance are in no position to cover). Also, the role played by banks as transactors to hedge funds in selling toxic waste could be covered in more detail.
Die hilfreichsten Kundenrezensionen auf Amazon.com (beta)
Amazon.com:
129 Rezensionen
224 von 241 Kunden fanden die folgende Rezension hilfreich
Makes the Incomprehensible Comprehensible
23. März 2008
Format:Gebundene Ausgabe
This is a great book for those of you like me who are not in the financial services industry but who want to understand why our economy is melting down as we speak. It will also help you understand why this upcoming election is so important: The author describes the seismic ideological shifts over the last 40 years, from the Liberal/Keynsian era that imploded in the late 70s, to the current dying embers of the Chicago-School free market ideology that has held sway from Reagan up to the present moment. The author believes it is time once again for the pendulum to swing in the direction of more activist, socially conscious government intervention. He is not a liberal ideologue but a former banker who comes to his conclusions based on objectivity, knowledge, and lucid thought. The integrity of his thinking shines through every page. This is not always an easy book to read; due to the subject matter it is rife with all sorts of financial industry acronyms and terms like "tranch" and "quant" and "put", but don't let that throw you. Just keep reading with the big picture in mind and it will all come together in the end. It's well worth the effort!
108 von 119 Kunden fanden die folgende Rezension hilfreich
Well written, great perspective
17. März 2008
Format:Gebundene Ausgabe|Von Amazon bestätigter Kauf
I am learning a lot reading this, even though I've followed the economy for years. The preface summarizes the situation and outlines the book, but is maybe slightly dense and technical for the average person. But the first chapter is great for giving perspective on how the US economy has evolved, especially the troubles of the stagflation period and what caused that. The book goes up to November 2007, with a clear understanding that the credit bubble was going to have to unwind, and it was either going to cost $1 trillion, or, if the government tried to paper it over, a lot more.
52 von 55 Kunden fanden die folgende Rezension hilfreich
Lucid explanation of the subprime mortgage crisis
18. April 2008
Format:Gebundene Ausgabe
In this excellent, highly readable book, Charles R. Morris combines legal and financial experience with literary craft. No ideologue, no partisan and certainly no salesman, Morris traces the roots of the 2007-2008 mortgage securities crisis to its distant origins in the 1970s. He argues that policy missteps under the Nixon, Ford and Carter administrations, when Arthur Burns chaired the Federal Reserve, led to dollar debasement. He contends that the decline of America's currency and its business sector at that time led in turn to the Reagan administration's zeal for deregulation and Chicago-school economics. He details his belief that Alan Greenspan's policies took America from a relatively healthy financial status to a position perhaps as dire as in the late 1970s. Morris also reveals the privileges enjoyed by an out-of-control financial services system. getAbstract found this to be a trenchant and provocative read.
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