The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash by Charles R. Morris |
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Editorial Reviews
From Publishers Weekly
The American economy is heading toward collapse, warns Wall Street Journal economist Malabre ( America's Dilemma, Understanding the Economy et al.). Although each is $35,000 in debt, Americans in the aggregate nevertheless consume yearly a million pounds of caviar, pay industrial workers far more than their competitors earn abroad and reward executives with "outrageous" salaries. Worse, shows the author, with the "hokum" of supply-side Reaganomics, consumer debt, government budget deficits, Third-World risk to U.S. lender banks and "junk bond" erosion of corporate equity continue to increase, while the rate of personal saving needed to finance no-longer competitive American industry lags at one or two percent (as compared to 20% in Japan). Corporate borrowing is sometimes equal to the entire market value of a company's shares. Economic disaster worldwide is an imminent possibility, cautions Malabre, but he sees a 50/50 chance of strong government remedial regulation and debt reduction by fiat to put us where we thought we were while living beyond our means.
Copyright 1987 Reed Business Information, Inc.
The American economy is heading toward collapse, warns Wall Street Journal economist Malabre ( America's Dilemma, Understanding the Economy et al.). Although each is $35,000 in debt, Americans in the aggregate nevertheless consume yearly a million pounds of caviar, pay industrial workers far more than their competitors earn abroad and reward executives with "outrageous" salaries. Worse, shows the author, with the "hokum" of supply-side Reaganomics, consumer debt, government budget deficits, Third-World risk to U.S. lender banks and "junk bond" erosion of corporate equity continue to increase, while the rate of personal saving needed to finance no-longer competitive American industry lags at one or two percent (as compared to 20% in Japan). Corporate borrowing is sometimes equal to the entire market value of a company's shares. Economic disaster worldwide is an imminent possibility, cautions Malabre, but he sees a 50/50 chance of strong government remedial regulation and debt reduction by fiat to put us where we thought we were while living beyond our means.
Copyright 1987 Reed Business Information, Inc.
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13
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- Lost Prophets: An Insider's History of the Modern Economists by Alfred L. Malabre on 4 pages
- A Piece of the Action: How the Middle Class Joined the Money Class by Joseph Nocera on page 297, Back Matter (1), and Back Matter (2)
- Long-Wave Rhythms in Economic Development and Political Behavior by Brian J. L. Berry in Front Matter, and Back Matter
- Financing the American Dream: A Cultural History of Consumer Credit by Lendol Calder in Back Matter (1), and Back Matter (2)
- Welcome to the Jungle: The Why Behind "Generation X" by Geoffrey T. Holtz in Back Matter (1), and Back Matter (2)
See all 13 books citing this book
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