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“This is a must-read for anyone seeking an honest assessment of the government’s role in responding to the Great Recession. Mark Zandi’s clear and easy-to-understand analysis reaffirms my belief that the totality of the government’s response avoided a disaster and paved the way for a recovery.”
--SENATOR KENT CONRAD, Chairman of the Senate Budget Committee
“When Mark Zandi talks, people listen. This fine book evaluates the policy responses to the financial crisis and the Great Recession in his usual authoritative and objective manner--a rare combination. You should read it.”
--ALAN S. BLINDER, Economics Professor, Princeton University, and former Vice Chairman of the Federal Reserve
“One of our most insightful economists examines the extraordinary actions the Federal Reserve, the Treasury, and other authorities took to cope with the economic catastrophe that followed the financial crash of 2008. A readable, balanced account of what they did, why they did it, and how well it worked out--so far.”
--ALICE M. RIVLIN, the Brookings Institution, former Director of OMB and Vice Chair of the Fed
“I don’t agree with everything Mark Zandi has to say, but he gives readers a close-to-the-administration analysis of the economic problems and policies of the past five years. He writes clearly with the expertise of an economist who was close to the policy process but with the detachment of an informed outsider.”
--MARTIN FELDSTEIN, Professor of Economics, Harvard University, and President Emeritus, National Bureau of Economic Research
Pessimists say the U.S. economy is collapsing. The truth is American businesses are as competitive as they’ve been in 50 years.
Pessimists say that debt will strangle U.S. banks and consumers for years to come. The truth is we’ve already made more progress than you think.
Zandi has advised top policymakers, both Republicans and Democrats: In this book, he focuses on policy and evidence, not ideology. Look past the political squabbling, and the news is refreshing and positive--and Zandi’s evidence is compelling.
These days, good news is the most shocking news of all. But if you can handle the truth about the U.S. economy, read this book.
Four years ago, the U.S. financial system suffered catastrophic damage, and the global economy was near collapse. Today, although many Americans are still shell-shocked and much remains to be fixed, progress has been substantial. The economy is growing and creating jobs. House prices are stable. Stock prices are up. Debt burdens are down. The financial system is stronger. Best of all, American companies are in top shape and ready to compete with the world.
How did all this happen? According to widely quoted economist Mark Zandi, who has advised Republicans, Democrats, and top companies worldwide, government policy deserves much of the credit. The unprecedented official response to the crisis--from bailouts and fiscal stimulus to the Fed’s zero interest rates--remains intensely controversial. But it succeeded, Zandi argues, preventing a far worse economic catastrophe. Moreover, while the economy still faces serious challenges--including mounting government debt and dangerously high unemployment--there are good reasons to be optimistic. Indeed, the U.S. economic future has arguably never been brighter.
I highly recommend this timely and articulate book to everyone.
And, if not for a very successful combination of expansive fiscal and monetary policies the Great Recession would have turned into the Great Depression II.
Although the subject matter is very complex, Mr. Zandi has written a very easy to read book.
The author has excellent credentials; the Chief Economist of Moody's Analytics, and much more experience in worldwide economics. Read morePublished 3 months ago by M. Stewart
A somewhat dry and very analytical retelling of the causes of the Great Recession. It is certainly NOT as lively as Andrew Sorkin's "Too Big to Fail" or even Paulson's... Read morePublished 7 months ago by Big 10 fan
This was a really fascinating review of what happened to trigger the great recession/Depression of 2008. As such it reads more like a history book than economic analysis. Read morePublished 16 months ago by J. Mullally
Mark Zandi's "Paying the Price: Ending the Great Recession and Beginning a New American Century" does a good job explaining what happened in the last ten years or so in the finance... Read morePublished 17 months ago by Barb Caffrey
The recent financial disaster in this country is still affecting all of us. There is no one reason, and this book gave readable overviews of many of the issues that caused so much... Read morePublished 19 months ago by Carol McCrossin
This is a great read for history buffs and would-be economists that wish to learn how the federal government responded to the Great Recession. Read morePublished 19 months ago by StyleSnob
In this short book, Mark Zandi attempts to explain the following:
(a) How the 2008 financial crisis happened
(b) Prove that the Government stimulus worked
(c)... Read more
When I first received this book, I was actually expecting a discussion about the price we're all paying, and we'll all pay for the financial ruin experienced in the last fee years,... Read morePublished 20 months ago by Sukru Tikves
Economist Mark Zandi has written a useful summary of the background of the ongoing fiscal, financial, and economic challenges confronted by the United States in the aftermath of... Read morePublished 21 months ago by James Strock