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The Two Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash Paperback – Bargain Price, February 9, 2009
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From Publishers Weekly
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to the Audio CD edition.
"[The Trillion Dollar Meltdown] is an absolutely excellent narrative of the horror that we have in the credit markets right now.... It's a wonderful explanation of how it happened and why it's so rotten, and why it will take a long time to unwind."—Paul Steiger, former Mng Editor, Wall Street Journal
"However up to date it may seem, this book is no rush job. Morris deftly joins the dots between the Keynesian liberalism of the 1960s, the crippling stagflation of the 1970s and the free-market experimentation of the 1980s and 1990s, before entering the world of ultra-cheap money and financial innovation gone mad... [Morris's] provocative book is...a well-aimed opening shot in a debate that will only grow louder in coming months."—Economist, March 6, 2008
"Will provide some important background that will help decipher the meaning behind today's gloomy financial headlines. For those who wonder "Why?", here's a place to get some answers!"—Watsonville (CA) Register-Pajaronian, March 13, 2008
"Charles Morris, author of The Trillion Dollar Meltdown, isn't one for sugarcoating. His analysis is dour and grim, but certainly not dull. And when read against a backdrop of an ever-weaker economy, increasingly anxious economists and a stream of gloomy predictions, it can be downright scary....Morris serves up a sharp, thought-provoking historical wrap-up of the U.S. economy and its markets, along with clear scrutiny of today's economic woes."—USA Today, March 31, 2008
"[A] shrewd primer... [Morris] writes with tight clarity and blistering pace."—James Pressley, Bloomberg News
"Morris offers a persuasive diagnosis of the long-building credit crash.... An especially graceful writer, Mr. Morris accessibly explains Wall Street's arcane instruments.... This is a smart layperson's guide."—The New York Times, April 6, 2008
“In his brief but brilliant book, Morris describes how we got into the mess we are in…. Few writers are as good as Morris at making financial arcana understandable and even fascinating.”—New York Times Book Review, April 20, 2008
“The Trillion Dollar Meltdown' by Charles R. Morris and ``Bad Money' by Kevin Phillips avoid the wild predictions of mass economic destruction, instead giving thoughtful, if alarming, histories and analyses of how we got into the mess we're in today.”—Bloomberg News
“My favorite single book account [of the subprime crisis].”—Business & Economics Correspondent Adam Davidson, NPR.org Planet Money podcast, September 16, 2008
“[A] masterful and sobering book.”—Commonweal, September 12, 2008
“…a primer.”—Jim Pressley, Bloomberg.com, #1 book on the financial meltdown, September 19, 2008
“Charles R. Morris’s THE TRILLION DOLLAR MELTDOWN (PublicAffairs) was handed to the publisher last Thanksgiving, a fact that gives Morris, a former banker, rock-solid status as a predictor of the crash. He homes in on the complexity and the paradoxical unpredictability of these financial instruments, which were supposed to manage risk and ended up magnifying it...”—The New Yorker
“Charles Morris’ informed and unusual book, The Trillion Dollar Meltdown, provides a decisive rebuttal to all…excuse-making and blame of ‘government.’ Morris makes clear that it was an unquenchable thirst for easy profits that led commercial and investment banks in the US and around the world….Morris has described the intricacies of the American investment world as clearly as anyone.”—Jeff Madrick, New York Review of Books, February 12, 2009
“If you don't know a lot about this current financial crisis, this is a great way to get some of the major contributors, including the role of mortgage-based securities, very quickly and simply. It's a short book; it's a well-argued book.”—Wall Street Journal, financial experts Laura Tyson and Angela Chan, 4/7
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Top Customer Reviews
Morris gives a brief but excellent history of events that led up to the current credit crunch that is paralyzing global financial markets. Disasters have many fathers, but Morris lays much of the blame on bond rating agencies, financial insurance companies and the Federal Reserve under Alan Greenspan. After 9/11 the Federal Reserve lowered the interest rates below the rate of inflation, essentially giving banks free money. Banks then lent money for fees up front and then repackaged the loans - turned them into securitized debt - and sold them to investors. It was basically cost free and risk free, so they lent money as if there was no tomorrow.
These securitized debts or CDOs (collaterilized debt obligations) were sold and resold throughout the global financial system and no longer did anyone know how to measure their value or their risk.
Add to this the fact that homeowners were using the rising equity of their homes as atms and pumping another $4 trillion into the economy.
Also add to the mix $700 billion annual trade deficit that indicates that much more consumption over production. The party was really in full swing.Read more ›
In my opinion, most people do not even begin to understand what is going on in the credit market and those who could are either in self-denial or lying to the public. This book is an excellent primer on the subject.
I expect that by the time more in-depth books are written the problem will be evident for all to see.
The last chapter, although well intentioned, is highly opinionated. However, the rest of the book is objective.
Morris explains the nitty gritty of these financial instruments in good, clear English and that in itself makes the book worth the price.
I would have given this book 5 stars, but for the last chapter. I was hoping for Morris' input on how (and when) this crisis will pan out, and what businees model banks will adopt now that the present one is so broken. Unfortunately Morris gets diverted into a diatribe on health care and other interesting but irrelevant matters, and we never really find out much about his vision of the new world post 2008. That's a shame - but read the book anyway if you want to really understand what's going on in the world of finance today.
Most Recent Customer Reviews
Too easy on the scum in politics and the grubbers who own political parties.Published 7 months ago by Appalachian Son
I was expecting this book to give me a breakdown and help me understand how the mortgage crisis happened.....in lame man terms. This book gave me none of that. Read morePublished 7 months ago by latrice n queen
The most balanced book ever written on 1971.I truly admire the author for her courage.Published 11 months ago by misterbargain
Not easy reading for the layman, but the enormity of Wall Street's criminal behavior is made crystal-clear. This soft-cover reissue contains up-to-date exposes.Published 16 months ago by Rudolf Dankwort
Learn more about our expotential money system. Interest money is not created. money supply must grow larger st a faster and faster ratePublished on January 12, 2014 by Claude Ellsworth
Thank you very much, I received the book brand new like you mentioned. I will be recommending my friends and family to buy from you in the future.Published on January 10, 2014 by darebillionaire
A very interesting account of the lead up to the 'meltdown' & its effects on the economy, politics, and society. It's a good read with a lot on interesting informationPublished on August 2, 2013 by Brian Morgan
Highly rated on review list and lives up to it. Clearly explains undying reasons for collapse...even I could follow itPublished on January 28, 2013 by cautious shopper