- Paperback: 208 pages
- Publisher: Perseus Books Group; Rev Ed edition (February 9, 2009)
- Language: English
- ISBN-10: 1586486918
- ISBN-13: 978-1586486914
- ASIN: B002CMLQVQ
- Product Dimensions: 5.5 x 0.6 x 8.2 inches
- Shipping Weight: 8.8 ounces
- Average Customer Review: 4.2 out of 5 stars See all reviews (144 customer reviews)
- Amazon Best Sellers Rank: #1,491,574 in Books (See Top 100 in Books)
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The Two Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash Paperback – February 9, 2009
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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
It's a good book, if you watch the movie "Inside Job" you'll understand the book a bit better.Published 6 days ago by Sunshine
Good explanations of what happened during the lead up and fallout of the subprime mortgage. Reads like a 300 level college course. Made watching the The Big Short easier.Published 3 months ago by nate
Too easy on the scum in politics and the grubbers who own political parties.Published 13 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 14 months ago by latrice n queen
The most balanced book ever written on 1971.I truly admire the author for her courage.Published 18 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 22 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