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The Two Trillion Dollar Meltdown: Easy Money, High Rollers, And The Great Credit Crash (2009)

The Two Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash (2009)
Rating
3.65 of 5 Votes: 4
ISBN
1586486918 (ISBN13: 9781586486914)
languge
English
publisher
PublicAffairs
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The Two Trillion Dollar Meltdown: Eas...
The Two Trillion Dollar Meltdown: Easy Money, High Rollers, And The Great Credit Crash (2009)

About book: I enjoyed a lot. It is a dense and informative book.Apart from relatively good and detailed analysis of some of the major factors/incidents of recent/ongoing subprime and credit crisis with historical context, it is interesting to see the fact that some of mainstream financial writers such as him started to question the current dominant and deeply embedded paradigm of '(regulation-) free market economy' or past decades of overtly simplified 'government evil versus market/private good' thinking might not work, and revisits ancient memory of 'government might be a part of solution' by 'balancing' both, whatever that means.Making these two antitheses may be a very good example of an oversimplification…At least, he said rich folks got too rich and there should be some sort of government intervention with enforced regulation. On the other hand, it is also interesting to see underlying/internalized and persistent skepticism toward the government function among these mainstream writers even after these decades with arduous financial/social paroxysms caused by financial ‘high rollers’ and even for him, with his ciriticisms toward the lack of government monitoring role. This is true for even those who claim to take 'non-Chicago' position such as Morris. Well, he at least argues against excessive market driven economy or market fundamentalism, which has been a dominant force in economic ideology for decades even though he still believes 80's growth was a success.I liked the avenue he took toward Ch.6 and Ch.7, which he directed his writing toward social disparity/class strife through informative descriptions of concrete examples such as health care and educational loans especially considering those who tend to read this book. His short but specific suggestions regarding banking/financial regulations are also helpful to think about broader issues as well as specific issues such as education and heakth care. You really cannot judge a book by its cover. . . The first couple of chapters start out with a reasoned, well toned analysis of the sub-prime mortgage collapse and the history that led up to it. The it takes a sharp turn left and becomes the soapbox for the authors agenda. I could almost swallow it except for the sarcastic, condescending and arrogant position from which the author gives his point of view. Apparently, he had no substance to back up his view because his only devise was to say the reader was stupid if you did not see the obvious truth of his viewpoint. I am guessing this bitter, childish author also had been personally offended by Alan Greenspan by the way he went after him in his book. He did not explain where he disagreed with the Fed Chair's policies - he just attacked and insulted him. The last three chapters were so filled with inflammatory rhetoric and propaganda language it would have made Joseph Goebbels blush. Tripe
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Reviews
nana
i don't understand what's happening with the money!oh! now i do.sort of.
minhdo21
Reading for the second time.... Mind bendingly complicated
daniel
Amazingly prophetic.
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