⇒ PDF Free Bailout Nation How Greed and Easy Money Corrupted Wall Street and Shook the World Economy Barry Ritholtz Bill Fleckenstein Aaron Task 9780470520383 Books

Bailout Nation How Greed and Easy Money Corrupted Wall Street and Shook the World Economy Barry Ritholtz Bill Fleckenstein Aaron Task 9780470520383 Books

Download As PDF : Bailout Nation How Greed and Easy Money Corrupted Wall Street and Shook the World Economy Barry Ritholtz Bill Fleckenstein Aaron Task 9780470520383 Books

Bailout Nation How Greed and Easy Money Corrupted Wall Street and Shook the World Economy Barry Ritholtz Bill Fleckenstein Aaron Task 9780470520383 Books

Very informative summary of the breakdowns that occurred in the economy leading up to the meltdown, and why huge buckets of money to failing companies was the remedy of choice. Other reviewers have said it all, so the only thing I want to add is a list of books that I found very informative in understanding exactly what caused the problems:

-great american stickup
-the monster
-all the devils are here
-bailout nation


Tags : Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy [Barry Ritholtz, Bill Fleckenstein, Aaron Task] on Amazon.com. *FREE* shipping on qualifying offers. <b>An engaging look at what led to the financial turmoil we now find ourselves in</b> Bailout Nation</i> offers one of the clearest looks at the financial lenders,Barry Ritholtz, Bill Fleckenstein, Aaron Task,Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy,Wiley,0470520388,Economic History,Public Policy - Economic Policy,Finance - Government policy - United States,Finance;Government policy;United States.,Financial crises - United States,Financial crises;United States.,Intervention (Federal government),United States - Economic conditions - 2001-,United States - Economic conditions - 2001-2009,United States - Economic policy - 2001-,United States - Economic policy - 2001-2009,United States;Economic conditions;2001-2009.,BUSINESS & ECONOMICS Economic Conditions,BUSINESS & ECONOMICS Economic History,BUSINESS & ECONOMICS Finance General,Business & Economics,Business & EconomicsEconomic History,Business & EconomicsGovernment & Business,Business Economics Finance,BusinessEconomics,ECONOMIC POLICY,Economic Conditions,Finance,Finance & accounting,Finance - Government policy - United States,Finance;Government policy;United States.,Financial crises,Financial crises - United States,Financial crises;United States.,GENERAL,General Adult,Government & Business,Government policy,History,Intervention (Federal government),Non-Fiction,POLITICAL SCIENCE Public Policy Economic Policy,Political Economy,Political SciencePolitical Economy,Political SciencePublic Policy - Economic Policy,Public Policy - Economic Policy,Sachbücher Politik, Gesellschaft, Wirtschaft Geld, Bank, Börse,United States,United States - Economic conditions - 2001-,United States - Economic conditions - 2001-2009,United States - Economic policy - 2001-,United States - Economic policy - 2001-2009,United States;Economic conditions;2001-2009.,BUSINESS & ECONOMICS Economic Conditions,BUSINESS & ECONOMICS Economic History,BUSINESS & ECONOMICS Finance General,Business & EconomicsEconomic History,Business & EconomicsGovernment & Business,Economic Conditions,Government & Business,POLITICAL SCIENCE Public Policy Economic Policy,Political Economy,Political SciencePolitical Economy,Political SciencePublic Policy - Economic Policy,Business Economics Finance,Economic Policy,Finance,Financial crises,Government policy,United States,Business & Economics,BusinessEconomics,Finance & accounting,Sachbücher Politik, Gesellschaft, Wirtschaft Geld, Bank, Börse

Bailout Nation How Greed and Easy Money Corrupted Wall Street and Shook the World Economy Barry Ritholtz Bill Fleckenstein Aaron Task 9780470520383 Books Reviews

Bailout Nation is one of the best non fiction books I've ever read. Seriously, it takes an indepth, detail oriented look into the history of our becoming a bailout nation, the workings of the Fed, banks, everything. There's an amazing amount of stuff covered in this book, but it's superbly well written. Given the nature of some things discussed, maybe some parts are a bit drab or technical but this is one of the best looks into our current crisis I've seen. It also is very down to Earth and quite humorous.

Ritholtz is also very non ideological, blasting to pieces anyone, regardless of party, position, prestige who he feels responsible for our crisis, and even takes time to make a list of people/things he feels have been WRONGLY accused of contributing to the crisis. Besides the balance, the points he makes are just common sense and non ideological, its so wonderful to see such a work. He will point out justified and successful government programs, such as a new deal housing program, and how it's NOT a bailout, but of course blast other poorly done gov programs and bailouts.

I'm done waxing lyrical about how detailed, well written and un biased the book is, onto the actual content. As you can deduce Ritholtz makes the claim we are now a bailout nation, but it goes back farther than most of us think. He starts in 1971 when we bailed out an individual company, Lockheed Martin, and from this point on its a downward spiral. Each bailout has been bigger, and more expensive, and of course creates more moral hazard and has finally reached crony capitalism (or as he also says Casino Capitalism). Firms are not just being bailed out, but banks can now basically gamble big and we all end up covering the cost. I didn't like the bailouts, but like many saw them as a necessary evil, this book changed my mind. Only problem is I fear we're too far down the road to stop it now.

He also blasts the policies of Alan Greenspan (in fact he's numero uno on the list of responsible people) and goes into great detail about how his policies created our bubble economy, and his guiding, (he was the "masetro" after all) led to all types of negative impacts. I'll leave the details to the book of cours.e

He does not want some radically small government, ending the fed and cut throat markets running wild, he speaks quite ill of the de regulation craze, simply he wants a government that will allow irresponsible/failing companies to fail. A Fed that doesn't tinker so much and cause bubbles, sensible gov policy. All ideas that shouldn't be radical to any of us, but most of the "experts" and politicians clearly are clueless.
Highly recommend this book.
The author does an excellent job in this book ,overall, in showing how Wall Street speculator firms (Bear Stearns,Goldman Sachs,Lehman Brothers,Merrill Lynch,Morgan Stanley,hedge funds,private equity firms,etc.)were able to take over the Republican and Democratic parties,starting with the election of Jimmy Carter in 1976,in order to deregulate the financial sector so that they could engage in debt leverage using completely unregulated derivatives in an attempt to make profits without the production of any goods or services except for phony " financial services " based on purely speculative securitization claims that have no connection to any products and services that would appear in gross domestic product.

The author indirectly shows that the same academics,economists,senators,congressman and politicians who supported the massive concentration of the commercial banking industry through 35 years of mergers,acquisitions and takeovers ,are also the supporters of the current " to big to fail" bailout line used by both George W. Bush and Barack Obama .

There are a few places where the author could have stengthened his argument.First,he needed to duscuss the earlier work of Adam Smith,J M Keynes and Benoit Mandelbrot .All three of these thinkers clearly identified what the result would be if banks are allowed to make loans to speculators seeking to engage in debt leverage.

The author needed to spend more than the two pages (pp.258-259) he spent on the close connections between Wall Street speculator firms(see above),the heads of Fannie Mae (James "Jim " Johnson,Franklin D Raines,Daniel Mudd),and the head of CountryWide,Angelo Mozilo.Fannie Mae was essentially controlled by Mozilo and Wall Street.Bill Clinton,George W.Bush,Barney Frank,Chris Dodd and NY Senator Schumer essentially were paid off with millions in campaign contributions/donations by Wall Street in return for eliminating whatever regulatory apparatus was in place.

The problem is not low interest rates and easy money per se.The problem is the private banking industry's refusal to abide by and enforce their own basic creditworthiness standards.The really important question is ," Who gets the loans ?" Is it the Smithian projectors,imprudent risk takers and prodigals and/or Keynesian rentiers and speculators ? Or is it the Smithian sober people (small businessmen)? It makes a huge difference overall.

I recommend that this book be purchased.
Very informative summary of the breakdowns that occurred in the economy leading up to the meltdown, and why huge buckets of money to failing companies was the remedy of choice. Other reviewers have said it all, so the only thing I want to add is a list of books that I found very informative in understanding exactly what caused the problems

-great american stickup
-the monster
-all the devils are here
-bailout nation