| Synopsis
We are living in the most reckless financial environment in recent
history. Arcane credit derivative bets are now well into the tens of
trillions. According to Charles R. Morris, the astronomical leverage at
investment banks and their hedge fund and private equity clients
virtually guarantees massive disruption in global markets. The crash,
when it comes, will have no firebreaks. A quarter century of
free-market zealotry that extolled asset stripping, abusive lending,
and hedge fund secrecy will come crashing down with it.
The Trillion Dollar Meltdown
explains how we got here, and what is about to happen. After the crash
our priorities will be quite different. But things are likely to get
worse before they better. Whether you are an active investor, a
homeowner, or a contributor to your 401(k) plan, The Trillion Dollar Meltdown
will be indispensable to understanding the gross excess that has put
the world economy on the brink—and what the new landscape will look
like.
Editorial Reviews Paul Steiger, former Mng Editor, Wall Street Journal
"[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."
Economist, March 6, 2008
"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."
Watsonville (CA) Register-Pajaronian, March 13, 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!"
USA Today, March 31, 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."
James Pressley, Bloomberg News
"[A] shrewd primer... [Morris] writes with tight clarity and blistering pace."
The New York Times, April 6, 2008
"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."
About the Authors
Charles R. Morris has written ten books, including The Cost of Good Intentions, one of the New York Times'The Coming Global Boom, a New York Times Notable Book of 1990, and The Tycoons, a Barrons'
Best Book of 2005. A lawyer and former banker, Mr. Morris's articles
and reviews have appeared in many publications including The Atlantic Monthly, the New York Times, and the Wall Street Journal.
Product Details
Hardcover: 194 pages
Carton Size: 32 books
Publisher: PublicAffairs (March 3, 2008)
Language: English
ISBN-10: 1586485636
ISBN-13: 978-1586485634
Product Dimensions: 8.55 x 6.0 x 0.81 inches
Shipping Weight: 0.82 pounds
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