Well written, great perspective: The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash
April 1, 2008
I am learning a lot reading this, even though I’ve followed the economy for years. The preface summarizes the situation and outlines the book, but is maybe slightly dense and technical for the average person.
But the first chapter is great for giving perspective on how the US economy has evolved, especially the troubles of the stagflation period and what caused that.
The book goes up to November 2007, with a clear understanding that the credit bubble was going to have to unwind, and it was either going to cost $1 trillion, or, if the government tried to paper it over, a lot more.
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"[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."
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