After the Music Stopped

Author: Alan S. Blinder
Publisher: Penguin Group USA
ISBN: 9780143124481
Release Date: 2014
Genre: Business & Economics

Assesses the U.S. financial crisis and its lessons, exploring its contributing factors while revealing its more devastating but lesser-known consequences and outlining potentially divisive solutions that may be necessary for recovery.

After the Music Stopped

Author: Alan S. Blinder
Publisher: Penguin Press HC
ISBN: 1594205302
Release Date: 2013
Genre: Business & Economics

An assessment of the U.S. financial crisis and its lessons explores its complex contributing factors while revealing some of its more devastating consequences, outlining potentially divisive solutions that may be necessary for recovery.

After the Music Stopped

Author: Alan S. Blinder
Publisher: Penguin Press HC
ISBN: 1594205302
Release Date: 2013
Genre: Business & Economics

An assessment of the U.S. financial crisis and its lessons explores its complex contributing factors while revealing some of its more devastating consequences, outlining potentially divisive solutions that may be necessary for recovery.

After the Music Stopped

Author: Alan S. Blinder
Publisher: Penguin
ISBN: 9781101605875
Release Date: 2013-01-24
Genre: Business & Economics

New York Times Bestseller One of our wisest and most clear-eyed economic thinkers offers a masterful narrative of the crisis and its lessons. Many fine books on the financial crisis were first drafts of history—books written to fill the need for immediate understanding. Alan S. Blinder, esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board, held off, taking the time to understand the crisis and to think his way through to a truly comprehensive and coherent narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we can do from here—mired as we still are in its wreckage. With bracing clarity, Blinder shows us how the U.S. financial system, which had grown far too complex for its own good—and too unregulated for the public good—experienced a perfect storm beginning in 2007. Things started unraveling when the much-chronicled housing bubble burst, but the ensuing implosion of what Blinder calls the “bond bubble” was larger and more devastating. Some people think of the financial industry as a sideshow with little relevance to the real economy—where the jobs, factories, and shops are. But finance is more like the circulatory system of the economic body: if the blood stops flowing, the body goes into cardiac arrest. When America’s financial structure crumbled, the damage proved to be not only deep, but wide. It took the crisis for the world to discover, to its horror, just how truly interconnected—and fragile—the global financial system is. Some observers argue that large global forces were the major culprits of the crisis. Blinder disagrees, arguing that the problem started in the U.S. and was pushed abroad, as complex, opaque, and overrated investment products were exported to a hungry world, which was nearly poisoned by them. The second part of the story explains how American and international government intervention kept us from a total meltdown. Many of the U.S. government’s actions, particularly the Fed’s, were previously unimaginable. And to an amazing—and certainly misunderstood—extent, they worked. The worst did not happen. Blinder offers clear-eyed answers to the questions still before us, even if some of the choices ahead are as divisive as they are unavoidable. After the Music Stopped is an essential history that we cannot afford to forget, because one thing history teaches is that it will happen again.

Financial Crisis Inquiry Report

Author: Phil Angelides
Publisher: DIANE Publishing
ISBN: 9781437980721
Release Date: 2011-03-01
Genre:

The Financial Crisis Inquiry Commission was created to "examine the causes of the current financial and economic crisis in the U.S." In this report, the Commission presents the results of its examination and its conclusions as to the causes of the crisis. More than two years after the worst of the financial crisis, our economy continues to experience the aftershocks. Millions of Americans have lost their jobs and their homes, and the economy is still struggling to rebound. This report is intended to provide a historical accounting of what brought our financial system and economy to a precipice and to help policy makers and the public better understand how this calamity came to be. Charts and tables. This is a print on demand report.

Advice and Dissent

Author: Alan S. Blinder
Publisher: Basic Books
ISBN: 9780465094189
Release Date: 2018-03-27
Genre: Business & Economics

A bestselling economist tells us what both politicians and economists must learn to fix America's failing economic policies American economic policy ranks as something between bad and disgraceful. As leading economist Alan S. Blinder argues, a crucial cultural divide separates economic and political civilizations. Economists and politicians often talk--and act--at cross purposes: politicians typically seek economists' "advice" only to support preconceived notions, not to learn what economists actually know or believe. Politicians naturally worry about keeping constituents happy and winning elections. Some are devoted to an ideology. Economists sometimes overlook the real human costs of what may seem to be the obviously best policy--to a calculating machine. In Advice and Dissent, Blinder shows how both sides can shrink the yawning gap between good politics and good economics and encourage the hardheaded but softhearted policies our country so desperately needs.

Central Banking in Theory and Practice

Author: Alan S. Blinder
Publisher: MIT Press
ISBN: 0262522608
Release Date: 1999
Genre: Business & Economics

This book deals with a variety of issues in monetary policy, including the goals of monetary policy, the choice of monetary instrument, the rule-versus-discretion debate, suggested remedies for the alleged problem of inflationary bias, & more.

The Federal Reserve and the Financial Crisis

Author: Ben Bernanke
Publisher: Princeton University Press
ISBN: 9780691158730
Release Date: 2013
Genre: Business & Economics

Collects a series of lectures the chairman of the U.S. Federal Reserve gave in 2012 about the Federal Reserve and the 2008 financial crisis.

Guardians of Finance

Author: James R. Barth
Publisher: MIT Press
ISBN: 9780262300766
Release Date: 2012-02-10
Genre: Business & Economics

The recent financial crisis was an accident, a "perfect storm" fueled by an unforeseeable confluence of events that unfortunately combined to bring down the global financial systems. Or at least this is the story told and retold by a chorus of luminaries that includes Timothy Geithner, Henry Paulson, Robert Rubin, Ben Bernanke, and Alan Greenspan. In Guardians of Finance, economists James Barth, Gerard Caprio, and Ross Levine argue that the financial meltdown of 2007 to 2009 was no accident; it was negligent homicide. They show that senior regulatory officials around the world knew or should have known that their policies were destabilizing the global financial system and yet chose not to act until the crisis had fully emerged.Barth, Caprio, and Levine propose a reform to counter this systemic failure: the establishment of a "Sentinel" to provide an informed, expert, and independent assessment of financial regulation. Its sole power would be to demand information and to evaluate it from the perspective of the public--rather than that of the financial industry, the regulators, or politicians.

All the Devils Are Here

Author: Bethany McLean
Publisher: Penguin
ISBN: 9781101551059
Release Date: 2011-08-30
Genre: Business & Economics

"Hell is empty, and all the devils are here." -Shakespeare, The Tempest As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers? According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together. All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature. Among the devils you'll meet in vivid detail: • Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the masses, only to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending. • Roland Arnall, a respected philanthropist and diplomat, who made his fortune building Ameriquest, a subprime lending empire that relied on blatantly deceptive lending practices. • Hank Greenberg, who built AIG into a Rube Goldberg contraption with an undeserved triple-A rating, and who ran it so tightly that he was the only one who knew where all the bodies were buried. • Stan O'Neal of Merrill Lynch, aloof and suspicious, who suffered from "Goldman envy" and drove a proud old firm into the ground by promoting cronies and pushing out his smartest lieutenants. • Lloyd Blankfein, who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line. • Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his firm drift away from its original, noble mission. • Brian Clarkson of Moody's, who aggressively pushed to increase his rating agency's market share and stock price, at the cost of its integrity. • Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street-and inflicted enormous pain on the country. Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the meltdown and its consequences.

In Fed We Trust

Author: David Wessel
Publisher: Crown Business
ISBN: 9780307459695
Release Date: 2010
Genre: Business & Economics

A Pulitzer Prize-winning editor of the Wall Street Journal presents an inside account of the struggle of Federal Chairman Ben Bernanke and his financial team to prevent the current financial crisis from becoming a next Great Depression. Reprint. A best-selling book.

How the Economy Works

Author: Roger E. A. Farmer
Publisher: Oxford University Press
ISBN: 0199756376
Release Date: 2010-04-08
Genre: Business & Economics

"Of all the economic bubbles that have been pricked," the editors of The Economist recently observed, "few have burst more spectacularly than the reputation of economics itself." Indeed, the financial crisis that crested in 2008 destroyed the credibility of the economic thinking that had guided policymakers for a generation. But what will take its place? In How the Economy Works, one of our leading economists provides a jargon-free exploration of the current crisis, offering a powerful argument for how economics must change to get us out of it. Roger E. A. Farmer traces the swings between classical and Keynesian economics since the early twentieth century, gracefully explaining the elements of both theories. During the Great Depression, Keynes challenged the longstanding idea that an economy was a self-correcting mechanism; but his school gave way to a resurgence of classical economics in the 1970s-a rise that ended with the current crisis. Rather than simply allowing the pendulum to swing back, Farmer writes, we must synthesize the two. From classical economics, he takes the idea that a sound theory must explain how individuals behave-how our collective choices shape the economy. From Keynesian economics, he adopts the principle that markets do not always work well, that capitalism needs some guidance. The goal, he writes, is to correct the excesses of a free-market economy without stifling entrepreneurship and instituting central planning. Recent events have shown that we cannot afford to treat economics as an ivory-tower abstraction. It has a direct impact on our lives by guiding regulators and policymakers as they make decisions with far-reaching practical consequences. Written in clear, accessible language, How the Economy Works makes an argument that no one should ignore.

The Alchemists

Author: Neil Irwin
Publisher: Penguin
ISBN: 9780143124993
Release Date: 2014-03-25
Genre: Business & Economics

Documents the inside story of the world's most powerful central bankers at a pivotal May 2010 meeting in Basel, Switzerland, to explore the efforts of European Central Bank's Jean-Claude Trichet, the Bank of England's Mervyn King and the Federal Reserve's Ben Bernanke in safeguarding the global economy.

The End of Wall Street

Author: Roger Lowenstein
Publisher: Penguin
ISBN: 9781101197691
Release Date: 2010-04-06
Genre: Business & Economics

Watch a Video Watch a video Download the cheat sheet for Roger Lowenstein's The End of Wall Street » The roots of the mortgage bubble and the story of the Wall Street collapse-and the government's unprecedented response-from our most trusted business journalist. The End of Wall Street is a blow-by-blow account of America's biggest financial collapse since the Great Depression. Drawing on 180 interviews, including sit-downs with top government officials and Wall Street CEOs, Lowenstein tells, with grace, wit, and razor-sharp understanding, the full story of the end of Wall Street as we knew it. Displaying the qualities that made When Genius Failed a timeless classic of Wall Street-his sixth sense for narrative drama and his unmatched ability to tell complicated financial stories in ways that resonate with the ordinary reader-Roger Lowenstein weaves a financial, economic, and sociological thriller that indicts America for succumbing to the siren song of easy debt and speculative mortgages. The End of Wall Street is rife with historical lessons and bursting with fast-paced action. Lowenstein introduces his story with precisely etched, laserlike profiles of Angelo Mozilo, the Johnny Appleseed of subprime mortgages who spreads toxic loans across the landscape like wild crabapples, and moves to a damning explication of how rating agencies helped gift wrap faulty loans in the guise of triple-A paper and a takedown of the academic formulas that-once again- proved the ruin of investors and banks. Lowenstein excels with a series of searing profiles of banking CEOs, such as the ferretlike Dick Fuld of Lehman and the bloodless Jamie Dimon of JP Morgan, and of government officials from the restless, deal-obsessed Hank Paulson and the overmatched Tim Geithner to the cerebral academic Ben Bernanke, who sought to avoid a repeat of the one crisis he spent a lifetime trying to understand-the Great Depression. Finally, we come to understand the majesty of Lowenstein's theme of liquidity and capital, which explains the origins of the crisis and that positions the collapse of 2008 as the greatest ever of Wall Street's unlearned lessons. The End of Wall Street will be essential reading as we work to identify the lessons of the market failure and start to reb...

A Nation of Deadbeats

Author: Scott Reynolds Nelson
Publisher: Vintage
ISBN: 9780307474322
Release Date: 2013
Genre: Business & Economics

" The story of America is a story of dreamers and defaulters. It is also a story of dramatic financial panics that defined the nation, created its political parties, and forced tens of thousands to escape their creditors to new towns in Texas, Florida, and California. As far back as 1792, these panics boiled down to one simple question- Would Americans pay their debts—or were we just a nation of deadbeats? From the merchant William Duer’s attempts to speculate on post–Revolutionary War debt, to an ill-conceived 1815 plan to sell English coats to Americans on credit, to the debt-fueled railroad expansion that precipitated the Panic of 1857, Scott Reynolds Nelson offers a crash course in America’s worst financial disasters—and a concise explanation of the first principles that caused them all. Nelson shows how consumer debt, both at the highest levels of finance and in the everyday lives of citizens, has time and again left us unable to make good.The problem always starts withthe chain of banks, brokers, moneylenders, and insurance companies that separate borrowers and lenders. &