Meltdown: How Greed and Corruption Shattered Our Financial System and How We Can Recover

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Meltdown: How Greed and Corruption Shattered Our Financial System and How We Can Recover Pub. Date: 1/5/2009 Publisher: Avalon Publishing Group

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Overview

America’s economy is in meltdown. Banks have failed, foreclosures are sweeping the housing market, and stocks have suffered their worst losses since the Great Depression. Faced with a complex and spiraling crisis, the government has poured billions of taxpayer cash into a bailout with no end in sight.

At every step of the way, The Nation, America’s oldest weekly magazine, has tackled the most urgent questions facing the nation’s leaders and its citizens with clarity and insight. Meltdown draws together nearly twenty years of the best of their coverage of the financial crisis and explores what steps President Obama and his new administration must take to ensure a more secure future for everyone.

Contributors include:
William Greider on Alan Greenspan’s flawed ideology Robert Sherrill on why the bubble popped Thomas Frank on the rise of market populism Christopher Hayes on the coming foreclosure tsunami Barbara Ehrenreich on the implosion of capitalism Kai Wright on how the subprime crisis is bankrupting black America Naomi Klein on Bush’s final pillage Joseph E. Stiglitz on Henry Paulson’s shell game Jesse Jackson on trickle-down economics Katrina vanden Heuvel and Eric Schlosser on why America needs a New New Deal

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As the editor, publisher, and part owner of The Nation, Katrina vanden Heuvel is no stranger to readers, but even people unfamiliar with that prestigious political newsmagazine have doubtless seen her a well-informed talking head on network and cable shows. Her Meltdown answers the question that every American seems to be asking: How did we get into this mess? Vanden Heuvel approaches that plea with a winning clarity, describing how a combination of missteps, larceny, and a passion for duplicity led the country and then world down a road of deep uncertainty. Mercifully, she doesn't leave us there. She pinpoints the strategies that can get us back on the main road.

Product Details

ISBN-13: 9781568584331
Publisher: Avalon Publishing Group
Publication date: 1/5/2009
Pages: 336
Sales rank: 1,189,484
Product dimensions: 5.00 (w) x 7.10 (h) x 1.10 (d)

Meet the Author

Katrina vanden Heuvel is the Editor and Publisher of The Nation, and the author of several books including Taking Back America and Dictionary of Republicanisms. She lives in New York City.

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willyvan

Posted September 10, 2010

I Also Recommend:

Fine studies of the ongoing crisis

This collection of articles from the US journal The Nation gives fascinating insights into capitalism's continuing crisis. The Clinton administration and the Federal Reserve Bank together blocked efforts to regulate credit derivatives. They created a debt casino. The Fed, under 'maestro' Alan Greenspan, never saw the bubble coming, yet The Nation's Dean Baker warned in August 2004 of a housing bubble, as did William Greider in September 2005, forecasting 'dramatic price inflation in real estate'.

Wall Street is no better than a criminal conspiracy against the American people. As Steve Fraser writes, "Wall Street, after all, had been convicted in the court of public opinion of reckless, incompetent, self-interested, even felonious behavior, with consequences so devastating for the rest of the country that government was licensed to make sure it didn't happen again."

But the government has failed to make sure it won't happen again. Its spending cuts will only deepen the slump. The IMF said that balancing the US budget would cut its current account deficit only slightly, but would cut output by more than $300 billion over five years.

The ruling class wants slow or no growth, high unemployment and low inflation, because these bring high profits. Trade unions in the USA are calling this the 'job-loss recovery'. Laws protecting capital are mandatory; laws protecting labour are nugatory. Low inflation boosts the prices of financial assets, pumping up the financial bubble.

Faced with static or falling wages, price rises and job cuts, too many workers have chosen not to fight for wages and for jobs but instead to run up debts, dig into their savings and pensions, and remortgage their homes. So they have become dependent on building societies and banks.

Aggressive private firms have taken advantage of this weakness and pushed their dodgy financial products in order to loot the savings, mortgages and pensions of the working class majority. Predatory lending pumps $9 billion a year from the poorest to the richest.

The ideology of de-regulation and freedom for capital is bankrupt. We need controls on capital, the re-regulation of finance, public investment and higher wages.

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