The Two Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash

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Overview

"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
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Overview

"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.
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Editorial Reviews

USA Today
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.
Watsonville (CA) Register-Pajaronian
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!
James Pressley
[A] shrewd primer. [Morris] writes with tight clarity and blistering pace.
— Bloomberg News
USA Today
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.
The New York Times
Morris offers a persuasive diagnosis of the long-building credit crash . . . . An especially graceful writer, he accessibly explains Wall Street's arcane instruments . . . . This is a smart layperson's guide.
The New York Times Book Review
In his brief but brilliant book, Morris describes how we got into the mess we are in . . . . Few writers are as good as Morris at making financial arcana understandable and even fascinating.
—Floyd Norris
Tucson Citizen
There is good news and bad news about this book. The good news is that Morris has taken a complex subject and made it accessible for most readers. The bad news is that his analysis of our current economic mess will trigger restless nights and cold sweats . . . .To better understand how the world economy has been pushed to the brink and what the post-crash political/economic environment might eventually look like, this book provides both insight and a possible peek into our future.
—Larry Cox
From The Critics
IN 2005, while running a financial-software company, Charles Morris became convinced that credit markets were heading for a crash. He found a publisher who was willing to take a gamble and began tracing the roots of the yet-to-unfold crisis. However up to date it may seem, this book is no rush job. Mr 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.
—The Economist
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Product Details

  • ISBN-13: 9781615528035
  • Publisher: PublicAffairs
  • Publication date: 2/9/2009
  • Pages: 240
  • Product dimensions: 5.50 (w) x 8.20 (h) x 0.70 (d)

Meet the Author

Charles R. Morris has written eleven books, most recently 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.

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Table of Contents

Foreword to the Paperback Edition

Ch. 1 The Death of Liberalism 1

Ch. 2 Wall Street Finds Religion 19

Ch. 3 Bubble Land: Practice Runs 37

Ch. 4 A Wall of Money 59

Ch. 5 A Tsunami of Dollars 87

Ch. 6 The Great Unwinding 113

Ch. 7 Picking through the Shards 143

Ch. 8 Recovering Balance 161

Notes 179

Index 193

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Customer Reviews

Average Rating 3.5
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