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

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

3.4 9
by Charles R. Morris
 

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Previously published as The Trillion Dollar Meltdown

Now fully updated with the latest financial developments, this is the bestselling book that briefly and brilliantly explains how we got into the economic mess that is the Credit Crunch. With the housing markets unravelling daily and distress signals flying throughout the rest of the economy, there is little

Overview

Previously published as The Trillion Dollar Meltdown

Now fully updated with the latest financial developments, this is the bestselling book that briefly and brilliantly explains how we got into the economic mess that is the Credit Crunch. With the housing markets unravelling daily and distress signals flying throughout the rest of the economy, there is little doubt that we are facing a fierce recession. In crisp, gripping prose, Charles R. Morris shows how got into this mess. He explains the arcane financial instruments, the chicanery, the policy misjudgments, the dogmas, and the delusions that created the greatest credit bubble in world history. Paul Volcker slew the inflation dragon in the early 1980s, and set the stage for the high performance economy of the 1980s and 1990s. But Wall Street's prosperity soon tilted into gross excess. The astronomical leverage at major banks and their hedge fund and private equity clients led to massive disruption in global markets. A quarter century of free-market zealotry that extolled asset stripping, abusive lending, and hedge fund secrecy will go down in flames with it. Continued denial and concealment could cause the crisis to stretch out for years, but financial and government leaders are still downplaying the problem. The required restructuring will be at least as painful as the very difficult period of 1979-1983. The Two Trillion-Dollar Meltdown, updated to include the latest financial developments, is indispensable to understanding how the world economy has been put on the brink.

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
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
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
From the Publisher

“New York Times Notable Book of the Year”

"[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."—Paul Steiger, former Mng Editor,

Product Details

ISBN-13:
9780786744985
Publisher:
PublicAffairs
Publication date:
03/12/2009
Sold by:
Hachette Digital, Inc.
Format:
NOOK Book
Pages:
240
Sales rank:
371,030
File size:
374 KB

What People are Saying About This

Satyajit Das
"The credit bubble is now unwinding. Charles Morris provides an excellent and timely analysis of the origins, causes and turbo-charged financial engineering that allowed cheap and excessive debt to create a bloated financial system."--(Satyajit Das, author of Traders, Guns & Money: Knowns & Unknowns in the Dazzling World of Derivatives)
Paul Steiger
[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. (Paul Steiger, former Mng Editor, Wall Street Journal, February 13, 2008)

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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The Two Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash 3.4 out of 5 based on 0 ratings. 9 reviews.
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