- Tapa dura: 208 páginas
- Editor: PublicAffairs,U.S. (4 de marzo de 2008)
- Idioma: Inglés
- ISBN-10: 1586485636
- ISBN-13: 978-1586485634
- Valoración media de los clientes: Sé el primero en opinar sobre este producto
- Clasificación en los más vendidos de Amazon: nº713.393 en Libros en idiomas extranjeros (Ver el Top 100 en Libros en idiomas extranjeros)
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The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash (Inglés) Tapa dura – 4 mar 2008
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"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, Wall Street Journal"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."--Economist, March 6, 2008"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!"--Watsonville (CA) Register-Pajaronian, March 13, 2008
Reseña del editor
The sub-prime mortgage crisis is only the beginning: A more profound economic and political restructuring is on its way.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 get better. This book 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.Ver Descripción del producto
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Morris is no anti-market zealot, and indeed he confirms that the free market policies of the Reagan Era are primarily responsible for the prosperity after the collapse of Keynesian liberalism in the 1970's. However, in his discussion how the massive credit crisis came upon us (or, in writing in 2007, *will* come upon us) Morris explains how financiers have manged to use the absence of regulation to devise ever more ingenious, and ever more shaky, credit instruments to increase their leverage and control more and more money.
Morris does an excellent job of explaining the origin and function of financial instruments that I had never heard of before, things like "credit default swaps" and "collateralized debt obligations." And more than describing how these instruments work, Morris explains their origins in what reads like a history of the financial industry for the past 20 years. Extremely informative and interesting.
The best recommendation for this book lies in its prescience. Morris finished writing this book in November 2007, after Bear-Sterns but before the meltdown. He predicts that sometime in 2008 there will be a massive credit bubble burst, the credit markets will seize up and the economy will grind to a halt - with trillions of dollars of wealth evaporating. Seems pretty spot on.
I was trained as an economist and have sustained a reverence (religious tone intended) for free markets and deregulation for most of my professional career. As a professional economist, I have some quibbles with some of Mr. Morris's explanations. They feel oversimplified and supported more by conviction than by a subtle analysis of the facts at hand. That said, taken as a whole, his analysis is much more sophisticated than that which any economist could offer if he stayed within his own discipline's boundaries. Mr. Morris points out things that I would not even think to look for. And at the end of the day, common sense favors most of his broader explanations. He brings us the kind of book you always hope to write, in which the reader reacts in an a-ha! moment: of course he's right--how else could it be?! But few readers will have grasped how obvious the answers are before reading Mr. Morris's book. With great disappointment, I bow to his verdict that free markets have not policed themselves as I would have expected and that, as a result, increased regulatory oversight will be required, despite the risks it brings.
I am not saying that I endorse all his explanations. And the book sort of comes apart at the end, in a series of asides that have little to do with his core messages and his core concerns. But this book has helped me understand today's financial crisis far better than anything else I have encountered. As I read it a second time, I am getting still more. Each of us has to build his own understanding; Mr. Morris has made that immeasurably easier for me.
Don't leave home without it!
One detraction from Morris' book though is that in an efort to be thorough in his analysis of how we found ourselves in this crisis, he sometimes walks the reader through a maze of financial jargon and the history of that jargon, such that the lay reader comes off in somewhat of a deficit. I recommend The Two Trillion Meltdown for anyone who desires to understand the makings of the latest American crisis of leadership. For that is what the "Meltdown" essentially is.