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An engaging look at what led to the financial turmoil we nowfind ourselves in
Bailout Nation offers one of the clearest looks at thefinancial lenders, regulators, and politicians responsible for thefinancial crisis of 2008. Written by Barry Ritholtz, one of today'smost popular economic bloggers and a well-established industrypundit, this book skillfully explores how the United States evolvedfrom a rugged independent nation to a soft BailoutNation-where financial firms are allowed to self-regulate ingood times, but are bailed out by taxpayers in bad times.
Entertaining and informative, this book clearly shows you howyears of trying to control the economy with easy money has finallycaught up with the federal government and how its practice ofrepeatedly rescuing Wall Street has come back to bite them.
Scathing, but fair, Bailout Nation is a voice of reasonin these uncertain economic times.
"synopsis" may belong to another edition of this title.
"Do you find yourself wondering: How did we get here? How did the United States of America get into such a predicament whereby in one year, 2008, the financial system nearly vaporized, the stock market crashed, real estate tanked, and major corporations were being bailed out. . . .How did our great country, a bastion of capitalism, devolve into a Bailout Nation where the gains were privatized, but the losses were socialized?"
—From the Foreword by Bill Fleckenstein
In Bailout Nation, Barry Ritholtz, author of the popular finance blog www.ritholtz.com/blog/, deftly mixes financial history with an insider's knowledge of modern finance to reveal how we've arrived at one of the worst economic crises ever. Engaging and informative, this book clearly shows how years of trying to control the economy with easy money has finally caught up with the United States and how the government's practice of repeatedly rescuing Wall Street—as well as other industries and organizations—has come back to bite them.
Divided into five compelling parts, this timely guide opens with a brief history of bailouts, detailing their particular patterns and unintended consequences. From here, it quickly moves on to reveal the events, individuals, and institutions that have shaped our current situation. You'll see how various government interventions—in individual companies such as Lockheed during the 1970s, in specific sectors such as banking in the early 1990s, and eventually, entire markets with the rescue of stocks in 2000—opened up a Pandora's Box. You'll also discover how the misguided philosophies of many players, from Fed Chairmen and Presidents to Senators and Treasury Secretaries, promoted the massive meltdown that has engulfed our global economy.
Ritholtz leaves no stone unturned, as he breaks down how the Federal Reserve's interest-rate targeting policies as well as a condition known as moral hazard—the belief that you won't bear the full consequences of your actions—perpetuated the reckless financial risk taking that has pushed us to the brink. Ritholtz also takes some of the biggest Wall Street firms—along with their enablers, the ratings agencies—to task. Page by page, you'll learn how the repeal of certain regulations allowed banks to merge into unruly financial behemoths, while unproven investment vehicles, including collateralized debt obligations (CDOs) and credit default swaps (CDSs), wreaked havoc on both the credit and housing markets.
The United States has abandoned its capitalist roots and become a Bailout Nation. The implications of this are significant and far-reaching. If you intend on navigating today's treacherous terrain, it would be wise to understand how we got here and what you need to get ahead. Scathing, but fair, Bailout Nation puts this financial debacle in perspective—through discussions of past miscues and an exploration of solutions being proposed-and offers a voice of reason during these uncertain economic times.From the Back Cover:
Praise for Bailout Nation with New Post-Crisis Update
"Succeeds in laying out all that transpired ineasy-to-understand language. If you want to know how we got intothis mess and what might still be coming, this is the book foryou."
—The Wall Street Journal
"The author writes with the fury of an insider mortified by thebehavior of his heretical peers. . . . There is much to be said forthe book's irreverence. Mr. Ritholtz has written an important bookabout a complicated subject, and yet you could still read it at thebeach. Here's hoping that some policymakers in Washington take itwith them on vacation this month."
—The New York Times
"Ritholtz makes a valuable new contribution to our understandingof how we arrived at this sorry juncture. He's smart, sassy, andoften amusing. If you're looking for an all-in-one placeexplanation of what went wrong and why, this is the book for you(or your confused neighbor)."
"Bailout Nation's straightforward, compelling account puts thecrisis in context, explains why the U.S. government responded sostupidly, offers solutions, and advises how to prevent a repeat.Ritholtz's indictment of the financial and political establishmentis devastatingly accurate."
"Before the housing and credit bubbles popped, Barry Ritholtz, alawyer turned blogger and money manager, was one of the voicescrying in the wilderness. His caustic (and occasionally profane)blog, The Big Picture, dissected macroeconomic news andrelentlessly cut through spin. His book takes a long view of theroots of the economic crisis, tracing the history of a series ofever more expensive taxpayer-funded bailouts of failedindustries."
"Ritholtz's book seeks to explain how the United States, once soproud, became a 'nanny state' for well-paid bankers. Ritholtz maybe just the right person to explain the transition to both thedisillusioned amateur and the finance junkie. He doesn't pull hispunches or bury the truth in layers of finance-speak, caveats, anddisclaimers. Anyone interested in understanding the roots of ourcurrent crisis should check out this book."
—Freakonomics, The New York Times blog
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Book Description John Wiley and Sons. Condition: New. Brand New. Seller Inventory # 0470596325
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Book Description John Wiley & Sons. Paperback. Condition: New. 360 pages. Dimensions: 8.5in. x 5.6in. x 1.0in.An engaging look at what led to the financial turmoil we now find ourselves inBailout Nation offers one of the clearest looks at the financial lenders, regulators, and politicians responsible for the financial crisis of 2008. Written by Barry Ritholtz, one of todays most popular economic bloggers and a well-established industry pundit, this book skillfully explores how the United States evolved from a rugged independent nation to a soft Bailout Nation-where financial firms are allowed to self-regulate in good times, but are bailed out by taxpayers in bad times. Entertaining and informative, this book clearly shows you how years of trying to control the economy with easy money has finally caught up with the federal government and how its practice of repeatedly rescuing Wall Street has come back to bite them. The definitive book on the financial crisis of 2008Names the culprits responsible for this tragedy-from financial regulators to politiciansShows how each bailout throughout modern history has impacted what happened in the futureExamines why the consumertaxpayer is left suffering in an economy of bubbles, bailouts, and possible inflationRitholtz operates a hugely popular blog, www. ritholtz. comblogScathing, but fair, Bailout Nation is a voice of reason in these uncertain economic times. This item ships from multiple locations. Your book may arrive from Roseburg,OR, La Vergne,TN. Paperback. Seller Inventory # 9780470596326
Book Description John Wiley & Sons 7/6/2010, 2010. Paperback or Softback. Condition: New. Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy. Book. Seller Inventory # BBS-9780470596326
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Book Description Wiley 2010-07-16, Hoboken, N.J., 2010. paperback. Condition: New. Seller Inventory # 9780470596326