Bailout Nation : How Greed and Easy Money Corrupted Wall Street and Shook the World Economy

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Format: Hardcover
Pub. Date: 2009-05-26
Publisher(s): Wiley
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Summary

A riveting indictment of those responsible for our current financial messBailout 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 today's 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 2008 Names the villains responsible for this tragedy-from financial regulators to politicians Shows how each bailout throughout modern history has impacted what happened in the future Examines why the consumer/taxpayer is left suffering in an economy of bubbles, bailouts, and possible inflationScathing, but fair, Bailout Nation is a voice of reason in these uncertain economic times.

Author Biography

Barry Ritholtz operates one of today's most popular economic blogs,www.ritholtz.com/blog/, which has received over 50 million page views since launching. He is the CEO and Director of Equity Research at FusionIQ, an online quantitative researchfirm. He is a frequent guest on CNBC; a regular guest on Fast Money, Kudlow & Company, and Power Lunch; and author of the popular "Apprenticed Investor" column at TheStreet.com.

Table of Contents

Forewordp. xiii
Acknowledgmentsp. xvii
Introduction Bailout Nationp. 1
A Brief History Of Bailoutsp. 7
A Brief History of Bailoutsp. 9
The Creation of the Federal Reserve, and Its Role in Creating Our Bailout Nationp. 13
Pre-Bailout Nation (1860-1942)p. 21
Industrial-Era Bailouts (1971-1995)p. 33
Intermezzo A Pattern Emergesp. 45
The Modern Era Of Bailoutsp. 51
Stock Market Bailouts (1987-1995)p. 53
The Irrational Exuberance Era (1996-1999)p. 63
The Tech Wreck (2000-2003)p. 75
The Backwards, Rate-Driven Economyp. 89
Intermezzo A Brief History of Finance and Creditp. 101
The Mad Scramble for Yieldp. 105
Market Failurep. 117
The Machinery of Subprimep. 119
Intermezzo A Memo Found in the Street: Uncle Sam the Enablerp. 130
Radical Deregulation, Nonfeasancep. 133
Strange Connections, Unintended Consequencesp. 149
Moral Hazard: Why Bailouts Cause Future Problemsp. 161
Bailout Nationp. 173
2008: Suicide by Democracyp. 175
The Fall of Bear Stearnsp. 185
Dot-Com Penis Envyp. 195
Year of the Bailout, Part I: The Notorious AIGp. 203
The Year of the Bailout, Part II: Too Big to Succeed?p. 211
Intermezzo Idiots Fiddle While Rome Burnsp. 226
Post-Bailout Nationp. 229
Casting Blamep. 231
Misplaced Faultp. 251
The Virtues of Foreclosurep. 263
Casino Capitalismp. 273
Postscript Advice to a New Presidentp. 287
Notesp. 297
Indexp. 315
Table of Contents provided by Ingram. All Rights Reserved.

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