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Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and the Government Bailout Will Make Things Worse
If you are fed up with Washington boondoggles, and you like the small-government, politically-incorrect thinking of Ron Paul, then you'll love Tom Woods's Meltdown. In clear, no-nonsense terms, Woods explains what led up to this economic crisis, who's really to blame, and why government bailouts won't work. Woods will reveal:
* Which brave few economists predicted the econ
...moreHardcover, 194 pages
Published
February 9th 2009
by Regnery Publishing
(first published January 26th 2009)
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A FEW INTRODUCTORY REMARKS…
Books on politics and economic theory can be very divisive and create strong feelings in those on both sides of an issue. I have strong feelings myself and in the course of this review, a few of them may come out. Discussing my personal views on these kinds of topics is something I don’t generally do in my reviews because it is too easy “over the net” for threads and discussions to go nuclear and I generally find that stuff petty and stupid.
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It starts out good and demonstrates how the American government also had a big hand in the Wall Street meltdown but tends to focus just on government as the villain (and how they are making it worse).
Really, I believe there is a lot of blame to go around...government, the financial industry, and avaricious consumers...and Woods just doesn't pursue this un-holy trinity as effectively as he might.
But a very good book for demonstrating the government role in the crisis.
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Really, I believe there is a lot of blame to go around...government, the financial industry, and avaricious consumers...and Woods just doesn't pursue this un-holy trinity as effectively as he might.
But a very good book for demonstrating the government role in the crisis.
...more
Why did the real estate bubble form in the late 1990’s and early 2000’s? Why did it burst around the end of 2006? How did this weaken the economy in general? Why do booms and busts occur at all? How do we prevent or control these difficult processes? What changes can be made to produce a more stable and robust economy? These are the questions Thomas Woods Jr. addresses in this thought-provoking and hugely important work. At 163 pages, it is a quick read that would benefit all. Woods’s style is s...more
Solving the problems of our current economic problems by accelerating the same failed prescribtions that fed the bubble in the first place has never made sense to me. Heaping on top of that the moral hazards of the "too big to fail mentality" will ensure that problems will re-occur in even more chronic form, if that is possible.
Using the eminantly sensible Austrian Economic model, Thomas E Woods outlines the origins of our current economic crisis , how it echos historic ...more
Using the eminantly sensible Austrian Economic model, Thomas E Woods outlines the origins of our current economic crisis , how it echos historic ...more
Jacob Aitken
added it
I normally don't read "crisis books," especially when it involves the federal govt screwing up. However, knowing Woods to be a masterful scholar, and having a friend loan this book to me, I decided to read it.
All in all, a good read. I read it in about 3 hours. If one is reasonably familiar with the Austrian school of economics, this book won't tell you anything new. Indeed, if you are an Austrian, you've probably figured it out. That being said, Woods summarizes the events leading ...more
All in all, a good read. I read it in about 3 hours. If one is reasonably familiar with the Austrian school of economics, this book won't tell you anything new. Indeed, if you are an Austrian, you've probably figured it out. That being said, Woods summarizes the events leading ...more
Don't think this is going to be an Obama/Democratic party bashing pamphlet of propaganda. Woods is an equal opportunity critic, attacking both parties and their practices over the last decade that he argues has put us in the current credit crises. This is mostly an anti- Fed book and a cliff notes version/introduction to Austrian economic model, which is currently catching on at a grass roots level (think Ron Paul). I am very sympathetic to a lot of free market arguments but not 100% convinc...more
Jtrynosky
added it
This book is a damning indictment of government intervention in past economic crisis, and our current troubles. Thomas Woods, rightly asks the question of why are we still listening to the same losers that have been misdirecting economic policy since before the creation of the Federal Reserve system. The book offers a concise and easily read overview of some of the theories of Hayek, Mises, and the Austrian school of Economists, that appear to have predicted the current crisis, as well as those ...more
Brent
rated it
Recommends it for:
those who want to understand the financial crisis and what to do about it.
If you want to wrap your mind around the recession, financial crisis, housing bubble and taxpayer bailout of financial and insurance firms, you need to read "Meltdown A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and the Government Bailout Will Make Things Worse". Thomas E. Woods Jr. explains how a combination of central economic planning, perverse incentives, interest rate manipulations and other government tactics are the root cause of this economic mess...more
Woods jest przeciwny rządowym interwencjom w sytuacji kryzysu. Uważa on, iż nie rozwiązują one rzeczywistego problemu, a jedynie zmniejszają objawy. Co więcej, interwencje mogą doprowadzić do przedłużenia obecnego kryzysu - jak miało to miejsce w przypadku Wielkiego Kryzysu oraz - ciągnących się od dwóch dekad - problemów Japonii.
Wg Woodsa zasadniczym problemem są różnego rodzaju rządowe interwencje w gospodarkę - od ustalania / narzucania polityki pieniężnej przez bank centralny, po...more
Wg Woodsa zasadniczym problemem są różnego rodzaju rządowe interwencje w gospodarkę - od ustalania / narzucania polityki pieniężnej przez bank centralny, po...more
Hmmmmm, a tough book....tough on reality of what happened in the financial world precipitating this current economic mess. Waaaaaay back in 1913, The Fed was created......but the book begins with current events and weaves historic government actions which have impacted economies all over the world adversely. Compares Keynesian and Meisian (sp?) economic theories proposing damaging results from government interference (the Keynesian's) and potential benefits of true free market (Meisian) conseq...more
One of the best books I've read this summer. If you want to know what factors and institutions caused the economic recession of 2007-2009 (and probably beyond), and what you and I can do about it, you need to read this book.
It's short, about 160 pages, but instead of being a handicap it actually makes this book all the more relevant. Your friends, family, and coworkers are much more likely to pick up and read Meltdown than other books about economics because of it's short length.
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It's short, about 160 pages, but instead of being a handicap it actually makes this book all the more relevant. Your friends, family, and coworkers are much more likely to pick up and read Meltdown than other books about economics because of it's short length.
...more
Woods accurately provides an understanding of the current economic collapse from the Austrian School perspective, but his assertions are unconvincing to anyone with a rudimentary education in mainstream economic theory. For example, he implicitly ignores the velocity of money as a driver of changes to the price level, pretends that all of Keynesian economics (and Paul Krugman) can be dismissed in two hundred words, and insists on defining "inflation" only as "increases in the supp...more
Meltdown is a evidence-based, academically credible, and brutally honest analysis of the causes and effects of economic depression faced in the United States since the early 1900's. Thomas Woods' almost adversarial opinion of the Federal Reserve is approached via many different approaches and data sources, as is his affinity of Austrian business cycle theory. (As opposed to Keynesian economics primarily seen in the U.S.)
For those with interest in macroeconomic theory or the effects of ...more
For those with interest in macroeconomic theory or the effects of ...more
I am afraid the Austrian School of Economics is no more convincing than any other school of thought. These guys have some kind of notion that 'THE MARKET' is something akin to God. It isn't. Like any other collection of human actors it is basically an committee writ large and you know what they say about committees--the only organism with six or more legs and no brain. While I agree that some of the very agencies that were supposed to be regulating the economy and some that were supposed to ...more
The Austrian School of Economics is a strange sort of fundamentalist sect of the free-market religion. Thomas Woods (who is listed as a "fellow" of the Mises Institute and wrote the Politically Incorrect Guide to History) does a nice job excoriating bad public policy for many of our recent economic ills and even makes a somewhat compelling case for the idea that government economic management contributes to the boom/bust cycle.
The problem is that Woods does not argue that ...more
The problem is that Woods does not argue that ...more
Having not fully understood the present state of economic affairs, I picked up Meltdown to get some insight that I could count on to stray from the popular media story.
This book was a great read for very basic ideas and many complicated concepts as they pertain to money, the government, and what has resulted from the interactions between the two, both in the United States and around the world.
Readers can expect controversial and bold ideas on what's wrong with the economy a...more
This book was a great read for very basic ideas and many complicated concepts as they pertain to money, the government, and what has resulted from the interactions between the two, both in the United States and around the world.
Readers can expect controversial and bold ideas on what's wrong with the economy a...more
Meltdown is one of the best economic books I have ever read. In a matter of only 160 pages Thomas E. Woods, Jr. examines the causes of the crash of 2008, explains why government has done nothing but make the situation worse, addresses the boom-bust cycle, discusses the great myths of the Great Depression, explains what money really is, and gives a plan that if implemented could fundamentally change the American economy for the better. The biggest and most important thing that Woods does in this ...more
This book may be the best way to introduce Austrian economics to friends and family. Woods writes to a lay audience about a timely topic. Who doesn't make comments or think about the economy these days? Because of that fact, many people who would not have been open to the ideas in this book gladly read it. Woods also confirms the sneaking suspicion of many American that all is not as it seems according to the media and the government. Overall, this work is timely and concise. It will not answer ...more
If you haven't read this book, you don't understand the current economic situation. If you've been watching the news and wondering how more debt will solve a problem caused by too much debt, you are right to wonder and this book will explain clearly why. This book addresses the root causes of the problems we are facing today like the Federal Reserve, the Too-Big-to-Fail mentality, and the nature of money itself. He also explains how blaming the collapse on the free market is rediculous becaus...more
This might be the most important books for American's to read right now. Woods demonstrates that it was the government via the Federal Reserve's easy money policy combined with other government interventions into the economy that led to the economic collapse--and NOT the failure of capitalism. The government is far too involved in our economy and we haven't operated in a purely capitalistic system since the Federal Reserve Act of 1913.
No only that, but the "stimulus" and ...more
No only that, but the "stimulus" and ...more
Lots of theory. The main premise of the book is that the main cause of the recession is federal interference with the free market. Sure banks gave bad loans, and borrowers are idiots, but the reason that could happen at all was due to the Fed's artificial lowering of the interest rate, and government policy granting people who shouldn't be able to purchase a home the ability to do so. Although there has been a cry for more regulation in light of the economic meltdown, the books argues there i...more
This book explores the Austrian theory of the business cycle. Surprise! The boom-and-bust cycle we have grown so accustomed to (Boom in the 90's, bust in 2000. Boom in the 2000s, bust in 2008) wasn't caused by those greedy bankers or home builders, etc. etc. It was caused by government (the Fed) manipulation of interest rates. Unfortunately, it will predictably happen again and again until we either learn and abolish the Fed, or become a centrally planned economy as the old Soviet Union was...more
No other book or author has so clearly explained the events that have unfolded since September 2008. Widely dismissed by "mainstream" Keynesian and Chicago school economists, this short tome contains a wealth of logic and common sense. One of the axioms of my life is that if "most" people agree on something, they are likely to be wrong. If you share this suspicion of the "mainstream" this book will only enforce it. But fortunately, it is accessible and sensible, and...more
In addition to being a very readable explanation of what really caused the economic collapse, this is an excellent primer on economics. If you think "greed on Wall Street" or "deregulation" caused the collapse, you need to read this book! Woods shows how government policy, particularly that of the Treasury and Federal Reserve, not only created the housing bubble and subsequent collapse, but how government control of the money supply creates all such booms and busts, NOT the m...more
Do you still believe the propaganda you are spoon-fed by politicians and the media that the current economic crisis was brought about by unfettered capitalistic greed and wall street speculation? If you want to know the truth behind what has happened to our economy, read this book. Tom Woods explains in terms anyone can understand, how the federal reserve's manipulation of interest rates and artificial credit expansion are responsible for the mess we find ourselves in. This book was a breath ...more
"Meltdown" talks about the economic downturn, market collapse, and housing bubble which burst at the end of Bush's last term. However, Woods doesn't believe that Obama will be a better steward of the economy - quite the contrary. He faults both the Republican as well as Democratic party leaders and the mainstream economic thinkers in power during both the Bush and Obama Administrations. He makes the case that bailouts and increased government spending is not the answer to our proble...more
10 MELTDOWN TRUTHS
The statist media charges that the reason for our economic meltdown was because of deregulation, a slap at those nasty Republicans. In truth, it was the wrong kind of regulation and intervention in the economy by various administrations (Democrat and Republican) that was responsible; most notably the Federal Reserve, the central bank in charge of US monetary policy.
"The more I know, the more I don't know," is an aphorism beloved by the truly e...more
The statist media charges that the reason for our economic meltdown was because of deregulation, a slap at those nasty Republicans. In truth, it was the wrong kind of regulation and intervention in the economy by various administrations (Democrat and Republican) that was responsible; most notably the Federal Reserve, the central bank in charge of US monetary policy.
"The more I know, the more I don't know," is an aphorism beloved by the truly e...more
Most important book I - or anyone else interested in how and why the current economic crisis came to be and the way out of it - will read this year. Unfortunately, the current administration likely will not and will sow the seeds that will begin the gestation of a newer, bigger meltdown, in coming years . . . not a partisan book - has equally bad things to say about Republicans and Democrats who just keep making things worse for the rest of us by failing to understand the real causes of the col...more
Kathryn Muratore
rated it
Recommends it for:
anyone who is mostly pro-capitalism who doesn't understand the recession (but wants to)
This book was so-so for me for most of the time I was reading it. This is mostly because 1) I didn't really get anything new out of it since I've been an economics junkie for a couple of years and 2) the tone of the author kind of annoyed me.
But... the last chapter really inspired me. It was a really really strong conclusion in my opinion and it made me want to buy the book in bulk to give out to strangers on the street.
The 5 star rating is only appropriate for those who ...more
But... the last chapter really inspired me. It was a really really strong conclusion in my opinion and it made me want to buy the book in bulk to give out to strangers on the street.
The 5 star rating is only appropriate for those who ...more
Short and to the point this book did a nice job outlining the causes of the recent economic catastrophe perpetuated by the Fed and US government. A lesson learned from recent events...when the government is fear mongering, don't listen.
This book also does a short history of money and of the Federal Reserve. A cabal has taken place and it's in our own interest to become free from the wealth destruction that has and is occurring at the hands of our own government.
This book also does a short history of money and of the Federal Reserve. A cabal has taken place and it's in our own interest to become free from the wealth destruction that has and is occurring at the hands of our own government.
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Professor Thomas E. Woods, Jr., is the author of the New York Times bestseller The Politically Incorrect Guide to American History, as well as The Church Confronts Modernity: Catholic Intellectuals and the Progressive Era and The Church and the Market: A Catholic Defense of the Free Economy.
He hold four Ivy League degrees, including an A.B. from Harvard and a Ph.D. from Columbia. He lives w...more
More about Thomas E. Woods Jr....
He hold four Ivy League degrees, including an A.B. from Harvard and a Ph.D. from Columbia. He lives w...more
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