Nina's Reviews > The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash

The Trillion Dollar Meltdown by Charles R. Morris
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's review
Jul 23, 08

Read in July, 2008

This was a great explanation of how we got ourselves into this credit crisis. It was very thorough and really put our current financial mess into context, coming from someone who had very little idea of what was going on in the banking world. I like his overall premise of a swinging pendulum: the lefty Keynesians got us into our financial crisis of the 70s (embodied by price controls on oil) and since then the Chicago School free market right-wingers got us into the financial crisis we're in now (embodied by runaway leverage in the banking industry). As he puts it, liberal cycles always succumb to power and conservative cycles always succumb to money. And then it swings back in the other direction.

Unfortunately my knowledge of banking and finance when I started this book seems to have fallen short of what he assumed to be a layman's understanding of the topic, since it took me a fair amount of googling and wikipedia-ing to get through this short book - especially the chapters about financial instruments. And I can't say it was a super fun read. But I picked it up to understand our current credit crisis and this book definitely satisfied that - it was clear, informative, balanced and insightful.

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