Bailout Nation, with New Post-Crisis Update How Greed and Easy Money Corrupted Wall Street and Shook the World Economy

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  • Format: Paperback
  • Copyright: 2010-07-06
  • Publisher: Wiley

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A riveting indictment of those responsible for our current financial mess

Bailout 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 inflation

Scathing, but fair, Bailout Nation is a voice of reason in these uncertain economic times.

"Succeeds in laying out all that transpired in easy-to-understand language. If you want to know how we got into this mess and what might still be coming, this is the book for you." -The Wall Street Journal

"The author writes with the fury of an insider mortified by the behavior of his heretical peers. . . . There is much to be said for the book's irreverence. Mr. Ritholtz has written an important book about a complicated subject, and yet you could still read it at the beach. Here's hoping that some policymakers in Washington take it with them on vacation this month." -The New York Times

"Ritholtz makes a valuable new contribution to our understanding of how we arrived at this sorry juncture. He's smart, sassy, and often amusing. If you're looking for an all-in-one place explanation of what went wrong and why, this is the book for you (or your confused neighbor)." -Bloomberg

"Bailout Nation's straightforward, compelling account puts the crisis in context, explains why the U.S. government responded so stupidly, offers solutions, and advises how to prevent a repeat. Ritholtz's indictment of the financial and political establishment is devastatingly accurate." -Asia Times

"Before the housing and credit bubbles popped, Barry Ritholtz, a lawyer turned blogger and money manager, was one of the voices crying in the wilderness. His caustic (and occasionally profane) blog, The Big Picture, dissected macroeconomic news and relentlessly cut through spin. His book takes a long view of the roots of the economic crisis, tracing the history of a series of ever more expensive taxpayer-funded bailouts of failed industries." -Newsweek

"Ritholtz's book seeks to explain how the United States, once so proud, became a 'nanny state' for well-paid bankers. Ritholtz may be just the right person to explain the transition to both the disillusioned amateur and the finance junkie. He doesn't pull his punches or bury the truth in layers of finance-speak, caveats, and disclaimers. Anyone interested in understanding the roots of our current crisis should check out this book." -Freakonomics, The New York Times blog

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 research firm. 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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Customer Reviews

This Book is The Truth May 15, 2011
Indeed, the events of the last two years were the result of a confluence of things gone wrong, and all sides of the political aisle are culpable, which Ritholtz makes clear in Bailout Nation. If you are looking for a clear, concise, bias-free explanation in layman's terms of the Financial Crisis and, most importantly, the myriad events which led up to it, then you should read this textbook. I would recommend this textbook for everyone interested in finding out how giants like Bear Stearns, Lehman Brothers and the auto makers are all connected and may lead to more problems because of corporate welfare.
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Bailout Nation, with New Post-Crisis Update How Greed and Easy Money Corrupted Wall Street and Shook the World Economy: 5 out of 5 stars based on 1 user reviews.

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