The sub-prime mortgage crisis is only the beginning; a more profound economic and political restructuring is on its way.
According to Charles R. Morris, the astronomical leverage at investment banks, with their hedge-fund and private-equity clients, virtually guarantees massive disruption in global markets. A quarter century of free-market zealotry that extolled asset striping, abusive lending, and hedge-fund secrecy will come crashing down with it.
The Trillion Dollar Meltdown explains how we got here, and what is about to happen.
"In his brief but brilliant book, Morris describes how we got into the mess we are in....Few writers are as good as Morris at making financial arcana understandable and even fascinating." (
New York Times Book Review)
"[A] shrewd primer....[Morris] writes with tight clarity and blistering pace." ( Bloomberg News)
"Morris deftly joins the dots between the Keynesian liberalism of the 1960s, the crippling stagflation of the 1970s and the free-market experimentation of the 1980s and 1990s, before entering the world of ultra-cheap money and financial innovation gone mad." ( The Economist)
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