The must-read summary of Charles R. Morris's book: “The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash”.This complete summary of "The Trillion Dollar Meltdown" by Charles R. Morris, a legal and financial expert, outlines his argument that the reason for the credit crunch was the reckless financial environment in which we had been operating. He explains the reasons for the creation of the greatest credit bubble in history and suggests radical restructuring to prevent further damages.Added-value of this summary:• Save time• Understand the credit bubble and the financial crisis• Expand your knowledge of economics and financeTo learn more, read "The Trillion Dollar Meltdown" and discover what led to the worst financial crisis since the Great Depression.
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According to Charles R. Morris, we are living in the most reckless financial environment in recent history. The astronomical leverage at investment banks and their hedge fund and private equity clients virtually guarantees massive disruption in global markets. The crash, when it comes, will have no firebreaks. The Trillion Dollar Meltdown explains how we got to this point and what we need to do to prevent further damage.
Charles R. Morris is the author of 10 books, including The Cost of Good Intentions, which was named one of the New York Times’ Best Books of 1980. Morris is a lawyer and a former banker. He has written extensively on financial matters for The New York Times, The Wall Street Journal, and The Atlantic Monthly.
As of 2008, the United States is facing the most serious economic crisis in generations. Decades of irresponsible lending practices, laissez-faire deregulation, and financial chicanery have brought the country to the brink of economic catastrophe. Put simply, 25 years of free-market zealotry have helped create the greatest credit bubble in history. A wrenching reckoning is all but inevitable.
The sub-prime crisis that has wrecked the housing market is only the tip of the iceberg. At the heart of the coming trillion-dollar meltdown are complex and esoteric financial instruments – derivatives, collateralized debt obligations, and credit default swaps – that were designed to mitigate risk, but have instead actually increased the likelihood of financial peril.
Global confidence in the United States is in grave jeopardy. U.S. policy makers have been trying to deny and conceal the extent of the crisis, but this approach will only exacerbate the problems we face. Americans are debt-ridden, hedge funds are leveraged to the hilt, and the Federal Reserve has been flooding the markets with interest rate cuts and printing money in the futile hope of postponing the inevitable. As a result, the dollar has sunk to historic lows, the seeds of inflation have been sown, and sovereign wealth funds from abroad are scooping up American assets at fire-sale prices.
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