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2 Burnside American Studies- Economy

After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead

by

After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead Cover

 

Synopses & Reviews

Publisher Comments:

The Great American Recession resulted in the loss of eight million jobs between 2007 and 2009. More than four million homes were lost to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recessionand#151;that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as the current economic malaise in Europe, were caused by a large run-up in household debt followed by a significantly large drop in household spending.

Though the banking crisis captured the publicand#8217;s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. and#160;More aggressive debt forgiveness after the crash helps, but as they illustrate, we can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place.

Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing the modern economy today: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?

Synopsis:

With clear and powerful evidence, House of Debt shows how societyand#8217;s reliance on debt is dangerous and leads to economic disaster. Atif Mian and Amir Sufi compellingly illustrate how debt too easily destroys common borrowersand#8217; net worth, how these borrowers stop spending, and how people lose jobs as a result. Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing the modern economy today.

Synopsis:

and#147;Blinder is a master storyteller . . . one of the best books yet about the financial crisis.and#8221; and#151;The Wall Street Journal

Alan S. Blinderand#151;esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board under Alan Greenspanand#151;is one of our wisest and most clear-eyed economic thinkers. In After the Music Stopped, he delivers a masterful narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we must do to recover from it. With bracing clarity, Blinder chronicles the perfect storm of events beginning in 2007, from the bursting of the housing bubble to the implosion of the bond bubble, and how events in the U.S. spread throughout the interconnected global economy. Truly comprehensive and eminently readable, After the Music Stopped is the essential book about the financial crisis.

Synopsis:

Named one of the Ten Best Books of 2013 by Michiko Kakutani and the New York Times Book Reviewand#160;

and#147;Blinder is a master storyteller . . . one of the best books yet about the financial crisis.and#8221; and#151;The Wall Street Journal

Alan S. Blinderand#151;esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board under Alan Greenspanand#151;is one of our wisest and most clear-eyed economic thinkers. In After the Music Stopped, he delivers a masterful narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we must do to recover from it. With bracing clarity, Blinder chronicles the perfect storm of events beginning in 2007, from the bursting of the housing bubble to the implosion of the bond bubble, and how events in the U.S. spread throughout the interconnected global economy. Truly comprehensive and eminently readable, After the Music Stopped is the essential book about the financial crisis.

About the Author

Alan S. Blinder, one of the world's most trusted economists, is the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs at Princeton University and vice chairman of the Promontory Interfinancial Network.

Table of Contents

1. A Scandal in Bohemia

Part I: Busted

2. Debt and Destruction

3. Cutting Back

4. Levered Losses: The Theory

5. Explaining Unemployment

Part II: Boil and Bubble

6. The Credit Expansion

7. Conduit to Disaster

8. Debt and Bubbles

Part III: Stopping the Cycle

9. Save the Banks, Save the Economy?

10. Forgiveness

11. Monetary and Fiscal Policy

12. Sharing

Acknowledgments

Notes

Index

Product Details

ISBN:
9780143124481
Author:
Blinder, Alan S
Publisher:
Penguin Books
Author:
Mian, Atif
Author:
Blinder, Alan S.
Author:
Sufi, Amir
Subject:
Economic History
Subject:
Business-History and Biography
Subject:
Economics - General
Edition Description:
Hardcover
Publication Date:
20131231
Binding:
TRADE PAPER
Grade Level:
from 12
Language:
English
Illustrations:
15 line drawings
Pages:
192
Dimensions:
9 x 6 x 1 in
Age Level:
from 18

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Related Subjects

Business » Accounting and Finance
Business » History and Biographies
History and Social Science » Economics » General
History and Social Science » Economics » US Economy

After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead New Trade Paper
0 stars - 0 reviews
$17.00 In Stock
Product details 192 pages Penguin Books - English 9780143124481 Reviews:
"Synopsis" by ,
With clear and powerful evidence, House of Debt shows how societyand#8217;s reliance on debt is dangerous and leads to economic disaster. Atif Mian and Amir Sufi compellingly illustrate how debt too easily destroys common borrowersand#8217; net worth, how these borrowers stop spending, and how people lose jobs as a result. Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing the modern economy today.

"Synopsis" by ,
and#147;Blinder is a master storyteller . . . one of the best books yet about the financial crisis.and#8221; and#151;The Wall Street Journal

Alan S. Blinderand#151;esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board under Alan Greenspanand#151;is one of our wisest and most clear-eyed economic thinkers. In After the Music Stopped, he delivers a masterful narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we must do to recover from it. With bracing clarity, Blinder chronicles the perfect storm of events beginning in 2007, from the bursting of the housing bubble to the implosion of the bond bubble, and how events in the U.S. spread throughout the interconnected global economy. Truly comprehensive and eminently readable, After the Music Stopped is the essential book about the financial crisis.

"Synopsis" by ,
Named one of the Ten Best Books of 2013 by Michiko Kakutani and the New York Times Book Reviewand#160;

and#147;Blinder is a master storyteller . . . one of the best books yet about the financial crisis.and#8221; and#151;The Wall Street Journal

Alan S. Blinderand#151;esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board under Alan Greenspanand#151;is one of our wisest and most clear-eyed economic thinkers. In After the Music Stopped, he delivers a masterful narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we must do to recover from it. With bracing clarity, Blinder chronicles the perfect storm of events beginning in 2007, from the bursting of the housing bubble to the implosion of the bond bubble, and how events in the U.S. spread throughout the interconnected global economy. Truly comprehensive and eminently readable, After the Music Stopped is the essential book about the financial crisis.

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