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Past Due: The End of Easy Money and the Renewal of the American Economy

by

Past Due: The End of Easy Money and the Renewal of the American Economy Cover

 

Synopses & Reviews

Publisher Comments:

How Main Street was hit by — and might recover from — the financial crisis, by the New York Times's national economics correspondent.

When the financial crisis struck in 2008, Main Street felt the blow just as hard as Wall Street. The New York Times national economics correspondent Peter S. Goodman takes us behind the headlines and exposes how the flow of capital from Asia and Silicon Valley to the suburbs of the housing bubble perverted America's economy. He follows a real estate entrepreneur who sees endless opportunity in the underdeveloped lots of Florida — until the mortgages for them collapse. And he watches as an Oakland, California-based deliveryman, unable to land a job in the biotech industry, slides into unemployment and a homeless shelter. As Goodman shows, for two decades Americans binged on imports and easy credit, a spending spree abetted by ever-increasing home values — and then the bill came due.

Yet even in a new environment of thrift and pullback, Goodman argues that economic adaptation is possible, through new industries and new safety nets. His tour of new businesses in Michigan, Iowa, South Carolina, and elsewhere and his clear-eyed analysis point the way to the economic promises and risks America now faces.

Review:

"An authoritative account of events leading up to the current recession.... A must-read." Kirkus Reviews

Review:

"Peter S. Goodman is a reporter's reporter — relentless, skeptical, fair, energetic, and eager to see things for himself....Past Due is a timely, deeply reported and clarifying book." Steve Coll, author of Ghost Wars

Review:

"Goodman, a fair-minded reporter and a clear writer...performs a tremendous service by showing how the context of market manias changes but the essential content remains the same." New York Times

Review:

"Peter Goodman displays a fine grasp of the big picture.... He...manages to end on a hopeful note, pointing to potentially promising paths to a longer-term recovery." Charles R. Morris, author of The Trillion Dollar Meltdown

Synopsis:

Goodman, a New York Times national economics correspondent, takes readers behind the headlines and exposes how the flow of capital from Asia and Silicon Valley to the suburbs of the housing bubble perverted America's economy.

Synopsis:

How Main Street was hit by—and might recover from—the financial crisis, by The New York Timess national economics correspondent

When the financial crisis struck in 2008, Main Street felt the blow just as hard as Wall Street. The New York Times national economics correspondent Peter S. Goodman takes us behind the headlines and exposes how the flow of capital from Asia and Silicon Valley to the suburbs of the housing bubble perverted Americas economy. He follows a real estate entrepreneur who sees endless opportunity in the underdeveloped lots of Florida—until the mortgages for them collapse. And he watches as an Oakland, California-based deliveryman, unable to land a job in the biotech industry, slides into unemployment and a homeless shelter. As Goodman shows, for two decades Americans binged on imports and easy credit, a spending spree abetted by ever-increasing home values—and then the bill came due.

Yet even in a new environment of thrift and pullback, Goodman argues that economic adaptation is possible, through new industries and new safety nets. His tour of new businesses in Michigan, Iowa, South Carolina, and elsewhere and his clear-eyed analysis point the way to the economic promises and risks America now faces. 

Peter S. Goodman is the national economics correspondent for The New York Times and a contributor to the papers groundbreaking fall 2008 series, “The Reckoning.” Previously, he covered the Internet bubble and bust as The Washington Posts telecommunications reporter, and served as the Posts China-based Asian economics correspondent. He lives in New York City.

When the 2008 financial crisis struck, Main Street felt the blow just as hard as Wall Street. The New York Times national economics correspondent Peter S. Goodman goes behind the headlines to expose how the flow of capital from Asia and Silicon Valley to the suburbs of the housing bubble perverted Americas economy. He follows a real estate entrepreneur who sees endless opportunity in the underdeveloped lots of Florida—until the mortgages for them collapse. He watches as an Oakland, California-based deliveryman, unable to land a job in the biotech industry, slides into unemployment and a homeless shelter. As Goodman shows, for two decades Americans binged on imports and easy credit, a spending spree abetted by ever-increasing home values—and then the bill came due.

Yet even in a new environment of thrift and pullback, Goodman argues that economic adaptation is possible, through new industries and new safety nets. His tour of new businesses in Michigan, Iowa, South Carolina, and elsewhere and his clear-eyed analysis point the way to the economic promises and risks America now faces.

“Peter S. Goodman has written a gripping tale of the current financial crisis and severe recession. He weaves together stories of individuals swept by the financial tsunami—who have lost jobs, homes, incomes, and wealth—with a broader analysis of the economic and financial excesses that led to the crisis.”—Nouriel Roubini, Professor of Economics, Stern School of Business, New York University and Chairman of RGE Monitor

"Goodman, a fair-minded reporter and a clear writer . . . performs a tremendous service by showing how the context of market manias changes but the essential content remains the same."—Paul M. Barrett, The New York Times

“Peter S. Goodman has written a gripping tale of the current financial crisis and severe recession. He weaves together stories of individuals swept by the financial tsunami—who have lost jobs, homes, incomes, and wealth—with a broader analysis of the economic and financial excesses that led to the crisis.”—Nouriel Roubini, Professor of Economics, Stern School of Business, New York University and Chairman of RGE Monitor

“Americas economic crisis has prompted much hand-wringing and recrimination but few clear-eyed, accessible examinations of the underlying problems. Goodmans persuasive new book is such an examination—and a captivating story to boot. It should be read by everyone who wants to know what went wrong with our economy, how the reckoning has affected our companies and our workers, and how we can get our country back on track.”—Jacob S. Hacker, Professor of Political Science, Yale University and author of The Great Risk Shift

“Goodman is a reporter with a valuable thesis, reams of anecdotes and a habit of being in the right place at the right time. He puts these assets to work in [this] persuasive book.”—Bloomberg News

“Goodman brings a journalists savviness and skepticism to the stories of the people affected by the current economic crisis. Based on more than a decade of reporting in the United States and around the world, Past Due is a compelling and insightful read from one of the best economic correspondents in the country.”—Joseph E. Stiglitz, author of Making Globalization Work

“In Past Due, Peter Goodman displays a fine grasp of the big picture, but as few others can do, he illustrates it with dozens and dozens of personal stories of ordinary people who were caught in the fake economic upsurge of the 2000s, and who are now drowning in its backwash. He still manages to end on a hopeful note, pointing to potentially promising paths to a longer-term recovery.”—Charles R. Morris, author of The Trillion Dollar Meltdown

“Goodman is a reporters reporter—relentless, skeptical, fair, energetic, and eager to see things for himself. His instinct for the big story carried him for a decade through the landscape of our current economic crisis—the Internet bubble of Silicon Valley, Chinas roaring but unbalanced economy, and the upended American heartland. Past Due is a timely, deeply reported and clarifying book.”—Steve Coll, author of Ghost Wars

"An authoritative account of events leading up to the current recession. In his debut, New York Times national economics correspondent Goodman draws on extensive reporting to examine the 'financial make-believe' that drove Americans to borrow and spend their way into a crisis which, by 2008, had wiped out $7 trillion worth of wealth and destroyed 2.6 million jobs. Using plain, direct prose, the author describes what happened and vividly traces the effects on more than two-dozen people among the millions caught up in the ripples of the bust. They include Dorothy Thomas, a middle-class African-American in California who lost her job and was forced to pretend to be a drug addict to stay in a homeless shelter; Willie Gonzalez, a liquor distributor who spent excessively, bought a $180,000 home with two-percent down and went bankrupt; and Fran Barbaro, a middle-aged MBA graduate with a six-figure income who spent all of her money and faced foreclosure. In this 'Neverland' economy-made possible by the government's 'massive abdication of regulatory authority,' says Goodman-working Americans spent money freely, first in the technology boom and bust, and then in a real-estate market that enticed them to 'buy a home, watch it climb in value and pull money from it as if it were an ATM machine, one that never required a deposit.' The author places much blame on too-easy credit-readers will be infuriated to read about brokers who sold subprime loans to recent immigrants unable to read English-greed and fantastical thinking, combined with free-market cheerleading by Federal Reserve chairman Alan Greenspan, who touted credit default swaps. Goodman argues that the country must generate high-quality jobs insuch growth areas as biotechnology and renewable energy. A must-read for anyone still wondering why the bottom dropped out of the economy."—Kirkus Reviews

About the Author

Peter S. Goodman is the national economics correspondent for the New York Times and a contributor to the paper’s groundbreaking fall 2008 series, "The Reckoning." Previously, he covered the Internet bubble and bust as the Washington Post's telecommunications reporter, and served as the Post's China-based Asian economics correspondent. He lives in New York City.

Product Details

ISBN:
9780805089806
Subtitle:
The End of Easy Money and the Renewal of the American Economy
Author:
Goodman, Peter S.
Publisher:
Times Books
Subject:
Financial crises -- United States.
Subject:
United States--Economic conditions--2001-
Subject:
Economic History
Subject:
Finance
Subject:
Economic Conditions
Subject:
Business-History and Biography
Copyright:
Edition Description:
Hardcover
Publication Date:
20090915
Binding:
Electronic book text in proprietary or open standard format
Grade Level:
General/trade
Language:
English
Pages:
352
Dimensions:
9.25 x 6.13 in

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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

Past Due: The End of Easy Money and the Renewal of the American Economy Used Hardcover
0 stars - 0 reviews
$7.95 In Stock
Product details 352 pages Times Books - English 9780805089806 Reviews:
"Review" by , "An authoritative account of events leading up to the current recession.... A must-read."
"Review" by , "Peter S. Goodman is a reporter's reporter — relentless, skeptical, fair, energetic, and eager to see things for himself....Past Due is a timely, deeply reported and clarifying book."
"Review" by , "Goodman, a fair-minded reporter and a clear writer...performs a tremendous service by showing how the context of market manias changes but the essential content remains the same."
"Review" by , "Peter Goodman displays a fine grasp of the big picture.... He...manages to end on a hopeful note, pointing to potentially promising paths to a longer-term recovery."
"Synopsis" by , Goodman, a New York Times national economics correspondent, takes readers behind the headlines and exposes how the flow of capital from Asia and Silicon Valley to the suburbs of the housing bubble perverted America's economy.
"Synopsis" by , How Main Street was hit by—and might recover from—the financial crisis, by The New York Timess national economics correspondent

When the financial crisis struck in 2008, Main Street felt the blow just as hard as Wall Street. The New York Times national economics correspondent Peter S. Goodman takes us behind the headlines and exposes how the flow of capital from Asia and Silicon Valley to the suburbs of the housing bubble perverted Americas economy. He follows a real estate entrepreneur who sees endless opportunity in the underdeveloped lots of Florida—until the mortgages for them collapse. And he watches as an Oakland, California-based deliveryman, unable to land a job in the biotech industry, slides into unemployment and a homeless shelter. As Goodman shows, for two decades Americans binged on imports and easy credit, a spending spree abetted by ever-increasing home values—and then the bill came due.

Yet even in a new environment of thrift and pullback, Goodman argues that economic adaptation is possible, through new industries and new safety nets. His tour of new businesses in Michigan, Iowa, South Carolina, and elsewhere and his clear-eyed analysis point the way to the economic promises and risks America now faces. 

Peter S. Goodman is the national economics correspondent for The New York Times and a contributor to the papers groundbreaking fall 2008 series, “The Reckoning.” Previously, he covered the Internet bubble and bust as The Washington Posts telecommunications reporter, and served as the Posts China-based Asian economics correspondent. He lives in New York City.

When the 2008 financial crisis struck, Main Street felt the blow just as hard as Wall Street. The New York Times national economics correspondent Peter S. Goodman goes behind the headlines to expose how the flow of capital from Asia and Silicon Valley to the suburbs of the housing bubble perverted Americas economy. He follows a real estate entrepreneur who sees endless opportunity in the underdeveloped lots of Florida—until the mortgages for them collapse. He watches as an Oakland, California-based deliveryman, unable to land a job in the biotech industry, slides into unemployment and a homeless shelter. As Goodman shows, for two decades Americans binged on imports and easy credit, a spending spree abetted by ever-increasing home values—and then the bill came due.

Yet even in a new environment of thrift and pullback, Goodman argues that economic adaptation is possible, through new industries and new safety nets. His tour of new businesses in Michigan, Iowa, South Carolina, and elsewhere and his clear-eyed analysis point the way to the economic promises and risks America now faces.

“Peter S. Goodman has written a gripping tale of the current financial crisis and severe recession. He weaves together stories of individuals swept by the financial tsunami—who have lost jobs, homes, incomes, and wealth—with a broader analysis of the economic and financial excesses that led to the crisis.”—Nouriel Roubini, Professor of Economics, Stern School of Business, New York University and Chairman of RGE Monitor

"Goodman, a fair-minded reporter and a clear writer . . . performs a tremendous service by showing how the context of market manias changes but the essential content remains the same."—Paul M. Barrett, The New York Times

“Peter S. Goodman has written a gripping tale of the current financial crisis and severe recession. He weaves together stories of individuals swept by the financial tsunami—who have lost jobs, homes, incomes, and wealth—with a broader analysis of the economic and financial excesses that led to the crisis.”—Nouriel Roubini, Professor of Economics, Stern School of Business, New York University and Chairman of RGE Monitor

“Americas economic crisis has prompted much hand-wringing and recrimination but few clear-eyed, accessible examinations of the underlying problems. Goodmans persuasive new book is such an examination—and a captivating story to boot. It should be read by everyone who wants to know what went wrong with our economy, how the reckoning has affected our companies and our workers, and how we can get our country back on track.”—Jacob S. Hacker, Professor of Political Science, Yale University and author of The Great Risk Shift

“Goodman is a reporter with a valuable thesis, reams of anecdotes and a habit of being in the right place at the right time. He puts these assets to work in [this] persuasive book.”—Bloomberg News

“Goodman brings a journalists savviness and skepticism to the stories of the people affected by the current economic crisis. Based on more than a decade of reporting in the United States and around the world, Past Due is a compelling and insightful read from one of the best economic correspondents in the country.”—Joseph E. Stiglitz, author of Making Globalization Work

“In Past Due, Peter Goodman displays a fine grasp of the big picture, but as few others can do, he illustrates it with dozens and dozens of personal stories of ordinary people who were caught in the fake economic upsurge of the 2000s, and who are now drowning in its backwash. He still manages to end on a hopeful note, pointing to potentially promising paths to a longer-term recovery.”—Charles R. Morris, author of The Trillion Dollar Meltdown

“Goodman is a reporters reporter—relentless, skeptical, fair, energetic, and eager to see things for himself. His instinct for the big story carried him for a decade through the landscape of our current economic crisis—the Internet bubble of Silicon Valley, Chinas roaring but unbalanced economy, and the upended American heartland. Past Due is a timely, deeply reported and clarifying book.”—Steve Coll, author of Ghost Wars

"An authoritative account of events leading up to the current recession. In his debut, New York Times national economics correspondent Goodman draws on extensive reporting to examine the 'financial make-believe' that drove Americans to borrow and spend their way into a crisis which, by 2008, had wiped out $7 trillion worth of wealth and destroyed 2.6 million jobs. Using plain, direct prose, the author describes what happened and vividly traces the effects on more than two-dozen people among the millions caught up in the ripples of the bust. They include Dorothy Thomas, a middle-class African-American in California who lost her job and was forced to pretend to be a drug addict to stay in a homeless shelter; Willie Gonzalez, a liquor distributor who spent excessively, bought a $180,000 home with two-percent down and went bankrupt; and Fran Barbaro, a middle-aged MBA graduate with a six-figure income who spent all of her money and faced foreclosure. In this 'Neverland' economy-made possible by the government's 'massive abdication of regulatory authority,' says Goodman-working Americans spent money freely, first in the technology boom and bust, and then in a real-estate market that enticed them to 'buy a home, watch it climb in value and pull money from it as if it were an ATM machine, one that never required a deposit.' The author places much blame on too-easy credit-readers will be infuriated to read about brokers who sold subprime loans to recent immigrants unable to read English-greed and fantastical thinking, combined with free-market cheerleading by Federal Reserve chairman Alan Greenspan, who touted credit default swaps. Goodman argues that the country must generate high-quality jobs insuch growth areas as biotechnology and renewable energy. A must-read for anyone still wondering why the bottom dropped out of the economy."—Kirkus Reviews

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