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

  • Share this:
Share with a friend
Sign into your email account to send this page to a friend:
Outlook or Apple Mail
or other default program
Walmart Gift Card
Put the fun of shopping in their hands with Walmart Gift Cards! Ship to Home or Send via email.
Advertisement
Advertisement

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

Format:  Hardcover,

476 pages

Publisher: Penguin Group USA

Publish Date: Jan 2013

ISBN-13: 9781594205309

ISBN-10: 1594205302

Buy from Walmart

Shipping & Pickup
Online
$17.79

In stock for:

  • Store information not available.

 Buy from Marketplace

Shipping & Additional Information

Book Information

The following content was provided by the publisher.

"One of our wisest and most clear-eyed economic thinkers offers a masterful narrative of the crisis and its lessons"
Many fine books on the financial crisis were first drafts of history--books written to fill the need for immediate understanding. Alan S. Blinder, esteemed Princeton professor, "Wall Street Journal "columnist, and former vice chairman of the Federal Reserve Board, held off, taking the time to understand the crisis and to think his way through to a truly comprehensive and coherent narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we can do from here--mired as we still are in its wreckage.
With bracing clarity, Blinder shows us how the U.S. financial system, which had grown far too complex for its own good--and too unregulated for the public good--experienced a perfect storm beginning in 2007. Things started unraveling when the much-chronicled housing bubble burst, but the ensuing implosion of what Blinder calls the "bond bubble" was larger and more devastating. Some people think of the financial industry as a sideshow with little relevance to the real economy--where the jobs, factories, and shops are. But finance is more like the circulatory system of the economic body: if the blood stops flowing, the body goes into cardiac arrest. When America's financial structure crumbled, the damage proved to be not only deep, but wide. It took the crisis for the world to discover, to its horror, just how truly interconnected--and fragile--the global financial system is. Some observers argue that large global forces were the major culprits of the crisis. Blinder disagrees, arguing that the problem started in the U.S. and was pushed abroad, as complex, opaque, and overrated investment products were exported to a hungry world, which was nearly poisoned by them.
The second part of the story explains how American and international government intervention kept us from a total meltdown. Many of the U.S. government's actions, particularly the Fed's, were previously unimaginable. And to an amazing--and certainly misunderstood--extent, they worked. The worst did not happen. Blinder offers clear-eyed answers to the questions still before us, even if some of the choices ahead are as divisive as they are unavoidable. "After the Music Stopped" is an essential history that we cannot afford to forget, because one thing history teaches is that it will happen again.

Specifications

Publisher: Penguin Group USA
Publish Date: Jan 2013
ISBN-13: 9781594205309
ISBN-10: 1594205302
Format: Hardcover
Number of Pages: 476
Shipping Weight (in pounds): 1.68
Product in Inches (L x W x H): 6.5 x 9.5 x 1.5

Reviews

Review by Library Journal (2013-01-01)

As a former economics adviser in the Clinton administration and former Federal Reserve governor, Blinder (economics, Princeton Univ.) has a lot to say about the causes and consequences of the 2007-09 financial crisis. In a generally chronological account, the author runs through how poor lending practices, coupled with securitization and high degree of leverage, precipitated the crisis. He then covers the ameliorative emergency and long-term policies through late 2012, examining the consequential financial reform efforts with particular attention to the Dodd-Frank legislation.

Blinder questions the failure to prevent more home foreclosures. He criticizes Republicans for obstructionism and the Obama administration for not better convincing the public of the necessity for stimulus, deficit spending, and radical Federal Reserve strategies. Looking forward, the text contemplates how the administration and the Federal Reserve will be able to unwind their stimulative policies, touching on the European crisis and concluding with a list of precepts to future crises. Blinder's explanations of complex topics simple, such as moral hazard and quantitative easing, are kept simple.

Verdict: This work is highly recommended to all readers desiring a comprehensible postmortem of the economic and political ramifications of the financial crisis.

-Lawrence Maxted, Gannon Univ. Lib., Erie, PA

(c) Copyright 2013. Library Journals LLC, a wholly owned subsidiary of Media Source, Inc. No redistribution permitted.

Book description

One of our wisest and most clear-eyed economic thinkers offers a masterful narrative of the crisis and its lessons

Many fine books on the financial crisis were first drafts of history—books written to fill the need for immediate understanding. Alan S. Blinder, esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board, held off, taking the time to understand the crisis and to think his way through to a truly comprehensive and coherent narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we can do from here—mired as we still are in its wreckage.

With bracing clarity, Blinder shows us how the U.S. financial system, which had grown far too complex for its own good—and too unregulated for the public good—experienced a perfect storm beginning in 2007. Things started unraveling when the much-chronicled housing bubble burst, but the ensuing implosion of what Blinder calls the “bond bubble” was larger and more devastating. Some people think of the financial industry as a sideshow with little relevance to the real economy—where the jobs, factories, and shops are. But finance is more like the circulatory system of the economic body: if the blood stops flowing, the body goes into cardiac arrest. When America’s financial structure crumbled, the damage proved to be not only deep, but wide. It took the crisis for the world to discover, to its horror, just how truly interconnected—and fragile—the global financial system is. Some observers argue that large global forces were the major culprits of the crisis. Blinder disagrees, arguing that the problem started in the U.S. and was pushed abroad, as complex, opaque, and overrated investment products were exported to a hungry world, which was nearly poisoned by them.

The second part of the story explains how American and international government intervention kept us from a total meltdown. Many of the U.S. government’s actions, particularly the Fed’s, were previously unimaginable. And to an amazing—and certainly misunderstood—extent, they worked. The worst did not happen. Blinder offers clear-eyed answers to the questions still before us, even if some of the choices ahead are as divisive as they are unavoidable. After the Music Stopped is an essential history that we cannot afford to forget, because one thing history teaches is that it will happen again.

Customer Product Reviews

 

Gifting Plans

Financing Offers

Enjoy Great Financing!

Make the most of your shopping experience with the Walmart Discover® or Walmart Credit Card.

Save $25 when you open a Walmart® Credit Card and spend $75 today.*

*Offer subject to credit approval

Learn More or Apply Now

No Payments + No Interest if Paid in Full in 6 Months!
Enjoy no payments for 6 months. You'll have 6 months with no payments, and no interest if paid in full within 6 months on orders over $250. Otherwise, interest will be charged from the original date of purchase. Bill Me Later is the quick, easy, secure way to buy online without using your credit card. Simply select Bill Me Later at checkout. Subject to credit approval.

See Terms