Written for the motivated non-specialist, this work provides the
most clear and thorough coverage available of the causes and
consequences of the Great Financial Crisis and the role of the
Federal Reserve in preventing it from escalating into a massive
depression a la the 1930s. The Great Recession that followed the
popping of the dual credit and housing bubbles deprived more than 8
million Americans of their jobs and triggered a per capita loss of
income of more $6,000 in 2008 and 2009 alone. This work provides a
clear and comprehensive explanation of the myriad forces that
combined to create the bubbles that were the source of the economic
contraction. It retraces the chain reaction that took place as
these bubbles deflated. The channels through which the crisis
spilled over to produce the Great Recession are carefully laid out.
The book is unique in thoroughly contrasting the Federal Reserve's
brilliant implementation of policies that saved us from disaster in
the recent crisis with its inept behavior that strongly contributed
to the Great Depression of the 1930s.
General
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