'Robert Peston's compelling account of global financial meltdown is
a must-read.' Observer What can we learn from the 2008 recession?
ITV's political editor explains the global economic mess and how to
escape it - in his characteristically straightforward way. 'How do
we fix this mess? I don't know. But don't stop reading now. Perhaps
if we have a clearer understanding of what went wrong, we'll have a
better idea of what needs to be done. This book is a map of what
needs to be fixed.' The record-breaking unbroken growth between
1992 and 2008 wasn't the economic miracle that it seemed. It was
based on a number of dangerous illusions - most notably that it
didn't matter that the UK and US year after year consumed more than
they earned. But we couldn't go on increasing our indebtedness
forever. The financial crash of 2007/8 and the subsequent economic
slump in much of the west was the moment when we realised we had
borrowed more than we could afford to repay. So who got it wrong?
Bankers, investors and regulators? And were they greedy, stupid or
asleep? What was the role of government? And what part did we, as
consumers, play in all this? How do we get through this difficult
period of transition to a more sustainable economy, one based on
investment and exports, rather than on borrowing and consumption?
With the same probing lucidity he brought to Who Runs Britain? and
WTF?, Robert Peston takes us step-by-step towards a common sense
way to fix this mess.
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