- Hardcover: 332 pages
- Publisher: John Wiley & Sons; Revised edition edition (5 Jun 2009)
- Language English
- ISBN-10: 0470520388
- ISBN-13: 978-0470520383
- Product Dimensions: 23.5 x 16.4 x 3 cm
- Average Customer Review: 5.0 out of 5 stars See all reviews (1 customer review)
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Amazon Bestsellers Rank:
451,790 in Books (See Top 100 in Books)
- #80 in Books > Business, Finance & Law > Accounting > Governmental
- See Complete Table of Contents
Bailout Nation
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More About the Author
Product Description
Review
"Best books to make sense of financial crisis of 2009" (USA Today)
"Best business books of 2009" (Miami Herald)
"Investment Book of the Year" (Stock Trader’s Almanac)
"Succeeds in laying out all that transpired in easy–to–understand language. If you want to know how we got into this mess and what might still be coming, this is the book for you." (Wall Street Journal)
"The author writes with the fury of an insider mortified by the behavior of his heretical peers . . . There is much to be said for the book’s irreverence. Mr. Ritholtz has written an important book about a complicated subject, and yet you could still read it at the beach. Here’s hoping that some policy makers in Washington take it with them on vacation this month." (New York Times)
"Ritholtz makes a valuable new contribution to our understanding of how we arrived at this sorry juncture. He’s smart, sassy and often amusing. If you’re looking for an all–in–one place explanation of what went wrong and why, this is the book for you (or your confused neighbor)." (Bloomberg)
"Bailout Nation’s straightforward, compelling account puts the crisis in context, explains why the US government responded so stupidly, offers solutions, and advises how to prevent a repeat. Ritholtz’s indictment of the financial and political establishment is devastatingly accurate." (Asia Times)
"Before the housing and credit bubbles popped, Barry Ritholtz, a lawyer turned blogger and money manager, was one of the voices crying in the wilderness. His caustic (and occasionally profane) blog, The Big Picture, dissected macroeconomic news and relentlessly cut through spin. His book takes a long view of the roots of the economic crisis, tracing the history of a series of ever more expensive taxpayer–funded bailouts of failed industries." (Newsweek)
"Ritholtz’s book seeks to explain how the United States, once so proud, became "a nanny state for well–paid bankers. Ritholtz may be just the right person to explain the transition to both the disillusioned amateur and the finance junkie. He doesn’t pull his punches or bury the truth in layers of finance–speak, caveats, and disclaimers. Since he began blogging seven years ago, in–the–know readers of his popular blog, The Big Picture, have turned to Ritholtz for his prescient, refreshingly honest commentary on the economy. Anyone interested in understanding the roots of our current crisis should check out the book.." (Freakonomics)
"A comprehensive crisis scrapbook compiled by the money manager behind the popular financial blog the Big Picture in a quippy, no–nonsense voice..." (New York Magazine)
"These are some of the provocative and even dangerous questions that Barry Ritholtz takes on in Bailout Nation…Above all, Bailout Nation is about the socialization of risk and the privatization of profits." (Forbes)
Product Description
An engaging look at what led to the financial turmoil we now find ourselves in
Bailout Nation offers one of the clearest looks at the financial lenders, regulators, and politicians responsible for the financial crisis of 2008. Written by Barry Ritholtz, one of today′s most popular economic bloggers and a well–established industry pundit, this book skillfully explores how the United States evolved from a rugged independent nation to a soft Bailout Nation–where financial firms are allowed to self–regulate in good times, but are bailed out by taxpayers in bad times.
Entertaining and informative, this book clearly shows you how years of trying to control the economy with easy money has finally caught up with the federal government and how its practice of repeatedly rescuing Wall Street has come back to bite them.
- The definitive book on the financial crisis of 2008
- Names the culprits responsible for this tragedy–from financial regulators to politicians
- Shows how each bailout throughout modern history has impacted what happened in the future
- Examines why the consumer/taxpayer is left suffering in an economy of bubbles, bailouts, and possible inflation
- Ritholtz operates a hugely popular blog, www.ritholtz.com/blog
Scathing, but fair, Bailout Nation is a voice of reason in these uncertain economic times.
Inside This Book
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Customer Reviews
Most Helpful Customer Reviews
1 of 3 people found the following review helpful
Format:Paperback
Simply excellent. One of the most easy to read books on the current crisis that still captures the core of the problems.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
66 reviews
245 of 265 people found the following review helpful
The Backstory to Bailout Nation
22 May 2009
Format:Hardcover
Amazon Review
Long story short: After Bill Fleckenstein's GREENSPAN'S BUBBLES: THE AGE OF IGNORANCE AT THE FEDERAL RESERVE McGraw Hill asked him to do a follow up to that book. He (wisely) said no.
However, Bill suggested they contact me.
Which the publisher did. I turned them down (several times). Who had time to write a book? Besides, I did not want to do a fast rush-to-judgment type of thing. But they were tenacious in their pursuit, and I eventually succumbed to their flattery -- but on my terms, including having final edit on the manuscript. (This becomes important later on, as you will soon see).
Because of the way events played out, I ended up writing three separate Bailout Nation books over the next 15 months. The first version was a history of bailouts. This overview covered an arc from Lockheed (1971) to Bear Stearns (March 2008). Around the time this book was due (~Labor Day 2008), something was in the air . . . you could smell the leading edge of the approaching storm. I convinced the publisher to hold off a few weeks.
Boom! Fannie Mae blew up. Then Freddie Mac, Lehman Brothers, AIG, Citigroup, Bank of America. Soon Merrill was on the ropes, followed by Morgan Stanley, Goldman Sachs, GM and GE. All hell was breaking loose. Well, I thought, at least I had an ending. The expanded version of the manuscript, with greater emphasis on the latter part of 2008, was finished in December '08.
Or so I thought.
After I handed the book into the publisher (McGraw Hill), they let me know they had problems with my assessment of the Ratings Agencies. They were unhappy with my calling them "Pimps & Hos", or describing their business model of rating junk bonds as AAA for big fees as "Payola." (What would you call it?)
Not coincidentally, McGraw Hill owns of the largest Rating Agencies, Standard & Poor's.
The compromise was to remove the reference to Pimps, but using publicly available data and congressional testimony, to add more detailed analysis and quotations from experts. When it was finished, I found the revised section to be much more even handed -- and far more devastating -- to S&P. They (along with fellow rating agencies Moody's and Fitch's) were key enablers to the entire crisis. There were many other guilty parties, but I simply could not under-emphasize the ratings agencies.
When McGH rejected it again, I exercised my right to buy the manuscript back from them in January 2009. Numerous publishers were interested, but I went with Wiley -- they have a great deal of experience publishing business/investing related books, and as a publisher, had no conflicts of interest that would interfere with telling the full story.
The third version was the charm.
By this time, the amount of bailout money going to mismanaged companies, reckless speculators, and incompetent corporate executives had skyrocketed to 14 trillion dollars. This was infuriating to anyone paying attention.
Astonishing things happened as the book progresses. The more I researched and wrote, the more it was apparent we were witnessing the greatest heist ever made. By the last section of the book, history's biggest transfer of wealth -- from the taxpayer to the Banksters -- was taking place. Trillions were being shifted from the responsible to the reckless, from the prudent to the incompetent. It was infuriating -- and you will see as the book progresses my initial academic tone gets replaced with greater snark and anger.
I not only had my ending, I had a new cause -- exposing those who caused this mess, be they Democrat or Republican, Corporate CEO or derivatives trader. I hope the end result is something that will inform and illuminate, while entertaining you along the way . . .
Long story short: After Bill Fleckenstein's GREENSPAN'S BUBBLES: THE AGE OF IGNORANCE AT THE FEDERAL RESERVE McGraw Hill asked him to do a follow up to that book. He (wisely) said no.
However, Bill suggested they contact me.
Which the publisher did. I turned them down (several times). Who had time to write a book? Besides, I did not want to do a fast rush-to-judgment type of thing. But they were tenacious in their pursuit, and I eventually succumbed to their flattery -- but on my terms, including having final edit on the manuscript. (This becomes important later on, as you will soon see).
Because of the way events played out, I ended up writing three separate Bailout Nation books over the next 15 months. The first version was a history of bailouts. This overview covered an arc from Lockheed (1971) to Bear Stearns (March 2008). Around the time this book was due (~Labor Day 2008), something was in the air . . . you could smell the leading edge of the approaching storm. I convinced the publisher to hold off a few weeks.
Boom! Fannie Mae blew up. Then Freddie Mac, Lehman Brothers, AIG, Citigroup, Bank of America. Soon Merrill was on the ropes, followed by Morgan Stanley, Goldman Sachs, GM and GE. All hell was breaking loose. Well, I thought, at least I had an ending. The expanded version of the manuscript, with greater emphasis on the latter part of 2008, was finished in December '08.
Or so I thought.
After I handed the book into the publisher (McGraw Hill), they let me know they had problems with my assessment of the Ratings Agencies. They were unhappy with my calling them "Pimps & Hos", or describing their business model of rating junk bonds as AAA for big fees as "Payola." (What would you call it?)
Not coincidentally, McGraw Hill owns of the largest Rating Agencies, Standard & Poor's.
The compromise was to remove the reference to Pimps, but using publicly available data and congressional testimony, to add more detailed analysis and quotations from experts. When it was finished, I found the revised section to be much more even handed -- and far more devastating -- to S&P. They (along with fellow rating agencies Moody's and Fitch's) were key enablers to the entire crisis. There were many other guilty parties, but I simply could not under-emphasize the ratings agencies.
When McGH rejected it again, I exercised my right to buy the manuscript back from them in January 2009. Numerous publishers were interested, but I went with Wiley -- they have a great deal of experience publishing business/investing related books, and as a publisher, had no conflicts of interest that would interfere with telling the full story.
The third version was the charm.
By this time, the amount of bailout money going to mismanaged companies, reckless speculators, and incompetent corporate executives had skyrocketed to 14 trillion dollars. This was infuriating to anyone paying attention.
Astonishing things happened as the book progresses. The more I researched and wrote, the more it was apparent we were witnessing the greatest heist ever made. By the last section of the book, history's biggest transfer of wealth -- from the taxpayer to the Banksters -- was taking place. Trillions were being shifted from the responsible to the reckless, from the prudent to the incompetent. It was infuriating -- and you will see as the book progresses my initial academic tone gets replaced with greater snark and anger.
I not only had my ending, I had a new cause -- exposing those who caused this mess, be they Democrat or Republican, Corporate CEO or derivatives trader. I hope the end result is something that will inform and illuminate, while entertaining you along the way . . .
43 of 49 people found the following review helpful
The United States of Bailouts
9 Jun 2009
Format:Hardcover
Mr Ritholtz does an excellent job drawing a trendline from the first bailout in 70's to the latest bailouts of 2009. He illustrates how our own government cheer-led us into the Next Great Depression.
What makes this book different from books of other numerous authors?
* The book is written in a plain language an average person can understand
* The book is well-structured and sticks to historical events which led us into the mess
* For all government bailouts, Mr Ritholtz brings focus to their long-term effects rather than short-term ones
* Mr Ritholtz does not try to predict future or give investment advice (thank you)
* Illustrations are hilariously funny
I enjoyed every page, it is very well worth time and money.
What makes this book different from books of other numerous authors?
* The book is written in a plain language an average person can understand
* The book is well-structured and sticks to historical events which led us into the mess
* For all government bailouts, Mr Ritholtz brings focus to their long-term effects rather than short-term ones
* Mr Ritholtz does not try to predict future or give investment advice (thank you)
* Illustrations are hilariously funny
I enjoyed every page, it is very well worth time and money.
29 of 34 people found the following review helpful
An easy explanation for a complicated subject...
7 Jun 2009
Format:Hardcover|Amazon Verified Purchase
It has been said that 'if you can't explain something in simple terms that anyone can understand, you don't understand it well enough yourself.' From the standpoint of that axiom, it is clear that Barry Ritholtz understands well the causes of the Great Financial Crisis of 2008. In plain terms, Ritholtz explains not only what directly led to the Crisis, but the events of the last 30 years which laid the groundwork of moral hazard which allowed the Crisis to occur as it did. Indeed, the events of the last two years were the result of a confluence of things gone wrong, and all sides of the political aisle are culpable, which Ritholtz makes clear in Bailout Nation.
If you are looking for a clear, concise, bias-free explanation in layman's terms of the Financial Crisis and, most importantly, the myriad events which led up to it, then you should read this book. Actually, I think that EVERYONE should read this book, because if the warnings implicit in the book are not heeded very soon, the US will find itself in a situation that will be impossible to recover from intact. Indeed, we may already be there...
If you are looking for a clear, concise, bias-free explanation in layman's terms of the Financial Crisis and, most importantly, the myriad events which led up to it, then you should read this book. Actually, I think that EVERYONE should read this book, because if the warnings implicit in the book are not heeded very soon, the US will find itself in a situation that will be impossible to recover from intact. Indeed, we may already be there...
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