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'He's been around the tills long enough to recall the "complacent incompetence" of US manufacturing in the 1960s near the end of the liberal consensus. Richard Nixon welshed on the Bretton Woods commitment to redeem dollars in gold at a fixed price, and Paul Volcker of the US Treasury vanquished the resultant inflation in the early 80s - the destruction of much of the west's blue-collar employment was just collateral damage. And he locates the initial puff in every subsequent bubble.'
--The Telegraph, March 7th, 2009
--The Telegraph, March 7th, 2009
Sunday Times
...a comprehensive and jargon-free description of the hideously complex financial securities that have brought the credit system to collapse.
--This text refers to an out of print or unavailable edition of this title.
--This text refers to an out of print or unavailable edition of this title.
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Most Helpful Customer Reviews
30 of 30 people found the following review helpful
Format:Hardcover
If you are buying any other books, or reading any other articles on the recent "credit crunch", you should seriously consider getting this book too. The writer is a lawyer, and in very precise plain clear language, describes how each of the new types of financial instrument, from "put" to "synthetic collateralized debt obligation", works, covering why people originally developed them, and how people have gone on to use and enhance them. It then covers all the risks that have developed as a result of their use in practice, and briefly covers the overall financial consequences, as far as people understand them. This includes talking about various regulatory failures that have contributed to the crisis.
He then makes an overall estimate of the kinds of losses that are likely. Although the real losses are looking even more serious now, several months later, he gives figures and estimates in his reasoning that enable you to get some kind of overall picture of the problems. His focus is almost entirely on the United States, but the financial instruments used elsewhere are the same, and the regulatory failures similar.
If you are reading other accounts of the developing crisis, this is a very good place to get the basic technical information on what everyone is talking about. Some books leap into explanations, with only very brief, and sometimes misunderstood, accounts of the financial instruments involved. Even if you disagree with some of Morris's points of view or conclusions, his clear account of how each financial instrument works is still very helpful.
He then makes an overall estimate of the kinds of losses that are likely. Although the real losses are looking even more serious now, several months later, he gives figures and estimates in his reasoning that enable you to get some kind of overall picture of the problems. His focus is almost entirely on the United States, but the financial instruments used elsewhere are the same, and the regulatory failures similar.
If you are reading other accounts of the developing crisis, this is a very good place to get the basic technical information on what everyone is talking about. Some books leap into explanations, with only very brief, and sometimes misunderstood, accounts of the financial instruments involved. Even if you disagree with some of Morris's points of view or conclusions, his clear account of how each financial instrument works is still very helpful.
18 of 18 people found the following review helpful
Format:Hardcover
I found this very short book (169 pages plus notes) very helpful in understanding what the "credit crunch" is about--what caused it, what the current imbalances in the financial system are, and how it may unravel. It starts further back in time than I would have expected (the 1950s to 1970s), but does this to explain the regulatory and financial stage on which the bubble of credit was born. Financial and economic terms are explained, without dumbing things down. Really excellent.
7 of 7 people found the following review helpful
Format:Hardcover
I read this shortly after it was published before many of the events in the current financial & economic crisis unfolded. Over the past few months I have seen its reasoning and predictions born out many times. There are still other predictions which only the future will prove one way or the other but having seemed more fanciful at the time of writing to many mainstream analysts now seem anything but. This is the best book I have read on the credit crisis and, whilst I have some background in finance, unlike a previous viewer I didn't think that it overwhelmed with terminology - I thought it explained complex finance in a very readable manner. I was originally a bit suspicious about a finance book written by a lawyer but I have to concede that this is an impressive account.
Once you've read this, if you haven't read it already and are interested for more, JK Galbraith's account of the Wall Street Crash of the 1930's is great reading and very relevant today.
Once you've read this, if you haven't read it already and are interested for more, JK Galbraith's account of the Wall Street Crash of the 1930's is great reading and very relevant today.
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Most Recent Customer Reviews
A pleasure to read.
I am really interested in the world economic meltdown and wanted a book to read about what caused the meltdown in simple terms. Read more
Published 11 months ago by Amazon shopper
Good source for learning what happened to our economy
I think this book one of the easiest to read on the subject. The author explains the origins of financial instruments such as credit default swaps, and most importantly, how they... Read more
Published on 15 Nov 2009 by Mariusz Skonieczny
A short economic history since the 1950's
In 169 pages, Charles Morris provides an overview of the US economy since 1950's, focusing on the last 10 years and the 2007 crash. Read more
Published on 6 Nov 2009 by Avid Reader
Balanced, concise and well-written
A brief financial history since WW2 with emphasis on the last 10 years.
Written by someone who knows the subject from the inside, avoiding unnecessary lingo (still you... Read more
Written by someone who knows the subject from the inside, avoiding unnecessary lingo (still you... Read more
Published on 17 July 2009 by J. Alan
Just in time?
This analysis was written just in time to predict the last of the crisis. And is written well,crispy, easy to grasp. But is this The Last Chrisis? Not really. What have learned? Read more
Published on 23 May 2009 by R. Zavnik
OK for some basics
This book has one big plus point - it explains very clearly some of the technical stuff at the heart of the credit crunch. Read more
Published on 2 Mar 2009 by tomsk77
some good bits
It confirms what I suspected: hedge funds and banks are interdependent, and each others' customers. The whole thing, in fact, is a gigantic Ponzi scheme, with them all selling (the... Read more
Published on 8 Jan 2009 by MrB
Fine study of this great crash
Charles Morris, an American writer, lawyer and former banker, has written a useful account of the long-building credit crash. Read more
Published on 16 Dec 2008 by William Podmore
Undefined jargon by the shedload
After a very good start (first 2 chapters) in which the author summarizes the development of US economics from 1900 to the Reagan-Thatcher era, the book rapidly deteriorates into a... Read more
Published on 28 Nov 2008 by G. Turner
Listmania!
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