Bailout Nation (Hardcover)
by Barry Ritholtz
Barry Ritholtz, author of the popular economics blog The Big Picture, knows why America plummeted economically and reveals who is to blame. Bailout Nation is a Wall Street insider’s look at how the Federal Reserve bailed out corporations with “easy money” and the consequent mess it caused.
The United States’ slow fade away from capitalism was caused by dependence on government bailouts. Since the bailout of Lockheed Martin in 1971, the government has been helping fund businesses that would have, in a legitimate free market, become extinct. Irresponsibility of corporations, risk-taking, inflation and sky-high asset prices are all a result of this “bailout mentality.”
Concise and well-supported, this book explains the inner workings of the Federal Reserve and how they coincide with the bailout trend. It exposes the motives behind the central bank, and shows how the government tried to control the economy by trying to make money plentiful at low interest rates.
A new standard has been established and corporations are now addicted to these bailouts. This well-researched book proves that the government’s reward of reckless risk-taking has damaged the economy. From Wall Street’s risk-taking mentality to the cause of skyrocketing prices in tech stocks and housing, Ritholtz puts the pieces together to reveal what shook the world economy.
About the Author
Barry Ritholtz is CEO and director of equity research at FusionIQ.com, an online quantitative research firm. He regularly appears as an expert on CNBC, Bloomberg, Fox and PBS, and he is the author of the top-ranked financial weblog, The Big Picture, hailed by The Wall Street Journal as what the in-crowd knows.
- Hardcover: 332 pages
- Publisher: Wiley (May 26, 2009)
- Language: English
- ISBN-10: 0470520388
- ISBN-13: 978-0470520383
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