The Trillion Dollar Meltdown

  • by Charles R. Morris
  • Narrated by Nick Summers
  • 5 hrs and 0 mins
  • Unabridged Audiobook

Publisher's Summary

The sub-prime mortgage crisis is only the beginning; a more profound economic and political restructuring is on its way.According to Charles R. Morris, the astronomical leverage at investment banks, with their hedge-fund and private-equity clients, virtually guarantees massive disruption in global markets. A quarter century of free-market zealotry that extolled asset striping, abusive lending, and hedge-fund secrecy will come crashing down with it.The Trillion Dollar Meltdown explains how we got here, and what is about to happen.


What the Critics Say

"In his brief but brilliant book, Morris describes how we got into the mess we are in....Few writers are as good as Morris at making financial arcana understandable and even fascinating." (New York Times Book Review)
"[A] shrewd primer....[Morris] writes with tight clarity and blistering pace." (Bloomberg News)
"Morris deftly joins the dots between the Keynesian liberalism of the 1960s, the crippling stagflation of the 1970s and the free-market experimentation of the 1980s and 1990s, before entering the world of ultra-cheap money and financial innovation gone mad." (The Economist)


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Customer Reviews

Most Helpful

Very Illuminating

Excellent overview of the current financial crisis, which ain't over yet, alas. The author's viewpoint is moderately liberal, somewhat pessimistic but quite judicious and knowledgeable, not given to leftist screed or Chicago School boosterism. As of this writing, the book is also surprisingly current. In the later chapters the acronyms of the credit default swaps and all those new whirligig financial instruments fly by, but you get the idea. It's confusing because it was indeed confusing, even to bankers. Which was part of the problem. You will especially enjoy this book if, like me, you read Greenspan's book and were horrified to hear the man in charge of our monetary machine enthuse over Ayn Rand and gush like a neocon junior staffer over the magic power of markets. Well, we are all neck deep in the "magic of markets" now and will be digging ourselves out for years. Oh, be advised this book is general, in the best sense. More forest than trees. Not a book of details, inside stories, or personalities, which is fine by me. Hope Audible will get more on this topic.
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- Nelson Alexander

The Advanced Introduction

If you have analytical training, but don't understand modern finance, especially the kind at the hart of the current crisis, this book will explain it starting from basic concepts. It is ideally suited for engineers and scientists who can follow the mathematical concepts without a lot of hand holding, but really need an introduction to the relevant financial insterments.

If you don't understand the difference between a long position and a short position or basic concepts about the stock market or if you don't have some intuition for probability this is probably too difficult a read. If you are a financial professional it's probably too elementary. But for many it will be the perfect balance.
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- Kenneth

Book Details

  • Release Date: 06-06-2008
  • Publisher: Phoenix Books