In “After the Music Stopped,” Alan Blinder reveals the abuses that led to the financial crisis and the remedies. Today’s edition brings us to Alan Blinder’s “After the Music Stopped,” a major analysis of the financial crisis and subsequent response by central. After the Music Stopped has ratings and reviews. Alan Blinder explores in depth the role of the fed and treasury in getting the us economy out of the.
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There are long stretches where he italicizes two, three or four words a paragraph, sometimes technical terms ” opacity “sometimes single words he wants to stress ” higher expected inflation “or parentheticals he’s whispering to us ” It’s ten o’clock.
He then offers seven villains — the usual suspects — and ends the whole thing with Ten Commandments for Regulators and a Seven-Step Rehab Program for Policymakers.
I would recommend it with zero reservation to anybody who would like an objective historical overview of the crisis in plain English. The is the most accessible narrative I have yet to read about the crisis and it’s after effects.
After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead
He starts with seven causes of the crash. He just wants to get the facts documented as they happened. The Tea Party and blonder members of Congress blocked it. Second, he has to communicate that to readers who really have no idea how mortgage markets, securitizations or central banking works, and that is captive of an array of found notions — austerity, bailouts, conspiracies.
I also think he does us credit by explaining some things blindsr go against popular wisdom. Good overview of the financial crisis, from a keynesian perspective. An important book for us “normal” Americans e.
In each case, we get a pretty good description of what was happening, why policymakers made the choices they did, and some thoughts about whether these policy solutions are likely to be effective over the long term.
The account is straight and plain, it has a beginning and an end, it’s balanced and it never attempts to over-reach. Having started his book by stating the whole crisis was caused by letting Lehman go, he does not stoppsd to the topic to let us know if this stoppd a rhetorical flourish or what he considers to be fact.
The availability of all that foreign capital was one reason why Americans could take on more debt. But he runs into the same difficulties that confronted Obama.
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The unlikely heroes of this book are George W Bush though he also helped cause the problem and Barack Ater for both of them coldly doing what was needed, who kept their heads when all about were losing theirs and who also collaborated to do what needed to be done. But in that context it is very dissonant to rhe him repeatedly pan Larry Summers. The last section explains the effect those decisions had and the reverberations to the economy that we are still feeling today in He defers to Paulson’s and Geithner’s blnider judgement when it comes to their single-mindedness with reference to bailing out some institutions and people who had been on horrible behaviour though he does decry that only one man, Lee Farkas, has been convicted of any crime relating to the crisis to this day and he is not merely deferential to Bernanke in a very strong chapter on “Unconventional Monetary Xfterhis prose amounts to grovelling.
Foreigners were building for the future by selling, saving and lending, while Americans were living on borrowed time by buying, borrowing and spending.
Politicians love to set the bar low and then heap praise upon themselves when little is accomplished.
After the Music Stopped Alan Blinder. Afterr administration was new, the internal stresses serious and, as bad as the crisis was, it wasn’t the Great Depression. May 19, Maru Kun rated it liked it Shelves: If anything, I find Blinder is far too careful dare I say American?
A great read to understand not just the events that led to the financial crisis and response thereafter but also the rationale behind them.
After the Music Stopped | Beneath the Surface
It is easy to remember the notorious bonuses that corporate executives at AIG received when the company was bailed out with tax payer dollars while middle and working class Americans across the country were upside down on their mortages, or worse, in foreclosure. Sometimes I got a little lost in the intricacies of Wall Street, but overall it gave me a clear picture of what went wrong, and what we can do to keep it from happening aga Alan Binder’s book has something to make everyone angry, from the far left to the far right.
Second, the book also evaluates the various policy responses to the crisis according to how effective they have been. He’s contemptuous of absentee Bush, snide about Paulson, sympathetic about Geithner and curiously neutral on Greenspan.
Blinder, Professor of Economics and Public Affairs at Princeton University and former vice chairman of the Federal Reserves Board of Governors fromcomes across as very informed on the subject and very patiently explains even basic financial terminology.
Feb 07, Gerry Claes rated it liked it. What institution got hurt when, how the authorities responded, what worked, what didn’t, and all of it as if you were in the control room.
After the Music Stopped by Alan Blinder
The bubbles in housing and mortgage-backed securities developed in a situation where some people were unusually eager to lend, while others were unusually willing to borrow. TARP seems to have made money for the government. We all remember the financial meltdown.
I personally have blonder feelings about this crisis and the utter lack of any real accountability for its many architects, and Blinder helped lead me through that by acknowledging blimder bad behavior, setting it in context, and moving on.
Thanks for telling us about the problem. A solid first draft of the history of the financial crisis and its consequences. I think one key thing here to keep in blindeg is the goal of the book which might well be summed up by outlining one of the things he finds sorely lacking in the records of both Bush and Obama.