Unintended Consequences
Why Everything You've Been Told about the Economy Is Wrong
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Penguin Putnam
In the aftermath of the Financial Crisis, many commonly held beliefs have emerged to explain its cause. Conventional wisdom blames Wall Street and the mortgage industry for using low down payments, teaser rates, and other predatory tactics to seduce unsuspecting home
… More »Penguin Putnam
To read an excerpt from Unintended Consequences, please visit http://www.edwardconard.com/book-excerpt
For up-to-date information on everything related to Unintended Consequences, visit www.edwardconard.com
Baker & Taylor
A former managing director of Bain Capital, LLC presents a counterintuitive assessment of the financial crisis to identify what he believes were its actual causes, outlining recommended changes for strengthening the nation's economy. 15,000 first printing.
Baker
& Taylor
Presents a counterintuitive assessment of the financial crisis to identify what the author believes were its actual causes, outlining recommended changes for strengthening the nation's economy.
« Less
In the aftermath of the Financial Crisis, many commonly held beliefs have emerged to explain its cause. Conventional wisdom blames Wall Street and the mortgage industry for using low down payments, teaser rates, and other predatory tactics to seduce unsuspecting home owners into assuming mortgages they couldn’t afford. It blames average Americans for borrowing recklessly and spending too much. And it blames the tax policies and deregulatory environment of the Reagan and Bush administrations for encouraging reckless risk taking by wealthy individuals and financial institutions.
But according to Unintended Consequences, the conventional wisdom masks the real causes of our economic disruption and puts us at risk of facing a slew of unintended—and potentially dangerous—consequences. This book addresses many essential but overlooked questions, such as:
- If the United States had become a nation of reckless consumers rather than investors, why did productivity soar in the years leading up to the meltdown?
- If predatory bankers took advantage of home owners, why did down payments decline, thereby shifting risk from home owners to lenders?
- If the risks were easy to spot, why did top political and financial advisers encourage lenders to make unsound investments?
- If new regulations encourage banks to hold enough capital to fund withdrawals and not just loan losses, how will the economy underwrite the risks necessary to reach full employment?
In an attempt to set the record straight and fill the void left by other analysts, Conard presents a fascinating and contrarian case for how the economy really works, what went wrong over the past decade, and what steps we can take to start growing again.
To read an excerpt from Unintended Consequences, please visit http://www.edwardconard.com/book-excerpt
For up-to-date information on everything related to Unintended Consequences, visit www.edwardconard.com
Baker & Taylor
A former managing director of Bain Capital, LLC presents a counterintuitive assessment of the financial crisis to identify what he believes were its actual causes, outlining recommended changes for strengthening the nation's economy. 15,000 first printing.
Baker
& Taylor
Presents a counterintuitive assessment of the financial crisis to identify what the author believes were its actual causes, outlining recommended changes for strengthening the nation's economy.
« Less
Imprint:
New York - PortfolioPenguin
Pages:
310
ISBN:
9781591845508, 1591845505
Language:
English
Notes:
Includes bibliographical references (p. 289-299) and index
Statement of responsibility:
Edward Conard
Characteristics:
310 p. :,ill. ;,24 cm.
Author (Original Script):
Conard, Ed
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Add a CommentSuperb. In clear, straight-forward language, Conrad shows why top-down government management of markets and economics generally leads to poor outcomes. After the disasters of Japan and Europe, you'd hope this book wouldn't be needed. Unfortunately, the current administration is blindly following these same sad paths to prolonged, structural recession.
Just saw Edward Conrad on Up with Chris Hayes. Though I have yet to read his book, my impression of him based on this appearance is that he is just another free-market evangelist, preaching that greed and globalism are good. He couldn't even concede that there was massive corruption in the financial sector the week of the Libor scandal, the Wells Fargo settlement with the DOJ concerning racist lending practices, and Russ Wasendorf's embezzlement of $220 million from investors.
This book is excellent ! The author takes many of the ideas floating out from politicians, pundents and arm chair economists and examines them. He demonstrates many of them are without basis and just plain wrong. He tries to not take political or ideological positions or sides and I think succeeds.