Paying the Price: Ending the Great Recession and Beginning a New American Century
- By Mark Zandi
- Published Sep 11, 2012 by FT Press.
- Copyright 2013
- Dimensions: 6" x 9"
- Pages: 288
- Edition: 1st
- Book
- ISBN-10: 0-13-704798-3
- ISBN-13: 978-0-13-704798-7
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Product Author Bios
Mark Zandi, (Malvern, PA) chief economist and co-founder of Moody's Economy.com, directs the company's economic research and consulting activities serving businesses, governments, and other institutions. He served as an economic advisor to the McCain campaign for president, has advised the Obama administration, and regularly testifies before Congress, most recently on the economic impact of fiscal stimulus and the merits of aiding the vehicle industry. Zandi is author of Financial Shock, an exposé of the subprime financial crisis. He holds a Ph.D. from the University of Pennsylvania, where he did his research with Gerard Adams and Lawrence Klein.
Only a few years ago, the U.S. financial system and economy were near collapse. Global financial institutions teetered and fell, while at once-mighty U.S. companies, panicked CEOs slashed jobs. The financial chaos inflicted catastrophic damage: double-digit unemployment; crashing house and stock prices; federal budget deficits in the trillions, and a wider gap between the country’s haves and have-nots. Today many Americans still feel shell-shocked. But while there remains much to be nervous and frustrated about, it is impressive how much progress has been made in righting the wrongs that got us into this mess. The economy is growing and steadily creating jobs; house prices are stable and stock prices are up; debt burdens have eased for most households and the financial system has shored up its foundations to an impressive degree. American companies are as competitive globally as they have been in a half century. This dramatic turn in the economy’s fortunes occurred because of what government did to stem the financial panic and combat the effects of Great Recession. Policymakers’ unprecedented actions – from Congress’ auto and bank bailouts and fiscal stimulus, to the Federal Reserve’s zero interest rates and quantitative easing – remain intensely controversial, but ultimately they will be judged a success. Serious problems remain, including the government’s mounting debt load and a burgeoning number of disenfranchised workers, but we are on our way to addressing them. Our economic future has arguably never been brighter.
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19 of 21 people found the following review helpful
Bland -, By
This review is from: Paying the Price: Ending the Great Recession and Beginning a New American Century (Hardcover)
Zandi contends that the financial carnage following the housing bubble displaced over 10 million households, that those who reached working age then struggled to find jobs and were often paid less than their predecessors, some 100 million credit cards were cut-up during the Great Recession, government efforts to save the economy cost $1.8 trillion, and that government efforts were successful at preventing calamity. The bulk of 'Paying the Price' is taken up with an objective recounting of those efforts.However, he also admits that nearly 5 million fewer Americans have jobs than prior to the recession, and that this recovery has been the weakest of any since WWII. His recommendations - more education and immigration reform, unfortunately don't square with reality - a surplus of college-educated vs. jobs requiring such, some 7-8 million jobs outsourced to Asia and Mexico, 12 million illegals within the U.S., and another 1-2 million mostly computer programmers and health care... Read more
10 of 12 people found the following review helpful
Unique insights packed in a great short book,
This review is from: Paying the Price: Ending the Great Recession and Beginning a New American Century (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
Mark Zandi is not your usual economist. He is the founder of the best macroeconomics modeling and consulting business (Moody's Analytics). He is able to simulate the behavior of the overall economy as well as anyone else. Zandi has contributed to the formulating and testing of many of the Government policies undertaken during this recent financial crisis. He has sat across the table from many key policymakers. Given his unique background Zandi gives us an insider look at the recent financial crisis and its aftermath.In summary, Zandi indicates that the US went through a historically wrenching economic shock. And, if not for a very successful combination of expansive fiscal and monetary policies the Great Recession would have turned into the Great Depression II. Also, he indicates that currently the US is rebuilding a very strong economic foundation. The severe deleveraging has nearly run its course. American companies are as financially strong and competitive as... Read more
2 of 2 people found the following review helpful
Zandi's analysis has statistical and factual support, but does not prescribe scenarios of how to pay the Price?, By
This review is from: Paying the Price: Ending the Great Recession and Beginning a New American Century (Hardcover)
Customer review from the Amazon Vine™ Program (What's this?)
****"This is a must-read for anyone seeking an honest assessment of the government's role in responding to the Great Recession. Mark Zandi's clear analysis... the government's response avoided a disaster and paved the way for a recovery." --Sen. Kent Conrad * Almost five years elapsed since the financial melt down which inflicted catastrophic damage; crashing house and stock prices; with double-digit unemployment, and inflating federal budget deficits in the trillions. Congress swift reaction in bank bailouts, fiscal stimulus, and auto restructure remain controversial, but ultimately they will be judged a success. In his quantitative analysis of the status of Economic recovery, Zandi is supported by recent D-J financial indicator, and unemployment rate slowly rebounding. His analysis has statistical and factual support, but does not prescribe scenarios of how to pay the Price? What about the serious problems of mounting deficit, and towering cost of... Read more |
Table of Contents
Introduction xiii
Chapter 1: Financial Shock to Financial Panic 1
Chapter 2: Bank Bailout 23
Chapter 3: Outside the Monetary Box 47
Chapter 4: As GM Goes, So Goes the Economy 71
Chapter 5: Stimulus Is Not a Dirty Word 91
Chapter 6: The Foreclosure Fiasco 119
Chapter 7: Fixing the Financial Plumbing 145
Chapter 8: The Fallout 171
Chapter 9: Getting Our Groove Back 197
Chapter 10: Don’t Bet Against the United States 219
Index 243
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