False Profits

False Profits

Recovering From the Bubble Economy

eBook - 2011
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Dean Baker, co director of the Center for Economic and Policy Research recounts the strategies used by the country's top economic policymakers to conceal their failure to recognize the housing bubble or take steps to rein it in before it grew to unprecedented levels, resulting in the loss of millions of jobs, homes, and the life savings of tens of millions of people. He quashes dire warnings of looming rampant inflation and spiraling debt with solid historic evidence to the contrary-evidence that supports more stimulus, not less. With a dose of optimism, Baker outlines a thoughtful progressive program for rebuilding the economy and reshaping the financial system, including new financial transaction taxes that will reduce or eliminate economic waste while providing stimulus and incentives where and when they are most needed.
Publisher: [United States] : Berrett-Koehler Publishers : Made available through hoopla, 2011
ISBN: 9781609944773
1609944771
Characteristics: 1 online resource
Additional Contributors: hoopla digital

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StarGladiator
Mar 08, 2015

An excellent book by Mr. Baker, whom I sometimes quibble on the details with, but this short book [did I say short?] conveys the meltdown most succinctly. On pp. 81 - 82, and pp. 112 - 113, Mr. B. most deftly explains what a farce the bailout was, as well as enlightening us as to what a fraud credit default swaps are. [An aside: the total losses to American household savings between 2007 - 2009 was $17 trillion, the amount of the bailout during that time, the TARP funds plus overhead to Blackrock, Morgan Stanley, various shyster firms = $ .9 trillion, plus Federal Reserve monies pumped out worldwide = $16.1 trillion - - adding up also to $17 trillion. How very interesting? Up to the present, the total amount is more like $23 trillion, with all those QE programs from the Fed.]

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