Bloomberg Review: Bailout Nation

May 27, 2009 3:30pm by Barry Ritholtz

The first mainstream review on Bailout Nation is out, and its from Bloomberg (Europe).

I am not disappointed:

“Ritholtz waltzes the reader though the decisions and missteps that landed us in this morass, including the Federal Reserve’s power grab over the years, notably during the leadership vacuum of 2007 and 2008, when markets melted like a Salvador Dali timepiece and President George W. Bush went AWOL . . .

Along the way, the book supplies useful sidebars, charts and textboxes on subjects ranging from funky mortgages — when did “liar loans” supersede “fixed-rate” in American real- estate chatter? — to the now notorious Commodity Futures Modernization Act.

His verdict on former Fed Chairman Alan Greenspan is as astute as it is merciless. A telling moment comes when Ritholtz shows how Greenspan drew the wrong conclusion from the first crisis during his tenure, the crash of ‘87 . . .

Ritholtz rocks along with a raucous, sometimes crude voice that transcends his occasional cliches about cowboys and cattle wrestlers. He’s smart, sassy and often amusing. . . If you’re looking for an all-in-one place explanation of what went wrong and why, this is the book for you (or your confused neighbor).”

How cool is that?

Source:
Greenspan Flunks Test, Bush Falls Into $15 Trillion Pit: Books
James Pressley
Bloomberg, May 27 2009
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=amoZezYyYwFA

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