Summary |
Business cycles upswings and downswings in the economy, booms and bursts-are a characteristic of the capitalist economy. The current recession had its origins in USA due to reckless lending by mortgage banks leading to their inevitable bankruptcy. The financial empires built by securitization and leveraging of these loans collapsed like a pack of cards and several banks and financial institutions with such well known and reputed names as bear Stearns, Lehman Brothers have disappeared from the scene.
The book takes a peep into various aspects of recession, deflation, financial bubbles over centuries like tulip bubble, Mississippi bubble, etc. it also covers in greater detail the several financial crises in recent history with detailed analysis of the latest on US financial crisis, as it continues to hurt a large number of economies, including ours and what lessons it has for us.
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