Freefall: America, Free Markets, and the Sinking of the World Economy
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An incisive look at the global economic crisis, our flawed response, and the implications for the world’s future prosperity. The New York Times - Kevin Phillips Freefall has three standout strengths. First, it is a powerful indictment of Wall Street, the United States financial sector and the Federal Reserve Board. Second, it offers a reluctant but persuasive elaboration of how the Obama administration decided to embrace the financial sector and the Fed, continuing and enlarging both the bailout and the too-big-to-fail philosophy that it inherited from George W. Bush. Finally, it is a blunt attack on Stiglitz's own profession, for transforming "scientific discipline" into "free-market capitalism's biggest cheerleader"…Stiglitz's virtue is that he minces few words.
Preface xiAcknowledgments xxviiChapter 1 The Making of a Crisis 1Chapter 2 Freefall and Its Aftermath 27Chapter 3 A Flawed Response 58Chapter 4 The Mortgage Scam 77Chapter 5 The Great American Robbery 109Chapter 6 Avarice Triumphs over Prudence 147Chapter 7 A New Capitalist Order 184Chapter 8 From Global Recovery to Global Prosperity 210Chapter 9 Reforming Economics 238Chapter 10 Toward a New Society 275Afterword 299Notes 345Index 417
