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"In Financial Shock, Mr. Zandi provides a concise and lucid account of the economic, political, and regulatory forces behind this binge."
–The Wall Street Journal
“The obvious place to start is the financial crisis, and the clearest guide to it that I’ve read is Financial Shock by Mark Zandi....It is an impressively lucid guide to the big issues.”
– David Leonhardt, The New York Times
“If you wonder how it could be possible for a subprime mortgage loan to bring the global financial system and the U.S. economy to its knees, you should read this book. No one is better qualified to provide this insight and advice than Mark Zandi.”
– Larry Kudlow, Host, CNBC’s Kudlow & Company
“Mark Zandi provides insightful analysis, thoughtful recommendations, and a comprehensible explanation of the financial crisis that is accessible to the general public and extremely useful to those who specialize in the area.”
– Barney Frank, Chairman, House Financial Services Committee
The Definitive Financial Meltdown Exposé:
Now completely updated to include discussions of the Obama administration’s many policy initiatives and proposed solutions.
•Includes expanded coverage of the market meltdown, the bailout bill and stimulus plans, the bank rescue plan, and the foreclosure mitigation plan
• Sifting the wreckage, fixing the blame: the roles of mortgage lenders, investment bankers, speculators, the real estate industry, regulators, the Fed, and homebuyers
• Tomorrow’s emerging financial shocks—and how to prevent them
Acknowledgments . . . viii
About the Author . . . ix
Introduction . . . 1
Chapter 1: Subprime Précis . . . 9
Chapter 2: Sizing Up Subprime . . . 33
Chapter 3: Everyone Should Own a Home . . . 49
Chapter 4: Chairman Greenspan Counts on Housing . . . 67
Chapter 5: Global Money Men Want a Piece . . . 81
Chapter 6: Bad Lenders Drive Out the Good . . . 97
Chapter 7: Financial Engineers and Their Creations . . . 113
Chapter 8: Home Builders Run Aground . . . 131
Chapter 9: As the Regulatory Cycle Turns . . . 145
Chapter 10: Boom, Bubble, Bust, and Crash . . . 161
Chapter 11: Credit Crunch . . . 175
Chapter 12: Timid Policymakers Turn Bold . . . 193
Chapter 13: Economic Fallout . . . 233
Chapter 14: Back to the Future . . . 251
Endnotes . . . 273
Index . . . 285
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