In Meltdown, best-selling author Thomas E. Woods, Jr., unearths the real causes behind the collapse of housing values and the stock market---and it turns out the culprits reside more in Washington than on Wall Street. And the trillions of dollars in federal bailouts? Our politicians' ham-handed attempts to fix the problems they themselves created will only make things much worse.
Woods, a senior fellow at the Ludwig von Mises Institute and winner of the 2006 Templeton Enterprise Award, busts the media myths and government spin. He explains how government intervention in the economy---from the Democratic hobby horse called Fannie Mae to affirmative action programs like the Community Redevelopment Act---actually caused the housing bubble. Most important, Woods, author of the New York Times best seller The Politically Incorrect Guide to American History, traces this most recent boom-and-bust---and all such booms and busts of the past century---back to one of the most revered government institutions of all: the Federal Reserve System, which allows busybody bureaucrats and ambitious politicians to pull the strings of our financial sector and manipulate the value of the very money we use.
Meltdown, which features a foreword by Congressman Ron Paul (R - Texas), also provides a timely history lesson to counter the current clamor for a new New Deal. The Great Depression, Woods demonstrates, was only as deep and as long as it was because of the government interventions by Herbert Hoover (no free-market capitalist, despite what your high-school history teacher may have taught you) and Franklin D. Roosevelt (no savior of the American economy, in spite of what the mainstream media says). If you want to understand what caused the fi...
©2009 Thomas E. Woods, Jr.; (P)2009 Tantor
"Provocative, well-written, and deserves to be read." (Catholic Historical Review)
"Well written, well researched, and the thesis put forth is well argued." (Journal of American History)
I have a masters in economics and thus see myself as knowing my fair share on the subject. I knew of Keynes, the Austrian school, the New Deal, the Japanese recession and about the gold standard before, but this book really gave me a theory I could accept as plausible.
I read Paul Krugmans "The Return of Depression Economics" and compared to "Meltdown" Krugmans theory for a solution does just not hold as much weight as the Austrian theory. The worrying thing is that USA now seems to go for Krugmans "easy fix" (=illusion) instead of accepting the inconvenient truth.
USA now seems to be in for another "lost decade" together with Japan and with its second one...
This book is an eye opener. A down-to-earth look at how this economic disaster happened. I have listened to this book twice. Highly recommended. Well worth a download credit. It will change the way you think. Watch your favorite financial network for a week, then listen to this book. Then watch your favorite financial network again. You will see right through these talking heads and laugh at the obvious propaganda they are trying to shovel. It is very rare that I listen to any audiobook twice. There's so many things that have to be "right" about it. The content, the narrator, my interest level and attention span, etc. This audiobook fits that narrow window. A real eye opener!
Good narration, very well written, without hyperbole. I have good knowledge of economics, but my wife does not, and she was able to follow along well. I highly recommend this selection.
Author, Thomas Woods, does a very good job in connecting the dots throughout our recent history in this country, as to what caused the current economic recession and housing collapse. Of course, not everyone’s going to agree with his version and depiction of history, but he does make a lot of sense and unveils a lot of the shenanigans that were happening both in Washington, and on Wall Street.
My personal take on the economic meltdown is that we all have some degree of responsibility, from the White House to Wall Street to Main Street, and it doesn’t make a whole bit of sense to continue the finger-pointing, but for everyone to get their "oars in the water", be more fiscally responsible, politically responsible and socially responsible as we work together to pull ourselves out of this economic recession.
As a consumer and small business entrepreneur myself, I’m going to make sure that I began to “do my due diligence and read between the lines” more than ever before in regards to who I elect as my political representatives, and to inform myself as best I can. Of course, there are always going to be things happening in the White House and on Wall Street that us commoners don’t get a chance to see and understand with transparency, but as far in our everyday life, well I’ll have to make a better effort to understand situations that may compromise me whether it is politically, socially or financially.
This book was a little bit heavy on details, but all in all I thought it was very thorough and help me see a bigger picture of what primarily caused us to get into the economic climate that we’re in.... and what we can do to get out of it!
Less self aggrandizing than Peter Schiff, Thomas Woods lays out the 2008 crisis, why banks failed and why current policies are holding back the potential of the US markets. A great vindication for the Austrian school of thought and ammunition and understanding to an opposing view to the Krugmans and other Keynesians of the world.
What a mess we have gotten ourselves into and all the governments in the US and EU are doing is 'kicking the can down the road' instead of finding and implementing real solutions. But then again our political system of 4-year term governments doesn't lend itself to dramatic and meaningful changes. Everyone is just buying time.
I really enjoyed listening to this audiobook. It is well written and I was intrigued from start to finish. The narration is superb and I highly recommend it to everyone.
Liked the content of the book and the argument is based on true market economy. However, I do not agree that the market economy will adjust all the economic activities and problems itself as it will reach its equilbrium. If the market economy adjusted and adapted to the repercussions, troughs and peaks of the economy itself then we would live in dismal chaos. Nothing can adapt, adjust or autamatically change smth without interference. And worse thing is that, the author argues that the President before FDR did everything correct as he pursued the true market economy while FDR screwed everything up and his actions taken during Great Depression worsened the situation further and prolonged the pain of economic depression. Very weird argument, but have to srutinize if he is right. Recommended!
I started out with may pre-conceived notions about the meltdown in the housing market and who was responsible for it. i.e.greedy and unregulated bankers.
This book changed that view and puts the blame squarely on the politicians and regulators who created this mess. It would almost be laughable except that the ones responsible are still in charge and are now working on the "fix" for this calamity.
If you have lost your job and your home from the economic meltdown of this last decade, you owe it to yourself to listed to this audio book before you cast another vote.
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