It's Not as Bad as You Think. Why Capitalism Trumps Fear and the Economy Will Thrive

  • ID: 2213605
  • Book
  • 224 Pages
  • John Wiley and Sons Ltd
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Praise for It′s Not as Bad as You Think

"Perfect book for these turbulent, uncertain times. Brian Wesbury is uniquely qualified because he brings a true knowledge of history as well as pro–growth, Reagan–esque principles to help us understand and ultimately profit from an environment suffused with ignorant punditry and sheer fear. He gets it right on the origins of the crisis and how we ultimately pull out of it."
STEVE FORBES CEO and Chairman, Forbes

"From almost the very beginning of the ′Great Panic of 2008′, Brian Wesbury has been appearing on my nationally syndicated radio show almost every Friday to calm listeners about the fundamentals of the American economy. Over and over again, Brian would point out that panics are terrible to live through but that they do end, and that markets do rebound, often dramatically and in relatively quick fashion. That is exactly what happened, and those who listened to Brian didn′t cash out at the bottom and miss the recovery of the spring and summer 2009.

"Now Brian brings a book–length treatment full of his gold–standard common sense. It matters that the U.S. economy has grown 45 of the last 50 years and 80 of the last 100. The fundamentals always matter, and American fundamentals are good and growing stronger. What matters most now is that government not throttle the robust recovery in its cradle.

"What matters, in other words, is experience and wisdom and Brian Wesbury has both in great supply. Read the book and get your confidence back to where it should be. Capitalism hasn′t stopped working, and American growth can be as robust again as it was for most of the three decades since Ronald Reagan turned on the engine."
HUGH HEWITT
nationally syndicated radio talk show host and New York Times bestselling author

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Foreword.

Introduction.

Chapter 1 Getting the Right Perspective.

Fear and Anger are Understandable.

History versus Emotion.

Buck Up and Remember History.

Chapter 2 Capitalism Wins (Again).

Demand versus Supply.

The History of the World.

Inventions and Innovation.

Entrepreneurship.

The Turning Point.

Capitalism Wins, It′s Not Over.

Chapter 3 Creative Destruction.

The Big X .

The Industrial Revolution.

The Call for Change.

A Wrong Drift, but a Cool Wind.

Inflation, Creative Destruction, and the Crisis.

Chapter 4 A Government Sponsored Recession.

The Housing Boom.

The Crisis Begins.

The Acceleration.

Why in the World Were They Doing That?

So, Why Blame Capitalists?

Chapter 5 Who Makes Your Glasses?

Are Consumers Rational?

What Is The Natural Rate of Interest?

Calculating the Natural Rate.

The Nominal GDP Rule.

Money and the Interest Rates.

The Fed–Induced Bubble.

We ve Been Here Before.

Stupid Bankers, Or Not?

It Always Ends Bad: Volcker to the Rescue.

Then .

.And Now.

Chapter 6 Mark–to–Market Mayhem.

Government Failure vs. Market Failure.

Some Mark–to–Market Accounting History.

Mark–to–Market Creates Volatility.

Suspend Mark–to–Market.

A False Feeling of Control.

A Miracle Happened.

Chapter 7 Panic and the Speed of Money.

What Recession?

The Panic of 2008.

Mark–to–Market Mayhem.

AIG, Credit Default Swaps and Derivatives.

The V–Shaped Light at the End of the Tunnel.

Chapter 8 It′s Not As Bad As You Think.

Consumer Spending.

Debt.

Growth, Debt and China.

Deleveraging.

Unemployment.

Savings Rates.

The Economy Will Recover.

Chapter 9 It′s Boom Time Again.

Don′t Fight the Fed.

1975–1976 Redux?

Can It Happen Again?

Panics End.

It Won′t Stay Down Forever.

Undervalued Markets.

Productivity and Profits.

But Government Is Growing

Chapter 10 Investing In the Midst of Mayhem.

The Super Easy Fed.

Buy U.S. Stocks for the Short– to Medium Term.

Stocks for the Long Term: Small Cap, Value and Momentum.

Inflation Plays for the Medium and Longer Term.

Foreign Equities.

Fixed Income.

Emotion and Investing.

Chapter 11 The New Normal.

Big Government Hurts.

Keynes and Government.

How Bad Can It Get?

Roosevelt, Carter or Clinton.

The Future Still Looks Bright.

Notes.

Acknowledgments.

About the Author.

Index.

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Brian S. Wesbury
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