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Bailout Nation. How Greed and Easy Money Corrupted Wall Street and Shook the World Economy

  • ID: 2241829
  • Book
  • June 2009
  • Region: Global
  • 352 Pages
  • John Wiley and Sons Ltd

"A beam of enlightened thinking in a sea of delusional complacency."
Nouriel Roubini

"If you want to know how we got into this mess, then Ritholtz′s Bailout Nation is where you should begin. He chronicled the collapse from the beginning with a rare clarity, and that shines through in this book."
Chris Anderson, author of The Long Tail

"One of the biggest myths of the great credit debacle of 2008 is that nobody saw it coming. Bull. Barry Ritholtz did. In Bailout Nation, Ritholtz throws our current travails into historical relief. For those who want to know how we got to this miserable place and who want to have fun doing it this is essential reading."
Daniel Gross, Newsweek and Slate

"Highly entertaining rants against the stupidity of our biggest financial institutions. Ritholtz brings intelligence and moral outrage to this book."
Rex Nutting, MarketWatch

"Nobody in the financial punditry world has been ′righter′ about the economic crisis unfolding than Barry. If there was such a thing as a financial pundits Hall of Fame, he would have to be an inaugural inductee. Ignore Bailout Nation at your own peril."
Tobin Smith, founder, ChangeWave Research, and Contributing Market Analyst, Fox News

"Bailout Nation provides an easily understandable and vividly descriptive road map as to how our domestic economy got into the rut we are now in ... It is a must–read for serious students of financial history ... and for all investors in bonds and stocks who want to preserve and grow their capital in the future!"
Doug Kass, Seabreeze Partners, Real Money.com, CNBC

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Introduction Bailout Nation.


Chapter 1 A Brief History of Bailouts.

Chapter 2 The Creation of the Federal Reserve, and Its Role in Creating Our Bailout Nation.

Chapter 3 Pre–Bailout Nation (1860 1942).

Chapter 4 Industrial–Era Bailouts (1971 1995).

Intermezzo A Pattern Emerges.


Chapter 5 Stock Market Bailouts (1987 1995).

Chapter 6 The Irrational Exuberance Era (1996 1999).

Chapter 7 The Tech Wreck (2000 2003).

Chapter 8 The Backwards, Rate–Driven Economy.

Intermezzo A Brief History of Finance and Credit.

Chapter 9 The Mad Scramble for Yield.


Chapter 10 The Machinery of Subprime.

Intermezzo A Memo Found in the Street: Uncle Sam the Enabler.

Chapter 11 Radical Deregulation, Nonfeasance.

Chapter 12 Strange Connections, Unintended Consequences.

Chapter 13 Moral Hazard: Why Bailouts Cause Future Problems.


Chapter 14 2008: Suicide by Democracy.

Chapter 15 The Fall of Bear Stearns.

Chapter 16 Dot–Com Penis Envy.

Chapter 17 Year of the Bailout, Part I: The Notorious AIG.

Chapter 18 The Year of the Bailout, Part II: Too Big to Succeed?

Intermezzo Idiots Fiddle While Rome Burns.


Chapter 19 Casting Blame.

Chapter 20 Misplaced Fault.

Chapter 21 The Virtues of Foreclosure.

Chapter 22 Casino Capitalism.

Postscript Advice to a New President.



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"Best books to make sense of financial crisis of 2009"
(USA Today)

"Best business books of 2009" (Miami Herald)

"Investment Book of the Year" (Stock Trader s Almanac)

"Succeeds in laying out all that transpired in easy–to–understand language. If you want to know how we got into this mess and what might still be coming, this is the book for you." (Wall Street Journal)

"The author writes with the fury of an insider mortified by the behavior of his heretical peers . . . There is much to be said for the book s irreverence. Mr. Ritholtz has written an important book about a complicated subject, and yet you could still read it at the beach. Here s hoping that some policy makers in Washington take it with them on vacation this month." (New York Times)

"Ritholtz makes a valuable new contribution to our understanding of how we arrived at this sorry juncture. He s smart, sassy and often amusing. If you re looking for an all–in–one place explanation of what went wrong and why, this is the book for you (or your confused neighbor)." (Bloomberg)

"Bailout Nation s straightforward, compelling account puts the crisis in context, explains why the US government responded so stupidly, offers solutions, and advises how to prevent a repeat. Ritholtz s indictment of the financial and political establishment is devastatingly accurate." (Asia Times)

"Before the housing and credit bubbles popped, Barry Ritholtz, a lawyer turned blogger and money manager, was one of the voices crying in the wilderness. His caustic (and occasionally profane) blog, The Big Picture, dissected macroeconomic news and relentlessly cut through spin. His book takes a long view of the roots of the economic crisis, tracing the history of a series of ever more expensive taxpayer–funded bailouts of failed industries." (Newsweek)

"Ritholtz s book seeks to explain how the United States, once so proud, became "a nanny state for well–paid bankers. Ritholtz may be just the right person to explain the transition to both the disillusioned amateur and the finance junkie. He doesn t pull his punches or bury the truth in layers of finance–speak, caveats, and disclaimers. Since he began blogging seven years ago, in–the–know readers of his popular blog, The Big Picture, have turned to Ritholtz for his prescient, refreshingly honest commentary on the economy. Anyone interested in understanding the roots of our current crisis should check out the book.." (Freakonomics)

"A comprehensive crisis scrapbook compiled by the money manager behind the popular financial blog the Big Picture in a quippy, no–nonsense voice..." (New York Magazine)

"These are some of the provocative and even dangerous questions that Barry Ritholtz takes on in Bailout Nation Above all, Bailout Nation is about the socialization of risk and the privatization of profits." (Forbes)

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