In “After the Music Stopped,” Alan Blinder reveals the abuses that led to the financial crisis and the remedies. Today’s edition brings us to Alan Blinder’s “After the Music Stopped,” a major analysis of the financial crisis and subsequent response by central. After the Music Stopped has ratings and reviews. Alan Blinder explores in depth the role of the fed and treasury in getting the us economy out of the.

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He has in short written a book about economic policy for folks who neither know nor like musc or policy. And can they be reached? No one will ever know.

It is easy to remember the notorious bonuses that corporate executives at AIG received when the company was bailed out bliinder tax payer dollars while middle and working class Americans across the country were upside down on their mortages, or worse, in foreclosure.

What institution got hurt when, how the authorities responded, what worked, what didn’t, and all of it as if you were in the control room. When America’s financial structure crumbled, the damage proved to be not only deep, but wide. It is a detailed account, no doubt, but I just felt the writing to be a bit dry and uninspiring.

Subprime housing loans that could be repackaged as safe-looking investments thrived in that environment. So I think what we have here is pages of a five-star book that focuses on analysis, maybe even a six star book, followed by an honest but flawed three-star book that does blibder do a terribly good job of synthesis. We’re talking about a financial crisis of surpassing complexity, one that both economists, central bankers and regulators mostly missed, and that posed a variety of counterintuitive demands, not to say extraordinary anxieties, on ordinary citizens.

Third, he has to try to do all that five years after the crisis itself, when memories have grown hazy and most folks just want to move on. The repeal of Glass-Steagall was important only as one example of a larger deregulatory mentality, which had its roots, at least in terms of regulation, at the Fed.

My conclusion about this book is that it’s a fantastic guide to the crisis for the uninitiated. It was after all a mksic bubble that muaic which then caused a bond bubble to burst then leading to the collapse of several highly leveraged investment banks that created the mess in stpped first place.


Alan Blinder’s After the Music Stopped | HuffPost

And he’s not out to cover his tracks either. This is the best book I’ve read that details what happened in layman’s terms. Found an excellent article on ten questions that any explanation for the global financial crisis must address. Accurately he points out that no one at any point did a very good job of explaining what was happening, why it happened, what caused it, or why the government did the things it did.

Due to the way in which the financial system had been operating, the interconnectedness of one economic disaster devastated other parts of the market when housing prices fell, subprime mortages went into default and affected the mortage backed securities which many investors around the world had purchased. The author explains everything in plain English.

It took the crisis for the world to discover, to its horror, just how truly With bracing clarity, Blinder shows us how the U.

After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead by Alan S. Blinder

Even if over simplified in some respects the author takes this issue on. It’s enough to make you take the gas pipe. Not only does this book do that, but with its blend of wry humor and outright snark the author kept it fun and surprisingly riveting mhsic the way.

Jan 01, Peter rated it really liked it.

After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead

The worst did not happen. Most of the gains in income were going to the top, while wages in the middle or below stagnated or even declined, especially for men. It’s a crying shame. Blinder offers clear-eyed answers to the questions still before us, even if some of the choices ahead are as divisive as they are unavoidable. Many of the U. Generally, he goes pretty easy on the Fed, including both Greenspan and Bernanke, so much so that he gets annoyed, not to say mystified, when critics complain about the central bank gaining more power in Dodd-Frank.

Post was not sent – check your email addresses! He adopts a tone like the most sociable guy at a cocktail party meaning, he’s not Krugman, blindee the argumentative one in the cornertrying to explain, but doing so in an easygoing way that won’t scare anyone off.


He is a Keynesian economist and as such some of the book may not set well with those of a right wing small government mindset. After the Music Stopped makes sense of atter I experienced through soundbites and daily news stories. He sums all that up in three questions covering causation, mitigation and salvation.

He thinks TARP is the best thing since sliced bread and chooses to not mention that some of its financial returns were funded by other parts of government.

Atter 19, Abby rated it really liked it Shelves: But in that context it is very dissonant to hear him repeatedly pan Larry Summers. People get Obama’s economic stimulas mixed up with TARP when in fact the later was more a creation of the Bush Treasury under Paulson that was then handed over mid stream to his successor.

Second, he has to communicate that to readers who really have no idea how mortgage markets, securitizations or central banking works, and that is captive of an array of found notions — austerity, bailouts, conspiracies. It covers the causes of the crisis, the failure of various financial services institutions, TARP, responses within the Fed, the economic stimulus stkpped, and finally Dodd-Frank. I would recommend it with zero reservation to anybody who would like an objective historical overview of blinde crisis in plain English.

Alqn better than Bush, got dealt a bad hand, and was trying to be post-partisan and ambitious. But finance is more like the circulatory system of the economic body: He does not spare his former masters any punches.

He does not offer a view of where we’d be without Lehman, of whether it was one of many accidents waiting to happen or the one key we’d have to turn to avoid the crisis which is a commonly held view of the establishment. Thanks to Blinder, I am convinced that regulation can be done responsibly to allow for economic growth and responsible banking practices.