
If you’re like me, even following the news religiously cannot help you make complete sense of the current economic crisis, with so many factors going into Wall Street’s downfall. There have many a slew of books on the economy since the housing and credit crisis began, so here is a quick look at some of Newtonville Book’s favorites:
Kevin Phillips is best known as the former-Republican-strategist-turned-Republican-critic author of American Dynasty and American Theocracy. In his latest, Bad Money, he looks at the decline of the manufacturing base and the rise of specualtive finance, and why it spells doom for our economy in this global era.
Charles Morris, a former banker and journalist, saw the coming crisis in 2005 while he was running a company and decided to investigate its roots and eventual effects once the credit markets collapsed. The Trillion Dollar Meltdown is the result of his research over the last three years. He is tough on both Wall Street insiders and government officials (especially Alan Greenspan).
Investigative journalists Paul Muolo and Mathew Padilla take an upclose look at the subprime mortgage lending debacle to try to follow the process of how this market collapsed, and assign blame to those who caused it. Although they find that many different players all take a slice of the blame, the largest goes to the Wall Street firms that bundled these loans and sold them off, with an especially detailed look at mortgage giant Countrywide.
Jared Bernstein, senior economist at the Economic Policy Institute, offers an economic primer for average middle and working class Americans who are worried about the current state of their country, and their finances. Crunch is in an easy to read format, with questions and answers based on common questions laymen have on the economy.
My final pick is not necessarily a book aimed just at the current US crisis, but is an exciting new book that takes a broader look at global capitialism. Chang, global economist and professor at the University of Cambridge, offers an alternative look at globalization, arguing that poor Third World nations are being forced into trade practices that the rich First World nations never practiced, yet benefit from.