Paying the Price

Paying the Price

Ending the Great Recession and Beginning A New American Century

Book - 2013
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Baker & Taylor
Explores the effect of the global financial crisis on the United States economy, discussing the bailouts, stimulus, and the United States Federal Reserve's zero interest rates.


Only a few years ago, the U.S. financial system and economy were near collapse. Global financial institutions teetered and fell, while at once-mighty U.S. companies, panicked CEOs slashed jobs. The financial chaos inflicted catastrophic damage: double-digit unemployment; crashing house and stock prices; federal budget deficits in the trillions, and a wider gap between the country’s haves and have-nots. Today many Americans still feel shell-shocked. But while there remains much to be nervous and frustrated about, it is impressive how much progress has been made in righting the wrongs that got us into this mess. The economy is growing and steadily creating jobs; house prices are stable and stock prices are up; debt burdens have eased for most households and the financial system has shored up its foundations to an impressive degree. American companies are as competitive globally as they have been in a half century. This dramatic turn in the economy’s fortunes occurred because of what government did to stem the financial panic and combat the effects of Great Recession. Policymakers’ unprecedented actions – from Congress’ auto and bank bailouts and fiscal stimulus, to the Federal Reserve’s zero interest rates and quantitative easing – remain intensely controversial, but ultimately they will be judged a success. Serious problems remain, including the government’s mounting debt load and a burgeoning number of disenfranchised workers, but we are on our way to addressing them. Our economic future has arguably never been brighter.

Book News
Zandi, chief economist at Moody's Analytics, offers what many will consider a surprising assessment of the U.S. economy after the financial collapse of 2008. In spite of the serious problems that remain, like high unemployment and growing government debt, he contends that the financial system is strong, largely because of government policy. While the bailouts and the federal stimulus program are still topics for heated debate, they did prevent a much worse outcome. He covers all the bases in a clear, straight-forward style to justify his contention that, to paraphrase, the optimists will ultimately be proven right. Annotation ©2012 Book News, Inc., Portland, OR (

Publisher: Upper Saddle River, N.J. : FT Press, c2013
Description: xxx, 254 p. : ill. ; 24 cm
ISBN: 9780137047987
Branch Call Number: 330.973 Zan


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Apr 23, 2014

This is a book written by one of the major perpetrators or culprits of the global economic meltdown, the chief economist at Moody's, for gosh sakes! The very last stooge on the planet any sane human would read regarding this subject! From the description and gist of this book: [in quotes] is impressive how much progress has been made in righting the wrongs that got us into this mess... Progress? Quantitative Easing, whereby the Federal Reserve buys $1 trillion per year of the banksters' junk paper (toxic assets or worthless credit derivatives) and THEN ACTUALLY PAYS the banks interest on money the Fed has given them for this junk paper! Who could think of a better scam and massive theft/transfer of wealth to the super-rich. And the fact that the top banksters still have and control approximately $90 trillion in credit derivatives [at least that is what THEY value it at, wonder what it will be valued at next year, or will they be finally reconized as more Toxic Assets?]. Zandi of Moody's should be in jail with a bunch of others. [Important to realize the banksters profited many times over from these worthless credit derivatives, and profit once again from QE I, II, III . . ., and once again create more credit derivatives. And that awful Dodd-Frank legislation simply allows for the banks to be bailed out covertly at the clearinghouse level, and also allows banks to take out huge life insurance policies on their employees [BOLI] who have supposedly been suiciding quite a bit recently.]

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