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Paying the Price: Ending the Great Recession and Ensuring a New American Century

By Mark Zandi

Published by FT Press

Published Date: Sep 4, 2012

Description

This is the eBook version of the printed book.

Just as the worldwide financial shock and Great Recession fade, the next economic crisis is quickly descending upon us: America's ballooning government deficits and debt load. The United States' fiscal outlook was daunting even prior to recent events, thanks to massive tax cuts, surging entitlement costs, rising defense expenditures, and other priorities. In the wake of the recent crisis, the outlook is far bleaker, as policymakers have spent trillions to stabilize the financial system and economy. Fundamental changes in tax policy and government spending are immediately needed to head off a collapse in the nation's economy and our living standards. Most Americans have only a vague understanding of this threat, but virtually everyone knows enough to be concerned. In this book, Mark Zandi -one of the nation's highest-profile economists, whose advice has been relied upon by hundreds of large companies and both recent presidential candidates - explains exactly where we stand. Writing in plain English, Zandi reveals how and why the nation's fiscal situation has eroded so badly, why it's so urgent to address it now -- and what can and must be done.

Table of Contents

Introduction     xiii

Chapter 1: Financial Shock to Financial Panic     1

Chapter 2: Bank Bailout     23

Chapter 3: Outside the Monetary Box     47

Chapter 4: As GM Goes, So Goes the Economy     71

Chapter 5: Stimulus Is Not a Dirty Word     91

Chapter 6: The Foreclosure Fiasco     119

Chapter 7: Fixing the Financial Plumbing     145

Chapter 8: The Fallout     171

Chapter 9: Getting Our Groove Back     197

Chapter 10: Don’t Bet Against the United States     219

Index     243

Purchase Info

ISBN-10: 0-13-261557-6

ISBN-13: 978-0-13-261557-0

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