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Charles Morris
The Trillion Dollar Meltdown - Part 3
In my previous 2 blogs I noted that author Charles R. Morris is the first writer out of the starting gate to tackle the issue of the "debt meltdown" in a head-on manner.
Here now is what Mr. Morris has to say about the current situation we face…
...the late 1990's saw the emergence of the "quants" on Wall Street – people with advanced degrees from Ivy League schools who practiced a very different brand of calculus, who could carve up old fashioned asset classes into new exciting creations.
...when these new creations were combined with the newly created Fannie Mae and Freddie Mac organizations the "pass through" mortgage was created. The concept of Collateralized Mortgage Obligations (CMO's) and Collateralized Debt Obligations (CDO's) soon followed. Read more »
The Trillion Dollar Meltdown - Part 2
In my previous blog I noted that author Charles R. Morris is the first writer out of the starting gate to tackle the issue of the "debt meltdown" in a head-on manner.
In this blog I offer you a glimpse of what he has to say about the 1980's and 1990's.
...the truth is that monetarisn (with its premise that money supply was the answer to all things) did not break inflation, Volcker did by using every possible weapon at his disposal including verbal jawboning.
... The demonstration of what America would do to protect its currency changed the world's impression of US economic management. Read more »
The Trillion Dollar Meltdown
Author Charles R. Morris is the first writer out of the starting gate to tackle the issue of the "debt meltdown" in a head-on manner in his new book The Trillion Dollar Meltdown.
I have now finished reading this book and I can tell you that I was so engrossed in what Mr. Morris had to say I read the entire 169 pages in one afternoon, stopping only periodically to refresh my Gin & Tonic so I could continue facing the harsh reality of what Mr. Morris had to say.
In this blog (and the next few to come) I will try to give you taste of what Mr. Morris has to say by quoting excerpts from his book. Bottom line – this book is a must read. Go to your local bookseller in Canada or the USA and get it…today !! Read more »
