The big short

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Scott Nations

The Panic of 1907. Black Tuesday (1929). Black Monday (1987). The Great Recession (2008). The Flash Crash (2010). Taken together they tell the story of a nation reaching enormous heights of financial power while experiencing precipitous dips that alter and reset a market where millions of Americans invest their savings, and on which they depend for their futures. Nations blends economic and cultural history to show how each of these major crashes provided painful lessons that have strengthened us and helped us to build the nation we know today. "In this absorbing, smart, and accessible blend of economic and cultural history, Scott Nations, a longtime trader, financial engineer, and CNBC contributor, takes us on a journey through the five significant stock market crashes in the past century to reveal how they defined the United States today. THE PANIC OF 1907: When the Knickerbocker Trust Company failed, after a brazen attempt to manipulate the stock market led to a disastrous run on the banks, the Dow lost nearly half its value in weeks Only billionaire J. P. Morgan was able to save the stock market. BLACK TUESDAY (1929): As the newly created Federal Reserve System repeatedly adjusted interest rates in all the wrong ways, investment trusts, the darlings of that decade, became the catalyst that caused the bubble to burst, and the Dow fell dramatically, leading swiftly to the Great Depression. BLACK MONDAY (1987): When 'portfolio insurance,' a new tool meant to protect investments, instead led to increased losses, and corporate raiders drove stock prices above their real values, the Dow dropped an astonishing 22.6 percent in one day. THE GREAT RECESSION (2008): As homeowners began defaulting on mortgages, investment portfolios that contained them collapsed, bringing the nation's largest banks, much of the economy, and the stock market down with them. THE FLASH CRASH (2010): When one investment manager, using a runaway computer algorithm that was dangerously unstable and poorly understood, reacted to the economic turmoil in Greece, the stock market took an unprecedentedly sudden plunge, with the Dow shedding 998.5 points (roughly a trillion dollars in valuation) in just minutes. The stories behind the great crashes are filled with drama, human foibles, and heroic rescues. Taken together they tell the larger story of a nation reaching enormous heights of financial power while experiencing precipitous dips that alter and reset a market where millions of Americans invest their savings, and on which they depend for their futures. Scott Nations vividly shows how each of these major crashes played a role in America's political and cultural fabric, each providing painful lessons that have strengthened us and helped us to build the nation we know today. A History of the United States in Five Crashes clearly and compellingly illustrates the connections between these major financial collapses and examines the solid, clear-cut lessons they offer for preventing the next one."--Jacket

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Satyajit Das

"The global economy is entering an era of protracted stagnation, similar to what Japan has experienced for over a decade. That is the message of this brilliant and controversial summary of our current economic predicament from an internationally respected consultant and commentator on financial markets, who predicted the Global Financial Crisis of 2008. The author challenges the assumption that growth can be perpetual and questions the ability of political leaders to enact the tough structural changes needed. He is particularly critical of the "easy money" approach to dealing with the great recession of 2008, citing the dangers of excessive debt and deep-seated fundamental imbalances. The fallout of these poor policies, he argues, will affect not only the business sector, but also the lifestyles and prosperity of average citizens and future generations. The author concludes with a thought experiment illustrating the large-scale changes that will be necessary to restore economic, financial, and social sustainability. This experiment has already been tried in Iceland, which went bankrupt in the wake of the 2008 crisis, and now, after a painful adjustment, is on the road to recovery. Written for the lay reader and peppered with witty anecdotes, this immensely readable book clearly explains the missteps that created the current dilemma, why a recovery has proved elusive, and the difficult remedies that must eventually be applied to ensure a stable future"--

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Chris Lehmann

"A grand, brilliantly written work of American history. We think we know the story of American religion: the Puritans were cold, austere, and pious, and Christianity continued pure and uncorrupted until the industrial revolution got in the way. In The Money Cult, Chris Lehmann argues that we have it backwards: capitalism has always been entangled with religion, and so today's megapastors aren't an aberration--they're as American as Benjamin Franklin. The long-awaited first book by a hugely admired journalist, The Money Cult is a sweeping and accessible history that traces American Christianity from John Winthrop to the rise of the Mormon Church to the triumph of Joel Osteen"--

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contributions edited by Andy Serwer

"What does it mean to be an American? What are American ideas and values? American Enterprise, the companion book to a major exhibition at the Smithsonian's National Museum of American History, aims to answer these questions about the American experience through an exploration of its economic and commercial history. It argues that by looking at the intersection of capitalism and democracy, we can see where we as a nation have come from and where we might be going in the future. Richly illustrated with images of objects from the museum's collections, American Enterprise includes an early Thomas Edison light bulb, a wheat thresher, a Barbie doll, a Google server, and many other goods and services that have shaped American culture. Historical and contemporary advertisements are also featured, emphasizing the evolution of the relationship between producers and consumers over time. Interspersed in the historical narrative are essays from today's industry leaders--including Sheila Bair, Adam Davidson, Bill Ford, Sally Greenberg, Fisk Johnson, Hank Paulson, Richard Trumka, and Pat Woertz--that pose provocative questions about the state of contemporary American business and society. American Enterprise is a multi-faceted survey of the nation's business heritage and corresponding social effects that is fundamental to an understanding of the lives of the American people, the history of the United States, and the nation's role in global affairs"-- "American Enterprise is a dramatic exploration of how the United States transformed from a small dependent nation into one of the world's most vibrant and trend-setting economies. This companion book to the National Museum of American History's exhibition of the same name argues that the American experience has been shaped by economic and commercial philosophies. Founding ideals of capitalism and democracy fostered national values of competition and innovation. These values in turn became the building blocks of American business and sparked a tradition of constant creative destruction. The ongoing transformation of the marketplace has provided opportunities for many, benefits for some, and hardships for others. This powerful book explores the perspectives of both producers and consumers and illustrates the complex interplay between these two groups throughout history. It does so through four major eras: Merchant (1770s - 1850s), Corporate (1860s - 1930s), Consumer (1940s - 1970s), and Global (1980s - 2010s). The goods, machinery, advertisements, and business leaders of each era are brought to life with objects from the Smithsonian's unparalleled collections and explanations by the exhibition's curators. Each era concludes with two essays by famous and influential business leaders who play off the history to pose provocative questions about the state of contemporary American business and society. American Enterprise provides an understanding of the nation's business heritage and corresponding social effects that is fundamental to the lives of the American people, the history of the United States, and the nation's role in global affairs"--