Meltdown
A Look at Why the Economy Tanked and Government Bailouts Will Make Things Worse
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Narrated by:
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Alan Sklar
About this listen
In Meltdown, best-selling author Thomas E. Woods, Jr., unearths the real causes behind the collapse of housing values and the stock market---and it turns out the culprits reside more in Washington than on Wall Street. And the trillions of dollars in federal bailouts? Our politicians' ham-handed attempts to fix the problems they themselves created will only make things much worse.
Woods, a senior fellow at the Ludwig von Mises Institute and winner of the 2006 Templeton Enterprise Award, busts the media myths and government spin. He explains how government intervention in the economy---from the Democratic hobby horse called Fannie Mae to affirmative action programs like the Community Redevelopment Act---actually caused the housing bubble. Most important, Woods, author of the New York Times best seller The Politically Incorrect Guide to American History, traces this most recent boom-and-bust---and all such booms and busts of the past century---back to one of the most revered government institutions of all: the Federal Reserve System, which allows busybody bureaucrats and ambitious politicians to pull the strings of our financial sector and manipulate the value of the very money we use.
Meltdown, which features a foreword by Congressman Ron Paul (R - Texas), also provides a timely history lesson to counter the current clamor for a new New Deal. The Great Depression, Woods demonstrates, was only as deep and as long as it was because of the government interventions by Herbert Hoover (no free-market capitalist, despite what your high-school history teacher may have taught you) and Franklin D. Roosevelt (no savior of the American economy, in spite of what the mainstream media says). If you want to understand what caused the fi...
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- Length: 5 hrs and 1 min
- Unabridged
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Thomas Piketty's work has proved that unfettered markets lead to increasing inequality. Without meaningful regulation, capitalist economies will concentrate wealth in an ever smaller number of hands. Armed with this knowledge, democratic societies face a defining challenge: fending off a new aristocracy. For years Piketty has wrestled with this problem in his monthly newspaper column, which pierces the surface of current events to reveal the economic forces underneath.
By: Thomas Piketty, and others
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The Shifts and the Shocks
- What We've Learned - and Have Still to Learn - from the Financial Crisis
- By: Martin Wolf
- Narrated by: Sean Pratt
- Length: 14 hrs and 53 mins
- Unabridged
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The Shifts and the Shocks is not another detailed history of the crisis, but the most persuasive and complete account yet published of what the crisis should teach us about modern economies and economics. The audiobook identifies the origin of the crisis in the complex interaction between globalization, hugely destabilizing global imbalances and our dangerously fragile financial system.
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Good on Europe's problems, fair global update
- By Philo on 01-08-15
By: Martin Wolf
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How the Other Half Banks
- Exclusion, Exploitation, and the Threat to Democracy
- By: Mehrsa Baradaran
- Narrated by: Priya Ayyar
- Length: 9 hrs and 36 mins
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The United States has two separate banking systems today - one serving the well-to-do and another exploiting everyone else. How the Other Half Banks contributes to the growing conversation on American inequality by highlighting one of its prime causes: unequal credit. Mehrsa Baradaran examines how a significant portion of the population, deserted by banks, is forced to wander through a Wild West of payday lenders and check-cashing services to cover emergency expenses and pay for necessities - all thanks to deregulation that began in the 1970s.
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The Borrowers at the Fringe
- By Darwin8u on 09-13-16
By: Mehrsa Baradaran
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Shaky Ground
- The Strange Saga of the US Mortgage Giants
- By: Bethany McLean
- Narrated by: Gabra Zackman
- Length: 3 hrs and 33 mins
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In 2008 the US Treasury put Fannie Mae and Freddie Mac into a life-support state known as "conservatorship" to prevent their failure - and worldwide economic chaos. The two companies, which were always controversial, have become a battleground. Today, Fannie and Freddie are profitable again but still in conservatorship. Their profits are being redirected toward reducing the federal deficit, which leaves them with no buffer should they suffer losses again.
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Details on the Culture and History of the GSEs
- By Jose on 10-15-15
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The Death of Money
- The Coming Collapse of the International Monetary System
- By: James Rickards
- Narrated by: Sean Pratt
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The international monetary system has collapsed three times in the past hundred years, in 1914, 1939, and 1971. Each collapse was followed by a period of tumult: War, civil unrest, or significant damage to the stability of the global economy. Now James Rickards, the acclaimed author of Currency Wars, shows why another collapse is rapidly approaching - and why this time, nothing less than the institution of money itself is at risk.
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A good review of the global financial system
- By Jean on 04-22-14
By: James Rickards
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Currency Wars
- The Making of the Next Global Crises
- By: James Rickards
- Narrated by: Walter Dixon
- Length: 9 hrs and 52 mins
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In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon. Currency wars are one of the most destructive and feared outcomes in international economics.
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don't be misled
- By peter on 04-01-12
By: James Rickards
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A Monetary and Fiscal History of the United States, 1961-2021
- By: Alan S. Blinder
- Narrated by: Todd McLaren
- Length: 15 hrs and 12 mins
- Unabridged
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Alan Blinder, one of the world's most influential economists and one of the field's best writers, draws on his deep firsthand experience to provide an authoritative account of sixty years of monetary and fiscal policy in the United States. Spanning twelve presidents, from John F. Kennedy to Joe Biden, and eight Federal Reserve chairs, from William McChesney Martin to Jerome Powell, this is an insider's story of macroeconomic policy that hasn't been told before—one that is a pleasure to listen to, and as interesting as it is important.
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Listen for Nixon's Sake
- By Tricia on 10-26-22
By: Alan S. Blinder
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Aftershock
- The Next Economy and America’s Future
- By: Robert B. Reich
- Narrated by: Robert Reich
- Length: 4 hrs and 30 mins
- Unabridged
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The author of 12 acclaimed books, Robert B. Reich is a Chancellor’s Professor of Public Policy at the University of California, Berkeley, and has served in three national administrations. While many blamed Wall Street for the financial meltdown, Aftershock points a finger at a national economy in which wealth is increasingly concentrated at the top - and where a grasping middle class simply does not have the resources to remain viable.
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Very plausible assessment of our economy
- By CAR TOP CAMPER on 10-06-10
By: Robert B. Reich
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Globalization and Its Discontents
- By: Joseph E. Stiglitz
- Narrated by: Derek Perkins
- Length: 10 hrs and 33 mins
- Unabridged
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This powerful, unsettling book gives us a rare glimpse behind the closed doors of global financial institutions by the winner of the 2001 Nobel Prize in Economics. When it was first published, this national best-seller quickly became a touchstone in the globalization debate. Renowned economist and Nobel Prize winner Joseph E. Stiglitz had a ringside seat for most of the major economic events of the last decade, including stints as chairman of the Council of Economic Advisers and chief economist at the World Bank.
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Plea
- By Asma on 10-13-20
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What listeners say about Meltdown
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- jpitchfo
- 08-07-17
If you like money or freedom, this is a must read!
The author discusses how the U.S. government manipulates currency in America for its own gain and to the detriment of the citizens it supposedly serves. Give it a listen and a few minutes of consideration. A valuable alternative point of view and a good explanation of the forces that caused the 2008 housing bubble and banking bailouts and what is likely to follow. Explained in clear understandable language.
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- JayVL
- 11-27-18
Fantastic
a very well written explanation of the financial crash of 2008. Voiced eloquently explains how the federal reserve caused the artificial boom, And why more credit creation and bail outs or fuel to the fire rather than a remedy to the problem.
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- JEFF BLIDNER
- 07-13-15
Awesome
Awesome a must read. Thanks for all you do Mr. Tom woods. God bless you!
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- Marek Kloza
- 01-07-16
great and very true
Best case study of economic crisis in 2008 I've read. I recommend it even to beginners.
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- Sierra Bravo
- 06-24-09
Good things to think about but a little political
This is probably a good primer on Austrian School Economics is you are not familiar with it. It falls into the trap, like most books with political messages, of being a bit sarcastic and dismissive towards the arguments of the other side. I try to read each viewpoint and for the opposing one I would recommend "The Great Crash of 1929" by Galbraith, which also tends toward sarcasm.
I believe the best point of this book is to give us a lot of questions to think about before we spend the equivalent of a warehouse full of 100-dollar bills that we do not have. While it may be too late for this bailout/stimulus we better think long and hard about the questions raised in this book before we do it again. This is a good introduction to the school of economics dismissed as "supply side" by the popular press but it falls short as an in-depth look at the very serious issues we face. If you want to know more a good next step is Sowell's "Applied Economics".
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2 people found this helpful
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Overall
- James
- 10-22-09
I Just Loved This Book And Couldn't Get Enough!
Wow! I just couldn't get enough of this book! It's one of the best books I've read so far in regards to our economic crisis. Fair, hard-hitting, fact based and full of great information easy enough for the average layperson to understand.
I'm a small businessman just trying to make it through this economic downturn. I don't feel that I'm a victim of the situation, but it's good to know where a lot of this economic craziness started and what we can do to get out of it.
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- Jeff B Brownell
- 09-22-18
Tip of the Iceburg
This was an awaking book for me. Solidified thoughts and ideas floating around in my mind for some time with more than a few “ah ha!” moments. Has lead me to want to know more.
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- Sharon
- 01-23-12
Current economics made easier
Would you listen to Meltdown again? Why?
I would listen again to refresh my facts and understanding.
Any additional comments?
I appreciated all the references that were mentioned and the suggested research.
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- I think this should always be free
- 01-03-20
Uncomfortable Truth
When we're all not too busy entertaining ourselves with fantasy and fiction, we should be listening to uncomfortable truths like this. Heavens forbid we do this too much and it drives us to pull our heads from the sand and start to be active and heard to the den of thieves relying on our heads staying in the sand.
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- Patrick S.
- 05-09-16
A great explanation of the '08 crisis and beyond
Would you recommend this audiobook to a friend? If so, why?
Yes, especially to those into economics and politics. This book shows the impact of bad policies in one specific area and even expands it circles to economics at large.
Who was your favorite character and why?
N/A
What about Alan Sklar’s performance did you like?
He was fine. Nothing good or bad.
If you were to make a film of this book, what would the tag line be?
What is money?
Any additional comments?
This was one of the first books to be written about the 2008 finical crisis. I know Woods wrote the book in something like a month. With all the information in this book that had to be an arduous undertaking. Woods' approach is to look at the cause of the '08 crisis under the Austrian economic business theory. Essentially, this theory says that value of something is subjective and people act to their ends, according to ideas. From this, order, money, value emerges. This is comparable to other methods that attempt to try and quantify every aspect to make predictors. Unfortunately, this takes out the factor of human action.
Without doing the job of the book, this approach explains what we saw in '08 from an approach that not many have ever thought about it. Having listened to enough Tom Woods' podcasts, I had a decent grasp of the concept but this book presents an amazingly complete case from the Austrian side of things.
This book forms concentric circles around the '08 crisis. It covers the reasons and people who were responsible for the crisis. Then it covers other countries who experienced their own financial crisis and what the Austrian model says. Then it covers what is money, value, currency backing, and other basis economic issues that someone might not have thought of. A decent presentation on gold and silver backed currency is also made. Then, a great look on the 1930's Great Depression and the reasons behind it and the outlook from the Austrian POV is also made. The term, "they didn't teach that in school" can be uttered throughout this portion - and most areas of this book.
This really is a great book on the topic and the topic of economics. Woods writes not with an air of elitism but he really tries to communicate and educate the reader of the book. The areas he writes about in the detail he does, and in the limited amount he had to write is impressive.
The one area that I could say that needed a little help is in explaining a few of the topics with a little bit more beginner outlook. Unless I missed it, there wasn't a definition of Austrian economics and it would have been good to really drive home the definition and basic factors throughout the book for someone who is just picking up a book on the subject for the first time.
If you have an interest in economics or the politics of the '08 crisis or libertarian ideas this is a great book to pick up. Final Grade - A
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