By Brian Summerfield, Online Editor, REALTOR® Magazine
As Scottish writer Robert Louis Stevenson once said, “Everybody, soon or late, sits down to a banquet of consequences.” In his book Bailout Nation, author Barry Ritholtz lays out the causes and effects of the recent economic downturn in a voluminous feast for the market-minded reader. In a clear and entertaining fashion, he explains how the evolution of big business and big government led us to our current state, and offers important lessons about the interrelationship of money, credit, and value along the way. He also discusses problems that led to a meltdown in real estate, and provides a few suggestions on how to avoid these difficulties in the future.
In sum, if you’ve ever wondered why the Federal Reserve exists, why Bear Stearns was bailed out but Lehman Brothers wasn’t, and why your local classic rock radio station seems to play the same 20 songs over and over again, this book is for you. Continue reading »