Fate of the States: The New Geography of American Prosperity - Review
Review : Interesting Points, but Reality Is More Complicated Than Portrayed
Whitney o9pens by telling us that she never looks at any one data point or an event in a vacuum, rather at a series of data points from myriad sources to tell the story of what is to come. Whitney looks first at consumer spending because it accounts for 70% of GDP and drives returns on most every asset classification and sector.
Early in her career she focused on subprime consumer lenders. Their prosperity and survival hinged on their access to cheap credit. One way of doing that was through securitization - bundling the loans they made into mortgage-backed or asset-backed securities. Sometimes, however, their access to the market faded, such as in the late 1990s right after the 1998 Russian credit crisis. Ten years later, New York-based financial giants were also into subprime. Many of those loans were bad, and in late 2007 investors pulled out of the securitization of their products. Lenders started falling like dominoes. Many banks didn't realize how much trouble they...
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ASIN : 159184570X
Description : “Forget everything you think you know about the direction of the American economy, about our growing need for foreign oil, about the rise of the service economy and the decline of American manufacturing. The story of the next thirty years will not be a repeat of the last thirty.” One of the most respected voices on Wall Street, Meredith Whitney shot to global prominence in 2007 when her warnings of a looming crisis in the financial sector proved all too prescient. Now, in her first book, she expands upon her biggest call since the financial crisis. Whitney points out that it wasn’t just consumers who binged on debt for the past twenty years but state and local governments too. She explains how the fiscal sins of the...
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category: Economic Conditions
brand: Portfolio Hardcover
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Rating : 4.2
Review : randomreview