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After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead
Executive Summary
The author of, After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead, Alan Blinder wonderfully captures the reader. After the Music Stopped is truly a page turned, hard to imagine a book by an Economics professor would be called that. I having much interest in financial policies and having an enjoyment of economic theory found this book like a movie. Being 496 pages, this book may initially scare the faint of heart away; the title was all it took to draw me in. The book opens with a much-appreciated background with the events leading up to the day when “The Music Stopped”, Information about top American companies such as Bear Sterns, Lehman Brothers, and Merrill Lynch. Many American’s know about “The Bailout”; however, companies like the three listed above all but drowned in the game of financial monopoly, no more rolling the dice on millions of Americans life savings. Blinder goes into detail about the decisions made to determine which companies would be saved and which left to “Crash and Burn”, as he states.
Another topic greatly touched on by Blinder was the housing bubble. According to Blinder, there had been warnings as early as 2000 about the rising concern of rapidly increasing home values. However, our government failed to give this matter the attention it deserved at a time when things could have been corrected. According to the accounts listed in Blinders book, nothing was done in a major way to assist the millions of American’s homeowners who had gone into foreclosure, due to the fear that the treasury would have too much to take on with a $200 billion homeowner bailout. There was also concern over the backlash that would be received, I find this intriguing considering how millions of American’s were outraged that the government used taxpayer dollars to bailout banks and financial institutions that ran amuck of our countries economy while government officials set by not monitoring or regulating appropriately which is what their job entailed. Taxpayers pay the salaries of these individuals to protect them from things like this, Blinder highlights that this was not done to any substantial degree, until as he states; the house of cards came falling down.
The next topic that Blinder Heavily focuses on is the road to recovery. After all of the events in the 2008-2009 financial crisis, Blinder feels the American people are much more awake. The American people had lost most hope and trust in the governing body especially as it related to their finances and livelihood. As stated by Treasury Secretary Geithner, March 2010, “We saved the economy, but we kind of lost the public doing it.” It was evident that nothing would ever be the same. Blinder states that prior to President Obama taking offices he had already began to make reform and a stimulus a part of his to do list. President Obama would have to suffer the backlash that his predecessor allowed to be created. The Onion led its November 5th edition with the headline: “Black Man Given Nation’s Worst Job.” Thirteen months and 2,319 pages later, the Dodd-Frank reform was signed into law July 21, 2010. Blinder suggests that though dis did not solve all of Americas problems it was a much needed start and but the one admired American government back on the right track. The book ends with the shock of the European crisis that resulted not long after American’s financial woes and the things that Blinder believes the Obama administration should have stated from the beginning, which is letting the American people know why these things occurred and how the mess came at hand.
The Ten Things Managers Need to Know from After The Music Stopped
Never overestimate the strength and sustainability of your Organization. It is important not to have a mindset that your organization is too big to fail. It is always best to evaluate your company routinely to insure continuous growth and prosperity for the company weather in a corporate or local office.
Set rules and regulations into place and stick by them. Set an example for them to follow so that your employees will not run amuck. By being a positive example, it allows employees to be confident that they have a responsible leader who practices what his preaches and/or follows the mission of the company.
“When Confidence goes, it goes.”- Henry Paulson, Treasury Secretary. A manager or leader must show confidence at all times in themselves as well as the organization. If the individuals under you do not see that you can effectively lead them they will have no one to look up to no one to believe that he/she can save them. I think back on many action movies involving war during medieval times, the warriors always look to their leader or ruler for security and believe that everything will work out correctly. The Manager is the backbone, and you are always only as strong as your weakest link and if that weak link is the manager the organization is setup for failure.
Use Leverage with caution. Leverage is good and bad depending on the intentions of the funds received. It is important to expand wisely. Borrowing a large amount of funds per se to expand locations can have an upside and down side. It is best to use caution and never take on more than you can handle even if you think you can handle it give yourself some wiggle room. It is better to underestimate your financial abilities than it is to overestimate.
Always consider stockholders and shareholders. It is important to realize if you are running a publicly traded company of the effects that your actions will have not only on the company but on the people who believe, trust, and had faith in your company’s ability to manage funds properly. Many individuals invest their life savings into stock believing it will benefit them and their families. Many top managers seem to overlook the millions of people you are largely invested in the company in which they reside over.
Handle problems when they occur. The longer you let a problem go untreated the worse it will get. To cut loses and limit damage, it is always best to act as swiftly as possible.
If a concern about the way your company is running mention to you, evaluate and check it out yourself. The best way to know first-hand what is occurring and potentially arising in your company, especially wen it relates to a problem is to handle it yourself. If you deal with problems that come to you can potentially avoid the grave consequences that could have possibly followed it.
Take responsibility for your own actions. Yes, it is always easier to let someone else take the fall, however it causes a false image of the person or persons who are left holding the bag. It is also a judge of character if you choose not to be honest and take the blame for your own actions.
After new policy or rule changes make sure they are enforced. It I important to make sure policies are being followed out the way in which you intended. If there are, no follow-ups or check in then the process is in vain. Though it takes, time and patience always make sure those whom you lead are following YOUR rules and not their own.
If there are problems before you take the position let employees know. It is important to not voluntarily take blame for mistakes made prior to you managing. By taking blame for problems, which occurred prior to you fulfilling the position, does not help you or the people you are leading.
Full Summary of After The Music Stopped
Chapter 1: “What’s A Nice Economy Like You Doing In A Place Like This?”
Chapter 1 opens up with somewhat of humor. The idea of starting a book about one of the most devastating crisis ever off with mild humor is a good way to take some of the edge off, opposed to feeling as the book will be numbers and boring statistics, the opening somewhat invites you in. “Did anyone get the license plate of that truck?”, Blinder begins the first chapter of the book. Blinder attributes the fall on 2008-2009 to the failure of Lehman Brothers. On September 15, 2008, Blinder states everything fell apart. “Yes, the license plate of that truck read: L-E-H-M-A-N.” According to him, most Americans had no idea of the occurrence, where it came from, or why we were not protected. He goes on to state millions had lost their livelihoods and their homes, bankrupted business, all summing up to bring “The once-mighty U.S. Economy to its knees.” He goes on to elaborate about the growing difficulty to obtain credit, which led to less buying and inevitably a recession. Banking firms increasing their guards the U.S. Government in an attempt to “fight the Recession” dropped interest rates to the floor Blinder states. He states The Federal Reserve begin making loans buying assets, and making guarantees to the American people. Blinder also states in September 2008 he remembers, in disbelief, informing his class that the government had nationalized an insurance company, AIG. Blinder asks the reader if they can recount a single speech given by our standing president George W. Bush. Blinder Makes another giddy remark “what happens in Vegas stays in Vegas”, however he finishes with, “But the calamities that befell the financial markets in 2007-2009 did not stay there.” After speaking on the events arrival date and those near to it, he travels back to discuss enets leading to it. Blinder states that “The Slide” of the 2007-2009 started begin in the end of 2005 when the housing prices steadily rose from 2000-2005 when at that stage it reached a peak which lasted two years 2006-2007 housing prices began to fall just as quickly as they rose and not reaching a leveling until 2010.
Chapter 2: “In The Beginning…”
“A geologist, a chemist, and an investment banker are arguing over whose profession is the oldest. The geologist points out that his science is as old as the Earth itself. The chemist scoffs at that: “Long before the Earth was formed there were masses of swirling gasses– chemicals. Before that there was just chaos.” The investment banker smiles slyly, nursing his martini: “And who do you think created all that chaos?” again, Blinder opens the chapter with humor. He continues to say that though it would be emotionally satisfying to pin the blame on one seemingly greedy party that that is only a share, he insists that it would take more than one party to cause such a crisis. He goes on to list the “7 main villains” of the crisis:
1. Inflated asset prices, especially of houses (the housing bubble) but also of certain securities (the bond bubble)
2. Excessive leverage (heavy Borrowing) throughout the financial system and the economy
3. Lax financial regulation, both in terms of what the law left unregulated and in terms of how poorly the various regulators performed their duties;
4. Disgraceful banking practices in sub prime and other mortgage lending;
5. The crazy-quilt of unregulated securities and derivatives that were built on these bad mortgages;
6. The abysmal performance of the statistical rating agencies, which helped the crazy-quilt get stitched together; and
7. The perverse compensation systems in many financial institutions that created powerful incentives to go for broke.
Before elaborating on the 7 main villains Blinder states what his book aims to do as well as a what to look forward to as the reader moves forward he finishes with another quote that states the financial crisis mayhem and madness did not have to happen.
Chapter 3: “The House of Cards”
“When foxes are left to guard chicken coops the chicken are in mortal danger. When the faxes have legions of accomplices, the perils are commensurately greater. And when both ideology and incentives conspire to make the authorities look the other way, well, chicken dinner is served.” Chapter 2 was dedicated to the villains that Blinder felt was most responsible in chapter three he compiles the other 5 villains. Blinder states that though it is The Federal Reserve’s job to regulate banks it is wrong to blame the regulatory breakdown solely on them. He does state that Alan Greenspan who led The Federal Reserve for more than 18 years said he was “shocked” to discover what was going on. It is clear that Blinder does not believe that this was the case. He asks, “Did the regulators really believe that sub prime mortgage lending could expand rapidly without deterioration of quality?” According to Blinder, regulators were receiving plenty of unsolicited warnings. Journalists had been writing regarding the risky lending since as early as 2004. On the inside, Greenspan was receiving warning as early as 2000. He finishes the chapter stating, “We Americans built a fragile house of cards, piece by piece, starting in the late 1990s and continuing right up until disaster struck in 2007.”
Chapter 4: “When The Music Stopped”
“As long as the music is playing, you’ve got to get up and dance. We’re still dancing.”-Chuck Prince, CEO of Citigroup, July 2007
When the national housing bubble burst, home prices actually did fall almost everywhere, which was an “impossible” event that had not occurred since the Great Depression. A large part of the bad mortgages came from California. Many of the other bad mortgages came from Florida, Arizona, and Nevada (Collectively known as the sand states). Blinder goes on to name the six banks that were the most traceable for the mortgage related risks. The six banks that he names are Bear Stearns, Lehman Brothers, Merrill Lynch, Wachovia, Citigroup, and Bank of America. He finishes the chapter with the actions that The Federal Reserve had begun to set up to attempt and combat the rising problems at hand.
Chapter 5: “From Bear to Lehman: Inconsistency Was The Hobgoblin”
Blinder opens this chapter discussing the Federal Reserve’s decision to let Lehman Fail and the $30 billion dollar “marriage” of Bear to JP Morgan. He states that the Bear bailout was instantly controversial. The Federal Reserve nor Bear saw the operation as a bailout. Bear stock went from $93 in February to $10 in March. Many believed that this was the worst decision in a generation; however, the government felt that Bear was too big to fail because of the damage that would have occurred. Blinder states there were 16 other companies far more important to our economy and who had much more to lose, such as Goldman Sachs’s 1.12 trillion, which were not “bailed out”.
Chapter 6: “The Panic of 2008”
“You are about to experience the most unbelievable week in America ever.”- Jamie Damon CEO of JP Morgan Chase, to his Management team on Saturday Morning, September 13, 2008.
In chapter 6 Blinder begins discussion on the dealing that occurred as the financial world America once knew began to fall quickly. The nations 4th largest bank Wachovia was one of the first to “Crash and burn”. Treasury secretary Paulson and Fed Chairman Bernanke marched to Capitol Hill to inform them that there would be a need for 700 billion fast. AIG was once of the first companies with a growing spotlight, Blinder states. AIG had no reserves to back the 500 billiion dollar CDS which the company had bet against defaults. According to Blinder AIG had their own virtual license to print money, “with no one watching the printing presses.” Bernanke stated, “If there’s a single episode in the entire last 18 months that has made me more angry, I can’t think of one, than AIG.” AIG’s stock dropped 60 percent in one day. The stock once selling for $146 closed under $5, The AIG loan reached a sum of $182 billion. AIG showed to be a company with little regard for rules regulations or the trouble and strain they single handedly had caused the American government. Six days after the initial $85 billion bailout AIG spent 500,000 on a vacation for top executives. $165 million that is the number Blinder states that about 400 AIG employees received as bonuses for running a company into the ground. The chapter ends with Merrill Lynch the world’s largest brokerage firm, quickly selling itself to Bank of America.
Chapter 7: “Stretching Out the TARP”
“If money isn’t loosed up, this sucker could go down.” –President George W. Bush, September 24, 2008.
After the rescue of Bear Stearns the Treasury concluded that encase things were to get worse they needed to begin construction a plan to handle it. Thus was the creation of Troubled Assets Relief Program amongst an atmosphere of crisis. April 15th a ten page memo emerged with 4 basic options:
Buy toxic assets -which was the suggestion the treasury heard most often from market participants and was the one that would later give TARP its name.
Guarantee the assets rather than buy them- which was an option reluctantly included, under political duress, in the ultimate legislation;
Inject Capital Directly into banks by buying their shares- Which would become the TARP’s signature program;
Refinance home mortgages into loans guaranteed by the government-something that was never done with the TARP money to any great extent.
Based on the then current estimates of losses on mortgages and related securities Kashkari and Swagel guesstimated $500 billion would do the trick, according to Blinder. September 20th Paulson’s first draft of TARP emerged giving Secretary of treasury complete discretion of $700 Billion.
Chapter 8: “Stimulus, Stimulus Wherefore Art Thou, Stimulus?”
The 2008-2009 transition November 4 2008 Barack Obama was elected President. According to survey 489,000 jobs were lost in October 803,000 in November 661,000 in December and 181,000 in January. November 18, 2008 another problem arose GM, Ford, and Chrysler were in need of federal aid after congress did not approved the proposal, the three traveled to Washington where President Bush approved multi billion-dollar Bridge loans. According to Blinder President Bush began spending most of his term left in office on vacation, mostly at his Texas ranch home. The American people began to look to their new leader with great anticipation. “After all, an African American had just been elected president of the United States. Didn’t that mean he could walk on water?” Blinder states with a sense of humor. He continues stating that expectations were so high that he could only disappoint them. President Elect Obama was going to ask for a stimulus package in the 700 to 800 billion range according to press reports. Once in office President Obama began pushing for his Recovery Act. The Senate’s final vote was 60-38 for a $787 Billion stimulus. Once President Obama took office and began reaching out to the other side it was apparent that they had become the party of no, wanting no part of bipartisanship.
Chapter 9: “The Attack On The Spreads”
“Credit is a system whereby a person who can’t pay gets another person who can’t pay to guarantee that he can pay.” Charles- Dickens
In chapter 9 Blinder goes into great discussion of Credit, Risks, Lending practices, and bonds. He also talks about attempts at reducing spreads the problem Blinder states Spreads cost is the risk less rate, the rate at which the U.S. Treasury can borrow at. Treasury rates falling frightened inventors who thought of U.S. Treasuries as safe havens, Blinder states. He states that successful stress test were the beginning of a turning point, however it did nothing to restructure the financial system or the way the government regulates it-nor was it supposed to.
Chapter 10: “It’s Broken, Let’s Fit It: The Need For The Financial Reform.”
According to Blinder the late 20080 early 2009 financial rescue led to serious thinking about financial reform. He insists that “Bubbles” are unavoidable so they cannot be stopped, however attempting to reduce frequency is a realistic goal also limiting the damage when they do burst is accomplishable. Fixing too big to fail is something that Blinder believes needs to done in order to get the economy back on track. He also suggests regulations similar to FDIC regulations placed on non-bank institutions. He also offers information for a few other regulations, not limited to but including: Higher Capital and Liquidity Requirements, Systematic Risk Regulation, Protect Consumers, Berating the Rating Agencies, and asks the question if “Compensation Can Be Effectively Regulated?”
Chapter 11: “Watching a Sausage Being Made”
“Two things you should never watch being made are laws and sausages.” – Attributed to Otto Von Bismarck
In this Chapter Blinder Breakdown the main agenda for the financial reform:
Table 11.1 The Regulatory Reform Agenda: Major Issues
Issue/ Provision
Key Aspect of the Debate
Issue/ Provision
Key Aspect of the Debate
Too big to fail
New resolution authority or use bankruptcy courts?
Break up TBTF institutions?
Proprietary trading by banks
Ban or Restrict it?
Regulatory agencies
Fewer banking regulators?
Merge SEC and CFTC?
Create a national mortgage regulator?
Regulating derivatives
Regulate OTC derivatives?
Force Standardization, capital, central clearing, exchange trading?
Ban Naked CDS?
Federal Reserve reform
Restrain Fed’s Section 13(3) power?
Reduce the Fed’s supervisory and regulatory powers?
More political accountability
Consumer Protection
A new, independent bureau?
Plain English documents?
Require plain vanilla and good default options?
Glass-Steagall barriers
Reinstate them?
Systemic risk regulator
Who should do the job?
Reforming the rating agencies
Turn agencies into public utilities?
Third-party payment?
Hedge funds
Should they be regulated? If so how?
Securitization
How to regulate the market?
Executive Compensation
How, if at all, to curb or reform it?
Capital and liquidity requirements
How much more capital?
Dealing with off-balance-sheet entities
What measure of Liquidity?
Redesigning mortgage finance
What comes after Fannie and Freddie?
End the originate-to-distribute model?
Better underwriting standards
After 13 months a 2,319 page financial reform law, Dodd-Frank, was created. Blinder states the battle for the reform still rages. He also states Dodd- Frank however made no attempt as fixing the mortgage finance system nor did it seek a way out of the foreclosure mess.
Chapter 12: “The Great Foreclosure Train Wreck”
Blinder states the amount of money to fix the foreclosure problem, ranges from $200 billion upwards. This led to the question is it worth it? The Paulson and Geithner Treasuries judged it was not worth it. $50 Billion of TARP money was later used for foreclosure mitigation. Programs like HARP (Home Affordable Refinancing Program) and HAMP (Home Affordable Modification Program) Obama also implemented programs to cover areas were HARP and HAMP failed. HAFA (The Home Affordable Foreclosure Alternatives Program), HHF (The Hardest Hit Funds), HAUP(The Home Affordable Unemployment Program)
Chapter 13: “The Backlash”
“We saved the economy, but we kind of lost the public doing it.” –Treasury Secretary Tim Geithner, March 2010
Chapter 13 deals with exactly what the title states there was much backlash for the things that occurred in 2008-2009 not only the backlash from the American people but also the forgiveness of the financial system. Throughout chapter 13 Blinder uses many charts to show how hard it has been for the American government to get back onto their feet. Blinder states job losses had become a growing problem also.
Chapter 14: “No Exit? Getting the Fed Back to Normal”
“What goes up into a stratosphere, such as bank reserves, Must Presumably come back down to earth at some point. What drops to rock bottom, such as short-term interest rates, must presumably pop back up eventually.” Federal Reserve lending went from zero in 2007 to a peak of about $1.5 trillion at the end of 2008. December 16, 2008 the Federal Reserve reduced rates to nearly zero.
Chapter 17: “Never Again Legacies Of The Crisis”
The final chapter, chapter 17 highlights things that will haunt the American people and government forever. Before the crisis, the Federal Reserve had a balance sheet of about $900 billion after the crisis there were nearly $3 trillion worth of assets. Foreclosures are something that still weighs heavy on our economy according to Blinder. One good thing that was able to be created to lessen the chances of re occurrence is the implementation of Dodd- Frank, Though according to Blinder many Republicans want to dismantle it.
Blinder states that the Obama administration should have trumpeted a consistent four-part message from the get-go:
1. Here is how we got into this mess.
2. This is what we propose to do to fix the problems.
3. We have a coherent plan, and here is why it makes sense.
4. This is going to take time, so please bear with us.
Blinder quotes Thomas Friedman of New York Times, “Barack Obama is a great orator, but he is the worst president I’ve ever seen when it comes to explaining his achievements, putting them in context, connecting with people on a gut level through repetition and thereby defining how the public views an issue.” In the article Friedman, also stated how did Obama ever allow: “The Bush tax cuts” versus the “Obama bailout”? It should have been “the Bush deficit explosion” and the “Obama rescue.” Sure, the deficit has increased under Obama. It was largely to save the country from going into a Depression after a Bush-era binge. Congressional Democrats also had a hand in this, but the idea that Bush gets to skate off into history as a “tax-cutter” and not as a “deficit buster” is a travesty. Blinder ends that book stating that though these things may occur again that hopefully we have learned from our mistakes and keep regulations that prevent the damaging effects.
The Video Lounge
Blinder opens his appearance with a quote that he received in an email, which truly sums up the concept of the book. It is so true that unknowingly casting blame is futile and gets you nowhere. Blinders speaking on the topics relates to the book however explores a little more on topics not touched in the book; it is ignorance to point blame and have no knowledge to argue your point. The video does not open with discussion of the book Blinder gives some background information prior to discussing the book. He also quotes the opening of his book with the humorous quote “Did anyone get the license plate of that truck?” Blinder states the biggest message is private markets running wild and the government attempting to get things back in order
Personal Insights
Why I think:
With business conditions today, what the author wrote is true – because:
The Author, Alan Blinder, reenacts occurrences in the most shocking economical downfall in our generation. In grade school reading of the recessions and Great Depression were just that, stories that we read. Most of us would have never thought we would live during a time when something of comparison would occur. To me it is like something from a history book, not the world I live in today, not the government we have been taught to trust, not the land of the American Dream, Which most American’s no longer can obtain. What the author wrote is so real it’s like a behind look of what occur, most some of us could not fathom. It is something that I can imagine a movie being made out of these events will surely go down I history. I would tell everyone I know to read this book; in my household alone, I continuously shared accounts from Blinder’s work. I have not read a book in years that has brought me such fulfillment as this one.
If I were the author of the book, I would have done these three things differently:
Elaborated on the occurrences not just in early 2008 but also in 2005, 2006, 2007. Not long chapters just a chapter explaining more on the housing bubble, bank lending practices and possibly public approval before and after the rise and fall of Bush’s Presidency as it relates to financial institutions and government spending. I would have also elaborated on how the top CEO’s of the companies bailed out faired.
There is nothing that I can initially say I would have left out. The years after the 2010 were not as interesting to me as the rise of the problems; however, those years are just as vital. When dealing with a subject matter of this sort more is always better, it leaves fewer questions to be asked.
I think Blinder could have done better on the final chapters. By doing better I mean that they seemed rushed. The latter chapters are noticeably shorter. Perhaps the latter chapters were not as appealing to me because the beginning chapters had more of a story line opposed to paragraph form.
Reading this book made me think differently about the topic in these ways:
This book changed my viewpoint of the financial crisis. I was able to develop a better understanding of the entire situation. I only wish more people could read this work to also have an eye opening experience.
I now approach things in a different light, a different mindset since reading this book. This book has led me to think beyond the surface and to realize there is always more to the story. I feel I have a broader more intelligent perspective of the entire situation as well.
The information of the events that led to the bailout was something that I found baffling. To see global brands that symbolized the best of the best in financial institutions crumble before our eye is such a short time is really mind-boggling. I think this is what impacted me most, to see how quickly companies so powerful become so weakened.
I’ll apply what I’ve learned in this book in my career by:
1.I will apply the practice of owning up to my mistakes, so that others will not have to take the fall or blame. I will also not “Check-out” in the midst of a problem I will spend as much time as possible trying to correct the problem.
2.If I put rules or regulations into place I will assure that they are seen trough. I will not just do a lot of hot air because I believe leading by example is the best way to manage.
3.Lastly I will pay attention to what has caused problems in the past not to only prevent it but to develop understanding of what caused it and how it was solved so that if it were to occur again I would know how to handle it. History does sometimes repeat but if we ignore the past we cannot improve in the future.
Here is a sampling of what others have said about the book and its author:
Of the three reviews, I choose the feelings about the author are the same. Alan Blinder is described as a prominent economist and as one of Americas leading economist. David Henderson of the Wall Street Journal credits Blinder as being a master storyteller. As far as the reviews of Blinders work there are some discrepancies of the work. Brad DeLong states that Blinder is overly optimistic of the American economy, and states that the economy is worse than frail. DeLong however does agree with Blinders First Three commandments and the proposal to strictly regulate financial institutions. Henderson also agrees with particular points that Blinder makes such as the start of the financial crisis began with the 1997-2006 housing price bubble.
Matthew Bishop of The New York Times review differs from the previous to journalist, he begins his review with the great depression. Bishop states that the American government learned many thing from this disaster, which helped avoid another Great Depression. Bishop shares the same view point as Blinder and Millions of Americans that what the American government failed to do was communicate clearly with the American public. Bishop does accredit Blinder for being the outspoken vice chairman of the Federal Reserve. Bishop also states that after Blinder left the Fed in 1996 he gave many speeches warning about eh growing housing bubble. Bishop also agrees with Blinders fault on Washington for the foreclosure crisis that has caused millions of American to lose their homes and states the government interventions were too little too late.
Bibliography
Amadeo, L. (2013, September 24). What Is TARP Bailout Program. Retrieved March 23, 2014, from http://useconomy.about.com/od/glossary/g/TARP.htm
Bishop, M. (2013, March 1). ‘After the Music Stopped,’ by Alan S. Blinder – NYTimes.com. Retrieved March 23, 2014, from http://www.nytimes.com/2013/03/03/books/review/after-the-music-stopped-by-alan-s-blinder.html?_r=0
Black Man Given Nation’s Worst Job | The Onion – America’s Finest News Source. (2008, November 5). Retrieved March 24, 2014, from http://www.theonion.com/articles/black-man-given-nations-worst-job,6439/
Blinder, A. S. (2013). After the music stopped: The financial crisis, the response, and the work ahead. New York: Penguin Press.
Delong, B. (2013, December 20). Brad DeLong: Review of Alan Blinder: “After the Music Stopped”: Extended Version (DeLong: Long Form). Retrieved March 23, 2014, from http://delong.typepad.com/delong_long_form/2013/12/review-of-alan-blinder-after-the-music-stopped-extended-version.html
Friedman, T. L. (2012, May 26). President Obama Should Seize the High Ground – NYTimes.com. Retrieved March 24, 2014, from http://www.nytimes.com/2012/05/27/opinion/sunday/friedman-president-obama-should-seize-the-high-ground.html?pagewanted=print
Goldman, D. (2009, January 9). Total 2008 job loss: 2.6 million – Jan. 9, 2009. Retrieved March 23, 2014, from http://money.cnn.com/2009/01/09/news/economy/jobs_december/
Henderson, D. R. (2013, January 18). Book Review: After the Music Stopped – WSJ.com. Retrieved March 23, 2014, from http://online.wsj.com/news/articles/SB10001424127887324581504578231641634944514
Kennedy, H. (2008, October 8). AIG big shots get $500G vacations on taxpayers’ dime – NY Daily News. Retrieved March 23, 2014, from http://www.nydailynews.com/news/money/aig-big-shots-500g-vacations-taxpayers-dime-article-1.303606
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Contact Information
To contact the author of this article, “Analysis of the After the Music Stopped by Alan S. Blinder: A Synopsis and Review,” please email Kourtney.brumfield@selu.edu.
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