Freefall: Free Markets and the Sinking of the Global Economy

In so many words, Freefall is a spirited attack on Wall Street, the free market and the Washington consensus. As a Nobel laureate, member of the cabinet under former President Bill Clinton and chairman of his Council of Economic Advisers, Joseph E. Stiglitz analyzes the reasons behind the crisis, asks some provocative questions, digging down into the decision to allow free markets regulate themselves, meanwhile gives practical advice on how to ease the pain of the Great Recession and maybe help prevent the next one.

Transferring his wealthy knowledge in economics, Stiglitz uses his experience to teach the average reader how the U.S. banking industry works, the shoddy mortgage industry, as well as ruthless lending and unregulated trading practices that all contributed to the meltdown. The world’s leading expert in market failure, Stiglitz, shares his opinion that poor rescue efforts may have failed to address the real problem.

Providing just the right amount of history, Stiglitz puts the scenario in context by offering a powerful account of the financial meltdown and even goes so far to criticize the Obama administration for not pushing hard enough for change. In a captivating read, Stiglitz gives an excellent overview of what caused the crisis, what reforms should be enacted and leaves the reader wondering whether Obama himself has made room for it on his nightstand. The New York Times bestseller is a must-read for anyone seeking to understand the roots of the financial crisis.