Explores crucial questions surrounding the Great Crisis of 2007-09, its relationship to other financial crises, and the role of the Federal Reserve in the crisis and recovery. - Journal of Economic Literature
'I've read many books on the Financial Crisis. Lloyd Thomas's book, quite simply, is the best. It doesn't simply describe what happened. It explains what happened. And it explains what needs to be done to prevent it from happening again.' - Laurence Seidman, Chaplin Tyler Professor of Economics, University of Delaware
'Thomas provides a comprehensive and dispassionate analysis of the Great Crisis of 2007-2009. Exceptionally well written and researched, the author provides insights into the most severe economic challenge in the U.S. and much of the rest of the world in 75 years. The book has much to offer to professional economists, financial experts, and policy makers, as well as the general citizens who were affected by the severe downturn, housing market collapse, and financial system's near meltdown. The prominent and effective role of the Federal Reserve is the unappreciated story in the Great Crisis and is in sharp contrast to the Fed's performance in the Great Depression of the 1930's. This book is destined to be one of the most thoughtful, independent, and insightful analyses of the Great Crisis. ' - Bruce Jaffee, Professor of Business Economics and Public Policy and Executive Director, Institute for International Business, Indiana University
Timely, informative, insightful, beautifully written, and readable both by informed professionals and economists. Tightly organized and very interesting treatment of the Federal Reserve's role in the current economic crisis with comparative historical background on the Fed's behavior during the Great Depression. A wonderful book. - Michael J. Greenwood, Professor of Economics, University of Colorado atBoulder