Understanding the Crash
Understanding the Crash starts with a simple question that still haunts us all: What has happened to the world economy? With the kind of striking precision that only graphic nonfiction can provide, Seth Tobocman and Eric Laursen explain just how we got into this mess — and how we can get out of it.
Looking back across more than a quarter century, the authors outline the roots of our current economic crisis. They show how the troubles of a working-class community in Cleveland or a newly built suburb of Miami became an international financial crisis, explaining the complex new forms of credit that came into being because of financial deregulation, and how they created an economic whirlpool. From there they discuss how, over the same time span, a smaller and smaller group of people came to control a larger and larger percentage of the world’s money — a result of rising inequality that, combined with the shortage of affordable housing, a decline in real wages, and our unwavering belief in an “ownership society,” impelled poor people into debt. Tobocman and Laursen conclude with a consideration of a restructured financial system and a look toward a culture of sustainability — one that covets real wealth in the form of security, meaningful work, and community.
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abroad AFFORD American AVERAGE BACK Bailout BANK BANK9 BECAME BEGAN BILLION Boom borrowed BOUGHT causes Center for Economic CLEVELAND Couw CRA$H Crack CREDIT Dean Baker DEBT December DEFAULT Denise DEREGULATION Doug Henwood Dubious Economic and Policy Economic Crisis elite Eric Laursen FANNIE MAE FED LET figure financial and economic Foreclosure foreword by Doug further reading Goldin Goodman GOVERNMENT Harold Helen Tobocman HELP HIGH LEVEL HOME HOMEOWN housing bubble inking investment Jessica Wehrle July June L.OAN LEHMAN looks Louisa Krupp MARKET MENTS MIAMI MONEY MORTGAGE Mother Jones NUMBER Obama Obama’s PANIC Paul Perloff Peter Policy Research PROGRAM restructured RETIREMENT Seth Tobocman Sherwin Simon Soft Skull Press solidarity Special thanks STOCK Stoloff TAKE Tamarra There’s THI9 trying understanding the crash VALUE VOLCKER wages Wall Street WANTED Warren William Greider York