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Dean Baker, codirector of the Center for Economic and Policy Research recounts the strategies used by the country’s top economic policymakers to conceal their failure to recognize the housing bubble or take steps to rein it in before it grew to unprecedented levels, resulting in the loss of millions of jobs, homes, and the life savings of tens of millions of people. He quashes dire warnings of looming rampant inflation and spiraling debt with solid historic evidence to the contrary—evidence that supports more stimulus, not less. He reveals the evolving role of the U.S. dollar in today’s global economy and lays down cogent arguments about why the dollar will fall in value. With a dose of optimism, Baker outlines a thoughtful progressive program for rebuilding the economy and reshaping the financial system, including new financial transaction taxes that will reduce or eliminate economic waste while providing stimulus and incentives where and when they are most needed.
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Plunder and Blunder chronicles the growth and collapse of the stock and housing bubbles, explains how policy changes since 1980 laid the groundwork for catastrophic - but completely predictable - market meltdowns, and offers prescriptions for avoiding these disasters in the future. Dean Baker argues not only that competent economists should have recognized the developing housing bubble, but also that policy makers and the media cheerfully neglected those economists who did predict danger. Baker doesn't engage in 20 - 20 hindsight, but thoroughly documents how fundamental policy shifts destabilized the economy and eroded the broad prosperity of the post - war period. His expert analysis explains the outcomes clearly so we can prevent similar financial disasters. "Dean Baker warned us what was coming. Now we can read why Dean got it right when so many experts were blind. The story is intriguing - and deeply disturbing." - William Greider, national affairs correspondent, The Nation, and author of Come Home, America