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"Morris, Charles R"
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Comeback : America's new economic boom
Argues that the United States is in the brink of a strong recovery from the 2008 global financial crisis, claiming that such booming new industries as shale-based oil will generate millions of new jobs and tame inherited deficits.
Book
The two trillion dollar meltdown : easy money, high rollers, and the great credit crash
Previously published asThe Trillion Dollar Meltdown
Now fully updated with the latest financial developments, this is the bestselling book that briefly and brilliantly explains how we got into the economic mess that is the Credit Crunch. With the housing markets unravelling daily and distress signals flying throughout the rest of the economy, there is little doubt that we are facing a fierce recession. In crisp, gripping prose, Charles R. Morris shows how got into this mess. He explains the arcane financial instruments, the chicanery, the policy misjudgments, the dogmas, and the delusions that created the greatest credit bubble in world history. Paul Volcker slew the inflation dragon in the early 1980s, and set the stage for the high performance economy of the 1980s and 1990s. But Wall Street's prosperity soon tilted into gross excess. The astronomical leverage at major banks and their hedge fund and private equity clients led to massive disruption in global markets. A quarter century of free-market zealotry that extolled asset stripping, abusive lending, and hedge fund secrecy will go down in flames with it. Continued denial and concealment could cause the crisis to stretch out for years, but financial and government leaders are still downplaying the problem. The required restructuring will be at least as painful as the very difficult period of 1979-1983.The Two Trillion-Dollar Meltdown, updated to include the latest financial developments, is indispensable to understanding how the world economy has been put on the brink.
eBook
Church, Community, and State in Relation to Education
This volume was originally prepared for the World Conference on Church, Community and State held in Oxford in 1937. Its aim was to understand the nature of the vital conflict between the Christian faith and the secular tendencies of the early twentieth century, particularly in relation to education. The book also analyses the responsibilities of the Church in this struggle.
eBook
Logic and computer design fundamentals
Based on the book Computer Engineering Hardware Design (1988), which presented the same combined treatment of logic design, digital system design and computer design basics. Because of its broad coverage of both logic and computer design, this text can be used to provide an overview of logic and computer hardware for computer science, computer engineering, electrical engineering, or engineering students in general. Annotation copyright by Book News, Inc., Portland, OR.
Book
OLD/NEW ANALYSIS OF STOCK MARKET HOLDS NO SUBSTANCE
The debate was triggered by a steady drop in the Dow Jones industrial average, a sort of hall of fame for old-economy stocks, which is down about 7 percent since its January high. The bellwether consumer stock, Procter & Gamble, was pummeled when the company predicted lower earnings than analysts expected, prompting violent fluttering in Wall Street's dovecotes. CONFUSION IS compounded by some very complicated economic realities. High-tech companies are transforming U.S. business and have been a major factor in the stunning productivity advances of recent years. But at the same time, probably most high-tech stocks, particularly Internet stocks, are ridiculously overvalued. Yes, the Dow has fallen hard in 2000, but that's only after five years of extremely strong share-price increases. With some exceptions, most Dow stocks still have very healthy valuations. First, the Dow. Even with the recent drop, Dow stocks have turned in 20 percent annual gains for five consecutive years, an extraordinary performance. The traditional way of valuing a stock is to multiply share price and total shares outstanding, then divide by earnings, which gives you the price-earnings ratio, or PE. A decade or so ago, a PE of 10 or 12 was considered normal for a healthy company, and eyebrows rose when PEs crept over 15 or 16. Markets got nervous when PEs shot past 20 during the 1980s buyout boom. Now the average PE of a New York Stock Exchange stock, which includes relatively few of the tech high-fliers, is more than 30.
Newspaper Article
DON'T BLAME GREENSPAN FOR THE TROUBLES ON WALL STREET
What did [Alan Greenspan] do? The Federal Reserve, or Fed, lends money, mostly overnight, to banks. The rate the Fed charges to banks sets a floor on the rates that banks, in turn, charge their customers - for credit cards, for mortgages, for business loans. By pushing bank rates up a bit, the Fed hopes to slow the economy a little, prevent inflationary overheating and keep the recovery going longer. Much of so-called modern economic management is just crude psychologizing. Greenspan hopes that by raising short-term rates, bondholders will be convinced that the economy will not grow so fast as to ignite inflation and, therefore, long-term rates will stay low. The bond managers clinging to skyscraper ledges are shouting he'll produce the opposite result. In fact, Greenspan has little choice. After three full years of easy Fed credit, bank lending capacity has been rising fast. If banks suddenly converted all those potential loans into real loans, inflationary pressures really could increase. Keeping money super-cheap, therefore, makes little sense. What's a fair rate to charge for overnight loans to healthy banks? Three-quarters of a percent more than inflation? One percent? If so, short-term rates have to go up again.
Newspaper Article