After The Music Stopped, Blinder - B +

                                               This is another book about the financial crisis. It is by Alan Blinder, Princeton Prof and former Vice-Chair of the Fed, a heck of a writer, and it is very good. His goal is to paint the big picture "whys" and not go into detail about the steps along the way.  He does that well, but there's no way to discuss the events without going through the narrative, a pretty familiar tale of woe. His charts are helpful and  they highlight just how out- sized the real estate bubble was.  When the bubble was combined with substantial leverage, crazy pay schemes, excessive liquidity, reduced regulation and complacency, the Great Recession was the result. He discusses the problems of late 2007 and Bear Stearns, as the preliminaries, leading up to Fannie, Freddie and what he calls Lehman Day - Sept. 15, 2008- the day the world came very close to stopping.  Two days later, the Fed extended an $85B loan facility to AIG, and TARP soon followed. The world's central banks all cut interest rates on Oct. 8 - the wagons were circled.  He feels strongly that what Paulson and Bernanke, followed by Obama and Geithner, did had to be done.  He cites evidence that without the bailouts and the stimulus, matters would have been materially worse. He faults Paulson for switching from buying 'troubled assets' to injecting capital into banks, and faults everyone for not selling the plan to America. The political failure to sell what was done to save the system is part and parcel of today's dysfunction. Also in for some sharp words are President Bush for cutting taxes while waging war,  President Obama for not successfully pursuing mortgage relief, and the Republican Congress for not even considering any reform measures.  He offers ideas for reform and points out that Medicare can not be sustained for the long term.  He is a skilled writer and a fine teacher. I won't say this is a must, but it's pretty good.