Even the middle and upper-crust characters are constantly talking about money – who owes them, whom they owe and how to get more money. Set during the late 1800s, the novel presents Russian peasants and workers displaced by industrialization and land reform. Anna Karenina explores both the boon and barbarism of capitalism. Sometimes it seems Tolstoy is an economist masquerading as a novelist. In order to prevent, or lessen the consequences of, the next Great Recession, the House of Debt authors argue we must address our constant indebtedness and the system that causes it, in which lenders and creditors-not the average person- hold all the power.īecause individual consumers are not “too big to fail.”

Household debt is higher than ever before-which will make recessions worse than ever before. Now, consumer debt has grown large enough to jeopardize the economy. The 2008 crash woke the world to the fact that banks were on the hook for debts they couldn’t pay. Lily: “You might as well say that the only way not to think about air is to have enough to breathe.” Selden: “The only way to not think about money is to have a great deal of it.” The reflections of the heroine, Lily Bart, in her descent from wealth into penury are some of the greatest observations on money ever made. The House of Mirth takes us back to that first Gilded Age. Reminder: The first Gilded Age culminated the Great Depression. Like the Gilded age of the 1900s, this epoch characterized by a huge discrepancy between rich and poor. Many have said the 2000s ushered in a New Gilded Age. Murray now, called a most anticipated book of 2020 by SheKnows! The House of Mirth by Edith Wharton Make sure to order your copy of Greedy Heart by A.P.

So it seems like the perfect time for a Big Short roundup: A list of titles – both classics and new – about economic crises, who survives, who gets sucked under, and what might cause – or be causing right now – the next financial crash.Īnd since economic plight is not exclusively about bear markets, Wall Street and global “crashes,” but rather includes the fortunes of individuals and groups determined by race, class and gender, the list also has titles touching on this alternate perspective of boom and bust. It told the *real* story of the 2008 crash: How a small group of little known and brilliant Wall Street insiders invented a short strategy that triggered a global economic meltdown. In an ironic coincidence, this week is the anniversary of The Big Short, Michael Lewis’ blockbuster book-turned-movie, which came out 10 years ago. Something weird is happening with debt and liquidity making the markets go haywire, a la 2008.

Many experts say the current downturn is not just about the Corona pandemic. With the markets plunging, and financial panic spreading, things can sure start feeling like 2008.

The big short book