Mr. Market Miscalculates: The Bubble Years and Beyond »

Why is America in financial crisis today? This book, better than any to date, explains it all-how we got here and where we are going. The how we got here is brilliantly described in a collection of pieces from Grant's Interest Rate Observer, the Wall Street insider's Bible. The where we are going is treated in Jim Grant's up-to-the-minute introduction. No fan of Greenspan or Bernanke, Grant tells the unvarnished truth about America.

Publishers Weekly

Collected from speeches and editorials by Grant, the editor of Grant's Interest Rate Observer, these essays are remarkable for their prescience: two years before subprime mortgages collapsed, the author described them as "not one borrower left behind" and when other analysts were worried about the effect of a Fed interest rate increase, he foresaw that the "risk to house prices lies not with interest rates but with lending standards." Other chapters attack bubbles in stocks and the dollar with erudition and wit ("Economics, mistaking itself for physics, is wont to turn up its nose at history, but the past has much to teach"; "as dress on Wall Street has become more casual, so have the monetary arrangements... the gold standard and swallowtail coats have given way to Greenspan and open-neck shirts"). It's hard to imagine reading any other investment newsletter even a week after publication. Grant's is the exception; it paints on a larger canvas and is infused with the author's generous spirit and rich sense of humor. (Nov.)

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Foreword
1 Gallery of the Immortals 1
2 On Planet Stock Market 35
3 New Eras on Parade 69
4 Perils of Tranquility 103
5 Mr. Market Buys a House 129
6 Mortgage Science Projects 163
7 Mr. Market in the Dock 199
8 Federalized Interest Rates 241
9 Bonfire of the Currencies 275
10 Lenders Don Lampshades 315
11 The Fine Art of Security Analysis 355 Postscript: The Close of the Era of Peace and Quiet 403 Index 413