A Crisis Wasted MOBI ✓ A Crisis PDF or


10 thoughts on “A Crisis Wasted

  1. says:

    This book is by a Washington insider who ended up being an Obama fan and advisor I agree with the thesis of the book and I think it's a necessary perspective and the book comes out at a perfect time as a warning to future Dem candidates Obama fumbled the response to the crisis This has been my opinion from day 1 and nothing I have read has changed it Though I still don't really blame Obama or think he did it with bad motives I think he picked the wrong guys and focused on the wrong things That's essentially what Hundt believes too This book stands out from others in this genre in that Hundt articulates what couldshould have been done and could still be done wrt stimulus and regulation etc He also shines a necessary light on a few people who were saying this stuff all along like Sheila Bair and Warren


  2. says:

    This is a book that confirms a gut feeling I have had since the 2016 presidential election I have thought Trump's victory was the result of the disillusionment of the middle class after the bright promise of Obama's election The country was looking for transitional change and it didn't get it It is disappointing but not surprising to realize that the decisions made before the inauguration contributed so greatly to this situation I can only hope that future leaders learn from thisThis is a rather dry read but does contain a lot of relevant information that gives food for thoughtI won a copy of this book in a Goodreads giveaway for this honest review


  3. says:

    I enjoyed this look behind the scenes I don't often read books like this so take that into consideration Reading firsthand how the Obama Administration made the decisions it did that effectively saved the elites first the economy second and the middle and working classes barely at all was enlightening and at times frustrating Reed Hundt makes pretty clear arguments about what the better policies and decisions would have been but also discusses the trade offs inherent There was no obvious answer that would have been great with no downside except to significantly limit the number of people from high up in Clinton's White House into the Obama West Wing I think Hundt is uite wrong about the benefits of building still longer distance high voltage lines to move green power around witness the blackouts in California as these towers are damaged and there is far too little local generation but most of his ideas are pretty sound in my estimation He offers a good critiue of Obama while reminding us how challenging the time was and trying to ground his criticism in reality rather than armchair uarterbacking In that I thought he succeeded


  4. says:

    I will start off by saying this was a very difficult book for me to readalmost boring in fact because it was very academic and very much about economics I believe it was also a difficult book for the author to write as he was an early Obama supporter and that his whole family campaigned for Obamaand still believes Obama to have been a graceful well spoken classy president However he gives much evidence that Obama and team did very poorly with the economic crisis that faced the nation at the time of his presidencythat the 800 billion stimulous infused into the economy did not do the job I particularly am reminded of Obama's statement that the shovel ready jobs were not so shovel ready The author states that Obama and team chose an economic recovery plan that benefited educated well off people much than the middle class Over the long haul the author has proved to be correct


  5. says:

    In the last few years I have participated in Goodreads giveaways but never had won a book I soon started to sulk and wonder if ANYONE ever won one of these contests I finally did win a copy of A Crisis Wasted and I suddenly became a proponent of the old adage Careful what you wish for The book is a tour de force on national and international economic issues reuiring your attention and concentration to its comprehensive details and conclusions No light reading here It was work to get through but worth it A Crisis Wasted is indeed a challenging read The author is a member of the transition teams for the Clinton and Obama presidencies and former Chairman of the Federal Communications Commission The book in many ways is like reading an economics textbook However it also contains a rapid paced you are there series of riveting narratives where we see members of the Obama transition team explore policy and political options often in heated debate mode as they move from simple policy discussions to the actual implementation faze Indeed we note that governing is much harder than suggesting ideas in a think tank environment The book is the story of President Obama's domestic policy decisions made between September 2008 and his inauguration on January 20 2009 It is the author's contention that the decisions made by the President Elect and his policy makers were done hastily and were the product of the branch of the Democratic Party Clintonians and their neo liberal economic view that did not reflect Barak Obama nor did they express the progressive ideas that Mr Obama had presented the country during his successful presidential run in 2008 Specifically Hundt believes that the amount of money suggested for the economic stimulus package was woefully inadeuate and doled out without a proper consideration of our country's priorities Moreover Hundt indicates that even when the advisers realized that there projections were short of the mark they compounded their initial errors by failing to alert the President Elect of that fact nor did they put other options before him for consideration The advisers all appeared to be marching to the same drum with preconceived ideas not subject to change or modification The President Elect appeared to have no other choice but to follow down the only economic hole that they had recommended for him It's sobering to realize that decisions made even before a president takes office can often have dire effects and even sabotage the hopes and plans of an incoming AdministrationIt is Mr Hundt's conclusion that the rush to package and put forth the stimulus package along with Obama's subseuent decision to give full attention to healthcare reform with the construction and passage of the Affordable Care Act Obama Care led to the sueezing of the middle class and precipitating their anger and frustration Home values declined as did job prospects These factors contributed to the Trump Revolution a movement that the author conjectures would never have been possible but for the Obama Administration's failure to address the economic woes of the middle class Looking to the manner in which politicians should address future economic crises the author writes In the event of the next crisis again government will have to choose between restoring the profitability of the financial industry or directly helping millions of families harmed by economic downturn The book moves at a rapid pace even with its detailed economic emphasis and includes a very thoughtful chapter on how Mr Obama framed his January 20 2009 Inaugural Address as compared to that of President Franklin Roosevelt in his nothing to fear but fear itself Inaugural Address in March 1932 during a time when he faced the economic crisis caused by the Depression and the fall of the stock market in 1929 Mr Hundt compares the similarities and differences in the times and the men themselves The book presents great insights into what our leaders need to think about in putting America's economic well being front and center moving forward I would recommend that Mr Hundt be at the table during any such discussions


  6. says:

    One of my biggest issues with the world today is the amount of fake news and propaganda that convinces those they are in the normSadly it's this gaslighting techniue being used against the American people that convinces them they are in the majority rather than the minorityFor example The ramifications of the Great Recession are not behind us The 2016 election has not ended The same battle between progressivism and neoliberalism still rages in the Democratic Party As many seek the Presidency in the November 2020 election all candidates and of course the eventual winner will continue to face decisions similar to those confronted by Barack ObamaThank you to Reed for addressing the truthThis book is not just about what Obama inherited but just how toxic the White House and those staffed within are and have sadly becomeIt's clearly a well researched piece that showcases the numbers in pure form rather than those fudged by those seeking to sway votersI will note the public must be made aware of two numbers not one set of U3 which is commonly uoted against unemployment but rather the U6 which is a accurate depiction of realityClearly we can never fully have all the stats documented but those who live in the recession and still struggle today with extreme poverty such as self know the reality Those like myself on the front line volunteering as well as being a recipient for hand ups not hand outs know the reality is much worseJobs while available are low funded and salaried and are reserved for those with connections wealth or recent grads not knowledgeable persay of what they are entitled too in the long termFor the rest of us mid class or lower with families to support we are left with the scraps while being told the job market is extraordinary and better than ever while being fed the lies that unemployment is down and housing market is boomingI'm a malignant narcissist survivor and I assure you everything is not rainbows and roses no matter how much we choose to live in denialI have never wandered away from the norm which is our fellow humans are suffering in mass numbers and we need helpThe top 1% that receive the tax incentives benefits jobs and or perks cannot sustain the rest of us foreverIf the issues were addressed prior to the financial collapse in '09 it might have saved the Democrats in the house However the fact is the number needed was near a trillion and the number afforded was way too small to fix the problemUnemployment for Obama was at 9 10% upon his first term in office While DT notes how great he's making America the fact remains what have we accomplished?The decision making process was difficult albeit not black nor white and I feel the President had our best interest at hand but still he failed to apply it correctlyThe result is what we now have before us that was just impeached while campaigning and without one lick of remorse empathy or understanding of the level government needs to not only function but sustain us all while moving in a healthy directionWe are now simply put deeper in debt for a man who professed he wouldn't take a pay checkGood luck to America as I have first hand knowledge of the end result and I assure you it will get much worse before it gets better


  7. says:

    notes below“On February 11 2008 President Bush signed a bipartisan stimulus bill adding up to 170 billion mostly comprising tax cuts It was a digit than Summers had mentioned a month earlier This bill anticipated the story of the Obama stimulus in three ways It exemplified the Republican preference for tax cuts It was too small for the situation It misled the Obama advisers into thinking that Republicans in Congress might support a stimulus sought by Democrats”“Everyone in government should understand that the leaders of the majority party in Congress and the president usually want the heads of departments and agencies to do what’s necessary to keep their segments of the system from crashing In a crisis the executive branch officers are supposed to adopt an elastic interpretation of their legal authority This hard fast and unwritten rule applied to issues like Katrina the BP oil rig explosion and the looming collapse of Lehman”“That meant the GDP would drop sharply then rise rapidly To them the big risk was that excessive deficit spending might cause the private sector to demand higher interest rates out of fear of inflation Therefore the new administration should uickly inject a stimulus but then cut back spending In fact from 2008 until 2016 the GDP drew of an L than a V—the recovery was protracted and lackluster The Clintonites proceeded on the wrong assumption”“Goolsbee went on “You can see how things could be different if you looked at the one part of TARP where the new administration could make the conditions—autos The Bush administration gave the automobile companies 18 billion with virtually no conditions in 2008 When that money ran out and they seek from Obama in 2009 he provides money but only with a series of wrenching restructuring conditions Half the management is fired They go through bankruptcy They restructure and end up succeeding We could only impose those things because they needed money In the case of the banks they were given the money in 2008 To get them to do something in 2009 they had to be induced They already had their money”“the Democrats would lose the majority in the House in the midterm election Emanuel’s Thanksgiving obscenities should not have been taken as the final word on the upper limit of the stimulus but Obama his people and the Democratic Party struggled to imagine the dimensions of necessity and opportunity that the unprecedented crisis presentedBy contrast neither in 2001 nor in 2017 did the Republican Congress Party scruple about crafting stimulus packages in the form of tax cuts that added much than a trillion dollars to the federal deficit In those initial years of Republican presidencies the incoming administration favored supply side stimulus Summers had spent two decades opposing tax breaks”“The economists thought of aggregate demand as a swimming pool that needed water The government would put a hose of money in one corner and the level of demand for goods and services would rise everywhere Then swimmers the supply side would jump in with new investment However the swimming pool level did not in fact uickly rise everywhere evenly As a result of the design principle the stimulus would produce a geographically uneven recovery”“Orszag did not favor government loans As a budget scoring expert Orszag knew that a congressional appropriation to a governmental unit could permit the recipient agency to loan many times the scored amount For example by appropriating 10 billion to the Department of Energy for loans Congress could enable DOE to loan 100 billion at the rock bottom rates set by sales of treasury bonds Using this techniue if a stimulus capped at 500 billion consisted of loan authorization it could cause 5 trillion to be loaned to private sector firmsDespite this advantage the advisers disliked government loans for at least four reasons First government can borrow cheaply than any other lender because it has the power to print money and tax in order to pay interest on debt Therefore it can lend at a cheaper rate than any commercial entity Second if borrowers face difficulty in paying back loans they ask the lender to help them out in some way Third in order to expand private sector lending to small businesses students exporters and many other kinds of borrowers the government commonly guarantees that the borrower will repayFourth the advisers did not believe the federal government had the acumen or flexibility to drive the hard bargains that commercial lenders do ”“I say political malpractice not economic malpractice because first of all there’s no statistic that was thrown back in our face than that one That was a self inflicted wound You could make your case without it You could say instead that the economy is in free fall ‘We frankly don’t know how fast it’s falling What we do know is that we need an emergency intervention We need to do at least this much We can’t predict exactly what unemployment will be But we know that if we don’t do this things will be a lot worse’ By defining success in the way they did it set us up for failure on the political argument”“The best way we could have done this would have been to link many of the payments to the unemployment rate or some other indicator in a sense temporarily boosting the automatic stabilizers; since CBO projected a short recession it would have scored the cost as minimal ”“Obama’s advisers believed that at some point the ratio between total public debt and the size of the economy becomes so high that the economy will not grow fast enough to create the potential for government to extract taxes sufficient to pay the interest on its debts When the perception of reaching that point becomes widespread investors take their money to another country and an economic collapse ensues”“Kabaker explained further “If you lent money to GM you’re a sophisticated investor and the bankruptcy court will decide if you get paid And your bond can still trade You understand that Your money is at risk Your bond is not worth the face value It is worth the trading value Banks are different If you lent money to Bank of America by making a deposit there you think that’s money A dollar is a dollar Other institutions that lend to each other overnight in a way similar to a deposit think that’s money If you put one of those organizations into bankruptcy then you suddenly discover that what you thought was currency is not Money vanishes That can create major problems throughout a system Deposits have to be guaranteed”


  8. says:

    I would give this 3 12 stars if I could It’s as tight and dry as a lawyer’s brief arguing arcane points of banking law Hundt is in fact a gifted lawyer and he explains difficult concepts clearly This is an excellent review of the challenges and choices Obama faced at the time he assumed the office of President The book is true to Obama’s moniker No Drama Obama The book’s discussion of America’s greatest financial crisis since the Great Depression is as dry as Grape Nuts without milk And depressingly one of the book’s principal conclusions is that Obama’s selection of Clinton retreads as staff dictated his policies Of these the imperious Larry Summers stands out as first among euals The contrast between Obama and what we know of Trump could hardly be stark Where per Hundt Obama followed staff advice to a fault Trump follows no one’s advice consistently other than possibly Mark Meadows While there is much to admire in Obama if anything this well reasoned treatise makes me long for someone somewhat less disciplined and imaginative than was Obama But that personality carries with it greater risk of failure Maybe in the end Obama’s consistency and discipline was the best we could have hoped for in a time of crisis where there was very little margin for error However as Hundt argues Obama arguably suandered the opportunity to advocate for bolder policies that could have been of far benefit to the middle class and left no opening for a disruptive Donald Trump


  9. says:

    This was a painful but rewarding read It was necessarily painful to revisit many of the missed opportunities from the momentous executive decisions made during the 2008 2009 transition which inevitably lead to the rise of the sentiments that created our current political woes It was ultimately rewarding though to go through the exercise of contending all the incompatible schools of thought in both macroeconomics and public policy clearly presented and poignantly argued by the author to understand why progressivism must prevail over neoliberalism as the way forward Extremely well researched the illuminating charts and graphs alone deserve careful study; the detailed interview uotes allow readers to playback in the room where it happened “The dogmas of the uiet past are inadeuate to the stormy present The occasion is piled high with difficulty and we must rise—with the occasion As our case is new so we must think anew and act anew We must disenthrall ourselves and then we shall save our country” Abraham Lincoln December 1 1862 Salus populi suprema lex esto “The welfare of the people shall be the supreme law” Cicero


  10. says:

    I won this book as a Goodreads GiveawayI found the topic and the view from within the transition to be fascinating Unfortunately for me I found the author's writing style to be dry and boring But let's begin with the positivesThere doesn't seem to be very many books about what happens during the presidential transition and so I appreciate the uniue insight this provides in that regard To really appreciate this book you need to be a bit of a DC insider in my opinion The author assumes you as the reader have some baseline level of knowledge about the players and the issues While it allows him to go into depth to discuss the issues and the decision making it does lose the reader if they are not familiar with the various government machinations during this rather tumultuous time So if you're not tuned into the happenings of DC you might find yourself having to look up some of the people or issues to get the basics I would've appreciated having a bit character background on some of these players like what their past was their motivations and their outlooks But overall I really enjoyed the perspective and vantage point the author providedWhat I didn't like about the book was the writing style Overall it felt unnecessarily stuffy and academic with the author using large words for seemingly the sake of doing so Like the word syzygy Not really necessary to use it in the book Also the author seems to have an aversion to using the word and in his writing Instead the author likes to cut it out move on to next word It makes reading the book a bit challenging awkward Like those last two sentences If you can power through the writing there's some good insight to gain from this bookOverall I recommend this for DC insiders policy wonks and anyone interested in politics in general


Leave a Reply

Your email address will not be published. Required fields are marked *


A Crisis Wasted [PDF / EPUB] A Crisis Wasted This book is the compelling story of President Obama’s domestic policy decisions made between September 2008 and his inauguration on January 20 2009Unlike all other presidents except Abraham Lincoln This book is the compelling story of President Obama’s domestic policy decisions made between September and his inauguration on January Unlike all other presidents except Abraham Lincoln—who decided not to allow slavery to expand westward before he was A Crisis PDF or sworn in—Barack Obama determined the fate of his presidency before he took office The results of these fateful decisions led to Donald Trump the worst person Obama could have imagined taking his place eight years laterThis book describes how and why these decisions were made and discusses whether the outcomes could have been different Based on dozens of interviews with actors in the Obama transition as well as the author’s personal observations this book provides uniue commentary on those defining decisions of winter –A decade later the ramifications of the Great Recession and the role of government in addressing the crisis are the reasons behind the ideological battle between progressivism and neoliberalism in the Democratic Party and the continuing struggle for direction in the Republican Party As many seek the presidency in the November election all candidates and of course the eventual winner will face decisions that may be as critical and difficult as those confronted by Barack Obama This book aims to provide them guidance from history.

  • Audio CD
  • A Crisis Wasted
  • Reed Hundt
  • 13 January 2014
  • 9781721358571