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When President Obama took office in 2009, he was faced with the worst economic crisis since the Great Depression. The president, his economic team and the Federal Reserve took actions that many credit with helping stave off a global financial meltdown. But the causes of the near-collapse and what was done to solve it remain poorly understood by many who lived through it. In a new book, a leading U.S. economist explains what happened and why. And he warns that more needs to be done to reduce the chance of a similar crisis in the future.
Excerpt from "After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead" by Alan Blinder. Copyright 2013 by Alan Blinder. Reprinted here by permission of Penguin Press. All rights reserved.