"An authoritative account…. A must-read.”
The End of Easy Money and the Renewal of the American Economy (Times Books, 2009).
How Main Street was hit by—and might recover from—the financial crisis, by The New York Times's national economics correspondent
When the financial crisis struck in 2008, Main Street felt the blow just as hard as Wall Street. The New York Times national economics correspondent Peter S. Goodman takes us behind the headlines and exposes how the flow of capital from Asia and Silicon Valley to the suburbs of the housing bubble perverted America's economy. He follows a real estate entrepreneur who sees endless opportunity in the underdeveloped lots of Florida—until the mortgages for them collapse. And he watches as an Oakland, California-based deliveryman, unable to land a job in the biotech industry, slides into unemployment and a homeless shelter. As Goodman shows, for two decades Americans binged on imports and easy credit, a spending spree abetted by ever-increasing home values—and then the bill came due.
Yet even in a new environment of thrift and pullback, Goodman argues that economic adaptation is possible, through new industries and new safety nets. His tour of new businesses in Michigan, Iowa, South Carolina, and elsewhere and his clear-eyed analysis point the way to the economic promises and risks America now faces.
PRAISE FOR PAST DUE
"Peter S. Goodman is a reporter's reporter--relentless, skeptical, fair, energetic, and eager to see things for himself. His instinct for the big story carried him for a decade through the landscape of our current economic crisis--the Internet bubble of Silicon Valley, China's roaring but unbalanced economy, and the upended American heartland. Past Due is a timely, deeply reported and clarifying book." —Steve Coll, Two-time Pulitzer prize-winning author; Dean of Columbia Journalism School
"A gripping tale of the current financial crisis and severe recession." —Nouriel Roubini, economist, New York University's Stern School of Business
"Goodman performs a tremendous service by showing how the context of market manias changes but the essential content remains the same." —Paul M. Barrett, The New York Times Book Review
“Peter S. Goodman is a reporter with a valuable thesis, reams of anecdotes and a habit of being in the right place at the right time. He puts these assets to work in a persuasive book on an all-too-familiar topic, Past Due: The End of Easy Money and the Renewal of the American Economy.” —Bloomberg News
"America's economic crisis has prompted much hand-wringing and recrimination but few clear-eyed, accessible examinations of the underlying problems. Goodman's persuasive new book is such an examination--and a captivating story to boot. It should be read by everyone who wants to know what went wrong with our economy, how the reckoning has affected our companies and our workers, and how we can get our country back on track." —Jacob S. Hacker, professor of political science, Yale University, and author, The Great Risk Shift