Tom Wood knows how to write and give people food for thought! have recently listened to his Meltdown in mp3 format found by <a href=http://www.mp3hunting.com> mp3 search </a> I was fascinated! The book is very superficial. It raises more questions than it answers. Woods uses lots of straw men, which are very easy to knock down.
Austrian School analysis may be correct, and it may have the explanation and the cure for business cycles, but this book doesn't prove it. As an example, Woods' most detailed example of how credit creates problems is his series of scenarios involving bakers and cobblers (of the shoemaker variety). He tries to show that extending credit to the shoemakers via the banking system will create business cycle problems (and it might), but he never explains why. His mantra is that the economy can't invest without savings (hmm, sounds Keynesian), but he never explains why that's true. It becomes apparent as the chapters unfold that Woods treats this as a postulate, not as something susceptible to analysis. Again, this isn't to say he is wrong, but this book won't give the answer to any serious analytical question of that nature.

Tom Wood knows how to write and give people food for thought! have recently listened to his Meltdown in mp3 format found by  http://www.mp3hunting.com I was fascinated! The book is very superficial. It raises more questions than it answers. Woods uses lots of straw men, which are very easy to knock down.
Austrian School analysis may be correct, and it may have the explanation and the cure for business cycles, but this book doesn't prove it. As an example, Woods' most detailed example of how credit creates problems is his series of scenarios involving bakers and cobblers (of the shoemaker variety). He tries to show that extending credit to the shoemakers via the banking system will create business cycle problems (and it might), but he never explains why. His mantra is that the economy can't invest without savings (hmm, sounds Keynesian), but he never explains why that's true. It becomes apparent as the chapters unfold that Woods treats this as a postulate, not as something susceptible to analysis. Again, this isn't to say he is wrong, but this book won't give the answer to any serious analytical question of that nature.

As an example, Woods' most detailed example of how credit creates problems is his series of scenarios involving bakers and cobblers (of the shoemaker variety). He tries to show that extending credit to the shoemakers via the banking system will create business cycle problems (and it might), but he never explains why. His mantra is that the economy can't invest without savings (hmm, sounds Keynesian), but he never explains why that's true. It becomes apparent as the chapters unfold that Woods treats this as a postulate, not as something susceptible to analysis.

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Having worked for a few (and knows, maybe the same one as you--one was behind the Treasury cornering scandal of '91, another was bought by UBS, yet another bought out DLJ), they DO do real stuff that provides necessary value to the economy.

E.g. setting up, issuing and syndicating stock IPO's and bonds, providing short-term bridge loans, giving advice on and putting together mergers, acquisitions and spinoffs, creating markets for the buying and selling of securities, etc. This is all necessary for the functioning of modern economies. All together it constitutes modern finance.

What you're referring to is when these firms gin up profits illegitimately or parasitically, by convincing companies to pay for services that they don't really need or which hurt the economy (e.g. a Gordon Gekko-style hostile takeover meant to split up a company and sell it at a profit, but putting people out of work in the process), or trading on their own account above and beyond what is healthy for the economy and often in quasi if not outright illegal manner. This, undoubtedly, is immoral, and dangerous.

And yeah, when I worked for my first firm, I too was confounded by all these weird instruments like repo's, commercial paper and tranches. Still am.

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I do want to see Leo Woods speak... I live in Los Angeles, so I don't think he has any upcomingtours in my area.

The economy's in such a down-spiral because of over-spending without the means.

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no, anything that is too much is not right - united gold direct

Yes you are wright that is big expensense in my experience I try to watch The Vampire Diaries Season 3 Episode 4 online so I can make it free.