THE TWO TRILLION DOLLAR MELTDOWN
An Illustrated Lecture
Whether you are a future or active investor, a homeowner, or a contributor to your 401(k) plan, Charles R. Morris's presentation is indispensable to understanding the gross excess that has put the world economy on the brink—and what the new landscape will look like.
Charles R. Morris, a lawyer and former banker, is the author of The Trillion Dollar Meltdown, a book that the Economist Magazine called 'the first big big book on the credit crunch.' Morris's 'brief and brilliant' book (New York Times Book Review) has earned him 'rock-solid status as a predictor,' according to the New Yorker, and was both a New York Times and Wall Street Journal best-seller. The revised and updated edition, The Two Trillion Dollar Meltdown, is published by Public Affairs (February, 2009).
THE PROGRAM
Morris distills the story of the collapse using compelling graphics that trace the origins and the evolution of the credit meltdown. Topics include the growth of the ‘shadow banking' system, the explosion of hidden leverage, and the self-delusion and outright chicanery at America's great financial institutions. Morris also explains the birth and perversion of the arcane new financial instruments at the root of the crisis, and the spurious certitudes of the highly mathematized financial formulas that proved that a credit meltdown could not happen.
In Morris's view, writedowns and other losses at major financial institutions are likely to total at least another $1 trillion in addition to the approximately $1 trillion already recognized on bank and insurer balance sheets as of late 2008. He will explain why a 'balance sheet crisis' is fundamentally different from a typical economic recession, and why the current recession is likely to be unusually long and deep. He will also briefly discuss the kind of regulatory regime required to preserve the multiple benefits of financial innovation while protecting the economy against the gross excesses of the bubble era.
ABOUT CHARLES MORRIS
Morris was for many years managing director of a consulting firm that specialized in company valuations in connection with mergers and acquisitions, and was most recently president of a software company that developed big-ticket deal processing and management software for major banks and insurance companies.
Charles R. Morris has written eleven books, including The Cost of Good Intentions, one of the New York Times' Best Books of 1980, The Coming Global Boom, a New York Times Notable Book of 1990, and The Tycoons, a Barrons' Best Book of 2005. His articles and reviews have appeared in many publications, including The Harvard Business Review, The Atlantic Monthly, the New York Times, and the Wall Street Journal.
He is a graduate of the University of Pennsylvania and the University of Pennsylvania Law School, is a retired member of the New York and Washington State bars, and is a member of the Council on Foreign Relations.
BLURBS
"We invited Mr. Morris to speak to Fidelity's investment professionals about his best-selling book "Trillion-Dollar Meltdown". What we got in return was ten times what we expected. Mr. Morris is a writer, an avid market-follower and a historian above all and his comments about the current credit cycle as well as past credit cycles are insightful, pertinent and thought-provoking. He captivated a group of portfolio managers and analysts who typically can’t sit still."
-- Kate Leness, Director Investment Training
Fidelity Management and Research Co.
"Charles Morris' talk at the Council of Institutional Investors' 2008 spring conference was a highlight of our program. His remarks were clear, informative and lively. Morris managed to explain complex financial products and trends in a way that was understandable to a large, diverse audience and he peppered his discussion with illuminating anecdotes. Many members came up to me afterward to express how much they enjoyed his talk."
--Amy Borrus
Deputy Director
Council of Institutional Investors
