CONTENTS -- Preface -- Chapter 1. At Inception -- Chapter 2. The Great Depression -- The Prelude to Disaster -- The Speculative Bubble -- The Great Crash -- The Aftermath -- GNP and the Downward Trade Spiral -- Keynes's Academic Precursors -- Keynes's Policy Suggestions -- Chapter 3. Primal Keynesianism and the New Deal -- The Early New Deal Years -- The Famous Keynesian Multiplier -- Illusions and the National Income -- Money and Uncertainty -- Inside and Outside Money Supplies -- Interest Rates and Uncertainty Upends the Quantity Theory of Money -- Money and the Great Depression -- Keynes, Harvard and the Later New Deal Years -- Looking Forward -- Chapter 4. A Post Keynesian Framework -- The Income Distribution: Sraffa and Kalecki -- Sraffa's Attempted Purge of Marginalism -- Kalecki's Income Classes: The Workers and the Capitalists -- The Vita View of the Personal Income Distribution -- The Price Markup and Prices -- The Imperfection of Competition and Kalecki's "Degree of Monopoly" -- The Price Markup and the Price Level -- Stagflation -- Incomes Policy -- What to Control? Wages or Profits? -- The TIP Proposals -- Money and the Financing of Investment -- "Inside Money" -- The Money Supply and Monetary Policy -- Minsky and Financial Fragility -- The Global Spectra -- Whither Economic Growth? -- Conclusions -- Chapter 5. The Rise of Casino Capitalism -- The Federal Reserve's Experiment with Friedman's Monetarism (1979-1982) -- Supply-Side Economics -- The Laffer Curve and the Mantra of the Balanced Budget -- The Angst of Insider David Stockman -- The Sequel -- The Deep Recession of 1981 to 1982 -- The National Debt Explodes (1980-1992) -- The Arithmetic of Modern Monetarism in Action -- Keynes Redux: Reagan's Ersatz Keynesianism -- Casino Capitalism -- Private Sector Debt Explodes -- Michael Milken Creates the Junk Bond Market.

Junk Bonds Lead to LBO Mania -- The Bursting of Bubbles -- The Growing Inequality During the 1980s -- A Net Worth Perspective: Where the Money Went -- Clintonomics: Continuity with the Federal Reserve -- Greenspan and Clinton: An Unholy Alliance -- Greenspan's Financial Market Strategy -- Public Infrastructure is Sacrificed to Reduce the Federal Budget Deficit -- The Clinton Legacy: Ending the Progressive Agenda -- The Dramatic Shift from Basic Commodities to Nonbasic Services -- Conclusions -- Chapter 6. The Housing Bubble Conundrum -- How the Fed Can Stimulate Housing Construction and Demand -- Alan Greenspan Acts -- The Consequences of Asset Inflation -- Spotting a Housing Bubble -- Greenspan Gets Smarter as the Bubble Gets Bigger -- Defining the Bubble -- Greenspan's Innocent Hypocrisy in His Attack on Fannie and Freddie -- Summing-Up -- Chapter 7. The Anatomy of the Subprime Mortgage Bubble and Collapse -- The CDO -- The Black-Sholes Model and the Origin of Derivatives -- The Role of the Subprime Mortgage -- The Credit Default Swap -- The Collapse -- Collapses Around the World -- Chapter 8. The Fallout from the Housing Collapse -- In the Beginning -- Innovations in Housing -- The Subprime Mortgage Mess -- Complications from Derivatives -- Problems Go Global -- Chapter 9. The Great Money and Banking Panic -- Changes in Banking and Finance -- Increases in the Use of Derivatives -- More Deregulation -- How the U.S. Housing Bubble Burst in the Faces of Banks -- The Banks were Next -- Fiscal Policy is Invoked -- Consequences -- U.S. Bank Credit and the Stock Market -- Chapter 10. The Unconventional Use of Monetary Policy -- The Federal Reserve at Inception -- Ben Bernanke at the Fed -- The Specter of Deflation -- Liquidity Traps -- The Global Dimension -- Conclusions -- Chapter 11. The Deep Decline in Output and Employment.

The Economic Crisis of Summer 2008 -- The Crisis Deepens -- The Keynesian Fiscal Stimulus -- The Crisis in the Automotive Industry and Obama's Response -- The Housing and Banking Crises: The Aftermath -- Unemployment and Output in the USA: A Summary -- Unemployment in Other Countries -- Roubini: A Cassandra Who Became a Prophet -- Chapter 12. The Unconventional Use of Fiscal Policy -- The Stimulus Package -- The Shortfall -- Global Fiscal Legacies -- Chapter 13. The Great Inequalities -- The Unequal Income Distribution of the United States -- The Forced Dominance of Freddie Mac and Fannie Mae -- A Glimpse at Global Income Inequalities -- Wealth Inequalities in the USA -- The Weak USA Welfare Net -- Chapter 14. Policies: Old and New -- The Financial Crisis in the States of America -- Policies at Mid-Year 2010 -- Prospects for Monetary Policy -- European Stimulus? -- Addressing Income Inequalities in the USA -- Global Consumption Patterns -- Empowering the IMF -- Future Income Tax Policies -- A Transactions Tax on Wealth -- Interest-Free Loans for Infrastructure -- Interest-Free Bonds and the Business Cycle -- Chapter 15. Prospects -- Index.