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All The Devils Are Here: The Hidden History Of The Financial Crisis (2010)

by Bethany McLean(Favorite Author)

4.01 of 5 Votes: 4

ISBN

1591843634 (ISBN13: 9781591843634)

languge

English

genre

History & Biography

publisher

Portfolio/Penguin

review 1: Bethany McLean, author of the behind the scenes story of Enron entitled "The Smartest Guys in the Room" returns and teams up with NYT's Joe Nocera. Together they give perhaps the most comprehensive and panoramic look into the causes of the Great Financial Crisis of 2008. No better title could be found than this famous quote from Shakespeare's "The Tempest".The authors' objectivity is evidenced by the fact that unlike other writers who have penned purely political op-Ed's to confirm their own philosophical viewpoints (i.e. "It's all the fault if banks" from the Left and "It's all the fault of Fannie & Freddie from the Right"), McLean & Nocera have complied a compendium of data which indicts all parties across the board. The authors write with excellent clarity and specif... moreicity as to make the esoteric world of structured finance products (MBS, CDOs, etc.) easy to understand be the reader an expert or a layperson.The "devils" are found throughout the last 3 decades leading up to the crash. They are the Investment Bankers, Subprime Mortgage Companies, Mortgage Brokers, Realtors, Regulators, Speculators, Home Builders, Fannie, Freddie, HUD, the Federal Government, Consumer Advocacy Groups, the Federal Reserve's monetary policy, Bond Rating Agencies and ultimately many consumers themselves. They are Democrats as well as Republicans. They are free market advocates as well as pro-government housing supporters. The "devils" make their homes on Wall Street and Main Street alike.I highly recommend "All the Devils are Here" for anyone looking for a deep, specific yet also easy to understand explanation behind the financial crash of 2008. As you'll find, there is no easy answer or explanation but McLean & Nocera make the best and most substantiated case yet for the argument that the crisis was not the result of singular but rather multiple events & players; "all the Devils".
review 2: In the best tradition of great accounts of financial crises the authors manage to make a complicated history not only readable but deeply engaging. Bethany Mclean has a true talent and the skill and insight to shed light on business journalism through her brilliant cast of characters and illustrates how the ultimate responsibility for events often lie in the egos motivations and personalities of the players. Also recommend her Enron book strongly! less

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