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And Then The Roof Caved In: How Wall Street's Greed And Stupidity Brought Capitalism To Its Knees (2009)

by David Faber(Favorite Author)

3.8 of 5 Votes: 3

ISBN

0470474238 (ISBN13: 9780470474235)

languge

English

genre

History & Biography

publisher

John Wiley & Sons

review 1: What I found most interesting was Kyle Bass’s attempt to be forthright with Bear Stearns to alert them and other investment and financial institutions of their cataclysmic collision path with sure disaster. I guess to them Bass must have resembled some overly angst person with apocalyptic views about the world of finance. Bass had done his research, presented the facts, and still these institutions turned a blind eye and gave him the cold shoulder. They were so “high” on making money that they thought they would NEVER come down hard off of that high. In the world of Wall Street, greed is an especially terrible addiction to possess.
review 2: ‘No-one seemed to ask what would happen if housing prices started to fall.’This book, by CNBC’s David Fab... moreer, provides an analysis of the global financial crisis that commenced in 2007. The cause of this crisis, as written by Mr Faber, is a combination of greed and regulatory failure. David Faber traces the lineage of the subprime mortgage industry, and tracks it back to the aftermath of the September 11 2001 attacks when interest rates were lowered to try to help the American economy to recover. The lowering of the interest rate apparently enabled a drop in lending standards which allowed people to take on mortgages they couldn’t afford.The causes and consequences of this collapse are covered in this book. While reading ex post analysis may be cold comfort to many, seeking to understand the various factors involved is important in order to try to prevent such an occurrence in future. I think that this book provides a good starting point for those of us who seek to better understand what went wrong, and why. The subprime mortgage industry failure may have originated in the USA, but its impacts are global.Jennifer Cameron-Smith less

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