Brand New for 2018: an updated edition featuring a new afterword to mark the 10th anniversary of the financial crisis The brilliantly reported New York Times bestseller that goes behind the scenes of the financial crisis on Wall Street and in Washington to give the definitive account of the crisis, the basis for the HBO film “Too Big To Fail is too good to put down. . . . It is the story of the … Fail is too good to put down. . . . It is the story of the actors in the most extraordinary financial spectacle in 80 years, and it is told brilliantly.” —The Economist
In one of the most gripping financial narratives in decades, Andrew Ross Sorkin—a New York Times columnist and one of the country’s most respected financial reporters—delivers the first definitive blow-by-blow account of the epochal economic crisis that brought the world to the brink. Through unprecedented access to the players involved, he re-creates all the drama and turmoil of these turbulent days, revealing never-before-disclosed details and recounting how, motivated as often by ego and greed as by fear and self-preservation, the most powerful men and women in finance and politics decided the fate of the world’s economy.
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This book is a tale of avarice. People with insatiable lust for money will think up schemes to accumulate such wealth regardless of the after effects their schemes have on “forgotten men” when the Great Recession occurred. Incredibly, nobody has gone to jail for the hardship that befell millions of people who had done no wrong. Many of the perpetrators of the Great Recession had stuffed their pockets with millions upon millions of cash. No effort has made made to make them pay back their ill gotten gains. The same thing is going on again at the moment in 2017. When will the next disaster occur? Regulation is necessary of course and the mandatory punishment for those who flout the regulations.
What world we live in
A great book on the tragic failure of de-regulation, greed, hubris, poor oversight, et al, resulting in the economic collapse of 2008, from which many have not yet recovered. The average person suffered, lost homes … and the ones behind the sub-prime loans reaped huge financial rewards. I have chosen to limit or curtail my dealings with some of the players. Sad many of the same / similar conditions are now in place for a repeat, esp. risky business and personal loans, poor incomes among the disappearing middle class (growing income disparity; who’ll be left to purchase goods), and so on. The current consumer-led economic growth is unsustainable since it is being fed by debt taken on by those who are a car-repair bill or medical bill or job-loss away from “bankruptcy”.
Excellent detailed story
I listened to the audiobook, which is quite a commitment since it was 20+ hours long. The author does an excellent job explaining the 9-month period between March and October 2008 leading to the Great Recession as well as building the background to the parties who became the key players in those events. While I still do not have a technical understanding of the finances involved, I do have a much better picture of the timeline, of why certain decisions were made, and of the immediate impact of those decisions. I would listen to the audiobook in the car and when exercising and felt entertained, which is a credit to both the author and narrator.
Didn’t appreciate how close to the edge the economy was at the start of the 2007 recession. Well researched about the back room deal making that was happening. Fascinating view of high finance!
This is not supposed to be a comedy, but Scott Adams is so full of himself in this book that I just found myself laughing at him and Trump and many of the other characters that Adams brings to life. Adams insists that he knows the secret to communication, but I think you’ll find better books on that subject than this one.
An excellent book on the subject of the Economic Meltdown in 2008-2009, with an in-depth look at the individuals and the interactions that shaped the outcome and efforts to mitigate the damage.
As someone who follows the machinations of “Wall Street” and fiscal policy, I have a mixed opinion. The history behind the decisions made during this frightening period was appreciated yet the continuous use of the “F” word in chapter after chapter, even if accurate, distracted from the historical implication of the moment. If this is their day to day language, I am not impressed with their impressions of the issues nor their ability to judge right from wrong. If these geniuses did not know the value of their assets or responsibilities to the general public, perhaps they should have been fired. Yet, who would meet that responsibility? They continue to control regardless of their ignorance of power.
Good reading but hard to follow all the people and companies.
It is an informative expose of the banking crisis. It provides a clear perspective on some of the major players in the financial meltdown as well as a clearer perspective on the dangers that were exposed as a result of deregulation.
Really good book
When I bought my house in 1997, before my loan was approved the banks basically did an “inside, outside, right side, upsidown autopsy”of my present and future financial health. Then comes along 2007/2008 and all of a sudden everyone and their brother could get a loan at almost a snap of the fingers!
I remember when the housing bubble began to show, my husband and I talked about how people with barely an income were buying quarter and half million dollar homes! Our common response was shaking our heads in disbelief and too saying…..what a greedy mess that’s developing! This will not end well as this bubble will (not might), will burst!
My background is STEM on the aviation side of the house. Wall Street, book keeper, auditor, banking etc. was never of interest to me. When I saw this book a knowing grin came over my face. I figured it would be dry reading, as again, money specialties are not my thing. Curiosity drove me to buy this book.
Dry? Oddly for me, NOPE! It is written well, such that us non Wall Street or Banker types can follow, understand -and- stay interested! I knew greed was the central ingredient to the crash, and this book not only confirms my belief but also shows all the entities and characters, not to mention their motivations of same that sent our country into the recession and housing crisis. The government bailouts that ensued.
Are we doomed to repeat that mess? With all the fingers and interlocking parts to our financial structure, if they aren’t careful, and the safeguards followed that are in place, most likely yes. It’s sad what folks out for themselves will do in the name of greed.
If the safeguards are followed, overseeing is maintained, chances are a recession of that magnitude will never happen again. My ending question to self, will they learn from the past to prevent this happening again in the future?
Couldn’t and didn’t want to put it down!!!