Most definitely. Not only is the book thoroughly researched, but coupled with the writing of McLean and Nocera and Boutsikaris' narration, makes this a remarkable read. I felt like a fly on the wall. Just excellent.
I've listened to many books narrated by Boutsikaris and I'm pretty sure he could make the audio version of the white pages compelling.
Winston Churchill called World War II the ???preventable war.??? He was referring to the failure of Britain, France and the US to stop Hitler at an early stage before he had accumulated such power and momentum that he could not be stopped short of a major war. Those who had looked closely at Hitler???s Germany were very concerned. Those who remained preoccupied with their own immediate interests preferred to overlook the risks of Nazi Germany.
This excellent book makes clear that much the same led to the financial crisis of 2008. Those who looked closely at the growth and sordid practices of the subprime lending business were appalled and concerned that it could not end well. Those who preferred to look the other way were the only people who could and should have stopped this financial monster early on: the major Wall Street firms, the ratings agencies, FNMA and FHLMC, and the federal banking regulators. All of the private firms allowed their immediate interests in profits, bonuses, and competitive standing to blind themselves to the huge potential losses they would face when the market finally came to appreciate the ludicrous credit quality of the subprime loans on their books. The federal regulators in turn showed insufficient interest in the abuses in the subprime market that were brought to their attention early on by states attorney general and other private parties. The regulators had no clear grasp on what was going on and did not take steps to address the problem until it was too late.
The book is the best and most comprehensive I have seen on the causes of the 2008 financial crisis.
This book is well written, well researched and informative. It's a shame that the narrator didn't bother to learn how to pronounce a key word [used at least 500 times]; it's shameful that the editor didn't catch the problem.
as you might expect from well respected journalists. This is not, "The Big Short." They go into depth on a couple of the players. Definitely not a feel good book. Spoiler Alert: the epilogue ends with, "Maybe we'll get it right next time." I think they forgot to include, "Either way we'll make a boatload of money." Very in depth reporting of a very long process that will affect us for a very long time.
I've read many books about the mortgage crisis and this is the best I've come across. It's provides great details without being too technical. I highly recommend.
Loved the in depth history of events that led to the 2008 financial crisis, as well as the education on derivatives and various other financial products and companies, excellent read.
I liked the detail given on each person discussed. It's interesting to see the lack of ethics that lead to the overall fall.
I know that a lot of books have been written (and I’ve read my fair share of them) and conversations/debates have been had in regards to the housing meltdown and what caused it and who’s to blame. This book, All The Devils Are Here” by Bethany McLean, is by far one of the best books that I've come across and does an excellent job in bringing together all of “the culprits” and various parties involved and “laying blame” appropriately where it belongs.
As the author points out, Human Nature is something that can be easily manipulated, and hard to control, but it’s always at work. That had a role to play in all of this as well.
I know that most of the “housing crisis” is behind us now, but let’s just hope that we've all learned our lessons (we probably won’t remember them or course… it’s human nature as well), can benefit from lessons learned, and now move forward to a better overall society.