The New York Times' Pulitzer Prize-winning columnist reveals how the financial meltdown emerged from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders.
In Reckless Endangerment, Gretchen Morgenson, the star business columnist of The New York Times, exposes how the watchdogs who were supposed to protect the country from financial harm were actually complicit in the actions that finally blew up the American economy.
Drawing on previously untapped sources and building on original research from coauthor Joshua Rosner, who himself raised early warnings with the public and investors, and kept detailed records, Morgenson connects the dots that led to this fiasco.
Morgenson and Rosner draw back the curtain on Fannie Mae, the mortgage-finance giant that grew, with the support of the Clinton administration, through the 1990s, becoming a major opponent of government oversight even as it was benefiting from public subsidies. They expose the role played not only by Fannie Mae executives but also by enablers at Countrywide Financial, Goldman Sachs, the Federal Reserve, HUD, Congress, the FDIC, and the biggest players on Wall Street, to show how greed, aggression, and fear led countless officials to ignore warning signs of an imminent disaster. Character-rich and definitive in its analysis, this is the one account of the financial crisis you must hear.
©2011 Gretchen Morgenson & Joshua Rosner (P)2011 Audible, Inc.
"Naming names and taking no prisoners, they drill deep into one of the most disturbing scandals of our time, perpetrated in the name of helping "the little guy." Read it and weep. Read it and vow: Never Again! (Bill Moyers)
A good analysis of the real estate meltdown, which is overall in line with how I remember things going down.
Well written and read. Reveals history of the 2007-8 real estate collapse in detail exposing the people in power and how they used it to enrich themselves at the expense of everyone else. Nobody has gone to jail and those involved really think they did nothing wrong.
They Robbed the Bank and Nobody Went to Jail
Interesting read, but was a rehash of so many other books about the meltdown. Not much new information - was interesting how many of the old Barney Frank cronies that got us into the mess are now saying it was somebody else's fault (EG: "Bush's fault") Vote 'em out of office, now......
Both format are good.
Thanks to the author to dig out the stories that strongly linked to the financial crisis in 2007 - 2008. We might ask a bigger question. If the actors are changed, would the financial crisis occur sooner or later? Is the political/economic environment encourage such behavior even the actors are different? In fact, since 2009, whenever there is a lack of bad economic news, the bubbles continue to blow. It is some of our fundamental believes that need adjustment. We are waiting for next real clear minded economist or philosopher to provide the guidance with some simple metaphor such as invisible hands to move the society to next level.
I wasn't previously familiar with the author's work, but I figured that a Pulitzer prize winner would make an effort to maintain some semblance of journalistic integrity. I knew from the title that the book would have a point of view, but I wasn't expecting it to be blatant spin.
I don't even necessarily disagree with the premise--Fannie and Freddie were indeed a big part of the problem--I just resent the fact that the book is being sold as something other than partisan hyperbole. The facts that the narrator presented are, from what I can tell, actual facts, but they're not being reported, they're being sold. It's even narrated in a sort of preachy, outraged tone. I got about three hours in, then gave up.
If you're looking for a more balanced examination of the same general events, I recommend The End of Wall Street. If you're just killing time until Glenn Beck comes on, this will probably be to your taste.
Can I have my credit back?
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