As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers?
According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together.
All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.
©2010 Bethany McLean (P)2010 Penguin Audio
I don't write book reports.
All last week, NPR Planet Money has been talking about Fannie Mae and the whole housing loan and government backing. Podcast #262: Fannie And Freddie's Rise And Fall and #263: What Comes After Fannie And Freddie. It's very interesting how poor the two system is run and has yet learned their lessons with bad loans, bad mistakes, bad, bad, bad. It's amazing how AIG was poorly run and got bailed out. The book was just okay. I think that NPR had too much hype, promoting this title. The same information is in Too Big to Fail, The Big Short, Lords of Finance, and many others that I've read. The best part of this book is how Ameriquest was filing false or no papers for loans. I was disappointed at this book because it didn't cover anything about the failures of government home loans refinancing and that mess and how people are loosing their homes because the banks still doesn't gets it. Over hype book. If you read the previous titles that I mentioned above, skip All the Devils Are Here because you are not learning anything new. I gave it three stars just because it was a tolerable read.
If you are looking for a book that deals with the recent financial crisis this is not the book for you. If you believe God did it and the earth is a couple thousand years old and we lived with the dinasours then yes, this book is for you. It's more a biblical rev up the fear book. Where were these people during the plaque; now that would have been a time to be afraid.
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