Firefighting: new arrival sale The Financial Crisis and Its Lessons sale

Firefighting: new arrival sale The Financial Crisis and Its Lessons sale

Firefighting: new arrival sale The Financial Crisis and Its Lessons sale

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"Should be required reading for all policy makers.” —Warren Buffett

From the three primary architects of the American policy response to the worst economic catastrophe since the Great Depression, a magnificent big-picture synthesis--from why it happened to where we are now.


In 2018, Ben Bernanke, Tim Geithner, and Hank Paulson came together to reflect on the lessons of the 2008 financial crisis ten years on. Recognizing that, as Ben put it, "the enemy is forgetting," they examine the causes of the crisis, why it was so damaging, and what it ultimately took to prevent a second Great Depression. And they provide to their successors in the United States and the finance ministers and central bank governors of other countries a valuable playbook for reducing the damage from future financial crises. Firefighting provides a candid and powerful account of the choices they and their teams made during the crisis, working under two presidents and with the leaders of Congress.

Review

Longlisted for the Financial Times/McKinsey Business Book of the Year Award

“If what these three men did during the financial crisis had not been done, the world would, in my view, have experienced a second great depression. This makes the story told in this short book fascinating and important.” — Martin Wolf, Financial Times

“A primer on why the crisis was possible (and why, even so, almost nobody saw it coming); a ticktock on how the crisis and the financial rescue unfolded; and a very scary warning about the future.” — Paul Krugman, New York Times

“I''m glad I didn''t have to do the job that these three ‘fire chiefs’ did. I learned much from this book I had not previously known. Its cautions for the future should be required reading for all policy makers.”  —Warren Buffett

“A clear, concise account illustrating why financial fires must be anticipated if they’re to be controlled.” — Kirkus

“All kinds of readers will find [ Firefighting] a readable summary of the crisis, but its paramount value comes from the authors’ explanations and defenses of their whatever-it-takes actions and assessment of current financial system risks.” — Library Journal, starred review

About the Author

Ben Bernanke, currently a Distinguished Senior Fellow at the Brookings Institution, was the chairman of the Federal Reserve from 2006 to 2014. Timothy F. Geithner is currently President of Warburg Pincus and was the 75th Secretary of the Treasury for President Obama''s first term. He is the author of Stress Test: Reflections on Financial Crises. Hank Paulson is the founder and chairman of the Paulson Institute, and served as the 74th Secretary of the Treasury under President Bush. He is the author of On the Brink and Dealing with China.

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4.4 out of 54.4 out of 5
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Top reviews from the United States

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5.0 out of 5 starsVerified Purchase
Everyone on mail street should read this.
Reviewed in the United States on April 25, 2019
This is a nontechnical concise history of the financial crisis and its aftermath. There are several messages. Financial markets evolved faster than regulation, in part because of regulatory capture. The dogmatic political far left and far right opposed bailouts and were... See more
This is a nontechnical concise history of the financial crisis and its aftermath. There are several messages. Financial markets evolved faster than regulation, in part because of regulatory capture. The dogmatic political far left and far right opposed bailouts and were willing to let the country and the globe fall into another Great Depression. Congress is better at grandstanding than avoiding and responding to disasters. Taxpayers made money on the bailouts. Financial regulation remains balkanized. Dodd-Frank makes the next crisis less likely, but there will be another crisis. Wall Street will use regulatory arbitrage to avoid Dodd-Frank''s safeguards. The public forgets while the financial industry erodes the safeguards. Congress (Dodd-Frank) took away the tools that the Fed, Treasury and FDIC used to fight the crisis. Congress will be too slow to give back these tools in an emergency with a predictable and very negative result.
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Athan
5.0 out of 5 starsVerified Purchase
The Little Brown Book
Reviewed in the United States on May 25, 2019
In what is a stunning turn of events, the three Firefighters from the crisis of 2008 have published a mea culpa where they succinctly connect their unfortunate actions to the triumph of populism and the election of Donald Trump a short eight years later.... See more
In what is a stunning turn of events, the three Firefighters from the crisis of 2008 have published a mea culpa where they succinctly connect their unfortunate actions to the triumph of populism and the election of Donald Trump a short eight years later.

Firefighters aside, nobody escapes criticism here, from (i) FDR, who redlined black America out of the New Deal, to (ii) Clinton, who completely deregulated derivatives and slashed the capital gains tax to 20% (indeed, setting it to zero for one’s primary residence), to (iii) the deductibility of interest expense from some of the planet’s highest corporate income taxes, rendering the unleveraged CEO suicidal or (iv) the Greenspan Fed’s permanent policy of standing behind the value of assets in one way or another, all together conspiring with some sixty years of post-war prosperity to concentrate immense wealth in the hands of a narrow minority of white, hyper-leveraged, urban baby boomers.

It all came to a head in 2008, when it became clear that this minority (i) outright and (ii) via its pension plans and mutual fund holdings had successfully contracted to own the rights to all existing assets, to say nothing of the rights to the future sweat of all other Americans and at least a couple yet-unborn generations, naturally also packaged into tradable assets.

Not only that, via trading with one another, these boomers had “marked” these holdings at prices that the rest of the world, to say nothing of the unborn, could no longer afford to pay from its daily earnings. The only vulnerability to the system was that it was held together by leverage and the leverage was a monster that needed to be fed by increasingly higher valuations in these contracts.

“The fundamental instability of capitalism is upward,” the firefighters note wistfully, but matters conspired in 2008 to momentarily halt this ascent. And when this monster is not going up, it goes down. So down it went.

Fatefully, the firefighters admit, rather than do the right thing and wipe out the bankrupt owners, inviting the rest of America and the world back into participation in the capitalist economy, the easier choice was made:

In a stunning array of four-letter programs, trillions and trillions of government money was injected back into the system (with particular care taken to get the government out of the scam before it explodes again) and all property was placed even further beyond the reach of the average American, making the owners whole and fast-forwarding the country to its first proper existential crisis since the Civil War.

The book comes out just as we’re about to crash again, and the authors warn that (in a replay of the 1921 – 1929 episode) this time round there’s probably nothing we can do to save the white, urban baby boomers, because, well, because they will all die very soon from natural causes.

------ > WELL, NOT QUITE

(for the avoidance of doubt, the above review is my attempt at parody)

In reality, what we have here is the “official” blow-by-blow account of the heroic, selfless fight the three Firefighters waged with one hand tied behind their back as they fought to prevent a re-run of the Great Depression. It all ends well. Not only was the worst outcome prevented, but the US has done better than any other major economy since 2008, with the economy enjoying its longest recovery ever and unemployment hitting some unprecedented lows.

What’s not to like?

Quite a bit, it turns out.

Let’s start with Paulson. Paulson is deeply unhappy that the “canonical” book about the 2008 crisis, that written by Blinder, blames the crash on what is perceived to be Paulson’s decision to allow Lehman to fail.

The book makes it clear that Lehman was a symptom of a crisis that had been going for a while, not a cause. Somebody was bound to go down, because the Firefighters did not have the authority to intervene. Somebody big. If it was not Lehman then it would be somebody else. There was going to be a big failure. And only after the big failure could the Firefighters get the authority to go ask for the necessary tools to deal with the crisis.

So that’s Paulson sorted, he was a good guy after all.

The blight on selfless public servant Tim Geithner has always been that he was the man who made the choice to protect the banks rather than the homeowners. Not one, but several books have come out by eyewitnesses who were there in the meetings when he talked about “foaming the runway” for the endangered banks with sundry programs to slow down the defaults. My favorite is probably by SIGTARP Neil Barofsky.

That is a total misunderstanding, it turns out. The Firefighters explain that herculean efforts were made to protect homeowners. We are made to wait until page 103 out of 136, but there comes QE and brings those mortgage rates right down. Oh, and make no mistake, Timmy talks about “foaming the runway” in multiple contexts, it’s just something he likes to say a lot. For example on page 48 you can witness “foaming the runway” in the form of injecting liquidity into the markets after Bear Sterns goes down. It comes up more. It’s just something he says a lot.

So that’s Geithner sorted, he was a good guy after all.

And that leaves us with Bernanke. We all know what he stands accused of. Yes, fine, he got rather inventive during the crisis, he did some krazy stuff even FDR would not dare do in his most improvisational breakfast-in-bed times, but that saved the day.

What people want to know is why he kept rates down for so long after the crisis. Even his biggest fans do acknowledge that a bad part of his legacy is that some very well-connected people took advantage of the permanently low rates the homeowners were meant to benefit from and made for themselves some fortunes like we have not seen since the twenties.

Whisper it, folks, QE bred inequality.

Ah, no it didn’t! Inequality, the Firefighters will have you know, had been increasing for at least a decade prior to the crisis. This was masked by the fact that there was growth. But don’t go thinking it was caused by the response to the crisis. It had been long in the making. Charts are in the back that prove this, in case the relevant prose is not good enough for you.

So there you have it. Something for everyone. In the words of Winston Churchill, “I know history will be kind to me, because I intend to write it.”

But what we have here is something much more grand than that.

It’s much more akin to Chairman Mao’s Little Red book.

Or perhaps Colonel Ghadaffi’s Little Green Book.

I propose we call it “the Little Brown Book.”

A five-star effort!
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Delta D.
4.0 out of 5 starsVerified Purchase
Interesting and well-written, but excessively self-satisfied
Reviewed in the United States on July 27, 2019
The three authors were at the epicentre of the financial crisis. They do a good job in explaining how it came about and the steps they took to counter it. One small criticism: the ''firefighting'' metaphor is absurdly overused. The book is commendably short - just... See more
The three authors were at the epicentre of the financial crisis. They do a good job in explaining how it came about and the steps they took to counter it. One small criticism: the ''firefighting'' metaphor is absurdly overused.

The book is commendably short - just 130 pages of text, but with a 70+ slide PowerPoint presentation at the end. That was a new one on me.

I suspect the book is aimed at everybody and, in that, I am not sure that it succeeds. As a financial expert, I had no problem with the simple stuff being explained so carefully. Maturity transformation, securitisation, credit ratings etc are not part of everyday conversation for most people. These are explained with varying clarity.

However, other things remain unexplained. CDS spreads are referred to constantly, but left insufficiently explained. The LIBOR-OIS spread is a prominent feature of the Powerpoint sides, but its significance is similarly unexplained. Not a problem for me, but I suspect it would be for many others.

My final criticism, which still keeps my rating up at 4*, is that the authors come across as excessively self-satisfied at the action they took. Personally, I''m inclined to think that they got things pretty well right, but their constant claiming of bragging rights throughout the book comes across as a little unseemly.
4 people found this helpful
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James E. Black
5.0 out of 5 starsVerified Purchase
Concise, well written summary of the 2008 crisis
Reviewed in the United States on December 7, 2019
This book is well written, giving the audience a simple and clear understanding of how the financial crisis of 2008 happened, how government actors acted and how future crises could be mitigated based on what the 3 leaders learned. The core text, at roughly 130... See more
This book is well written, giving the audience a simple and clear understanding of how the financial crisis of 2008 happened, how government actors acted and how future crises could be mitigated based on what the 3 leaders learned.

The core text, at roughly 130 pages, is well written and easy to follow and in layman''s language, which is appreciated. It could easily devolve into a finance tome or a policy wonk''s work.

Additionally, there is a roughly 70 page Powerpoint-style presentation which is great to visually tell the story and to bring it to life.

As such, it would be great to see high school and college classes leverage this work, where appropriate.
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T. Samuel
5.0 out of 5 starsVerified Purchase
**IMPORTANT** Who will say it but Bernenke
Reviewed in the United States on September 1, 2019
Don''t fully credit my words, i am only 20 years old. But as i understand, Ben Bernanke always tells it like it is. Former Fed chair sees no reason to sugarcoat anything. This book is IMPORTANT, highly applicable to the everyday person. Black and White language that my non... See more
Don''t fully credit my words, i am only 20 years old. But as i understand, Ben Bernanke always tells it like it is. Former Fed chair sees no reason to sugarcoat anything. This book is IMPORTANT, highly applicable to the everyday person. Black and White language that my non economic brain can understand. I can even compare this to a reality show drama with the way things are set down between the treasury, fed and congress. Book is 128 pages of words, the rest is excellent and relevant charts!!
THANK YOU, BEN, TIM AND HENRY. I wish you all the best
2 people found this helpful
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Dariusz
1.0 out of 5 starsVerified Purchase
Antiquated Financial System a la Carte!
Reviewed in the United States on October 10, 2019
Just finished second reading of this book and started wondering what’s gonna happen next time around when big ego boys from Wall Street start playing with taxpayer’s money. Inflated dollar value, humongous government deficits, antiquated financial system and finally lack of... See more
Just finished second reading of this book and started wondering what’s gonna happen next time around when big ego boys from Wall Street start playing with taxpayer’s money. Inflated dollar value, humongous government deficits, antiquated financial system and finally lack of responsible politics. Did I miss anything?
One person found this helpful
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Carlos T
5.0 out of 5 starsVerified Purchase
Brief summary of a complicated topic.
Reviewed in the United States on March 27, 2020
If you did not read "Stress Test" then read "Firefighting". It''s a quick read and portable. It''s incredible the things they had to do to prevent a Depression. I''m glad that Geithner was at the center, and Bernanke as well, and Paulson in the early part. I will forever be... See more
If you did not read "Stress Test" then read "Firefighting". It''s a quick read and portable. It''s incredible the things they had to do to prevent a Depression. I''m glad that Geithner was at the center, and Bernanke as well, and Paulson in the early part. I will forever be thankful to them and to the hundreds of staff what worked with them during the crisis. This little book should be part of your bookshelf, next to Galbraith "The Great Crash 1929".
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Erwin C. Pantel
5.0 out of 5 starsVerified Purchase
Informative
Reviewed in the United States on May 31, 2019
An informative overview of the crisis from some of the key players in trying to avoid a disaster.
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Serghiou Const
5.0 out of 5 starsVerified Purchase
Reflecting on the 2008 crisis ten years after its occurrence
Reviewed in the United Kingdom on August 22, 2019
The three authors of the book were protagonists in fighting and containing the financial crisis and eventually restarting the American economy through their combined interventions. All three held positions of responsibility during the crisis, Ben Bernanke was chairman of...See more
The three authors of the book were protagonists in fighting and containing the financial crisis and eventually restarting the American economy through their combined interventions. All three held positions of responsibility during the crisis, Ben Bernanke was chairman of the Federal Reserve from 2006 to 2014, Henry Paulson was the secretary of the Treasury from 2006 to 2009 while Timothy Geithner held similarly the position of secretary of the Treasury from 2009 to 2013. The book is clearly written, concise, focuses on the essential while it is imbued with both professional integrity and humility. It traces the crisis for the biennium of its duration from 2007 to 2009 , from the bursting of the housing bubble through to the restarting of the economy while it discusses the major government interventions to contain it. A concluding chapter discusses the relative strength of protective measures taken to withstand and the weakness of the government supervisory regime to cope with an inevitable future financial crisis. The crisis sparked with the bursting of the housing bubble. This is intimately linked with mortgage - backed securities. The story simply said is that banks provided loans to customers to buy houses which were mortgaged. To reduce their exposure to the loans, the banks issued increasingly elaborate and opaque mortgage - backed securities which they could sell to investors looking for higher returns. Once mortgages started to fail and the complex securities constructed from mortgages started to seem risky, it felt easier and safer to sell them en masse than to try to figure out how risky individual securities were, precipitating the burst of the housing bubble. The book details the saving of huge financial institutions which posed a systemic threat to the U.S economy. This included Bear Stearns, an investment bank; the nationalization of Fannie Mae and Freddie Mac which held or guaranteed more than $5 trillion worth of mortgage debt, and were also the last major source of mortgage financing in the United States, backing three of every four new home loans; also the giant AIG which insured the lives, health, property, vehicles, and retirement accounts of 76 million customers, including 180,000 businesses that employed more than two thirds of the American workforce. The book also discusses the passage from Congress of the Troubled Assets Relief Program (TARP), providing $700 billion to buy toxic mortgage securities. Finally, it presents the three cycles of quantitative easing (QE) for buying mortgage securities and then Treasury bonds to bring down long-term interest rates and send a confidence inducing message, totaling $4.5 trillion. Concerning a potential future crisis, the United States has a much stronger safeguard against such occurrence than it had before the 2008 crisis but has has weaker emergency authorities for responding when such a crisis does occur.
The three authors of the book were protagonists in fighting and containing the financial crisis and eventually restarting the American economy through their combined interventions. All three held positions of responsibility during the crisis, Ben Bernanke was chairman of the Federal Reserve from 2006 to 2014, Henry Paulson was the secretary of the Treasury from 2006 to 2009 while Timothy Geithner held similarly the position of secretary of the Treasury from 2009 to 2013.

The book is clearly written, concise, focuses on the essential while it is imbued with both professional integrity and humility. It traces the crisis for the biennium of its duration from 2007 to 2009 , from the bursting of the housing bubble through to the restarting of the economy while it discusses the major government interventions to contain it. A concluding chapter discusses the relative strength of protective measures taken to withstand and the weakness of the government supervisory regime to cope with an inevitable future financial crisis.

The crisis sparked with the bursting of the housing bubble. This is intimately linked with mortgage - backed securities. The story simply said is that banks provided loans to customers to buy houses which were mortgaged. To reduce their exposure to the loans, the banks issued increasingly elaborate and opaque mortgage - backed securities which they could sell to investors looking for higher returns. Once mortgages started to fail and the complex securities constructed from mortgages started to seem risky, it felt easier and safer to sell them en masse than to try to figure out how risky individual securities were, precipitating the burst of the housing bubble.

The book details the saving of huge financial institutions which posed a systemic threat to the U.S economy. This included Bear Stearns, an investment bank; the nationalization of Fannie Mae and Freddie Mac which held or guaranteed more than $5 trillion worth of mortgage debt, and were also the last major source of mortgage financing in the United States, backing three of every four new home loans; also the giant AIG which insured the lives, health, property, vehicles, and retirement accounts of 76 million customers, including 180,000 businesses that employed more than two thirds of the American workforce.

The book also discusses the passage from Congress of the Troubled Assets Relief Program (TARP), providing $700 billion to buy toxic mortgage securities.

Finally, it presents the three cycles of quantitative easing (QE) for buying mortgage securities and then Treasury bonds to bring down long-term interest rates and send a confidence inducing message, totaling $4.5 trillion.

Concerning a potential future crisis, the United States has a much stronger safeguard against such occurrence than it had before the 2008 crisis but has has weaker emergency authorities for responding when such a crisis does occur.
2 people found this helpful
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Ashok Krishna
4.0 out of 5 starsVerified Purchase
Clear and comprehensive, this will be one of my favorite books on the financial crisis 2008!
Reviewed in India on April 22, 2021
It was the year 2008. I was happily settled in an MNC NBFC, having been promoted recently and destined for more growth. Just as I was thinking that things could only get better from here, the scales tilted and everything went on a downward spiral. Within a span of 6 months,...See more
It was the year 2008. I was happily settled in an MNC NBFC, having been promoted recently and destined for more growth. Just as I was thinking that things could only get better from here, the scales tilted and everything went on a downward spiral. Within a span of 6 months, I was left searching for jobs - twice. What was looking like one of the most memorable periods of my life for all reasons good, turned out to be an unforgettably forgettable period. Reason? The conflagration that was threatening to burn down the Wild West of American economy – the Wall Street. While wild fires are normally limited to the geographies where they started, this financial inferno was spreading far and wide, threatening to bring down the global economy, thanks to its interconnected nature and growing ambitions. Though I had an inkling of what caused the Financial Crisis of 2008, resulting in the not-so-memorable changes in my life, I was curious to learn more about it. The aptly titled ‘Firefighting’ is the first of the shortlisted books and it turned out to be a worthy prelude. Subprime Mortgages – these two words caused all that chaos. To tell you the background in simple terms, just like me the world was highly optimistic in the years leading to 2008. Investors were willing to bet on high-risk investments that promised high returns. Banks and financial institutions were flooding the market with liquidity. People were starting to chase the dream of owning a house. As a result, there was a boom in real estate in the US and elsewhere, with real-estate prices increasing every day. Financial institutions that were lending to fuel this boom wanted to raise more funds to lend more. One of their ideas was to repackage these loans into mortgage-backed securities (MBS) and sell if off to return-craving investors, on promises of regular returns. With the demand for MBS growing more and more, the financial institutions started giving home loans to even uncreditworthy people – people with no solid income, no credit history and no assets to guarantee the repayment. On one end, investors were pouring in money, driven by greed, and on the other, banks were throwing it all away by lending it to all and sundry, based on overconfidence bordering on arrogance. It was all based on the assumption that the real-estate demand will keep up and the prices will go on increasing. Then came the slump in demand for housing and suddenly there were more houses than takers. Also, the subprime mortgages were starting to go sour. With defaults piling up and the investors starting to pull out their investments fearing losses, the financial institutions that were indulging in this perilous business were starting to fall like dominoes. Their collapse resulted in serious recession and unpleasant fallouts elsewhere too – in the form of job losses, negative spends, resultant decrease in demand and in turn, more job losses – including that of people like me. This book is written by the people who were in the forefront fighting that financial hellfire – Ben S. Bernanke, Chairman of the Federal Reserve, Timothy F. Geithner, Treasury Secretary (Obama) and Henry M. Paulson, Jr., Treasury Secretary (Bush). Advantages of reading a book written by people who fought the fire is that you expect to get a front-row view of the crisis as it unfolded. The book lives up to that expectation. With their experience and wisdom, they have well explained the causes of the crisis, events during the crisis, the casualties and the cure administered. Comprehensive and unbiased, they have pointed out the pros and cons of the corrective measures taken by both administrations – by George W. Bush and his successor, Barack Obama. Having written the book by 2019, they have also shared their thoughts on how America is well and ill-equipped to handle a similar crisis at present, especially as it stood polarized under an uncouth president like Donald Trump. One of the negatives is that they have written the book in a diplomatic manner and from too high a view to recount the pains of people at the bottom of the financial pyramid. Neither is there a recounting of greedy arrogance of the CEOs that dragged American economy to its nadir (but who received safe exits – ‘golden parachutes’ – sans compunction). Nor is the resulting global financial pandemonium spoken about in detail. But considering the authors’ positions and the fact that this book is mainly about the financial crisis in America, we understand that those topics are simply out of the scope of this book. Clear and comprehensive, this will be one of my favorite books on the financial crisis 2008! A.
It was the year 2008. I was happily settled in an MNC NBFC, having been promoted recently and destined for more growth. Just as I was thinking that things could only get better from here, the scales tilted and everything went on a downward spiral. Within a span of 6 months, I was left searching for jobs - twice. What was looking like one of the most memorable periods of my life for all reasons good, turned out to be an unforgettably forgettable period. Reason? The conflagration that was threatening to burn down the Wild West of American economy – the Wall Street.

While wild fires are normally limited to the geographies where they started, this financial inferno was spreading far and wide, threatening to bring down the global economy, thanks to its interconnected nature and growing ambitions. Though I had an inkling of what caused the Financial Crisis of 2008, resulting in the not-so-memorable changes in my life, I was curious to learn more about it. The aptly titled ‘Firefighting’ is the first of the shortlisted books and it turned out to be a worthy prelude.

Subprime Mortgages – these two words caused all that chaos. To tell you the background in simple terms, just like me the world was highly optimistic in the years leading to 2008. Investors were willing to bet on high-risk investments that promised high returns. Banks and financial institutions were flooding the market with liquidity. People were starting to chase the dream of owning a house. As a result, there was a boom in real estate in the US and elsewhere, with real-estate prices increasing every day. Financial institutions that were lending to fuel this boom wanted to raise more funds to lend more. One of their ideas was to repackage these loans into mortgage-backed securities (MBS) and sell if off to return-craving investors, on promises of regular returns.

With the demand for MBS growing more and more, the financial institutions started giving home loans to even uncreditworthy people – people with no solid income, no credit history and no assets to guarantee the repayment. On one end, investors were pouring in money, driven by greed, and on the other, banks were throwing it all away by lending it to all and sundry, based on overconfidence bordering on arrogance. It was all based on the assumption that the real-estate demand will keep up and the prices will go on increasing.
Then came the slump in demand for housing and suddenly there were more houses than takers. Also, the subprime mortgages were starting to go sour. With defaults piling up and the investors starting to pull out their investments fearing losses, the financial institutions that were indulging in this perilous business were starting to fall like dominoes. Their collapse resulted in serious recession and unpleasant fallouts elsewhere too – in the form of job losses, negative spends, resultant decrease in demand and in turn, more job losses – including that of people like me.

This book is written by the people who were in the forefront fighting that financial hellfire – Ben S. Bernanke, Chairman of the Federal Reserve, Timothy F. Geithner, Treasury Secretary (Obama) and Henry M. Paulson, Jr., Treasury Secretary (Bush). Advantages of reading a book written by people who fought the fire is that you expect to get a front-row view of the crisis as it unfolded. The book lives up to that expectation. With their experience and wisdom, they have well explained the causes of the crisis, events during the crisis, the casualties and the cure administered. Comprehensive and unbiased, they have pointed out the pros and cons of the corrective measures taken by both administrations – by George W. Bush and his successor, Barack Obama. Having written the book by 2019, they have also shared their thoughts on how America is well and ill-equipped to handle a similar crisis at present, especially as it stood polarized under an uncouth president like Donald Trump.

One of the negatives is that they have written the book in a diplomatic manner and from too high a view to recount the pains of people at the bottom of the financial pyramid. Neither is there a recounting of greedy arrogance of the CEOs that dragged American economy to its nadir (but who received safe exits – ‘golden parachutes’ – sans compunction). Nor is the resulting global financial pandemonium spoken about in detail. But considering the authors’ positions and the fact that this book is mainly about the financial crisis in America, we understand that those topics are simply out of the scope of this book.

Clear and comprehensive, this will be one of my favorite books on the financial crisis 2008!

A.
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Simon Rotelli
5.0 out of 5 starsVerified Purchase
La cronaca scritta dai protagonisti, impossibile non leggerla!
Reviewed in Italy on December 2, 2019
Il racconto dettagliato della crisi, partendo dai primi segnali del 2007, colti solamente dagli addetti ai lavori, o forse neanche da loro, e attraverso tutti i fatti caldi del 2008, il cui ricordo è ancora molto forte. Ogni giorno un evento più grave del giorno prima e la...See more
Il racconto dettagliato della crisi, partendo dai primi segnali del 2007, colti solamente dagli addetti ai lavori, o forse neanche da loro, e attraverso tutti i fatti caldi del 2008, il cui ricordo è ancora molto forte. Ogni giorno un evento più grave del giorno prima e la netta sensazione che davvero tutto potesse accadere. La stessa dinamica a cui avevo assistito da giovanissimo durante tangentopoli. Il libro è scritto dai protagonisti, che evidentemente colgono l''occasione per spiegare le loro decisioni e per fare capire il quadro tecnico e giuridico nel quale operavano, e l''eccezionalità degli eventi che stavano affrontando. Un particolare mi ha colpito nella lettura: sembra quasi che tutti gli interventi abbiano prodotto solo profitti per i contribuenti americani, cosa della quale dubito e cercherò di approfondire con altri testi. Molto interessanti le conclusioni: le Autorities e gli Organismi/Meccanismi speciali approntati per superare la crisi del 2008 sono già stati depotenziati e sciolti, ma soprattutto, per ammissione degli autori, oggi scarseggerebbero sia le cartucce keynesiane che quelle monetarie a disposizione per affrontare una nuova crisi. Non poco considerato il ruolo ricoperto dagli autori, soprattutto perché apre un mondo di argomenti: la conferma che viviamo in una trappola di liquidità; la condanna tecnica/politica delle scelte fiscali americane; la tesi che qualunque intervento temerario di fatto si traduca solo in un rinvio della crisi, insomma tanti dubbi. Staremo a vedere!
Il racconto dettagliato della crisi, partendo dai primi segnali del 2007, colti solamente dagli addetti ai lavori, o forse neanche da loro, e attraverso tutti i fatti caldi del 2008, il cui ricordo è ancora molto forte.

Ogni giorno un evento più grave del giorno prima e la netta sensazione che davvero tutto potesse accadere. La stessa dinamica a cui avevo assistito da giovanissimo durante tangentopoli.

Il libro è scritto dai protagonisti, che evidentemente colgono l''occasione per spiegare le loro decisioni e per fare capire il quadro tecnico e giuridico nel quale operavano, e l''eccezionalità degli eventi che stavano affrontando.

Un particolare mi ha colpito nella lettura: sembra quasi che tutti gli interventi abbiano prodotto solo profitti per i contribuenti americani, cosa della quale dubito e cercherò di approfondire con altri testi.

Molto interessanti le conclusioni: le Autorities e gli Organismi/Meccanismi speciali approntati per superare la crisi del 2008 sono già stati depotenziati e sciolti, ma soprattutto, per ammissione degli autori, oggi scarseggerebbero sia le cartucce keynesiane che quelle monetarie a disposizione per affrontare una nuova crisi.

Non poco considerato il ruolo ricoperto dagli autori, soprattutto perché apre un mondo di argomenti:
la conferma che viviamo in una trappola di liquidità; la condanna tecnica/politica delle scelte fiscali americane; la tesi che qualunque intervento temerario di fatto si traduca solo in un rinvio della crisi, insomma tanti dubbi.

Staremo a vedere!
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Neelabh Dubey
5.0 out of 5 starsVerified Purchase
Brilliant
Reviewed in India on August 20, 2019
Watch the movie Too Big to Fail to get a hang of the characters
Watch the movie Too Big to Fail to get a hang of the characters
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Suhan Sarkar
4.0 out of 5 starsVerified Purchase
From the men who were there
Reviewed in India on August 12, 2021
Recount of 2008 financial crisis by men who were right in the middle of the whole game of survival and startegy making . Great read to understand the situation and obstacles and the process to overcome the same.
Recount of 2008 financial crisis by men who were right in the middle of the whole game of survival and startegy making . Great read to understand the situation and obstacles and the process to overcome the same.
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Firefighting: new arrival sale The Financial Crisis and Its Lessons sale

Firefighting: new arrival sale The Financial Crisis and Its Lessons sale

Firefighting: new arrival sale The Financial Crisis and Its Lessons sale

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Firefighting: new arrival sale The Financial Crisis and Its Lessons sale

Firefighting: new arrival sale The Financial Crisis and Its Lessons sale

Firefighting: new arrival sale The Financial Crisis and Its Lessons sale

Firefighting: new arrival sale The Financial Crisis and Its Lessons sale

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