All The Devils Are Here: Unmasking the Men Who Bankrupted the World Kindle Edition
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|Length: 397 pages||Word Wise: Enabled||Enhanced Typesetting: Enabled|
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That said, the word “devils” in the title is misleading. It turns out to be a partial quotation from Shakespeare’s The Tempest: “Hell is empty, and all the devils are here.” In the context of the play, a shipwrecked mariner is bemoaning the intensity of a storm (and certainly the financial crisis was a storm) but for those unfamiliar with the allusion, it gives the implication that the actors in the financial crisis were devils – something that the book makes clear isn’t true.
Despite the catchy title, the story is not about devils. As bad, weak, greedy and stupid as some of the players were, the outcome was clearly the result of groupthink, incestuous amplification, or perhaps what author Diane Vaughan called the social normalization of deviance. Everybody got on the same bandwagon, including the federal government. Governmental mandates and quasi-governmental organizations like Fannie Mae were particularly instrumental in driving the buildup of what later became toxic assets.
In summary, if you want to understand the financial crisis and you’re not on a witch hunt, this book is for you.
I don't recommend that you buy the book twice, but reading it twice is probably a very good idea just so you can remember who did what to whom.
This book starts 30 years ago and shows the events and players involved in building the path to this crash. If you already have a simple answer in your head as to who to blame, then move on. This book is not for you. But if you really want to understand the background, then this is for you.
Yes there are a few errors, but nothing significant enough to keep you from understanding and getting the key points. It will help you understand the interplay between wall street, banks, mortgage companies (and their tricks), Fannie & Freddie, the highly structured derivatives, and hopefully you will be much smarter in dealing with some of these organizations in the future.
The best book thus far I’ve read on the crash of 2008
Most recent customer reviews
She makes a tough subject understandable without the machinations and half truths you get...Read more