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Showing 11-20 of 156 reviews(Verified Purchases). See all 269 reviews
on December 26, 2016
This is a meticulously researched and gripping history of the financial crisis. As someone who was starting his career at one of the major players just prior to the onset, can attest that the details of the inner workings of that institution are ( to my knowledge ) spot on. Required heading for anyone interested in the policy causes and implications as well... the list of villains is long and the heroes few.
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on May 1, 2011
I've read a number of books about the recent housing crash, and this book is by far the best. Some reviews have said that it doesn't assign blame. I'm not sure what they were reading, because there is plenty of blame to go around from Wall Street to the rating agencies to Fanny & Freddie to our elected representatives to the regulators... and let's not forget that person you see each morning in the mirror. There's plenty of blame to go around.

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.

Highly recommended.
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on January 9, 2011
The authors have a profound knowledge of all the layers of the financial system, which allowed for the subprime mortgage fraud to develop and bring the entire system to it's knees. Maybe with one exception: they do not explain how the almost endless stream of fraudulent mortgages was created. Following the explanation of the authors it sounds as if the money came from investors. This is certainly true. But it would be interesting to follow the origination of this money beyond the level of investors. The investors haven't created the money which they "invest" into fraudulently rated tripple-A bonds. The investors either got the money from profits or from credits. And credits at the end are created out of thin air by those who hold the monopoly of money creation. My suspicion is that at the end the money creators must have encouraged this flood of money. But this book is an excellent starting point for further research to find an answer to the question: are the money creators really interested in getting the money paid back, which they have created out of thin air, or is their main interest in enslaving the rest of the population. They must know that all this money never will be paid back. I read so far until page 251. Maybe the answer comes on the next 100 pages. But this is not a criticism of this excellent book. It gives a detailed overview of the players and all the layers of this gigantic fraud. It reads like the most exciting suspense book one can imagine. But it's all real history.
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on April 24, 2011
To start with I really dont know much about wallstreet. The reason I picked up this book is cause I read a interesting article about a group of investors hitting it big around the time of the housing bubble. I thought the article was interesting but I didnt really have a clue about the lingo they were using or understand the story in its entirety. Also I have many friends that lost a lot of money because of the housing market. I really liked this book mainly because it was written for people like me who have no clue how wallstreet works. I have always had this concept that wallstreet is like gambling. After reading this book,,,I can say Im a stronger believer in those words now. Its just like vegas,,,only the house really wins,,,everyone else is just daydreaming. I found that the title is very strong statement about everyone who stole money in wallstreet, but the actual book didnt attack anyone. If anything it kind of let everyone off easy. Its like saying Joe stole a lot of money and left a lot of people homeless,,,but he didnt really know what he was doing so joe is a "ok" kind of guy. maybe its just my upbringing. I wasnt born in the states. so the concept of giving someone my money so it can work for me and he can keep me wealthy is very foreign to me. not to mention i wouldnt know what to do if someone gave me a call letting me know they lost all my money. still i understand that its impossible to point the finger at everyone who had to do with the problem. or to put the blame on just a small amount of people. In the end I think the book was laid out well. Telling you a interesting story and in the end letting you decide for yourself. I liked it,,,,im not sure its worth the price I paid. Taking off a couple of bucks would make it right.
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on December 10, 2014
An amazingly detailed and clearly articulated history of the financial meltdown. At times, there is too much detail with a plethora of acronyms (perhaps unavoidable). I found myself just shaking my head over and over again at the greed, arrogance and false bravado exhibited by virtually every player in this worldwide debacle. "All the Devils" will arm you with the facts to have an intelligent, informed discussion on this subject. An essential read if you are curious about what went on behind the scenes and the roles played by the key individuals, both public and private, who are rarely subject to this kind of daylight.
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on September 2, 2014
An interesting review of the financial crisis in that blame can be meted out to not only Wall Street, but also government regulaters, Congress, politicians and the consumer who should have been more aware of what they were getting themselves into. Sometimes the technical details about the implications of a type of loan instrument are difficult to understand. Abbreviations abound and if you can't remember what a loan type is or the abbreviation of a regulater 15-pages later, then you're lost in trying to understand the point(s) being made. One is shocked by the avarice displayed by many of the culprits. You can 't hep but wonder: What happened to ethics?
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on March 29, 2011
After reading this book (some passages I re-read several times to completely understand the complexity), it was the most fascinating, yet most disturbing explanation of what is dramatically wrong with congress/corporate America's ethics?

It's the loop holes STUPID! - in EVERYTHING... and the absolutely ridiculous lack of campaign finance reform that allows these corrupt millionaire congressman to get elected with their hidden agendas.

$1 billion for the successful 2012 presidential candidate - is America NOW some South American third world nation to allow this kind of money to happen in politics ???? Democracy - hah !!!!

America is NOW Rome burning, and fear the next generation is going to have some very, very rough sledding. The wealthy class are NOW pilfering America for all it's worth - because they see the globalized trade (free market -hah!), train wreck a comin!

The best days of transparency and prosperity for America are sadly behind us...
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on September 13, 2016
This is an excellent history lesson of events leading up to the Great Recession. There are other books out there about humorous stories and anecdotes both before and during the GR, but none rival this comprehensive history encompassing all the major players (Fannie, Freddie, AIG, The Fed, Merrill, Countrywide, Goldman, just to name a few). Captivating from start to finish.
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This book is an excellent reference book on the near collapse of the U.S. Economic system . Not easy to read because it is packed with detailed information. Clearly there were three factors that led the to catastrophe - A) Greed in the financial services industry, B) Homeowners/Buyers not even trying to understand the financial contracts that they were agreeing to, and C) the Government acting as a catalyst to encourage people to buy houses AND not adequately regulating the financial services industry. One of the best financial books I read in a long time...
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on December 8, 2014
Phenomenal job by the co-authors! There was no shortage of players in the financial debacles of the the late 20th/early 21st century. Most of them were well covered by this fast-paced tome. There were more golden parachutes than prison sentences which should be no surprise for those who understand how our legal system works. Even so, there was some justice in the process for all but the "little guy" who lost his home or life savings or both. The book pulls no punches and appears to be well-researched and worth the price of admission.
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