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ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism Paperback – October 11, 2011
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“The helplessness you feel, in the face of the demonic complexity of modern finance . . .set it aside, and pick up Yves Smith book ECONned. Indignation and clarity and omnivorous knowledge come together in her writing, to explain how we, the taxpayers, are being meticulously fleeced. Never go into an argument about the financial crisis unarmed again.” ―Stephen Metcalf, Slate Columnist
“In ECONned, Smith blows the top wide open on the role that economists and policy makers had in enabling Wall Street greed and misdeeds. This fascinating book reads like a detective story uncovering the roots of our disastrous financial philosophy - the book must be read by everyone from Wall Street to Washington.” ―Nouriel Roubini, Professor of Economics at New York University and founder of RGE Monitor
“Yves Smith has written a wonderful book which combines first hand knowledge of financial markets with a devastating attack on the scientific pretensions of economics. It is required reading by all those who want to dig below the surface of the worst economic collapse since the war to the intellectual and regulatory rottenness underlying it.” ―Lord Skidelsky, author of Keynes: The Return of the Master
“This book is a fascinating and insightful reminder that economics is like any other powerful tool. It can be used to help understand the world and solve important problems - or to rationalize ridiculous behavior and overwhelm common sense. Smith provides a brilliantly researched tour of good ideas gone bad.” ―Charles Wheelan, author of Naked Economics: Undressing the Dismal Science
“Lost your job, lost your life savings, the country's going down the proverbial - want to know who did it? Yves Smith tells the tale of how bad economics created the foundations for the 'Madoff economy'. After you read the book, just collect your pitchforks and get ready to march on the University of Chicago or Wall Street or both! A refreshingly sane and honest analysis.” ―Satyajit Das, author of Traders, Guns & Money: Knowns & Unknowns in the Wonderful World of Derivatives
“If you only read one book on the global financial crisis, it should be Econned by "Yves Smith", an entertaining, thorough and damning indictment of the way that Western economists, bankers and politicians together messed up - and are still messing up - the global financial and economic system.” ―Kevin Rafferty, South China Morning Post
“ECONned by Yves Smith has three great merits: what it says is largely accurate, largely interesting, and largely new.” ―Central Banking Journal
“Econned is one of the most important books on the financial crisis. Yves Smith understands both the Street and finance theory in a way that few writers do. Her argument that short sellers provided critical fuel for subprime lending flips The Big Short's conventional wisdom on its head and belies Bernanke's arguments that the housing bubble was the result primarily of a global supply glut. There is no other book with an appendix (Appendix II, no less!) that is a must-read for understanding the financial crisis.” ―Adam J. Levitin, Professor of Law, Georgetown University Law Center
About the Author
Yves Smith is creator of the influential blog, Naked Capitalism, a top ranked economics and finance blog with over 250,000 unique visitors each month. Smith has been working in and around the financial services industry since 1980 as an investment banker, management consultant, and corporate finance advisor. Smith has appeared, on CNBC, CNN, and FOX Business News, and has written over 40 articles in venues such as The New York Times, Slate, and the Christian Science Monitor. She lives in Manhattan.
Top Customer Reviews
While Econned covers technical points on economics and financial instruments, it's jargon-free enough that I can share this one with my non-business friends. And I plan to share it, since the explanations enable the author to build the case by Chapter 9 of how one company in particular structured operations to maximize its own profits while devastating major economic sectors. The book achieves a hat-trick of sorts: cogently explaining how and why the current policies are flawed, naming names and revealing exactly how some players took advantage of the flaws, and showing how current reform proposals need to be changed to fix the problem.
Neoclassical economics has become the modern religion with its own priests, sacred texts and a scheme of salvation. It was a successful attempt to legitimize the unlimited rule of financial oligarchy by using quasi-mathematical, oversimplified and detached for reality models. The net result is a new brand of theology, which proved to be pretty powerful in influencing people and capturing governments("cognitive regulatory capture"). Like Marxism, neoclassical economics is a triumph of ideology over science. It was much more profitable though: those who were the most successful in driving this Trojan horse into the gates were remunerated on the level of Wall Street traders.
Economics is essentially a political science. And politics is about perception. Neo-classical economics is all about manipulating the perception in such a way as to untie hands of banking elite to plunder the country (and get some cramps from the table for themselves). Yves contributed to our understanding how "These F#@king Guys" as Jon Steward defined them, economics professors from Chicago, Harvard, Columbia, Princeton and some other places warmed by flow of money from banks for specific services provided managed to serve as a fifth column helping Wall Street to plunder the country. The rhetorical question that a special counsel to the U.S.Read more ›
Most Recent Customer Reviews
This is the book to read if you want to understand the 2008 financial crisis.Published 5 months ago by Beth
This book cites a lot of bad behavior on Wall Street and also goes a little beyond that. The author goes into a lot of detail about various economic ideologies. Read morePublished 7 months ago by J.L. Populist
One of best books you can buy on financial crises. She is heavyweight writer for sure.Published 11 months ago by D. Aziza
This is easily one of the best books I've read. Smith has found the extremely narrow path to explaining complicated economic theories in ways the (educated) lay person can still... Read morePublished 21 months ago by Chris Bell
Yves Smith complains about free markets and corporate politically lobbies. This makes absolutely no sense. The "free" part of free markets means free of political influence. Read morePublished 21 months ago by D
You can't beat Yves Smith for straightforward explanations of complex topics. This has been part of my flush-tank library for a half year. I'm still working my way though it. Read morePublished 22 months ago by MICHAEL VONPLATO
This is the only book that I am aware of that explains the fallacies of modern economic thinking and how the field has largely been co opted by people with a self-interested... Read morePublished 22 months ago by JS
what i liked most were the explanations of how hedge funds funded the cdo market to finance their short ie cds positions. Read morePublished on July 30, 2014 by NiQ
Apparently not sure whether to blame easy money political policy and deregulation or financial greed for the 2007 bubble, Smith covers her bases by blaming everyone and everything. Read morePublished on June 26, 2014 by Gderf