- Hardcover: 480 pages
- Publisher: Wiley; 1 edition (November 9, 2009)
- Language: English
- ISBN-10: 0470499052
- ISBN-13: 978-0470499054
- Product Dimensions: 6.5 x 1.5 x 9.3 inches
- Shipping Weight: 1.3 pounds (View shipping rates and policies)
- Average Customer Review: 28 customer reviews
- Amazon Best Sellers Rank: #498,202 in Books (See Top 100 in Books)
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Too Big to Save? How to Fix the U.S. Financial System 1st Edition
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“For the last two years I've been receiving requests -- email and otherwise -- for a readable, educating book on the financial crisis. And while various books on the crisis have had their merits, no one of them has fit that bill. Until now. Robert Pozen's Too Big to Save? How to Fix the U.S. Financial System is the single best source for figuring out what happened. It is the go-to book if you are a non-specialist and want to understand: how credit default swaps work, the significance of Basel II, mark-to-market, how the various Fed bailouts operated, the meaning of the toxic asset plans, and many other matters.”
—Tyler Cowen/ September 2009, http://www.marginalrevolution.com
"Should be required reading on Capitol Hill."
—Kevin Hall, McClatchy Newspapers
"Pozen’s book offers significantly more than a factual recitation of events leading up to and during the credit crisis. Beyond that, it offers a comprehensive framework for analysis and concrete proposals for appropriate regulatory responses. Broadly, Pozen’s aim is not – or not only – to tell the story of the crisis, but rather to analyze how the crisis can illuminate and inform the appropriate relationship between government and financial markets. Pozen describes specific regulatory innovations intended to keep pace with the speed and complexity of financial innovation. He offers, that is, the analysis sorely lacking in more journalistic accounts of the crisis. In that regard, his book is one of the few in the growing literature arising out of the crisis that should inform any serious discussion of new financial regulation."
—Alisa Greenstein, The Hedge Fund Law Report, October 2009
"Pozen seems to be right (or at least in broad agreement with me) the overwhelming majority of the time. And as you can also see, he makes a lot of recommendations, on everything from accounting standards to insurance regulation. Tyler Cowen is quite right to give the book a rave review."
—Felix Salmon, blogs.reuters.com/felix-salmon, November 2009
"This is a book for investors who want to understand the details of our financial landscape, and who also want to consider arguments on restricting mortgage-lending practices, whether financial derivatives and hedge funds should be regulated or the revival of loan securitization, among others." (SmartMoney, November 2009)
“There has not been a more timely and important book written this decade. … In summary, Too Big to Save is comprehensive, rigorous, and descriptive as well as prescriptive. The US economy is too important a global player to be ignored, and Pozen’s analysis in ‘Too Big Too Save’ is too important to not be read. This book is truly a gem and a strongly recommended read.”
—Sean Cameron, The Harvard Law School Forum on Corporate Governance and Financial Regulation ( http://blogs.law.harvard.edu/corpgov , November 2009
“The best finance book I've read so far this year (and I've read a slew of them) is Robert C. Pozen's Too Big to Save? How to Fix the U.S. Financial System. … I can't think of anybody who has covered such a range of issues so efficiently or so well.” (Brad DeLong, ( http://delong.typepad.com, November 2009
"TOO BIG TO SAVE? asks and answers the questions weighing on every American's mind...a highly readable and well-paced narrative...a valuable guide to a wide audience of readers, from American voters who felt disenfranchised by the events of September 2008 and are looking for an accessible resource to further inform their perspective, to professionals who seek a single source for an engaging account of the crisis and its implications for businesses today and tomorrow."
—Elizabeth Leonard, Forbes.com, December 2009
"University economists are already teaching courses on the history of the financial crisis of 2008 and the policy responses that followed. Robert Pozen's new book could become required reading."
—Ross Kerber, Reuters, December 2009
"To command the weary reviewer’s attention, any new book on the aberrations of the financial community has to have a clear focus and make a compelling case. In Too Big To Save? Robert Pozen, chairman of mutual fund group MFS Investment Management and a former vice-chairman of Fidelity Investments, pulls off the trick. … The story of excessive risk-taking and leverage is lucidly told and accessible to the layman, with good explanations of securitisation, toxic structured products and the global dimension of the crisis. The policy recommendations are thoughtful and mostly full of good sense."
— John Plender, Financial Times, February 2010
"The first thing one can see from the book is how much of a genius Robert Pozen is. He has a clear grasp on many complex issues facing the US and world economy. Too Big to Save? is probably the best book about financial reform written so far."
—Jacob Wolinksy, GuruFocus.com, February 2010
"... thorough, intelligent and straightforward ..."
—Jim McTague, Barron's, March 2010
"While there are many books on the financial crisis, too many of them say too much about what went wrong and not enough about how to fix the problem. Bob Pozen's book Too Big to Save? (Wiley, 2009) breaks the mold. It not only analyzes the causes of the crisis with uncommon clarity, but also supplies a compelling road map for reform."
—Stephen J. Hadley, Harvard Business Review, March 2010
"If you’re only going to read one book on the financial crisis, this should be the one."
— Matthew Rees, The American, May 2010
From the Inside Flap
Mortgage defaults, together with excessivedebt and weak regulation, ultimately led to a major financial crisis in the United States in 2008. But how exactly did a steep drop in U.S. housing prices result in a severe financial crisis throughout the world? What did the U.S. government do right and what did it do wrong in responding to this financial crisis? And perhaps most importantly, what actions should be taken in the future to resolve this financial crisis and help prevent others from happening? In Too Big to Save?, Robert Pozen answers these and other key questions as he presents his vision for repairing the U.S. financial system.
Each chapter of this timely book analyzes the impact of the financial crisis on a major part of the U.S. financial system. Pozen first explains the globalization of the financial crisis through the sale of mortgagebacked securities around the world. He suggests how the securitization process should be reformed, including new approaches to credit rating agencies and credit default swaps.
Second, he assesses the impact of the financial crisis on the stock and bond markets. He criticizes the broad government guarantees of bank debt and money market funds, and calls for reinstating the incentives for large debt holders to scrutinize the condition of financial institutions.
Third, he evaluates the federal bailout of financial institutions by buying their stock and toxic assets. He shows how these bailouts constitute "one-way capitalism" whereby taxpayers bear most of the losses but stand to receive little of any potential gains.
Finally, he outlines what can and cannot be achieved realistically through international financial cooperation. For the United States, he proposes a concrete plan to address risks to the entire financial system and strengthen the functional regulation of each segment of the financial services industry.
Too Big to Save? will give you a sound framework to analyze the daily barrage of information about the financial crisis. It offers a blueprint for restoring the financial system without repeating the mistakes of the past.
Top customer reviews
This is the book we have all been waiting for on the financial and economic policies that put not only the U.S. but the world financial system at risk of collapse. Robert Pozen takes the reader through the explanation of how a number of the usual suspects are to blame. He guides the reader through an analysis of the government's response and more importantly, makes concrete and specific suggestions for reforms that encompass almost every aspect of financial reform.
The book contains common sense analysis that demonstrate the way Wall Street and Main Street work and how it should look in the future. There are excellent charts and graphs illustrating the issues in a clear and understandable manner. Charts on the mortgage securitization process, investment bank leverage growth, foreign holdings of treasuries, and more will make this book a great reference source for educators of finance.
As our legislators and elected representatives try to put the pieces back together again, they should read Robert's excellent commentary.
He approaches moral hazard in an honest, straight forward manner. "In supporting financial institutions, the federal government should avoid whenever possible the creation of moral hazard, an economic term for the situation created by broad loss guarantees that remove all incentive for private investors to perform due diligence on their investments."
There is a chapter discussing these issues as it pertains to Short Sell, Hedge Funds, and Leverage. Among Mr. Pozen's recommendations that I whole heartily agree with is "Congress should require all large hedge funds to submit regular confidential reports..." If we are going to monitor systemic risk, we need to do it for all large systemically important institutions be they a bank or other entity.
Our leaders from the Federal Reserve to the SEC must see that their policies if not changed will only have limited value in protecting us from another similar situation. Mr. Pozen also talks about the need for international cooperation.
I highly recommend that you read Too Big To Save? How to fix the U.S. Financial System by Robert Pozen
Reviewed by Mark Seleznov [...]
Nevertheless, this is a good book because it's well written and easy to read, has original and interesting charts and graphics, is not too long and is thought provoking.
Four stars. If you need however a compendium of viewpoints, some for or against regulation, buy this book (or journal): Critical Review: Volume 21, No. 2-3, 2009, ISSN 0891-3811, "Causes of the Crisis", which has a Who's Who of economists with divergent viewpoints. Very interesting, but it's more technical and harder to follow that this book, but worth it.
Most recent customer reviews
"And what about the government's bailout of Goldman Sachs and other creditors of financial giant American International Group?Read more