- Tapa blanda: 416 páginas
- Editor: Portfolio; Edición: Reprint (1 de agosto de 2011)
- Idioma: Inglés
- ISBN-10: 159184438X
- ISBN-13: 978-1591844389
- Valoración media de los clientes: Sé el primero en opinar sobre este producto
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All the Devils Are Here: The Hidden History of the Financial Crisis (Inglés) Tapa blanda – 1 ago 2011
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Reseña del editor
The New York Times bestseller hailed as "the best business book of 2010" (Huffington Post).
As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers?
According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together.
All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.
Biografía del autor
Bethany McLean and Peter Elkind are Fortune senior writers. McLean, a former investment banking analyst for Goldman Sachs, lives in New York City. Her March 2001 article in Fortune, "Is Enron Overpriced?," was the first in a national publication to openly question the company's dealings.
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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.
This book details many of the factors of what caused the 2008 financial markets meltdown. It was an Inside Job caused by Washington catering to the wealthy, not watching out for We the People and unbridled greed of many in the financial sector who never had enough no matter how much they had.
The sad thing is, conditions are even more dangerous today where the banks are even bigger, fewer and there are no legal or regulatory limits on curbing any abuses, in fact what few, weak laws and regulations, passed in the wake of 2008 were not fully enacted or recently repealed. The core operating systems executing financial sector trades operate in an opaque manner, far too fast for proper regulation by those oversight agencies that are responsible. Those agencies have neither the equipment to follow trades at the speed of many hundreds or even thousands per microsecond nor the expertise to follow what has been constructed to hurt normal investors to benefit those in the shadows running high speed computer networks with dubious coding that ferrets out investor intent before trades actually execute. Again the rich get richer while hurting everyone else.
Democracy requires an informed, educated citizenry to ensure a small group does not take advantage of We the People and use the promise of The Declaration of Independence, The Constitution, and The Bill of Rights to further their business aims that empoverish the many to benefit the few. Government should protect We the People, not allow the few to benefit greatly to the detriment of the many...Core systems need to be changed to stop Washington from hiding the truth in plain sight in huge volumes of complicated verbiage that defy understanding by the most highly educated Americans while operating complex systems that thwart completing initiatives that do not benefit those that bought Washington. This book is a cautionary tale that demonstrates how Washington can and does things benefitting the few to the detriment of the many while keeping the many in the dark about what they did and then misleading or outright lying about why and how things were done to create the crisis that almost doomed the world's economy...We have met the enemy and they are us...
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.
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.