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All The Devils Are Here: Unmasking the Men Who Bankrupted the World |  |
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All The Devils Are Here: Unmasking the Men Who Bankrupted the World | |
According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, no-one has put all the pieces of the financial crisis together. The finger was pointed at greedy traders, cowardly legislators and clueless home buyers, but many devils helped bring hell to the economy.
All The Devils Are Here goes back several decades to explore the motivations of everyone from CEOs and politicians to anonymous lenders, borrowers and Wall Street traders. It exposes the hidden role of companies including AIG and Goldman Sachs. It delves into the powerful mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.
Bethany McLean's The Smartest Guys in the Room was the best Enron book on a crowded shelf. All the Devils Are Here will be remembered for finally making sense of the meltdown.
网友对All The Devils Are Here: Unmasking the Men Who Bankrupted the World的评论
这本书是很多美国商学院经济学必读书单里的一本，内容不必多说自然有它独到之处。作者是多次得奖的资深记者，所以语言风格其实很有趣也比较顺畅（相较其他经济学书而言），读来并不枯燥，评论说写的一般，不赞同，不过阅读本来就是纯私人观感，有兴趣的人不妨自己读过再说。
0607年金融危机可以从本书了解，写的一般。
I thought it would take a couple of decades of perspective to tell the full story of the crisis. Meanwhile Michael Hirsh's Capital Offense (which covered the story from Washington), along with The Big Short by Michael Lewis (focusing on a few offbeat portfolio managers), Justin Fox's The Myth of the Rational Market (which went deep into intellectual history and gave testimony from many of the people who invented the theories), The Quants by Scott Patterson (working from the equations out) and Glenn Yago and Franklin Allen's Financing the Future (which traced the story from prehistory into the future and emphasized the positive side of financial innovation as much as the negative side) were the best available accounts. All had stylish writing, great stories and thorough research to cover important aspects of events.
Without taking anything away from any of those books, All the Devils are Here manages to cover every important financial aspect of the crisis. To be fair, it doesn't go into as much history or theory as Justin Fox, Michael Hirsh or Yago and Allen did, and it's not as great a story as Michael Lewis and Scott Patterson extracted. It covers the crisis and only the crisis and is too detailed to be as much fun as Lewis and Patterson.
You won't find gigantic surprises in this book, the usual suspects are examined: originate-to-sell, government-sponsored entities, political pressure to increase homeownership and provide jobs and perks for politicians and their friends, rating agencies, mathematical models divorced from commonsense and reality, CEO's remote from their businesses, and all sorts of people chasing profits and supressing doubts. What this account adds is nuance and balance. Different things mattered at different times, and in most cases there were at least some positive aspects. Things that everyone agrees were bad usually turn out to be bad in this account, but often in slightly different ways than is commonly assumed. Not all doubts were supressed, and a comforting number of people acted with honor and wisdom rather than short-term focus on profits or votes (not a decisive number, unfortunately, but comforting compared to popular conception).
If you read one book to understand the crisis, I recommend this one. Your understanding will be much deeper if you read all the ones above, and those might be better choices if you're interested in the crisis in some larger context, like the history of finance or political decision-making. But this is an amazing accomplishment, to distill this complete and even-handed a story while the fallout is still falling and few participants have had a chance to reflect on events and add perspective. No doubt there will be better histories in the future, but I'll bet the authors will all start by reading this one.
A very entertaining and insightful book. Similar in subject matter to Michael Lewis's "The Big Short", but this author approaches the Great Crash from the higher-level perspective of the Washington regulators and policymakers. Reading about the near-mutinous activities of the Federal regulators and certain high-level government officials leaves one with serious concerns about the systemic issues with which our regulatory framework is fraught. The sad fact is, at the end of this book, one sees that nothing has changed--and in fact the gates have been thrown open by the Federal government for significantly worse crashes in the future. This book is the perfect complement to Michael Lewis's book and just as important for policymakers to study.
I am an english major with a law degree and have read my share of books in my lifetime. I can say without any hesitation that this book should be read by every American, whether your flag swings to the right or left, that is interested in knowing what happened leading up to the crash of 2008.
This book takes the reader from the mid 1970's through to 2008 with an easy to comprehend depiction of all the players and key events that culminated in the the bursting of the real estate/stock market bubble. I have read many other works and listened to other reports about the cause of the current recession. Almost every account suffers from the same shortcoming. Namely the cause of the 2008 crash is usually depicted as caused by a relatively recent and isolated course of events and the blame is largely put on one entity such as the federal government, the big banks or Fannie Mae.
"All the Devils Are Here" on the other hand deftly explains how many entities contributed to the crash of 2008, from the federal government to Fannie Mae to the securities ratings agencies to the Wall Street superpowers like Goldman Sachs. This book furthermore explains how the creation of the massive volume of subprime loan portfolios, collateralized debt obligations and credit default swamps never could have been possible absent the synergistic cooperation of all these key players together.
Finally, this book points out how for decades there had been many individuals who shouted from rooftops warning of the toxic nature of this Frankenstine-like financial machine. However each and every one of these individuals calling for beefed up regulation and transparency were swiftly and summarily put down, usually by the intoxicating rhetoric of the Chicagoan school of economics led by Alan Greenspan and his "committee to save the world".
I would absolutely recommend this book to anybody interested in taking their head out of the sand and figuring out what exactly happened during one of the most important chapters of American and world history.
I have read many books on this subject and I have to say that one is one of the best I've read.
It takes you back to the beginning, the unknown beginning of the entire mess. This solid narrative is well written and well arraigned in the way that each piece Leeds into one another to propeller the story along as if it were a tout and gripping spy novel and hey why not, the details uncovered here are every bit as suspenseful as the a good thriller.
When I was looking for a another book to read after The Big Short (which was good and I do have a review of) I wanted something with a little more detail. I had previously read Too Big To Fail after I watched the HBO original movie and it was great I thought but it focused mainly on what the government did to save the world and I wanted more about what had led to the government having to save the world. All the Devils are Here is almost exactly what I was looking for. It has all the detail leading up to the crises and then sort of just drops off and assumes I guess that you have watched the news or read another book. If you want a complete look then I you have to read two books. I would recommend that you read All the Devils are Here to get the back ground and then read Too Big To Fail to get the details of the crises itself and even then the story (since its so big) is not complete.
I liked this book earnestly but I am torn between the four star rating that I gave it and three stars. I wish I could do three and a half. I ultimately gave it four because I rated the book on what it is and not why I wanted to be.
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