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How the financial crisis really happened, and what it really meant: 3 books packed with lessons for investors and policymakers!
These three books offer unsurpassed insight into the causes and implications of the global financial crisis: information every investor and policy-maker needs to prepare for an extraordinarily uncertain future. In Financial Shock, Updated Edition, renowned economist Mark Zandi provides the most concise, lucid account of the economic, political, and regulatory causes of the collapse, plus new insights into the continuing impact of the Obama administration’s policies. Zandi doesn’t just illuminate the roles of mortgage lenders, investment bankers, speculators, regulators, and the Fed: he offers sensible recommendations for preventing the next collapse. In Extreme Money, best-selling author and global finance expert Satyajit Das reveals the spectacular, dangerous money games that are generating increasingly massive bubbles of fake growth, prosperity, and wealth, while endangering the jobs, possessions, and futures of everyone outside finance. Das explains how everything from home mortgages to climate change have become fully financialized… how “voodoo banking” keeps generating massive phony profits even now… and how a new generation of “Masters of the Universe” has come to own the world. Finally, in The Fearful Rise of Markets, top Financial Times global finance journalist John Authers reveals how the first truly global super bubble was inflated, and may now be inflating again. He illuminates the multiple roots of repeated financial crises, presenting a truly global view that avoids both oversimplification and ideology. Most valuable of all, Authers offers realistic solutions: for decision-makers who want to prevent disaster, and investors who want to survive it.
From world-renowned leaders and experts, including Dr. Mark Zandi, Satyajit Das, and John Authers
Financial Shock, Updated Edition: Global Panic and Government Bailouts–How We Got Here and What Must Be Done to Fix It
Acknowledgments viii
About the Author ix
Introduction 1
Chapter 1: Subprime Précis 9
Chapter 2: Sizing Up Subprime 33
Chapter 3: Everyone Should Own a Home 49
Chapter 4: Chairman Greenspan Counts on Housing 67
Chapter 5: Global Money Men Want a Piece 81
Chapter 6: Bad Lenders Drive Out the Good 97
Chapter 7: Financial Engineers and Their Creations 113
Chapter 8: Home Builders Run Aground 131
Chapter 9: As the Regulatory Cycle Turns 145
Chapter 10: Boom, Bubble, Bust, and Crash 161
Chapter 11: Credit Crunch 175
Chapter 12: Timid Policymakers Turn Bold 193
Chapter 13: Economic Fallout 233
Chapter 14: Back to the Future 251
Endnotes 273
Index 285
Extreme Money: Masters of the Universe and the Cult of Risk
Prologue: Hubris 1
Part I: Faith
Chapter 1: Mirror of the Times 21
Chapter 2: Money Changes Everything 38
Chapter 3: Business of Business 52
Chapter 4: Money for Sale 65
Chapter 5: Yellow Brick Road 78
Chapter 6: Money Honey 89
Part II: Fundamentalism
Chapter 7: Los Cee-Ca-Go Boys 101
Chapter 8: False Gods, Fake Prophecies 116
Part III: Alchemy
Chapter 9: Learning to Love Debt 133
Chapter 10: Private Vices 153
Chapter 11: Dice with Debt 168
Chapter 12: The Doomsday Debt Machine 188
Chapter 13: Risk Supermarkets 208
Chapter 14: Financial Arms Race 226
Chapter 15: Woodstock for Hedge Funds 239
Chapter 16: Minsky Machines 253
Part IV: Oligarchy
Chapter 17: War Games 264
Chapter 18: Shell Games 279
Chapter 19: Cult of Risk 294
Chapter 20: Masters of the Universe 307
Chapter 21: Financial Nihilism 321
Part V: Cracks
Chapter 22: Financial Gravity 337
Chapter 23: Unusually Uncertain 348
Index 429
The Fearful Rise of Markets: Global Bubbles, Synchronized Meltdowns, and How to Prevent Them in the Future
Acknowledgments ix
About the Author xii
Foreword xiii
Timeline xvi
Chapter 1: The Fearful Rise of Markets 1
Part I: The Rise
Chapter 2: Investment Becomes an Industry 9
Chapter 3: Indexes and Efficient Markets 16
Chapter 4: Money Markets Supplant Banks 25
Chapter 5: From Gold Standard to Oil Standard 32
Chapter 6: Emerging Markets 40
Chapter 7 Junk Bonds 48
Chapter 8: The Carry Trade 55
Chapter 9: Foreign Exchange 62
Chapter 10: Irrational Exuberance 69
Chapter 11: Banks Too Big to Fail 76
Chapter 12: Hedge Funds 83
Chapter 13: Dot Coms and Cheap Money 90
Chapter 14: BRICs 97
Chapter 15: Commodities 104
Chapter 16: Credit 112
Part II: The Fall
Chapter 17: Ending the Great Moderation 120
Chapter 18: Quant Funds 127
Chapter 19: Trust 133
Chapter 20: Bank Runs 139
Chapter 21: Bastille Day: Reflexive Markets 145
Chapter 22: Lessons from Lehman 152
Chapter 23: Politics and Institutions 158
Chapter 24: The Paradox of Diversification 163
Part III: The Fearful Rise
Chapter 25: Decoupling 171
Chapter 26: Banks Bounce 179
Chapter 27: A New Bubble? 186
Conclusion: 2010 and After 194
Notes 202
Select Bibliography 215
Index 222