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lisacindrich

lisacindrich

All the Devils are Here: The Hidden History of the Financial Crisis

All the Devils are Here: The Hidden History of the Financial Crisis - Bethany McLean, Joe Nocera Well. Just the fact that I was at all able to understand what was going on as the authors described structured investment vehicles and synthetic CDOs and credit default swaps and piggyback mortgages demonstrates the admirable clarity of their writing. And somehow, as they traced 30 years of gathering disaster in the financial markets (with particular emphasis on the role played by subprime mortgages), they managed to imbue the narrative with tension. Does it sound crazy to say that I actually stayed up late a couple of nights reading because I didn't want to put it down?

Definitely hard to feel optimistic upon completion. Moody's! S&P! Regulators! Underwriters! Traders! Fannie! Freddie! Congressmen! The Fed! How you all failed us!

It would be nice to flee the markets, I think. Too bad savings accounts offer zippo interest these days.