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Financial Shock (Updated Edition), (Paperback): Global Panic and Government Bailouts--How We Got Here and What Must Be Done to Fix It
- By Mark Zandi
- Published Apr 15, 2009 by FT Press.
- Copyright 2009
- Dimensions: 6 X 9
- Pages: 304
- Edition: 1st
- Book
- ISBN-10: 0-13-701663-8
- ISBN-13: 978-0-13-701663-1
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Product Author Bios
Dr. Mark Zandi is chief economist and cofounder of Moody’s Economy.com, an independent subsidiary of Moody’s that provides economic research and consulting services to businesses, governments, and other institutions. His recent research has included studying determinants of mortgage foreclosure and personal bankruptcy; analyzing economic impacts of tax and government spending policies; and assessing policy responses to bubbles in asset markets. He has appeared on NBC’s Meet the Press, NBC News, CBS News, CNN, CNBC, and has served as an economic advisor to John McCain’s presidential campaign and the Obama administration. Zandi holds a Ph.D. from the University of Pennsylvania where he did research with Gerard Adams and Nobel Laureate Lawrence Klein.
"In Financial Shock, Mr. Zandi provides a concise and lucid account of the economic, political, and regulatory forces behind this binge."
–The Wall Street Journal
“The obvious place to start is the financial crisis, and the clearest guide to it that I’ve read is Financial Shock by Mark Zandi....It is an impressively lucid guide to the big issues.”
– David Leonhardt, The New York Times
“If you wonder how it could be possible for a subprime mortgage loan to bring the global financial system and the U.S. economy to its knees, you should read this book. No one is better qualified to provide this insight and advice than Mark Zandi.”
– Larry Kudlow, Host, CNBC’s Kudlow & Company
“Mark Zandi provides insightful analysis, thoughtful recommendations, and a comprehensible explanation of the financial crisis that is accessible to the general public and extremely useful to those who specialize in the area.”
– Barney Frank, Chairman, House Financial Services Committee
The Definitive Financial Meltdown Exposé:
Now completely updated to include discussions of the Obama administration’s many policy initiatives and proposed solutions.
•Includes expanded coverage of the market meltdown, the bailout bill and stimulus plans, the bank rescue plan, and the foreclosure mitigation plan
• Sifting the wreckage, fixing the blame: the roles of mortgage lenders, investment bankers, speculators, the real estate industry, regulators, the Fed, and homebuyers
• Tomorrow’s emerging financial shocks—and how to prevent them
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21 of 24 people found the following review helpful
Accessible book, By
This review is from: Financial Shock (Updated Edition), (Paperback): Global Panic and Government Bailouts--How We Got Here and What Must Be Done to Fix It (Paperback)
This is an impressive little book. It is both a comprehensive and accessible analysis of the 2007-9 financial crisis. If you are interested in understanding the genesis of the financial crisis and its structural causation, this is the book to begin with. Zandi's book is the best of its kind.Zandi does not shy away from describing the structural causes behind the current crisis. This is important, because popular versions attempt to place blame on bad decision making of individuals. Zandi certainly does not deny that speculation fed the unsustainable real estate boom. Speculation, however, was a minor culprit generating the frenzy and structural dynamic of the real estate boom. Too many homebuyers facing foreclosure internalize their fate. Zandi's book convincing suggests this is an emotional mistake. Numerous forces made homebuyers highly vulnerable. The majority of federal agents (e.g., elective officials, regulators, etc.), quasi-federal agents... Read more
3 of 3 people found the following review helpful
OK, but repetitious, By Paul Benoit (Farmington, AR United States) - See all my reviews
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This review is from: Financial Shock (Updated Edition), (Paperback): Global Panic and Government Bailouts--How We Got Here and What Must Be Done to Fix It (Kindle Edition)
This book reviews the origins and evolution of the financial crisis of 2005 to the present. It is certainly worth reading for those interested in financial markets. On the plus side, the author presents a fairly balanced analysis and doesn't just heap all the blame for the crisis on the banks, or the government. The author has a fluid writing style and is careful to explain financial concepts and acronyms that are outside the realm of most people.On the negative side, there is a lot of repetition in the content, with some concepts being re-explained multiple times. The author's approach is more subject-oriented than time-oriented, so the reader has to follow numerous jumps back and forth in time. The author also does not delve into details or present new interview material on major figures in the crisis. Thus, for example, virtually none of the major banks involved or their leaders are mentioned by name. This is perhaps safer for the author, given that the events... Read more
7 of 9 people found the following review helpful
A Good Summary of the Players and Their Roles -, By
This review is from: Financial Shock (Updated Edition), (Paperback): Global Panic and Government Bailouts--How We Got Here and What Must Be Done to Fix It (Paperback)
Central bankers had opened the money spigots wide after the dot-com bust, 9/11, and the invasion of Iraq combined with the Bush tax cuts. China had forced prices lower for so many manufacturing goods that central bankers also focused on fighting deflation (keeping interest rates low). In addition, there was the ballooning trade and federal deficits. At the same time, deregulatory zeal overtook the federal government - market forces would impose discipline. Rising home prices allowed homeowners to refinance again and again, lenders, investment bankers, and rating agencies got more and more fees.Meanwhile, securitizing mortgage loans greatly expanded the supply of funding, dicing those loans into tranches allowed selecting the desired risk and return level. When risk premiums shrank, leverage built them back up. Investors could also sell default insurance to each other - default was seen as a remote possibility. Derivatives such as CDOs (bond-like securities whose cash flows... Read more |
Online Sample Chapter
Financial Shock: Subprime Précis
Table of Contents
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
Sample Pages
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