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Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Created the Worst Financial Crisis of Our Time

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Most Helpful Favorable Review

10 out of 16 people found this review helpful.

Required reading

The thing that smacked me between the eyes while reading this book is how great an effect corruption in government has on all of us. Our own congressman glibly spews his version of the meltdown: it was Goerge Bush's fault, and the fault of the private sector. People, ac...
The thing that smacked me between the eyes while reading this book is how great an effect corruption in government has on all of us. Our own congressman glibly spews his version of the meltdown: it was Goerge Bush's fault, and the fault of the private sector. People, according to his story, just quit spending and investing, motivated by selfishness. He refuses to acknowledge any involvement of congress in creating the 2008 economic crisis. This mantra is being repeated in Democratic circles everywhere. Reckless Endangerment gives the background, in a fascinating read, to enable one to state the case against lazy, polically convenient, and false "explanations" of the housing crisis. "Forewarned is forearmed": Multiply the corruption that led to this debacle by about 100, and that's what's going on today. Take the lessons of this book and investigate what's really happening under the Obama administration with paybacks, regulatory burdens, favoritism by the Justice Department, and the list continues. If we don't clean this rat's nest out of DC, the housing crisis will look like a walk in the park.

posted by ItsOnlyMe on June 29, 2011

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Most Helpful Critical Review

2 out of 2 people found this review helpful.

BN free Discount Code, off 15% one item,$40-$10 code,and a lot of Promo code, at website: ibnbn.tk

BN free Discount Code, off 15% one item,$40-$10 code,and a lot of Promo code, at website: ibnbn.tk

posted by ibnbn on July 8, 2011

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  • Posted June 29, 2011

    Required reading

    The thing that smacked me between the eyes while reading this book is how great an effect corruption in government has on all of us. Our own congressman glibly spews his version of the meltdown: it was Goerge Bush's fault, and the fault of the private sector. People, according to his story, just quit spending and investing, motivated by selfishness. He refuses to acknowledge any involvement of congress in creating the 2008 economic crisis. This mantra is being repeated in Democratic circles everywhere. Reckless Endangerment gives the background, in a fascinating read, to enable one to state the case against lazy, polically convenient, and false "explanations" of the housing crisis. "Forewarned is forearmed": Multiply the corruption that led to this debacle by about 100, and that's what's going on today. Take the lessons of this book and investigate what's really happening under the Obama administration with paybacks, regulatory burdens, favoritism by the Justice Department, and the list continues. If we don't clean this rat's nest out of DC, the housing crisis will look like a walk in the park.

    10 out of 16 people found this review helpful.

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  • Posted June 28, 2011

    Great book, new insights into the failure.

    This marvelous book lays out the sad sad story of the breakdown of our country's financial system in a very readable, logical progression. Among the better books on the subject, it lays bare the dangerous lies of Government Sponsered Entities - Fannie Mae & Freddie Mac - & the insidious relationship with the Congress, the regulators, & Wall Street.

    10 out of 10 people found this review helpful.

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  • Posted June 17, 2011

    Finally the truth comes out

    Most people don't understand that government policies and regulation led to the real estate bubble and financial colapse. Wall street only prolonged the problem by trying to solve the problem.

    The liberals thought that if they could help poor people qualify for a home purchase without any ability to pay the loan off, they could convert their growth appreciation to pay off the loan. Unfortunately, the false increase in demand created over valuation which finally cause the colapse.

    Basic economics 101.

    9 out of 17 people found this review helpful.

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  • Anonymous

    Posted July 2, 2011

    A must read for everyone.

    This book covers every step that took us to the road of financial disaster. It is an eye opener into the "you scratch my back and I will scratch yours". I belive we have the BEST GOVERNMENT MONEY CAN BUY. The disregard for our financial security by members of Congress who allowewd Wall Street to run out of control is amazing.

    Oh I forgot, the problem did not begin with George W.Bush.

    7 out of 8 people found this review helpful.

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  • Posted July 15, 2011

    This Is A Great Read!

    While many of us have had a sense about who was REALLY responsible for the debt crisis we are presently in, this book takes no prisoners. They name names, they back up their facts with honest investigative journalism and present it all from a politically neutral corner. After I read the book, I was even madder than before I read it, because the perpetrators are still in places of prominence in our society. They go on with their lives as if it were just a minor bump in the road, while the rest of us have to pay for their gross misconduct. That said, I am now a fan of Gretchen Morgenson. She is easy to read and a very knowledgeable writer.

    5 out of 5 people found this review helpful.

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  • Anonymous

    Posted January 7, 2012

    Required reading!

    Everyone should read this book. If you want to understsnd what lead to the financail crisis of 2008.

    3 out of 3 people found this review helpful.

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  • Posted August 29, 2011

    A must read

    The way the book puts things together, names names and then gives a list at the end as to where the culprets ended up is great.

    3 out of 3 people found this review helpful.

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  • Anonymous

    Posted January 7, 2012

    EJW

    Great reporting on the financial meltdown exposing all those implicated in this man cause disaster. A reader of this book cannot look at the news and the political processes in the same way as before. Excellent job!

    2 out of 2 people found this review helpful.

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  • Anonymous

    Posted December 29, 2011

    Great Knowledge Expander

    I had to read this book twice to get all the lurid details of the greatest con game of my time. Everyone was guilty of conning Americans in the Great Real Estate Bubble. Must read if you want to know the whole truth. Ann Thompson

    1 out of 1 people found this review helpful.

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  • Posted November 26, 2011

    THE BEST OF THE REST

    This is the best single book explaining the crisis. It identifies the major culprits and exposes all the facilitators. Other books focus and expand on the seperate aspects in great detail but this one touches on them all. The only negative is that it focuses too much on the government housing policy that provided the fuel.

    1 out of 1 people found this review helpful.

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  • Posted November 21, 2011

    Highly Recommended

    Marvelously researched, this book explains in detail how the false ideal of home ownership for everyone, influence peddling by politicians, the public/private partnership of the GSE's (profits for them, losses for taxpayers), the banks quest for profits while trying to pretend they weren't taking bigger and bigger risks, the lame behavior of regulators and the foolhardiness and economic ignorance of the American borrower combined to tumble our economy. And, it's not over yet. Morgenson and Rosner are bright and thorough.

    1 out of 1 people found this review helpful.

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  • Posted September 29, 2011

    American Ugly

    As the authors demonstrate, nothing compares in power to an idea--especially one twisted and corrupted by greedy people. The American Dream of homeownership is as old as Jefferson's idea of America and the westward movement, as powerful in the collective national mind as the ideas of the Individual and the Free Enterprise System. That in less than two decades James Johnson and a huge cast of nefarious characters was able to corrupt every one of these ideas is disheartening, but, more troubling, not at all amazing. For, as the authors show on every page, there exists a pernicious interlocking of government and big business. The irony of the story is that while we spend hundreds of billions protecting ourselves from enemies beyond our borders, those at the highest levels of our government and corporations are at work every day undermining the American dreams. The authors leave us with the cheerily true conclusion that it will happen again because, despite the wrenching melodrama of the past three years, nothing has changed and, as Charles Ferguson declared accepting his Academy Award for INSIDE JOB, none of the bad guys has been punished. On this score, there are two fellows who we should set loose to bring the many malefactors to justice: Patrick Fitzgerald (on loan only, as we still desperately need him here in Illinois, the State of Corruption) and Eliot Spitzer (flawed, yes, but forgiven and superbly brilliant and indefatigably tenacious). Sadly, another American Dream that cannot be fulfilled.

    1 out of 1 people found this review helpful.

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  • Posted July 12, 2012

    This is the definitive tome on the 2008 financial crisis. Gretch

    This is the definitive tome on the 2008 financial crisis. Gretchen Morgenson and Joshua Rosner name the players and point the finger of blame at the guilty and credit the few who tried to head it off.

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  • Posted August 30, 2011

    Best book in years on the inefficiency of our federal government

    This book is well researched, excellently written and points out exactly what is wrong with those who are supposed to serve us in Washington. They listen to whom they want, not the professionals who might disagree with them. This book is similar to what is wrong with public education as written in Diane Ravitch's book: THE FALL AND RISE OF THE GREAT AMERICAN SCHOOL SYSTEM-HOW TESTING AND CHOICE ARE UNDERMINING EDUCATION. Obama has stated that No Child Left Behind (NCLB)is supposed to be written by September, 2011. It shouldn't be rewritten at all. It should be dumped. It has been the waste of billions to the American tax payer with no positive results. Why is this true? Simply because it was written by theorists, not realists who work on the firing lines with children every day. If NCLB ever is rewritten some grad student who knows nothing about education will write it just as con men conned the politicians during the Fannie Mae murder of our financial system. The only answer to all of this insanity is to have staggered term limits for all political positions just as has been done for the Presidency. It may be that past politicians have put us in a deeper hole than we can get out of and the future will be one of a lower standard of living for all.

    0 out of 1 people found this review helpful.

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