The Financial Crisis in Perspective (Collection) [NOOK Book]


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...
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The Financial Crisis in Perspective (Collection)

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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

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Product Details

  • ISBN-13: 9780133087529
  • Publisher: Pearson Education
  • Publication date: 5/18/2012
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 1040
  • File size: 8 MB

Meet the Author

Dr. Mark Zandi is Chief Economist and co-founder of Moody's, 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. Zandi holds a Ph.D. from the University of Pennsylvania, where he did research with Gerard Adams and Nobel Laureate Lawrence Klein; and a B.S. from Wharton. He appears regularly on ABC News, Wall Street Week, CNN, and CNBC. Satyajit Das is an international expert in financial derivatives with 25 years’ experience in the markets. He has worked on both the sell and buy sides of the derivatives business: for banks such as Citicorp Investment Bank and Merrill Lynch; and for clients, as Treasurer of the TNT Group. His highly-regarded financial references include Swaps and Financial Derivatives, 3E, Structured Products and Hybrid Securities, 2E; and Credit Derivatives, CDOs and Structured Credit Products. John Authers, investment editor for The Financial Times, serves as its main commentator on international markets. Authers speaks worldwide, and appears frequently on major US and global media, including the BBC, CNN, MSNBC, NPR, and PBS. He was recently honored as the UK's Investment Journalist of the Year for his coverage of the early days of the financial crisis. The Victim's Fortune, co-authored with Richard Wolffe, earned the prestigious Best of Knight-Bagehot Award.

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Table of Contents

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

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