How Do We Fix This Mess?: The Economic Price of Having it All, and the Route to Lasting Prosperity: Amazon.co.uk: Robert Peston: Books

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Book Description

Release Date: 27 Sep 2012 | ISBN-10: 1444757091 | ISBN-13: 978-1444757095

In Robert Peston's new book he explains in his characteristically straightforward way how the world got itself into the current economic mess - and how we might get out of it.

'How do we fix this mess? I don't know. But don't stop reading now. Perhaps if we have a clearer understanding of what went wrong, we'll have a better idea of what needs to be done. This book is a map of what needs to be fixed.'

The record-breaking unbroken growth between 1992 and 2008 wasn't the economic miracle that it seemed. It was based on a number of dangerous illusions - most notably that it didn't matter that the UK and US year after year consumed more than they earned.

But we couldn't go on increasing our indebtedness forever. The financial crash of 2007/8 and the subsequent economic slump in much of the west was the moment when we realised we had borrowed more than we could afford to repay.

So who got it wrong? Bankers, investors and regulators? And were they greedy, stupid or asleep? What was the role of government? And what part did we, as consumers, play in all this?

How do we get through this difficult period of transition to a more sustainable economy, one based on investment and exports, rather than on borrowing and consumption? With the same probing lucidity he brought to WHO RUNS BRITAIN?, Robert Peston takes us step-by-step towards a common sense way to fix this mess.

#outer_postBodyPS { display: none; } #psGradient { display: none; } #psPlaceHolder { display: none; } #psExpand { display: none; } In Robert Peston's new book he explains in his characteristically straightforward way how the world got itself into the current economic mess - and how we might get out of it.

'How do we fix this mess? I don't know. But don't stop reading now. Perhaps if we have a clearer understanding of what went wrong, we'll have a better idea of what needs to be done. This book is a map of what needs to be fixed.'

The record-breaking unbroken growth between 1992 and 2008 wasn't the economic miracle that it seemed. It was based on a number of dangerous illusions - most notably that it didn't matter that the UK and US year after year consumed more than they earned.

But we couldn't go on increasing our indebtedness forever. The financial crash of 2007/8 and the subsequent economic slump in much of the west was the moment when we realised we had borrowed more than we could afford to repay.

So who got it wrong? Bankers, investors and regulators? And were they greedy, stupid or asleep? What was the role of government? And what part did we, as consumers, play in all this?

How do we get through this difficult period of transition to a more sustainable economy, one based on investment and exports, rather than on borrowing and consumption? With the same probing lucidity he brought to WHO RUNS BRITAIN?, Robert Peston takes us step-by-step towards a common sense way to fix this mess.

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Product details

Hardcover: 480 pages
Publisher: Hodder & Stoughton (27 Sep 2012)
Language: English
ISBN-10: 1444757091
ISBN-13: 978-1444757095
Product Dimensions: 15.8 x 24 x 4.2 cm

Average Customer Review: 4.0 out of 5 stars See all reviews (53 customer reviews)

Amazon Bestsellers Rank: 95,509 in Books (See Top 100 in Books)

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Review

Robert Peston's compelling account of global financial meltdown is a must-read... His discursive, conversational but entrancingly fact-studded trip around the disaster zone ought to be mandatory reading for anyone who wants to have a voice in where we go from here. (Observer)

HOW DO WE FIX THIS MESS? is the book of the film and more... brought to life by war stories from the BBC, simple analogies and colourful language... he does know how to elucidate apparently impenetrable issues, and he guides us intelligently and entertainingly... readable and thought-provoking. (Financial Times)

Robert Peston is not so much a journalist as a phenomenon... And now he has managed to fit in a book... that displays his gargantuan appetite for facts, numbers and economic and financial history... Peston's range is dazzling.... Peston is a BBC treasure - one of the journalists who justify the licence fee. If, every few years, he needs to breathe out and write a long book, we should encourage it. As they used to say in the pre-Twitter age, he knows his stuff. (New Statesman)

compelling reading. (Observer - Chris Mullin)

Reads like a wildly implausible financial thriller. (Independent)

Lucid explanations... stark analysis of what the financial meltdown means for us... Peston's book is actually scarier than most descriptions I've read of the crisis. It goes way beyond Wall Street and City greed in its scope. (Evening Standard)

He is good on the follies of the bankers... He is also good on the detail. Anybody who wants to know what a collateralised debt obligation or a credit default swap is will find it here. (Sunday Times)

Essential reading... an excellent expose of the financial crisis. (Sunday Telegraph)

Brilliant. I now understand everything. (Giles Coren)

Robert Peston was the voice of the financial crisis, just as Terry Wogan will forever be the voice of the Eurovision Song Contest. Vocal tics and all, he's now an official national treasure. (Spectator)

Mr Peston, an award-winning print journalist before he became the Business Editor of the BBC, has many strengths. Chief among these are his sources and a terrier-like determination to get the story. Mr Peston passionately articulates why everyone should be frustrated with the banking sector--and financial globalisation more generally. For a tale of how the British banks blew up, readers will find juicy details. (Economist)

Robert Peston's great book on the world financial crash... 400 information-packed pages... If Mr Peston has a lesson for us, it is that until we fix the banking system, we will have achieved nothing. (Irish Independent)

'The author charts the past 20 years of steady economic growth and consequent bust, lucidly explaining the shortcomings of the banking system and the effects of globalisation, before returning to the present state of the UK, all invitingly.' (Sunday Telegraph)

Praise for WHO RUNS BRITAIN? (.)

A compelling portrait of early 21st century casino capitalism...essential reading. (Howard Davies The Times)

This lucid and timely guide to the world of turbo-capitalism...absorbing book, essential reading for anyone who wants to know how the British economy now operates. (Peter Wilby, Guardian)

A devastating account of Blair's producer capture by high finance...Peston navigates with ease the shark-infested waters of hedge funds, sub-prime borrowing, defined-benefit pensions and loans for honours. (Simon Jenkins, The Sunday Times)

Fluent, incredibly up to the minute look at Britain...Peston, in relaxed, conversational; style is a great travelling companion along the highways of finance. (Observer)

starkly lucid...Reading Peston's book, you can only be flabbergasted all over again at how Labour kowtowed to wealth, glorified the City and put the nations economic eggs into one dangerous basket of fizzy finance. (Polly Toynbee Guardian)

'Peston catches the zeitgeist of Britain and the paradox that is Gordon Brown' (Financial Times)

'engaging' (Harry Mount Telegraph)

Robert Peston is very lucid on some of the biggest issues of the day. I thoroughly recommend it. (Scotland on Sunday)

We are unfortunately still in the middle of this crisis. But at least we will have Robert Peston to give us that famous 'first draft of history' provided by excellent reporting. (Business Economist)

About the Author

Robert Peston is the BBC's Business Editor. Prior to joining the BBC, he was Political Editor and Financial Editor of the Financial Times, City Editor of the Sunday Telegraph and a columnist for the New Statesman and Sunday Times (inter alia). He has won numerous awards for his journalism, including Journalist of the Year and Scoop of the Year (twice) from the Royal Television Society, Performer of the Year from the Broadcasting Press Guild, Broadcaster of the Year and Journalist of the Year from the Wincott Foundation and Business Journalist of the Year from the London Press Club. Peston has published two critically acclaimed books, WHO RUNS BRITAIN?, his best-selling account of who is to blame for the economic and financial crisis of 2007-9, and BROWN'S BRITAIN, a biography of Gordon Brown and analysis of the New Labour government. His prize-winning blog - Peston's Picks - which has more than 800,000 readers, can be found at www.bbc.co.uk/robertpeston. He is the founder of Speakers for Schools (www.speakers4schools.org), a pro bono educational service which organises free talks from inspirational speakers for students at state schools. He is a trustee of the Education and Employers Taskforce. He is married to the writer Si?n Busby. You can follow Robert on twitter at www.Twitter.com/Peston

Customer Reviews

Most Helpful Customer Reviews

9 of 9 people found the following review helpful

3.0 out of 5 stars Is that it ? 30 Dec 2012

By Paul Compton

Format:Kindle Edition|Amazon Verified Purchase

The book is well written and explains the euro crisis well. The comments on China were New to me and I was thoroughly enjoying the book with 15 per cent to go. Then there was a fairly tiresome and unrelated tilt at Bob diamond. Then at 90 per cent read - it ended. It was as if somebody had stolen the last 10 per cent. No real answer to the question posed by the book or indeed any attempt. It was if pesto had decided to go and make a cup of tea and not come back. Perhaps there are no answers ? Perhaps the title of the book is rhetorical ? In summary - great piece of economic literature, but not what I was looking for.

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8 of 8 people found the following review helpful

5.0 out of 5 stars First book I have seen explaining current economics for the layman 11 Oct 2012

By alapper

Format:Hardcover

I am really pleased Peston found the time to write this book. I am a lay person in economics and as economic problems of one sort or another have dominated the news for recent decades it has been hard to understand what actually goes on in the banking system and the national economies. This book really does cover many topics of current interest - the credit crunch, the eurozone, USA, Japan, China.
Now I feel I understand a little of how derivatives and bonds work and why they were created, why Germany doesn't want eurobonds and that derivatives aren't just a side issue but a major part of the financial system, that banks reserves were incredibly low compared to what they were borrowing and lending (and why), that the eurozone and Japan really do have problems and so may China eventually. It was good to have all issues of the past two decades explained in detail, and even developments in 2012.
There are of course problems with it as both other reviewers have pointed out. It was obviously written in a bit of a rush and I would have liked more careful explanations at times but this seems a bit carping when I'm glad to read anyone really explaining the subject at all. The style is good with human interest among the drier economics and the odd amusing aside. It does seem a bit OTT pessimistic at times but I imagine this is due to his journalistic style (or perhaps the pessimism is justified?!) However as one reviewer has commented, it seems a bit odd that Peston explains the basic banking instability - that it can never pay more than a small proportion of its customers back simultaneously, so that if a bank is highly leveraged with tiny reserves it only needs one person crying 'wolf' to cause the pack of cards to come crashing down with queues on the streets - and then complains when other people don't like him crying 'wolf' at precisely such a point!
However for anyone with the slightest interest in our current economic situation then do read this book - it's a must.

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7 of 7 people found the following review helpful

5.0 out of 5 stars Readable,understandable and relevant. 21 Nov 2012

By Kenneth J. Morris

Format:Hardcover|Amazon Verified Purchase

Whilst this tome is a bit long it is worth reading from cover to cover. RP is always clear and takes a great deal of effort to explain all of the complicated financial wheezes/devices and downright criminal activities that contribute to our current financial predicament. If a reader wants to save time I suggest he/she goes direct to pp 392 - 415 to learn the "how to fix it" but I guarantee that afterwards they will go back and read the entire book. An excellent work by an author who knows what he is writing about.

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