The first big book on the credit crunch saw the crisis coming three years ago ... (Morris s) provocative book is a well-aimed opening shot in a debate that will only grow louder in coming months. --The Economist
(t)his is a scary book for scary times... Morris provides a fascinating and clear chronicle of how a good idea turned into so many bad loans. --Spectator Business
'(Morris) explain(s) in clear prose, and in a book that is barely more than a monograph, the blow-up in the world's financial markets. Morris traces the origins of the credit bubble to the illusion that clever financial engineering was the same as efficiently managing risk. He is justifiably harsh on the regulatory failures that hastened the crisis, but he is no dogmatist. He acknowledges the merits of financial innovation, and his model for reform is the tough monetary policy that defeated inflation in the 1980s. A similarly painful reckoning now - a huge write-down of assets - is necessary to resuscitate the financial system."