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INSIGHTFUL & INTERESTING
on 15 November 2012
Alex Brummer knows his way around the financial maze which he well demonstrates in 'The Crunch: How Greed and Incompetence Sparked the Credit Crisis' by recounting and reflecting on the dire financial shenanigans that befell the global credit channels immediately before and after August 7th 2007 focusing particularly on Northern Rock.
Whilst told in a gripping and compulsive manner that makes putting the book down difficult, the author does not achieve this by 'dumbing' the story down. On the contrary the reader is given a very good grounding in the mechanisms, politics and economics of so-called high finance although this term has now become somewhat without much public approbation as a consequence of the revelations of greed, stupidity, and criminal practices prevalent among the top bankers and financiers.
I found the comparisons of approach during the Credit Crunch Crisis, between the US Federal Reserve, the European Central Bank and The Bank of England particularly interesting and informative, clearly reflecting that our own Bank of England was caught somewhat unawares and, therefore slow off the mark in heading off the Northern Rock collapse through lack of depositor confidence. A faster, more positive and helpful response might well have saved the later nationalisation of the Rock and a huge dollop of the UK taxpayers loot as well as the knock-on effect on other similar entities.
It is appreciated that a number of books dealing with this period of financial upheaval have been published and I have read quite a few of them although most concentrate on US institutions whereas this book is very much UK orientated, but this is certainly one of the pick of the bunch, and a great read.
Thoroughly recommended and should be on the required reading list of all students of finance, banking, accountancy, business studies etc.