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1 of 1 people found the following review helpful
TOP 500 REVIEWERon 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.
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4 of 5 people found the following review helpful
on 17 March 2009
This book is great. I was a bit sceptical because it came out so quickly and thought it might have a few too many extreme opinions but although Brummer makes his opinions clear, it is stuffed full of useful definitions, explanations, data and really good explanations of what happened. You do need a basic knowledge of the terms and concepts but once you've grasped them it's great. It's very easy to read whilst still being very informative.
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on 13 March 2012
This is a fantastic read and gives a great insight into the origins of what has been a very long and protracted period of uncertainty, low growth and economic peril for the world. I would highly recommend it to people looking to develop their knowledge and understanding of these important events which continue to have repercussions our lives today. I particularly enjoyed the focus of the book on the beginning stages of the crisis and events that happened in the 1990's and early noughties. Definitely well worth a read.
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on 22 August 2012
Such a comprehensive account of the events of the credit crunch. Bought it some time ago, but only recently got round to finishing it- enjoyed every minute.
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on 11 May 2013
Alex Brummers explanation is readable and telling. Its a pity that those who got away with greed do not appear to have suffered unduly. A good read.
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2 of 3 people found the following review helpful
on 20 May 2009
In my view, this book is a pretty good read. It sets out in easy-to-understand language how the credit crunch happened and fills in some of the detail the media couldn't report because it would have taken too much air time. An interesting read.
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0 of 1 people found the following review helpful
on 29 June 2010
I read this book directly after finishing "Too Big to Fail: Inside the Battle to Save Wall Street" and I think it compliments that book from a UK perspective. Though if you only want to buy one book on this subject go for "Too Big To Fail".
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2 of 9 people found the following review helpful
on 10 April 2010
Just another book "chatting" about the 2007 financial crisis. It doesn't improve the understanding of any FT reader.
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