A cut above the normal lightweight crash explanation books,
This review is from: Crash and Beyond: Causes and Consequences of the Global Financial Crisis (Hardcover)
Customer review from the Amazon Vine Programme (What's this?)
For me, the book started badly. The author quoted his own predictions of doom from 2005 and I was immediately concerned that this was going to be an “I told you so” book. It’s not – it is much better than that.
It is, however, a long read. He methodically sets the scene before the 2007/08 crisis and then steps us through the extraordinary events.
What he captures well were the challenges faced by even those who understood the dangers before they came to fruition. Sensible steps were considered by policymakers but were politically impractical at the time. Too much of what is written in other books on this subject leaps quickly to what should have been done, without really appreciating that there was no appetite for action at the time. Whilst not letting banking industry management off the hook, he works his way through the failings elsewhere, noting that it is convenient for everyone to blame the bankers, as it absolved others (particularly politicians) of their responsibly for the flaws in the underlying economic policies.
Beyond the crash he offers a much wider analysis of the various policy responses across the globe and what can be done going forward.
His hope, expressed in the last chapter, is that the lessons from the crash can be guidance and a warning and that books like his will help avoid the same mistakes happening again.
An interesting but challenging read.