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Customer Review

on 26 March 2011
This book is very readable and presents a fair assessment of how the crisis developed and offers solutions too.

Students, and general readers coming to the topics of finance or economics for the first time are given a good introduction to such issues as externalities, monetary policy, fiscal policy, the practice of banking, moral hazard, lender of last resort status, bank lending criteria, how booms and busts develop, finance theory and economic theory. So friendly is the presentation that readers might well be attracted to the great masters of these topics. But their exposition is unlikely to be as clear as here.

There is also a very good chapter on credit default swaps. Three chapters are devoted to mini-case studies of bank failures in the USA, UK and the rest of Europe. There is an excellent chapter comparing and contrasting this crisis with the Great Depression and an equally valuable chapter containing advice to governments, banks, regulators, borrowers and academics. Some of the author's advice has already been implemented. The recent crisis is a big topic. The author covers it really well in about 300 pages. It's so well written that I could happily have read another 100!!

You won't find a better text on the crisis of 2007/2008.
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