All the Devils Are Here

The Hidden History of the Financial Crisis

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All the Devils Are Here

By: Bethany McLean, Joe Nocera

Narrated by: Dennis Boutsikaris

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About this listen

As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers?

According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together.

All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.

Americas

Banks & Banking

Economic History

Economics

Real Estate

United States

Business

Wall Street

Global Financial Crisis

Mortgage

Great Recession

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I have read pretty much every account of the global financial crisis out there, Greenspan, Paulson, Sorkin, Tett, Lewis, Augar - you name it - and had the dubious pleasure of being a back office legal functionary at implicated player(s!) as it all played out. For me this is the best, most financially literate, account of the lot.

No surprise really, as Bethany McLean was the journalist who uncovered Enron and, as a junior reporter, asked hard questions no one else in the market was asking.

anyway, this book fully understands the hedging strategies, the economic theory behind CDs comma and the sudden confluence of adults who were meant to be paying attention but who turned out to be asleep at the switch when everyone needed them the most.

Well narrated, although the narrator makes the schoolboy error of calling the ISDA an "eye-ess-dee-aye" rather than "izder" and curiously pronounces LIBOR "leebor". But in honesty that's the heaviest criticism I can make!

best account of the global financial crisis so far