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Financial Shock: A 360º Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis
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Binding: Hardcover
Dewey Decimal Number: 332.7220973
EAN: 9780137142903
Edition: 1
ISBN: 0137142900
Label: FT Press
Manufacturer: FT Press
Number Of Items: 1
Number Of Pages: 288
Publication Date: July 19, 2008
Publisher: FT Press
Studio: FT Press
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Editorial Review:
From the Back Cover
The subprime financial crisis is the decade's #1 financial story. What happened? How did it occur? And how can we prevent similar crises from happening again? Dr. Mark Zandi answers all these critical questions - systematically, carefully, and in plain English. Zandi begins with a fast-paced "history" of the crisis: where it started, how it spread, and where the fallout has landed. Next, he illuminates its deepest causes, ranging from the psychology of homeownership to Alan Greenspan's missteps. You'll watch the "flippers" at work and the real estate agents who cheered them on. You'll learn how Internet technology and access to global capital transformed mortgage lending, helping irresponsible lenders "drive out" good ones. Zandi demystifies the complex financial engineering that enabled lenders to hide growing risks and shows how global investors eagerly bought in, despite key warning signs. You'll discover how homebuilders contributed to the crisis, and how flummoxed regulators and policymakers failed to prevent it. Zandi offers indispensable advice for investors who must recognize emerging bubbles, policymakers who must improve oversight and citizens who must reduce their risks, so they can survive whatever comes next.
Customer Reviews
Average Rating: 
Rating:  - Good primer on the subprime meltdown
These are tense times in America. Times that require a moment of reflection before I get to the meat of this review. As I write, the stock market has taken a record-breaking one-week panic-driven nosedive that has wiped out over a trillion dollars of investor wealth. This comes a week after the House voted to approve a 700 billion dollar stimulus bill to try to reopen clogged credit markets by reinfusing cash into the capital-parched banking system. World financial markets are in turmoil, threatening ... Read More
Rating:  - A book that must be read
In the wake of this worldwide financial crisis, Financial Shock is a book that must be read. Mark Zandi gives a complete and detailed analysis of the subprime mortgage debacle. This book is well written, very informative, and is an interesting read. I intend to read this repeatedly to fully ingest it. In reading this, the lesson revealed is that balance is essential and greed is not good in the long run. Every aspect of the crisis is analyzed. Everything became too big. Unscrupulous lenders talked prospective ... Read More
Rating: - Informative and approachable!
I went into this book with a certain amount of trepidation -- I wanted to know about the subprime mortgage problem from the ground up, but I didn't have a lot of background knowledge going in, apart from listening to a few programs on the topic on NPR. However, I am *delighted* to say that this book was incredibly easy to read -- I didn't feel like Mark Zandi had dumbed down his subject for me, but rather that he took me step-by-step through the problems and compounding mistakes of the past ten years, using some ... Read More
Rating:  - A Little Early for a Retrospective
Financial Shock provides a detailed and accurate history of the subprime mortgage crisis up through the point Bear Stearns was bought out by JP Morgan. The first 3/4 of the book was great; however, the author states that as Bear Stearns was bought out (mid-March 2008), the crisis hit an "apex." Zandi goes on to say the worst of the crisis was over by the time he wrote Financial Shock. Unfortunately, it's now clear that we have yet to see the worst.
I was mostly interested in this book for where Zandi ... Read More
Rating: - Too early, but a good explanation of how the sub-prime crisis developed
Financial Shock is a look back at the things which put us in the market and economic situation we're in right now vis-a-vis the mortage and credit markets. Unlike the media, political voices, or the general public - most of which seems to be placing the blame almost exclusively on Wall Street and/or the Bush administration - the author, economist Mark Zandi (you may have seen him on CNBC and/or other business news outlets), does a good job of showing how a many different elements played their part. They include regulators ... Read More
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