"Bloomberg" columnist Gilbert shows how Wall Street's tolerance for extremes made the global credit crunch both foreseeable and inevitable. The author offers a blow-by-blow account of what went wrong and what lessons need to be learned from the crisis.
"Bloomberg" columnist Gilbert shows how Wall Street's tolerance for extremes made the global credit crunch both foreseeable and inevitable. The author offers a blow-by-blow account of what went wrong and what lessons need to be learned from the crisis.
Mark Gilbert, bureau chief for Bloomberg News in London, has been with Bloomberg News since 1991 and has written a regular column on global financial issues since 1998. He spent more than eighteen months warning about the impending credit crisis, later helping readers disentangle its consequences. He frequently appears as a commentator on Bloomberg Television.
Inhaltsangabe
Introduction.
1 Bubbles Are For Bathtubs.
The Real Estate Boom.
2 Unsafe at Any Rating.
CDOs and the Companies that Judged Them.
3 Priced For Perfection.
The Financial Gene Pool Economic Darwinism Couldn't Improve.
4 Bubbles, Bubbles Everywhere.
Global Liquidity's Search for a Profitable Home.
5 Judgment or Luck.
The Profits Banks Couldn't Understand--or ProtectAgainst.
6 Knight in Rusty Armor.
An Ill-Advised Rescue Helps Show Banks Just How Much Value TheirCollateralized Debt Has Lost.
7 The Noose Tightens.
Frozen Money Markets Confound Central Bankers, Hurt Consumers,and Drive Imploding Investments Back onto Bankers' Books.
8 Central Banks, Unbalanced.
Caught Off Guard, the Financial Authorities Make Up the Rules asThey Go Along.
