All the Devils are Here, Bethany McLean

Book review Student`s Name Name of Lecturer Name of Institution Date of Submission Book review Introduction In the book, All the devils are here, the authors unveil the circumstances that followed just after the financial predicament had started. They state that, "the blame game started immediately the financial predicament began whether to put the blame on the Wall Street, major street, Pennsylvania Avenue, gluttonous traders, unwise regulators, shady subprime companies, gutless legislators or naive buyers." Bethany McLean and Joe Nocera says all these are causes and even other more that have not been mentioned, they go ahead thinking that roughly everyone has contributed to this calamity. This book digs deep into the past history and all other possible sources that might have brought about this problems claims that this crisis was brought about by human nature and not about finance. Book summary All the Devils Are Here is a book written by Bethany McLean and Joseph Nocera. It elaborates on the issues that brought about the financial disaster worldwide, its very detailed and explains the financial crisis from different sources. This makes it much easier to understand. It talks about different kinds of people and how each of them contributed to the financial disaster. It also talks about different people of the society and their activities that contributed to this crisis, for instance leaders who were incompetent and shortsighted thereby leading to this. The two writers believe that almost everyone contributed to this crisis in one way or another. They mention names of the victims and their activities which contributed to this.Politically all leaders who participated in the creating of this crisis are mentioned with whatsoever practices that led to this. It is written with a lot of emotions thereby making it easier and fun to read and understand. Its also methodically and emotionally written to easen the flow of the context. Many practices that greatly contributed to this problem were from the leaders who instead of working for the nation used the opportunity to satisfy their selfish desires. Even though other issues also lead to this, human practices covered the greatest percentage in formation of the crisis. This book also reveals hidden history of the financial disaster, which makes it even more interesting to read. It also shows how the people tried to help the situation by filling lawsuit against the suspected people. It further mentions the people whose dirty deals led to this and up until now have not been revealed. It is advisable for one to read this book since it elaborates on the causes or the pioneers of this problem and the result of every dirty practice that took place and the action that was taken for them. Analysis Different people with diverse opinions from dissimilar sources have though made it easier to understand the situation. Different writers have come up with different styles to make it easier to understand and fun too, for instance All the Devils are Here specializes in vital financial side of the disaster therefore its much easier to understand this situation by reading all these different books since they have different opinions as to what brought about the crisis, or if for instance there`s a specific area that one is interested in maybe to understand it better for example the political history, businesses or even fun depending on whichever aspect of the story is interesting. There are no surprises in the book at the usual suspects are examined: originate-to-sell, government-sponsored entities, political pressure to increase homeownership and provide jobs and perks for politicians and their friends, rating agencies, mathematical models divorced from commonsense and reality, CEO's remote from their businesses, and all sorts of people chasing profits and suppressing doubts. This account adds nuance and balance. Different things mattered at different times, and in most cases there were at least some positive aspects. Things that everyone agrees were bad usually turn out to be bad in this account, but often in slightly different ways than is commonly assumed. However, not all the doubts were suppressed, and a comforting number of people acted with honor and wisdom rather than short-term focus on profits or votes. This book is very good for a person who wants to understand the crisis further. The understanding of the crisis will be much deepened. It covers the history of finance or political decision-making and all the circumstances behind the financial crisis. This is an amazing accomplishment, to distill this complete and even-handed a story while the fallout is still falling and few participants have had a chance to reflect on events and add perspective. All the Devils are here explains the financial disaster from a variety of sources. This book is however complicated, but contains an elaborated detail on the financial crisis, the mortgage backed security that was invented and also contains politics and how some branches were diluted. This book is also very instrumental for a person who wants to get a good overview of the major players in the crisis and how they interconnect. However, it's important to keep in mind that the real causes of the crisis cannot be divorced from the long term changes that are occurring in the economy as a whole. The book however carefully examines how the financial meltdown came about. It begins at the beginning of the financial meltdown and then continues until the end. It is a carefully constructed chronicle of the systemic greed and hubris that took place in the US, clueless shortsightedness and incompetence that brought the U.S. financial system to its knees. This book is well written and reads like a novel. It however does not give concluding remarks on who deserves blame for the whole issue. The authors also make it clear that the fundamental hidden assumption that drove the collapse was the notion that home prices would continue to rise indefinitely. There were a host of enabling factors that fed this assumption, most of which straddled the borders of both immorality and corrupt business practices. Every one of the participants listed in the book was in part complicit and culpable. Yet the authors did not examine who deserved blame. Loan standards were weakened until they were non-existent. Lenders and the recipients of loans, were both drunk on the home-lending madness, which driven by Congress and Freddie Mac and Fanny Mae, became a national nightmare. The ratings of the rating agencies were worthless primarily because they not only lagged the housing market but at the same time depended on and ...