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As a database administrator, we think in terms of maximum stability and how to predict failure so we can neutralize it. The cool and sexy are distant concerns. So I guess I lack much sympathy for the traders looking to maximize profits and neutralizing the risk desks.
If a model looks great, then you missed something important. Something that will bring it all crashing down.
Also, this book made me mull on this quote:
If a model looks great, then you missed something important. Something that will bring it all crashing down.
Also, this book made me mull on this quote:
"All these voices on the outside were saying, 'You are not relevant,'" Mudd late...more
Is this book perfect? I am sure people smarter than me could point out problems but that wouldn't change the fact that it is a must read. It gives the scope, the magnitude and perspective of greed and willful ignorance that led to the crisis. It is truly shocking, just beyond even my tolerance for stupidity. I watched an interview with the authors and you could tell they were mad. They were upset by what they had found and I understand why now.
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Gotta love any authors who put their dogs in the acknowledgement section! Of course that tells you nothing about the book itself, which was quite informative and, really, depressing to see how many times over and over the financial meltdown could have been avoided had greed not been the sole motivation behind all of our financial institutions. What happened to their fiduciary responsibility to the Average Joe taking out a mortgage? Now, it doesn't explain why the Average Joe thinks they can buy
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Before opening this book, I had heard of mortgage-backed securities and credit default swaps and collateralized debt obligations, but I had no idea what they were. Now I know!
Also, I have had the fear of God put in me about putting 20% down when I eventually buy a house. When we talked to a loan officer this summer, he didn't tell us that a loan with 10% down really means subprime. Yikes! ...more
Also, I have had the fear of God put in me about putting 20% down when I eventually buy a house. When we talked to a loan officer this summer, he didn't tell us that a loan with 10% down really means subprime. Yikes! ...more
Very interesting informative book on the near stock market crash/near depression days of 2007-2008 and the factors leading up to same.
Nov 27, 2010
Vivalasmecca
added it
I'm thankful for the detailed account told in this book and the journalistic, not sensational intent of its authors.
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Nov 14, 2010
Linda
marked it as to-read
Nov 18, 2010
Marieke
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Dec 01, 2010
Max
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Dec 09, 2010
Manifest Stefany
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Oct 22, 2011
Rodney Ulyate
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Jun 18, 2012
Harold Ogle
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Nov 17, 2014
Brian
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Feb 18, 2018
McFly
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Oct 08, 2010
Tom
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Aug 14, 2022
Delaney Lindell
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May 07, 2024
Andy
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May 20, 2025
Alex
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