Gretchen Morgenson, a Pulitzer award winner and investigative journalist, and Joshua Rosner, explain in minute detail how the foundations of the Greet Recession of 2008 were laid by unscrupulous money managers with political connections one-and-a-half decade earlier.
They also point out that federal agencies and politicians were involved in the evolution of sub-prime mortgage scheme. They name individuals and provide incontrovertible proof of how some politicians helped the process, and later when the ”house of cards” fell apart, claimed no responsibility.
The whole scheme was based on the old adage “you scratch my back, and I scratch your”.
It is interesting, how underhandedly, financial experts who pointed out early on that the sub-prime is bound to create devastating damage to the economy, were silenced and/or subdued.
Both authors have accomplished a great service to the population at large in the U S A and elsewhere in the world, by writing an in-depth, hard-hitting and thought-provoking book that reveals with perfect clarity, how this huge financial scandal began.
The American public was clearly robbed of hundreds of billions of dollars.
While several books have been published since, this title must be regarded as the crowning of all in its detail, analysis, and approach.
The diagnosis of causal factors of the 2008 Financial Crisis and ensuing Great recession is ultimately political and happened under at least two administrations.
This book tells that important history, but more than that, is a great and much appreciated act of public service!
Go now to your favourite bookstore and buy a copy before it is out of print!