I'd like to commend Das for his vocabulary when writing this book. It was refreshing. Das' narrative is that the current financial crisis can be tracked back to an explosion of an alphabet soup of financial instruments that were backed by leverage. He gave good examples in a flow chart format about how these deals worked and expounded upon the interactions of all of the different groups and their motives. People backed things that were new and in vogue like a bunch of lemmings that were in fact financial instruments created out of thin air, like dollars, by quantitative types that no one understands. After reading it, it reinforced my viewpoint that at least 75% of Wall Street is legalized gambling. You hear of all of the ones who get rich; not those who go broke as much. They write "how to" books and the aura appears to be no different than getting the "how to" beat the dealer books in the airport in Vegas. The real problem is that a cabal of people control the higher levels...
I like to read a bit about economics, but I'm no expert.
The author traverses an amazingly complex subject without getting lost in economic or political dogma. It's an amazing feat, since I've come across so few in my reading that can achieve that. I was amazed at how interested I became as I read. It's one of the few books recently that made me stop and read just because I enjoyed the romp of exploring what happened in the financial meltdown. The writing style is both easy and entertaining. I'd probably have gone with a few less quotes, though some of them were gems.
The Kindle version had a few typos and mistakes. I was amazed in one place to find the world GDP was only 56 billon. In another location, it was stated a more plausible 56 trillion. There were a few others. None seriously detracted from points being illustrated nor undermined the credibility of the arguments being made.
I wish the author had spent a bit more time on possible solutions to...
It is obvious very early that the author is very learned and has spent countless hours compiling this book. Still, even non-fiction needs to flow and I found this work seemed to "lurch" as I moved from paragraph to paragraph. Concepts just never seemed to be quite completed before a new one was started.
In addition, I found the main themes of the book repeated many times in separate chapters. Each time a new kernel of information was added, but this just added frustration to the reading process as I realized these points could have been covered when the subject matter was first presented, making my reading more enjoyable.
As a factual representation of the 2008 Financial Crisis and problems with the world's financial system this is a good book. As book that you can't stop reading until you are finished, not so much.
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