All the Devils Are Here
The Hidden History of the Financial Crisis
Publication Date: August 30, 2011
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As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers?
According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together.
"All the Devils Are Here" goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.
Joe Nocera is an op-ed columnist for "The New York Times." He was previously a business columnist for the "Times "and a staff writer for "The New York Times Magazine". He spent ten years at "Fortune", where he rose to editorial director, and has written for numerous publications, including "GQ", "Esquire", and "Newsweek". He has won three Gerald Loeb awards and three John Hancock awards for excellence in business journalism. His most recent book is the "New York Times" bestseller "All the D"evils Are Here", which he coauthored with Bethany McClean. He lives in New York.