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2008 Financial crash

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Leothebear
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2008 Financial crash

#166297

Postby Leothebear » September 14th, 2018, 12:48 pm

Hi,
Can anyone recommend a good, readable account of the 2008 crisis and subsequent bail out?
Thanks
LTB

Pendrainllwyn
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Re: 2008 Financial crash

#166305

Postby Pendrainllwyn » September 14th, 2018, 12:57 pm

Stress Test by Timothy Geithner. A touch on the long side but he was right in the thick of it - he was president of the Fed until 2009 and then Secretary of the Treasury under Obama until 2013.

A colossal failure of common sense covering the fall of Lehman Brothers is a fascinating read.

Pendrainllwyn

AleisterCrowley
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Re: 2008 Financial crash

#166344

Postby AleisterCrowley » September 14th, 2018, 2:51 pm

The Big Short (M Lewis) and Fool's Gold (G Tett) are ones i've mentioned on another thread recently - certainly good for 'background'

ReformedCharacter
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Re: 2008 Financial crash

#166347

Postby ReformedCharacter » September 14th, 2018, 2:57 pm

AleisterCrowley wrote:The Big Short (M Lewis) and Fool's Gold (G Tett) are ones i've mentioned on another thread recently - certainly good for 'background'

I'd second Gillian Tett's book, Fool's Gold, it's a very good account IMO.

RC

Pendrainllwyn
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Re: 2008 Financial crash

#166359

Postby Pendrainllwyn » September 14th, 2018, 3:32 pm

Yes, Big Short is very good. Highly readable.

Leothebear
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Re: 2008 Financial crash

#166382

Postby Leothebear » September 14th, 2018, 4:23 pm

Thanks for the info :D

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Re: 2008 Financial crash

#166384

Postby Snorvey » September 14th, 2018, 4:31 pm

Wikipedia is always a good starting point. There are various links pointing you in the direction of, say Northern Rock, bank runs, lehmans, the Fed, subprime, quantitative easing and so on.

It's easy to while away an evening once you get started.

AleisterCrowley
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Re: 2008 Financial crash

#166476

Postby AleisterCrowley » September 14th, 2018, 10:25 pm

I'm doing a lot of shredding prior to moving and have just dealt with my Kaupthing Edge statements... Remember them?
I did OK out of them actually - massive interest rates, and when they went bust it all ended up in ING nice and safe.
Not sure where ING went - they did have a big office in Reading on my commute route, near Oracle and Microsoft

colin
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Re: 2008 Financial crash

#166591

Postby colin » September 15th, 2018, 5:54 pm

Hi,
Can anyone recommend a good, readable account of the 2008 crisis and subsequent bail out?
Thanks
LTB


Boomerang by Michael lewis , who also wrote The Big Short. Boomerang looks at the effects of the debt bubble and resulting crash for ordinary people in different counties. i found it more entertaining than The Big Short. Weird times, Icelandic fisherman becoming currency traders with no idea of what they were doing, that sort of thing.

doug2500
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Re: 2008 Financial crash

#166610

Postby doug2500 » September 15th, 2018, 7:30 pm

AleisterCrowley wrote:Not sure where ING went


I think Barclay's took them over. They certainly took over an account I had with them.

AleisterCrowley
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Re: 2008 Financial crash

#166623

Postby AleisterCrowley » September 15th, 2018, 10:32 pm

My ex -Kaupthing ING accounts certainly ended up with Barclays, until I transferred..erm, somewhere else
Looks like ING are still going, having looked at Wikipedia
(Going off topic, but I was surprised to see a branch of Handelsbanken AB In Windsor..Didn't realise they had UK branches)

scotia
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Re: 2008 Financial crash

#166809

Postby scotia » September 16th, 2018, 11:41 pm

There was an excellent (BBC World Service) radio program yesterday on the 2008 financial crisis. It is still available online at https://www.bbc.co.uk/programmes/w3cswkdn. "How Lehman's Collapse Changed the World"

XFool
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Re: 2008 Financial crash

#167040

Postby XFool » September 17th, 2018, 10:31 pm

scotia wrote:There was an excellent (BBC World Service) radio program yesterday on the 2008 financial crisis. It is still available online at https://www.bbc.co.uk/programmes/w3cswkdn. "How Lehman's Collapse Changed the World"

Thanks for that. I will give it a try, having been disappointed by a R4 programme on Saturday 'Lehmans: A Backwards Collapse'

Expecting a documentary I got a collection of end-to-end sound clips of BBC News from the period. After a few minutes I turned off.

Itsallaguess
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Re: 2008 Financial crash

#168132

Postby Itsallaguess » September 22nd, 2018, 11:16 am

Leothebear wrote:
Can anyone recommend a good, readable account of the 2008 crisis and subsequent bail out?


Just to let you know that 'The Big Short' is currently on the Amazon 'Daily Kindle Deal' for just 99p if that would suit your reading situation -

https://www.amazon.co.uk/Big-Short-Insi ... B004JXXKWY

I've not read the book, but did see the film and really enjoyed it - a tricky subject entertainingly told....

Cheers,

Itsallaguess

Charlottesquare
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Re: 2008 Financial crash

#168163

Postby Charlottesquare » September 22nd, 2018, 2:56 pm

Though covering a longer period than just 2008, and concentrating solely on HBOS, Ray Penman's "Hubris" is an interesting take on how Bank of Scotland got to where it did.

Have also read "Making it Happen", Iain Martin, re RBOS, and "Shredded", Ian Fraser, re same,but imho "Hubris" is a better read than either.

dealtn
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Re: 2008 Financial crash

#170704

Postby dealtn » October 2nd, 2018, 9:00 am

Not as a criticism, but to aid anyone searching for it, the author is Ray Perman (not Penman).

I haven't read it yet, but am now tempted. I was lucky/unlucky enough to be employed at a sufficiently senior enough level in the Bank to have an amount of inside knowledge of what was going on. I suspect I will get angry about some of the things he has got wrong in equal measure to the anger at those making the decisions he reports correctly.

Anyway with a decade having passed maybe now is the time to read the book with sufficient deep breathing to counter the spleen venting I know I will be putting myself through.

Looking forward to another twenty years time when government records currently covered by the Official Secrets Act are relaxed when I am sure historians and future current affairs aficionados will be rewarded.

OLTB
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Re: 2008 Financial crash

#182564

Postby OLTB » November 23rd, 2018, 3:52 pm

I listened to a very interesting podcast the other week called, 'Cassandras of the Crash' on Radio 4 - it was a discussion hosted by Aditya Chakrabortty between four individuals who tried to warn of the impending debt issues in the years before 2008 and were ignored. These four individuals are, Raghuram Rajan (former governor of the Reserve Bank of India), Steve Keen (professor of economics at Kingston University, London), Ann Pettifor (director of PRIME (Policy Research in Macroeconomics) and council member of the Progressive Economy Forum)and Peter Schiff (stockbroker and investor).

They also have some interesting opinions on what's going to happen next... :?

Cheers, OLTB.

Itsallaguess
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Re: 2008 Financial crash

#182582

Postby Itsallaguess » November 23rd, 2018, 4:49 pm

OLTB wrote:
They also have some interesting opinions on what's going to happen next...


Are you in a position where you might be able to tell us what they were?

Cheers,

Itsallaguess

OLTB
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Re: 2008 Financial crash

#182589

Postby OLTB » November 23rd, 2018, 5:13 pm

Itsallaguess wrote:
OLTB wrote:
They also have some interesting opinions on what's going to happen next...


Are you in a position where you might be able to tell us what they were?

Cheers,

Itsallaguess


Yes, sorry, re-looking at that last post makes it seems as though I'm keeping it secret - I'm not, it's just that I listen to the podcasts in my car on the way home and sometimes owing to concentration, the details slip by me! I think that all of them were very wary of the amount of debt that has built up again, nothing has changed although the banks are far better capitalised and all (I think) were negative on the US market as they see rising interest rates inevitable. I think I'll have to listen to it again in a dark room. Peter Schiff just thinks we should all buy gold as the US market is going to hell in a handcart but as his website is called, 'schiffgold.com' perhaps he has a motive for thinking this!

It's a really good listen!

Cheers, OLTB.

OLTB
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Re: 2008 Financial crash

#182592

Postby OLTB » November 23rd, 2018, 5:19 pm

Arghh - forgot to mention, the podcast is, 'This is Capitalism' and dated 26 September.

Cheers, OLTB.


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