Fool’s Greed: The Wall Street Collapse of 2008 and the Impact of Global Market Bubbles.
Fool’s Greed: The Wall Street Collapse of 2008 and the Impact of Global Market Bubbles. J.M. Rogers . . . In reading Fool’s Gold , Gillian Tett provides the reader with all the requisite information they would need to discern factors that drove the 2008 recession, as well as some insight into why the recession could have happened. During this recession, approximately eight million people lost employment. Another six million had their homes seized due to defaulting on their mortgages, a process known in modern economic times as “foreclosure.” This economic collapse, according to Tett, was largely due to the secretive banking practices (most notably in the creation of credit derivative deals), which ultimately led to confusion in the financial sector over exactly how these banks were generating revenues. The lack of open communication was due to the private interests of large corporations such as AIG becau...