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And Then the Roof Caved in: How Wall Street Greed and Stupidity Brought Capitalism to Its Kneesby David Faber
Synopses & Reviews
And Then the Roof Caved In will lay bare the truth of the credit crisis, whose defining emotion at every turn has been greed, and whose defining failure is the complicity of the U.S. government in letting that greed rule the day.
It will lay that truth out in painstaking detail with compelling characters who offer their first-hand accounts of what they did and why they did it. Faber explains the events of the previous seven years that created the crisis of confidence that culminated on September 18th.
He begins in 2001, when the Federal Reserve embarked on an unprecedented effort to help the economy recover from the attacks of 9/11 by sending interest rates to all time lows. One result was the start of a housing bubble, the likes of which our nation had never witnessed. Readers will hear from the man behind that bubble, Dr. Alan Greenspan, who vigorously defended his decisions during this period, as well as the men and women who used sub-prime mortgages to buy their homes and now find themselves in the depths of despair.
Faber also gives readers a deep, inside look at Wall Street, where the crisis was incubated and unleashed on the world. Bankers who led that effort admit to their only true motivation and share their secrets. Faber introduces readers to insiders from the ratings agencies, who take their former employers to task for abandoning any promise of integrity in their much valued credit ratings; regulators, who tried to stop this problem before it swung out of control; and the hedge fund managers who correctly foresaw the coming housing crash and profited from it.
In addition, And Then the Roof Caved In will be timed to release with a documentary (of the same name ) Faber has been producing and is airing regularly on CNBC.
CNBC's David Faber unmasks the truth behind the economic crisis, whose defining theme at every turn has been greed. Greed that, when coupled with the regulatory failure of the U.S. government, was allowed to rule the day.
And Then the Roof Caved In painstakingly details what really happened to cause the greatest economic collapse since the Great Depression. Written by David Faber—the award-winning correspondent who has covered Wall Street for more than two decades—this compelling story is filled with the firsthand accounts of the bankers and regulators who unleashed this crisis on the world. They tell Faber what they did and why they did it.
Faber traces the lineage of the subprime industry and takes you back to the attacks of 9/11, after which Federal Reserve chairman Alan Greenspan embarked on an unprecedented effort to help the economy recover by sending interest rates to all-time lows. Faber details the precipitous drop in lending standards, which allowed people with marginal incomes to take on mortgages they could not afford, and explains how those mortgages came back to wreck the financial system.
And Then the Roof Caved In also reveals where this crisis was incubated—Wall Street—and introduces you to insiders from investment banks and mortgage lenders who fostered the boom and, in doing so, planted the seeds for such an astonishing economic collapse. Throughout the book, Faber weaves a narrative that takes you from subprime lenders like Quick Loan Funding and big investment banks like Merrill Lynch to regulators who tried to stop the crisis before it spiraled out of control and hedge fund managers who correctly foresaw the coming housing crash and profited from it.
Engaging and informative, And Then the Roof Caved In offers a definitive, up-close and personal analysis of the roots of this stunning worldwide economic failure.
And Then the Roof Caved In skillfully explores the causes and consequences of the recent financial collapse. Written by David Faber—the award-winning CNBC correspondent—this compelling account is filled with the candid reflections of the people who brought the crisis to life. Expanded from the CNBC documentary that the New York Times called "broad, comprehensive, and compelling," and that Frank Rich noted as "superbly done," this book is a must-read.
"Historians investigating the financial collapse of '08/'09 must begin by reading this book. This is close-range reporting . . . the work of a veteran financial journalist who was 'present at the creation' of this crisis. Faber has it all, up close the people, failures, and greed. He tells us what it was like to be on the inside when the roof caved in."
—Brian Williams, Anchor and Managing Editor, NBC Nightly News
"Faber has written a masterful insider's guide to the implosion of the American financial system. He takes you as close as Greenspan's early worries and then shows you how the disastrous hair-triggers built into the system fired off—and how a few bright minds turned disaster into great fortunes. Faber brings readers right inside his notebook—long regarded as the best in financial news—and emerges with a story that is breathtaking."
—Joshua Ramo, author, The Age of the Unthinkable and Managing Director, Kissinger Associates
"There is no one better than David Faber when it comes to following the financial services business. His incredible access and valuable insights make his reporting a 'must-see' for millions of viewers around the world. Now, he's written a book that is a 'must-read' for anyone who wants to understand how a housing bubble turned into a worldwide economic crisis."
—Joe Kernen, Anchor, CNBC's Squawk Box
About the Author
David Faber, an Emmy, Peabody, and duPont Award winner, is the anchor and coproducer of CNBC's acclaimed original documentaries and long-form programming as well as a contributor to CNBC's Squawk on the Street. He has been reporting on Wall Street and corporate America for over twenty-two years, sixteen of them as the foremost reporter at CNBC. Faber has broken numerous stories including the massive fraud at WorldCom and News Corp.'s hostile bid for Dow Jones. He was a founding member of CNBC's signature morning show, Squawk Box. Faber also blogs at FaberReport.cnbc.com.
Table of Contents
Prologue "On the Verge".
Chapter 1 Bubble to Bubble.
Greenspan's Shock and Awe.
Houses Built on Cow Dung.
Chapter 2 Home Sweet Home.
An Industry Is Born.
Chapter 3 The Subprime Machine.
From Delivering Pizza to Delivering Mortgages.
Living the Dream.
Diving into Deep Trouble.
Chapter 4 Eyes Wide Shut.
A Warning Unheeded.
A Dream No More.
Chapter 5 The Great Enabler.
Fannie Mae and Freddie Mac Hit the Scene.
Fannie and Freddie Get a Timeout.
Wall Street Takes Over.
A Tsunami of Mortgages.
From Ownit to Out of It.
Back from the Grave.
Chapter 6 Complicity.
Moody's the Money Maker.
Chapter 7 The Securitization from Hell.
The Making of a CDO.
Tough to Kill.
Turning “Crap into Triple-A”.
From CDS to CDO.
Insanity Sets In.
Chapter 8 Narvik and Me.
CDOs: An American Export.
The Truth Revealed—But Does It Matter?
Chapter 9 Mortgaging Merrill’s Future.
Climbing Out of Poverty.
A Strong Start.
The Secret Weapon.
Raking It In.
Taking Big Risks.
Chapter 10 A House of Cards.
Digging for Gold.
Building a Case.
The Investment of a Lifetime.
Chapter 11 And Then the Roof Caved In.
The Wheels Coming Off.
A Crisis Begins.
The CDO Blues.
A Note on Sources.
Resources from CNBC.
What Our Readers Are Saying
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