Title: And Then the Roof Caved In: How Wall Street's Greed and Stupidity Brought Capitalism to Its Knees
Author: David Faber
Pages: 192; Hardcover
Publication Date: June 2009
Price: US$26.95 (This price is valid for India)
Published by John Wiley & Sons, Inc.
The implosion of the American financial system comes in an explosive yet calm narrative by CNBC’s David Faber who puts the bits and pieces together into what really happened.
Being in the front lines of the financial crisis, he begins with a chapter ‘Bubble to Bubble’ where he writes about ‘Greenspan’s Shock and Awe’, 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.
The chapter ‘Houses Built on Cow Dung,’ touches upon how people jumped at the chance to live the American Dream even if it came with a nasty odor. ‘Home Sweet Home’ illustrates an example of a housing dream which could only end in a nightmare. Digest this. A Mexican immigrant with three kids earning US$3,600 a month was able to buy a US$584,000 house. Not just this. The immigrant planned to use the house to bankroll an embroidery business but ended up in misery losing his job and having his wife take up a job cleaning homes.
The other interesting sections include, Moody’s the Money Maker, A Tsunami of Mortgages, The Making of a CDO, Turning Crap into Triple A and a chapter on , Mortgaging Merrill’s Future.
The author talks of a world where medical doctors became fund managers and investment bankers. “Engineers chose not to build or invent physical things, but to devise complex securities such as CDOs.”
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.
Founded in 1807, John Wiley & Sons, Inc. has been a valued source of information and understanding for over 200 years, helping people around the world meet their needs and fulfill their aspirations. Since 1901, Wiley and its acquired companies have published the works of more than 350 Nobel laureates in all categories: Literature, Economics, Physiology/Medicine, Chemistry, Physics and Peace.
Our core businesses include scientific, technical, medical and scholarly journals, encyclopedias, books, and online products and services; professional/trade publishes books, subscription products, training materials, and online applications and websites; and educational materials for undergraduate and graduate students and lifelong learners. Wiley's global headquarters are located in Hoboken, New Jersey, with operations in the U.S., Europe, Asia, Canada and Australia. The Company's website can be accessed at http://www.wiley.com. The Company is listed on the New York Stock Exchange under the symbols JWa and JWb.
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