e-book Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon

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This book threads together a story beginning with Fannie Mae's political efforts to expand the mortgage market in the early 90's, and ending with Wall Street's excessive leverage in the risky and opaque mortgage-backed securities market in the mid- to late- 's.

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It showcases a handful of prominent figures and companies that exemplify the questionable and self-serving decisions that led to the mortgage collapse. Fannie Mae takes center stage in this book, and the authors do an excellent job of indicting the company as the original puppet master that set the stage for disaster.

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I often found the narrator's style and tone to be distracting and annoying. They expose the role played not only by Fannie Mae executives but also by enablers at Countrywide Financial, Goldman Sachs, the Federal Reserve, HUD, Congress, the FDIC, and the biggest players on Wall Street, to show how greed, aggression, and fear led countless officials to ignore warning signs of an imminent disaster. Character-rich and definitive in its analysis, this is a compelling and authoritative account of the financial crisis.

This book takes us into an area where we know very little and need to know more.

The story is a scandal, and the book should be the bible of Occupy Wall Street. But they seem as incapable of seeing government as part of the problem as Republicans seem of seeing business as part of the problem. So successful have the pair been at ferreting out the details that the book is at the top of Amazon's worldwide bestseller list….

Reckless Endangerment may be the umpteenth book on the crisis, but it sheds much new light on its causes. The authors deftly trace the beginnings of the collapse to the mids, when the Clinton administration called for a partnership between the private sector and Fannie and Freddie to encourage home buying…. Morgenson and Rosner offer telling details,… The authors are at their best demonstrating how the revolving door between Wall Street and Washington facilitated the charade.

Written in a smooth blend of hard reporting and lucid analysis, Reckless Endangerment crackles with indignation and telling anecdotes. So much for the penchant of the current administration to blame today's financial problems on "the situation which we inherited. This is a quality account of how the market collapse occurred and demonstrates, without question, that our government is unable to protect it's people.

Reckless Endangerment

There are multiple instances laid out in the book where well intentioned politicians tried to enact legislation to protect the population from sub-prime predators, only to be carefully eviscerated by lobbyists and the people who know people in higher places. It's truly amazing to see how economic bubbles continue to rise and be defended by our most powerful politicians who know nothing of economics with a standard belief that "this time, it's different.

If you plan to read this, you should also purchase a copy of The Wall Street Money Machine as that presents additional information on this topic. Here at Walmart.

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Reckless Endangerment: How Outsized Ambition Greed and Corruption Led to Economic Armageddon

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Delivery not available. Pickup not available. In Reckless Endangerment, Gretchen Morgenson, the star business columnist of The New York Times, exposes how the watchdogs who were supposed to protect the country from financial harm were actually complicit in the actions that finally blew up the American economy.


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