All the Devils Are Here

The Hidden History of the Financial Crisis

By: Bethany McLean, Joe Nocera

Narrated by: Dennis Boutsikaris

As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers?

According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together.

All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.

©2010 Bethany McLean (P)2010 Penguin Audio

Great overview of the crisis.

Author covers all the parties contributing to the crisis in considerable detail: lenders and rogue loan officers, MBS parties including the GSEs, regulators, credit rating agencies, and all the parties who played both long and short sides of the credit derivatives. Many or most of them did not understand the details of what they were buying.

Would have liked to see more on the culpability of lawmakers who pushed for lower underwriting standards for low income /credit borrowers as well as the many borrowers who knowingly took on too much risk or walked away from underwater properties when the could afford repay their debt. Of course there were many who bought unaffordable homes and got loans out of ignorance (as well as plenty who were intentionally and criminally misled by lenders, but these were covered in the book) .

Illuminating and meticulous

As I was in the trenches and trading this stuff myself during "the crisis", I found the history and recitation entertaining and informative. Extremely detailed and meticulous examples. Not sure I would have wanted to read it, but I sure enjoyed having it read to me.

Best book on the housing crisis

I've read many books about the mortgage crisis and this is the best I've come across. It's provides great details without being too technical. I highly recommend.

I'll Listen to Anything Narrated by D. Boutsikaris

Would you recommend this audiobook to a friend? If so, why?

Most definitely. Not only is the book thoroughly researched, but coupled with the writing of McLean and Nocera and Boutsikaris' narration, makes this a remarkable read. I felt like a fly on the wall. Just excellent.

What about Dennis Boutsikaris’s performance did you like?

I've listened to many books narrated by Boutsikaris and I'm pretty sure he could make the audio version of the white pages compelling.

Complex Subject. Excellent narration!

Had to listen to this book twice to better process the material as it is quite complex and I am not a finance person. Fortunately the narrator facilitated the effort. Seriously, I could listen to Mr. Boutsikaris all day. Highly value the insight the book offers into the madness and devastation created by insatiable greed.

Excellent Recap of 2008 Financial Crisis

I’ve read many books on the 2008 financial crisis but I think this is the best. It makes clear that it wasn’t true that “no one saw it coming.” Almost everybody in the know should have seen it coming and people were putting out warnings from the start.

It is thorough and goes back to the 90s (and even further in the case of Fannie Mae) to set-up all the pieces in this saga. It is accessible but never condescending.

It may not be as fun as The Big Short (which I did enjoy) but it is much more thorough. And this book doesn’t pretend there are many heroes in this saga but there are also few pure villains in this telling. It’s about how a system failed.

Very True Title

When I read "Too Big to Fail" about the story of the financial meltdown of 2008, I expected some background information about how this whole mess started. Instead, it was a story about the people participating in that mess.
"All the Devils Are Here" is all about the facts; facts about people, events, corporations, successes and failures. Sometimes your head might hurt from all the financial acronyms, even though they’re all explained in some details. But there’s just too many of them and they all sound the same.
However, it’s still a great a read that has a lot of details about how the financial meltdown and its roots since the Regan administration.
One thing is completely true about this book, the title.

Riveting

Riveting story of the leadup to the financial crisis. Shocking details of industry norms at the time which contributed to the situation.

Excellent Book

Great, well-researched chronicling of the great financial crisis. Excellent job diving into each one of the firms and personalities that played a role in the melt down.

Financial Services Does it Again

Regulators & Financial Companies were up to it again. Good story kind of depressing not because of the author or the narrator but the fact that this should have been seen before it happened.