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by John Lanchester

eBook Whoops!: Why Everyone Owes Everyone and No One Can Pay download ISBN: 1846142857
Author: John Lanchester
Publisher: VIKING ADULT (2010)
Language: English
Pages: 240
ePub: 1693 kb
Fb2: 1197 kb
Rating: 4.6
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Category: Other

John Lanchester is a journalist, novelist and winner of the Whitbread First Novel Award.

John Lanchester is a journalist, novelist and winner of the Whitbread First Novel Award. John's piece on our love affair with the City, 'Cityphilia', generated much response on its publication in January 2008 and indeed predicted a worldwide crash based on the misuse of financial derivatives. In October 2008 he charted the crisis as it had developed over the year in 'Cityphobia', which also attracted much attention as a piece that explained not only what had.

Lanchester believes that this crisis gives us an opportunity to bring about much-needed change and that a stonger and more compassionate system can emerge from the wreckage

Lanchester believes that this crisis gives us an opportunity to bring about much-needed change and that a stonger and more compassionate system can emerge from the wreckage. This is the book that people will still be reading a generation from now, as we read Galbraith's brilliant analysis of the Great Depression. Witty, gritty and wise, a brilliant novelist takes on the world's economic meltdown in a book that will define the crisis. The wildest story in the world these days is not fiction, it's what's really happening all around us as the world's global economy has gone into freefall. How did we get here? What does it all mean?

See 2 questions about Whoops! Why Everyone Owes Everyone and No. .Until then, John Lanchester’s . will probably stand as the go-to book

See 2 questions about Whoops! Why Everyone Owes Everyone and No One Can Pa. ists with This Book. Lanchester is an acclaimed novelist, which shows in the witty and stylish writing; here, he also proves that he's a great investigative journalist. will probably stand as the go-to book. Written by an intelligent layman-or "civilian", as he sometimes prefers- it bristles with a kind of wtf, dude? incredulity. Which is only fitting.

John Lanchester's Whoops! is a book that made my head spin. That's partly because of the author's speed of thought – here is an explanation of how the global economy works, in 240 blistering pages. And it's also because of the sheer, dizzying maths of it all – the hundreds and thousands, the billions and trillions. But it mostly made my head spin out of sheer admiration. I must have read 30 books on the global economic crisis (I'm writing one myself) and this is the best.

The ultimate problem was that everyone lent to everyone else so one default became total default to al. If you are interested in some basic information on the genesis of this crisis, then turn to John Lanchester and his book "Whoops!" first

The ultimate problem was that everyone lent to everyone else so one default became total default to all. Every corporation, business, and government is built on debt and now no one can pay the loan back and the interest alone is sinking most of them. This was an enjoyable read. If you are interested in some basic information on the genesis of this crisis, then turn to John Lanchester and his book "Whoops!" first. And by the way: the book is well written and often (and unexpectedly) humorous.

Until then, John Lanchester’s . will probably stand as the go-to book

Whoops! Why Everyone Owes Everyone and No One Can Pay. ISBN. 1439169845 (ISBN13: 9781439169841). It tells a story that will outrage you.

Whoops! Why Everyone Owes Everyone and No One Can Pay by John Lanchester. January 24 2010, 12:00am, The Sunday Times. On the evening of Sunday, September 14, 2008, I was sitting in my study, contentedly reading the online reports of the collapse of Lehman Brothers, a glass of wine in my hand and a feeling of schadenfreude in my breast, when I noticed that the letters "AIG" kept recurring. AIG? AIG? It sounded vaguely familiar.

Lanchester finds loads of bleak humor here. Why Everyone Owes Everyone and No One Can Pay. By John Lanchester. Simon & Schuster. Warren Buffett was doubly right to compare the new financial products to ‘weapons of mass destruction’ - first, because they are lethal, and, second, because no one knows how to track them down, he writes. He also compares the banking crisis to the birth of postmodernism. For anyone who studied literature in college in the past few decades, there is a weird familiarity about the current crisis, he says.

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Comments: (7)
Fordredor
I read Extreme Money by Das first and really liked his thorough coverage of all the schemes going on simultaneously. It was hard to fully comprehend some of his explanations. Then I read this book and the fog lifted. I.O.U. has easier to understand examples of how derivatives are set up and what their flaws are. Rather than "insurance" they end up being guarantees of destruction. I recommend that you read both books but start with this one.

P.144 "To most of us, risk is for the most part a bad thing; at best, it's something we seek out under specific circumstances to generate a feeling that things are just dangerous enough to be exciting. In the world of money, risk is different: it's desirable. That's because in investments, risks are correlated with rewards."

P.162 "The mathematical models simply didn't work in a crisis. They worked when they worked, which was most of the time; but the whole point of them was to assess risk, and some risks by definition happen at the edges of known likelihoods." Having set up the system of CDOs, SPVs, and CDSs everyone in the chain just churned the money. The formulas blew up because the assumptions failed to anticipate the overweighted numbers of unqualified buyers added to speculative house flippers. The historical data used even failed to foresee that when there were no more first time buyers, no one else could sell their house to buy the next one.

As Lanchester and Das explain this was just one spoke in the wheel of self destruction. Everybody was betting on everything imaginable and buying insurance on other people's bets. Would you buy insurance on everyone's house and car who lived in your block hoping to collect on an accident? And what happens when the insurance company doesn't have enough to cover all the claims? The ultimate problem was that everyone lent to everyone else so one default became total default to all. Every corporation, business, and government is built on debt and now no one can pay the loan back and the interest alone is sinking most of them.

This was an enjoyable read. I found I had to take "time-outs" reading Das' book as it was complicated.
Grarana
Good look into the financial crisis, and it manages to walk the fine line of being understandable to a layperson without being a massive oversimplification. It also manages to be fairly apolitical (from a US point of view) in pointing out the multiple groups that share responsibility. Actually enjoyable reading with some lines that made me chuckle too.
IWantYou
I've been trying to fully understand what happened to our economy in 2007-2008 and into the present. I'm not an economist but an interested amateur (and a history teacher who wants to be accurate). I've read several books on the subject as well as the writings of several online economists. What always bogs me down is what I'll call "street speak"--the use of insider terms that are completely over my head.

While this book still occasionally leaves me in the dust, the author has done the best job I've seen in aiding this "non-Streeter's" understanding of the events that caused the "Great Recession." Mr. Lanchester uses ordinary examples to explain what happened, which helped me a great deal.

I'm often told that nobody fully understands what happened or how these extraordinarily complex investment "opportunities" came to exist or what they contain(ed). I believe that, but I'm trying to get to the bottom of the whole pile of delusion: big money investors attempting to "hedge" risk out of existence and creating vehicles that served no useful purchase except to make them rich. And they're still rich.

If you are interested in some basic information on the genesis of this crisis, then turn to John Lanchester and his book "Whoops!" first.

It's also mighty interesting that the book, a 2010 UK copyright, is currently unavailable ANYWHERE in the US--at least it was when I ordered my copy.

And by the way: the book is well written and often (and unexpectedly) humorous.
Dagdarad
If the nearly complete collapse of the global financial system in '08 doesn't make sense to you, this is your book. Credit default swaps and collateralized debt obligations and tranches of securitized derivatives are deftly explained. What will make even less
sense than before is how so many very smart people could have bet so much money on an edifice built on sand. The book is a very helpful analysis of the sand.
Bludsong
This book provides a basic insight into why we are currently in the midst of the GFC. Many of the concepts are very difficult, but Lanchaster, by use of simple examples, makes them (relatively) easy to understand. The topic is obviously vast, complex and multi-jurisictional. A book of this length and for a general audience cannot be all encompassing, and the explanations cannot be detailed. However it is a decent attempt at making the complex issues accessible to an ordinary reader. I certainly found it enlightening, and have recommended it to others. But (as is often the case) the Kindle formatting of using a percentage rather than page numbers means that you think you still have a nice long chunk of book left - only to find it ends rather abruptly, and you are left with end notes instead. Thumbs down Amazon.