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Paperback
563 pages
ISBN 9780143114161 Published Sept. 2008
Penguin Books
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Posted Dec. 16, 2008 3:52 a.m. by dylan
In Uncategorized - 800 CEO Read Blog
Jack and Todd will soon have the definitive list of the best business books of all time published, but, in the meantime, here is what The Independent's Sean O'Grady has to say on the matter. He chooses from both "timeless classics [and] the latest crop of credit crunch chronicles." It's an interesting list because it's from a newspaper that leans to the left side of the British political spectrum, providing a perspective from the side of the aisle that doesn't speak up on business books as often.
The choices from all time include:
The Great Crash by J.K Galbraith, Mariner Books Capitalism Unleashed: Finance, Globalization, and Welfare by Andrew Glyn, Oxford University Press What Management Is: How It Works and Why It's Everyone's Business by Joan Magretta with Nan Stone, Free Press Competitive Advantage: Creating and Sustaining Superior Performance by Michael E Porter, Free Press When Markets Collide: Investment Strategies for the Age of Global Economic Change by Mohamed El-Erian, McGraw-Hill Reminiscences of a Stock Operator by Edwin Lefevre, John Wiley & Sons Liar's Poker: Rising Through the Wreckage on Wall Street by Michael Lewis, Penguin Books Hotel Babylon by Anonymous & Imogen Edwards-Jones, Blue Hen Books The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb, Random House End of the Road: The True Story of the Downfall of Rover by Chris Brady & Andrew Lorenz, FT Press
The choices dealing specifically with the current crisis are:
The Crunch: Uncovering the Truth Behind the Great Credit Scandal by Alex Brummer, Random House Business Books The Gods That Failed: How Blind Faith in Markets Has Cost Us Our Future by Larry Elliott & Dan Atkinson, Nation Books (being released in the States next month) The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means by George Soros, PublicAffairs The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It by Robert Shiller, Princeton University Press The Credit Crunch: Housing Bubbles, Globalisation and the Worldwide Economic Crisis by Graham Turner, Pluto Press The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash by Charles R Morris, PublicAffairs The Age of Turbulence: Adventures in a New World, by Alan Greenspan, Penguin Books Who Runs Britain? and Who's to Blame for the Economic Mess We're In by Robert Peston (Not available in the States) The Ascent of Money: A Financial History of the World by Niall Ferguson, Penguin Press
To read the explanation behind the choices and descriptions of the books, head over to The Independent for the original article.
Business Books For The Current Credit Crunch
Posted Sept. 29, 2008 4:59 a.m. by todd-sattersten
In History and Biographies - 800 CEO Read Blog
Shelf Awareness, a great site that follows the book trade, requested book suggestions that would help explain the current credit crisis.
On Friday, they ran the piece under the heading Meltdown Lit: Recommended Books for the Wall Street Debacle. Please go check out the whole piece. There are great suggestions.
Below is our original submission, which they used extensively for the article:
--The Subprime Solution by Robert Shiller
Shiller's work on housing values is well-known and originally established in Irrational Exuberance. His latest book just released in August describes pretty clearly the mortgage crisis we are in and offers some solutions to get out.
--Essays on the Great Depression by Ben Bernanke
You want some insight into what the current Fed chairman is thinking, reading his perspective on the last event of this magnitude may help understand what he does in this one.
--The Age of Turbulence by Alan Greenspan
Hearing from the latest Fed Chairman might also be useful. Many are laying the blame at Mr. Greenspan's feet. The paperback that was released on September 9th has a new chapter with his thoughts on the current credit crisis.
--When Genius Failed by Roger Lowenstein
This from a review I wrote:
"Throughout When Genius Failed, financial journalist Roger Lowenstein foreshadows the coming doom and so there is no surprise in how the story of Long-Term Capital Management ends. But what Lowenstein does best is show how blind arrogance brought down the company and almost the entire financial system. Building on the work of two Nobel Laureates and growing capabilities of computer technology, Long-Term Capital Management pushed academic theory further into real-world practice than had ever been done before, and becomes a case study for how markets defy formulaic explanation. Lowenstein’s narrative, while set in the complicated financial market of today, tells an ages-old story many will recognize." (P.S. This was peanuts compared to the current crisis.)
--Smartest Guys In The Room by By Bethany McLean and Peter Elkind
This from a review Jack wrote:
"In my research, I have not found any evidence that anybody colluded to rob the place. Smart, rich, influential men do not deliberately destroy the source of their wealth and influence. Instead, they got trapped in a nightmare of their own creation, or perhaps their own ego. Enron's failure was not deliberate; it was the result of a series of interconnected events. Can this happen again? Sure, when you have hubris at the CEO level, sales peoples’ compensation based on short term success, upper level people totally focused on growth to satisfy short term Wall Street success, an accounting system that supports this concept, and finally an accounting firm that doesn’t do a good job of oversight. Add to this a deregulated industry and watch what happens." (this sounds familiar too).
