Reckless Endangerment
How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon
in:
Economics
Summary:
The book investigates the causes of the 2008 financial crisis, focusing on the roles played by influential individuals and institutions in the housing market and Wall Street, whose pursuit of profit and power contributed to the economic collapse. It exposes the complex web of relationships and actions between government entities, regulators, and the financial industry that led to reckless behavior and ultimately, financial disaster.
Key points:
1. GSE Abuse: Fannie Mae and Freddie Mac misused their government support, took big risks, lobbied aggressively, and fudged accounting for executive bonuses, inflating the housing bubble and crash.
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