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Dumb Money

Dumb Money The financial crisis that has gripped this country since last September has had so many twists and turns it would make for a great drama if it all were not so real and damaging Companies are shutting

  • Title: Dumb Money
  • Author: Daniel Gross
  • ISBN: null
  • Page: 283
  • Format: ebook
  • The financial crisis that has gripped this country since last September has had so many twists and turns, it would make for a great drama if it all were not so real and damaging Companies are shutting down and laying off workers, 401ks are melting away, and the government is spending 700 billion dollars to bail out banks and financial institutions and that s only tThe financial crisis that has gripped this country since last September has had so many twists and turns, it would make for a great drama if it all were not so real and damaging Companies are shutting down and laying off workers, 401ks are melting away, and the government is spending 700 billion dollars to bail out banks and financial institutions and that s only the beginning The financial services industry, and the many industries that depend on it from housing to cars is in intensive care So what happened How did we get to this point of financial disaster Is the economy just a huge, Madoff esque Ponzi scheme It is a complicated and confusing story but Daniel Gross of Newsweek has a special gift for making complicated matters easy to understand and even entertaining In Dumb Money, he offers a guide to the debacle and to what the future may hold This is not so much a book about who did what, though that s part of the story Rather, it pieces together the building blocks of the debt fueled economy, and distills the theory and personalities behind our late, lamented easy money culture Dumb Money is a book that finally lays it all out in an engaging way, and might just help people invest their money smartly until the gloom passes.

    • å Dumb Money || ´ PDF Read by ì Daniel Gross
      283 Daniel Gross
    • thumbnail Title: å Dumb Money || ´ PDF Read by ì Daniel Gross
      Posted by:Daniel Gross
      Published :2019-01-06T04:47:49+00:00

    1 thought on “Dumb Money

    1. I know everyone out there is trying to affix blame. It's so much more fun than actually taking the problem apart and trying to fix what was wrong. The fact is that many minds, much smarter than mine, many of them "knowing" they were smarter than the rest of us, were busily, if unwittingly, bringing down the financial system, and making lots and lots of money. John Kenneth Galbraith said something like, "when the facts change, I change my mind." The mantra of the past decade was that if the facts [...]

    2. As Gross said, “The economy rested on four pillars: perpetually low rates, perpetually rising asset prices, borrowers remaining current on payment, and strong markets for packaging and trading debts.” So when the pillar trembles, domino effect takes hold. The layers of debt triggers from mortgage to MBS (mortgage-backed securities) to CDO (collateralized debt obligations) to CDS (credit default swaps).Our financial plague was not a result of fudged numbers on financial statements. It was the [...]

    3. This book is a short (about 100 pages) but detailed account of the recent financial crisis. It has lots of interesting statistics scattered throughout, such as the fact that HELOCs (refinancing) rose from 3.1% of disposable income in 2001 to 9.5% DI in the 3rd quarter 2004. Which basically means that housing became a new source of cash for savings and spending. Anyway, very interesting book, but for some reason I had a hard time really getting into the book. My first thought was that it was some [...]

    4. There is plenty of blame to go around in Gross's "Dumb Money" and nobody is spared. Wall Street, government policy and oversite, real estate brokers and agents, and finally, unthinking consumers all had a hand in the giant housing bubble followed by the meltdown. Gross's style is informal and entertaining, though I would have liked a little more technical analysis and facts and figures. It all comes down to human nature and the law of unintended consequences - the Fed pumped the economy with low [...]

    5. Obviously rushed to press, the book is nonetheless well-finished. Many of the chapters are extended reprints of Mr. Gross's articles for Slate such they can be read separately to great effect.Overall, one of the best books/primers on WHAT HAPPENED to our economy. And BTW, the author points fingerseffectively at NYC and Wash DC. Yikes.One of the smarter current event reads and won't go out of style soon.Oh, and it is a quick read. A great way to get smarter in one weekend!:)

    6. Daniel Gross presents a pretty clear analysis of what happened and why. He definitely calls out the heavy hitters whose policies and practices led to our current economic state. However, the books is a bit insider-y with many metaphors to describe what was happening that only confused me more than illustrated anything. This book was definitely written for people who already have knowledge of markets and monetary decision making.

    7. Interesting, insightful and short. But not too short. It is just nice to have a finance book that explains things in a concise and easy to understand way. If you wonder WTF happened in the last year, his first chapter (WTF) explains it.You should all read this book, it is only 101 pages. I easily finished it in a night.

    8. Interesting and informative but a better book on the same subject with mug more information an history is -"the quants" however both books have slight bias running inopposite direction so read both lol

    9. Nice step by step summation of why we are in the current economic crisis. Pieces together all the parts of why easy money became bad money with one default after another. Just as a hint, the perfect storm was brewing for quite awhile.

    10. Good informational book. Quick read but boring. No story at all but decent general information. This is one of several books I ordered before I became obsessed with a good story.

    11. A look at the housing bubble and the recession that followed. It broke down how the cheap money led to some dumb money and then dumber money. Very interesting ideas.

    12. Every stock "trader" should read this book. Though I've never been a day trader, I personally think day trading is a fool's game. This is a book about a fool's lifestyle.

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