The End Of Wall Street
1. The End Of Wall Street: Why It Happened
Chapter One: In the first of this three-part series, WSJ reporters explain how the housing bubble inflated and burst, and why easy money led to the collapse of Wall Street’s biggest financial institutions.
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2. The End Of Wall Street: Why It Happened 7/23/2009
Chapter Two of A WSJ series: What was going through the minds of CEOs, corporate boards, fund managers and mortgage lenders as they created hard-to-understand derivatives Warren Buffett once called “weapons of financial mass destruction.”
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3. The End Of Wall Street: What Happens Next 7/24/2009
Chapter Three: This final chapter of the crisis on Wall Street tells the story of the $700-billion bailout, as seen through a reporter’s eyes, and looks at what’s ahead for the global economy.
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July 30th, 2009 at 12:52 pm
I read the book on which this video is based. Dave Kansas is a former editor of the Wall Street Journal. The book examines what happened to the economy and discusses what an individual should currently do to protect their investments. It is rather dry in style, and probably best aimed at beginners in terms of finance and investing.
The book begins with a brief history of risk – changes in investment strategies created new risk markets and thus new avenues for profit, leading to the bundling and selling of high risk mortgages that largely kicked off the economic decline. From there proceeds a discussion of derivatives, private-equity, and leverage.
Chapter three deals with the ‘canaries in the coal mine’ that should have been taken note of before the collapse of Bear Stearns. Chapter four deals with the cascading impacts such as the takeover of Fannie and Freddie and the death of Lehman Brothers.
Chapter five is about where one might go from here. Chapter six shifts to the individual and which types of investments are protected. Chapter seven is about debt and Chapter eight provides advice for the individual, based on their age. The advice is rather basic, but useful food for thought.
Scattered throughout the book are mini-biographies of the names and faces involved, such as Timothy Geithner, Warren Buffett, and Alan Greenspan. At the end of each chapter is a summary in the form of an FAQ.