Comments on: Correcting a Review of Bailout Nation

By: keithpiccirillo

keithpiccirillo — Sat, 10 Oct 2009 18:59:04 +0000

I have read three prominent books this summer, Bailout Nation, Outliers from Malcolm Gladwell, and The Ivy Portfolio by Meb Faber.
The real thumper is my rural library will bring a book in only if you ask for it and they deem it worthy.
I have another twenty years to slowly accumulate good readings in the business/financial section.

By: Its Me

Its Me — Sat, 10 Oct 2009 15:35:36 +0000

The list you posted, I wouldn’t except as as explanation for an industrial accident investigation. Its too diffused.

The list is identifies contributing factors not the root cause. The reviewer rightly wanted names to identify to his readers. He (we) want culpable persons or single time events. Not “it was the big wall street banks”.

By: Robespierre

Robespierre — Fri, 09 Oct 2009 21:25:00 +0000

“The ﬁve biggest Wall Street ﬁrms (Bear Stear ns, Lehman Brothers, Merrill Lynch, Morgan Stanley, and Goldman Sachs) and their CEOs”

And yet no one investigated all of the richer today…

By: DonF

DonF — Fri, 09 Oct 2009 18:24:39 +0000

I don’t see how one could come to a conclusion that two main villains were found by reading any part of Bailout Nation. In fact, I think the response here (that multiple people/groups were responsible) is stressed more than once throughout the book if I recall correctly. Certainly an odd take-away that was rightly corrected. On the bright side, perhaps some Anti-Bush folks (of which there are a few) might be prompted to buy the book now.

By: HCSKnight

HCSKnight — Fri, 09 Oct 2009 17:51:57 +0000

Not surprised by the reviewer’s “mistake”… journalists and lawyers, the two professions that only a mother could respect….

FYI, “I don’t mean something I disagreement”…..

Knight

By: MorticiaA

MorticiaA — Fri, 09 Oct 2009 17:34:21 +0000

“Other than that, its a good review . . .” I love it! A review of a review.

By: Barry Ritholtz

Barry Ritholtz — Fri, 09 Oct 2009 17:28:30 +0000

Nope — they are both mentioned prominently in the book, and get their own index entry

Rubin, Robert E.: 72, 213-14, 224-25, 232, 237
Summers, Lawrence (Larry): pages 27, 213-14, 225, 232, 237

The repeal of Glass-Steagal and the Commodities Futures Modernization Act both get prominent play in Bailout Nation.

You haven’t finished reading it yet . . . .

By: ab initio

ab initio — Fri, 09 Oct 2009 17:09:59 +0000

BR-

I think you missed Bob Rubin and Larry Summers who ran Treasury and pushed for the repeal of Glass-Steagal and where instrumental in the passing of the Commodities Futures Modernization Act and making Brooksley Born look like an idiot for suggesting that CDS should be regulated and traded on exchanges.

IMO, Bob Rubin was at the epicenter of the corruption and crony capitalism that directly lead to the financial crisis. Note that he made his way through the revolving door to become chairman of Citigroup after enabling Sandy Weill to merge Travelers with Citi.

Of course no list of the villains is complete with Hank Paulson way at the top.

And Bill Clinton should get a fair share of epithets for signing all these bills into law.