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The Crunch: How Greed and Incompetence Sparked the Credit Crisis by Alex Brummer (Paperback, 2009)

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Product Information

The first book to take the lid off the events surrounding the collapse of Northern Rock and the onset of the credit crisis - now specially updated for the new mass market edition On 9 August 2007 France's largest bank announced that it had had to suspend trading in two huge investment funds it controlled. The same day three German banks revealed that they were close to collapse. A few days later came the first run on a British bank since the 1860s as vast queues of worried investors besieged Northern Rock. Within weeks, the Government were being forced to bail out this previously little-known bank to the tune of e30 billion, share prices in other mortgage lenders were plummeting, and alarming news about the state of several of the biggest US banks was crossing the Atlantic. What lay behind this series of crippling disasters?In The Crunch, award-winning journalist Alex Brummer painstakingly traces the course of the crisis from its origins in the US 'subprime' market to its explosion on to the international scene. It's a story of greed, mismanagement and dithering in which bankers seeking to make a quick buck, regulators engaged in turf wars and blame-avoidance, and governments paralysed by the sheer scale of the problem all conspired to bring the banking system almost to its knees. It's also a story of victims- the millions of people in the US who have already been thrown out of their houses, the entire population of the UK who have been co-opted to guarantee Northern Rock with e30 billion of public money, borrowers everywhere who are now finding credit more expensive and harder to get. And, as Alex Brummer convincingly argues, now that recession looms, this is only the beginning.

Product Identifiers

PublisherCornerstone

ISBN-139781847940094

eBay Product ID (ePID)89593116

Product Key Features

Number of Pages288 Pages

LanguageEnglish

Publication NameThe Crunch: How Greed and Incompetence Sparked the Credit Crisis

Publication Year2009

SubjectEconomics, Finance

TypeTextbook

AuthorAlex Brummer

Subject AreaPolitical Science

FormatPaperback

Dimensions

Item Height198 mm

Item Weight203 g

Item Width129 mm

Additional Product Features

Country/Region of ManufactureUnited Kingdom

Title_AuthorAlex Brummer