Apr 4, 2014

Book Review: All The Devils are Here by McLean and Nocera

For some time I've wanted to understand more about the reasons of 2008 financial crisis. I did know the basics of the housing bubble, but not much more. That's the reason I got All the Devils are Here: The Hidden History of the Financial Crisis by Bethany McLean and Joe Nocera.

I was enthused to read the book. I had positive thoughts about the book and I really tried to like it. But I didn't. Book did explain why the crisis happened and introduced all the players who had played major role creating the housing bubble. The problem for me was, that the authors focused to people and companies so much that the actual problem was hidden behind all the blaming.

Authors Bethany McLean and Joe Nocera are both journalists and full time writers. This unfortunately shows in a bad way. The book would have worked in 40 separate articles, but it didn't work as long book. The full story wasn't well taken in to account with the separate twists to it.

I didn't like the blaming culture there was in the book. Most of the bankers and people mentioned in the book must have been money graving idiots, who made millions and millions with screwing others, but I don't still think blaming them gets us anywhere. This book wasn't only about blaming, it did discuss about the system a bit, but it focused too much on the individuals who had been creating the system.

I believe blaming culture actually creates the basis for the macho culture to exist. Then the macho culture creates these idiots who play the systems and create their own rules. So in a way I believe these kind of books doesn't solve the problem, but actually are part of the system that cause them.

Maybe it was my fault, that I didn't understand the book from the title. It really talks about the devils, not about global systems that created the devils. Still the book I would like to read, would search to understand the system. This wasn't the book I was hoping for.

I do believe there are people who like these kind of books. They are the people who like blaming others, I don't. I don't recommend this book to anyone. I didn't like it and I found it quite boring to read.

Written by +Henri Hämäläinen

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