Review (Guest): ECONned – How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism

5 Star, America (Founders, Current Situation), Banks, Fed, Money, & Concentrated Wealth, Capitalism (Good & Bad), Complexity & Catastrophe, Congress (Failure, Reform), Corruption, Country/Regional, Crime (Corporate), Crime (Government), Culture, Research, Executive (Partisan Failure, Reform), Impeachment & Treason, Intelligence (Public), Misinformation & Propaganda, Politics, Power (Pathologies & Utilization), Secrecy & Politics of Secrecy, Threats (Emerging & Perennial)
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Yves Smith

5.0 out of 5 stars ECONNED,March 3, 2010

M. M. Thomas (Brooklyn) – See all my reviews

I’ve written quite a bit about the financial crisis, and God knows I’ve read nearly every book on the subject, and I have no hesitation in saying that if there is one book that gets it whole, and gets it right, and is THE book for the intelligent, thoughtful reader to turn to, it is ECONNED. This is not an anecdotal recitation of deal gossip (like, for example, Sorkin’s book); it’s not “source-based” journalism reflective of the way certain participants in the dire events that unfolded in 2007-2009 wish themselves to be seen. It lays out, in what is easily as clear, as direct, as smart and with as much force of fact as any financial writing today how exactly the fun and games that have nearly wrecked our economy and the lives of so many of us went down. Yves Smith is, unlike so many other writers feeding off the crisis, writing about it from the inside: with an unfailing grasp of where the details (where the devil lurks) fit into the larger pattern of financial perfidy and destruction, in this Doomsday Machine that Wall Street put together. The intelligent reader will understand that if you want to know why you’re suffering from acute ptomaine, you have to understand what went into the sausage you got it from. And then you have to be made to see plain the kind of restaurant or market that serves up this toxic offal. And then the regulatory failures that allow such places to be licensed. We have undergone one of the great crises in this nation’s history. It needs to be seen plain and understood. Deadline-driven blahblahblah won’t get the job done. But ECONNED does. I cannot recommend it highly enough.

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