A Colossal Failure of Common Sense: The Inside Story of the by Patrick Robinson, Lawrence G. McDonald

By Patrick Robinson, Lawrence G. McDonald

One of the largest questions of the monetary situation has now not been replied previously. What occurred at Lehman Brothers and why used to be it allowed to fail, with aftershocks that rocked the worldwide economic climate? during this news-making, usually unbelievable ebook, a former Lehman Brothers vp provides us the immediately answers—right from the abdominal of the beast.

In A immense Failure of universal Sense, Larry McDonald, a Wall highway insider, unearths the tradition and unstated ideas of the sport like no ebook has ever performed. The publication is couched within the very human tale of Larry McDonald’s Horatio Alger-like upward thrust from a Massachusetts “gateway to nowhere” housing venture to the recent York headquarters of Lehman Brothers, domestic of 1 of the world’s hardest buying and selling floors.

We get a close-up view of the individuals within the Lehman cave in, specially those that observed it coming with a helpless, offended sure bet. We meet the Brahmins on the best, whose reckless, pedal-to-the-floor dependancy to development eventually demolished the nation’s oldest funding financial institution. The Wall highway we come across here's a ruthless position, the place brilliance, conceitedness, ambition, greed, capability for relentless toil, and different human qualities mix in a effective combine that usually fuels prosperity yet sometimes destroys it.

The complete value of the dissolution of Lehman Brothers is still measured. yet this a lot is sure: it used to be a devastating blow to America’s—and the world’s—financial method. And it don't need to have occurred. this is often the tale of why it did.

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Additional resources for A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers

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When interest rates fall, how might you change your economic behavior? 5. Can you think of any financial innovation in the past ten years that has affected you personally? Has it made you better off or worse off? Why? * 6. Is everybody worse off when interest rates rise? 7. What is the basic activity of banks? *8. Why are financial markets important to the health of the economy? 9. What is the typical relationship between interest rates on three-month Treasury bills, long-term Treasury bonds, and Baa corporate bonds?

None of these enter into GDP because they are not goods and services produced during the course of the year. Intermediate goods, which are used up in producing final goods and services, such as the sugar in a candy bar or the energy used to produce steel, are also not counted separately as part of GDP. Because the value of the final goods already includes the value of the intermediate goods, to count them separately would be to count them twice.

To help you understand and apply the unifying analytic framework, simple models are constructed in which the variables held constant are carefully delineated, each step in the derivation of the model is clearly and carefully laid out, and the models are then used to explain various phenomena by focusing on changes in one variable at a time, holding all other variables constant. To reinforce the models’ usefulness, this text uses case studies, applications, and special-interest boxes to present evidence that supports or casts doubts on the theories being discussed.

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