Kategorien entdecken

In der App öffnen In der App öffnen In der App öffnen
Das sind die Blinks zu

Crashed

How a Decade of Financial Crises Changed the World

Von Adam Tooze
16 Minuten
Audio-Version verfügbar
Crashed: How a Decade of Financial Crises Changed the World von Adam Tooze

Crashed (2018) unpacks the metaphorical seismograph to take the measure of an economic earthquake whose tremors can still be felt today – the 2008 financial crisis. Written with an eye to the global effects of what’s now known as the “Great Recession,” Adam Tooze traces the crash’s shockwaves from their epicenter in the American financial markets to their conclusions in Crimea, London, Athens and other geopolitical hotspots.

  • Economists, policymakers and anyone in financial trading
  • History buffs fascinated by the links between economics and politics
  • Disgruntled citizens wondering how politicians and bankers landed us in such a mess

British historian Adam Tooze is a professor and the director of the European Institute at Columbia University, New York. His previous books include the Wolfson History Prize-winning The Wages of Destruction (2006), a study of Nazi Germany’s economic policies, and The Great Deluge (2014), an analysis of the Great War and the creation of a new international order.

Kennst du schon Blinkist Premium?

Mit Blinkist Premium erhältst du Zugang zu dem Wichtigsten aus mehr als 3.000 Sachbuch-Bestsellern. Das Probeabo ist 100% kostenlos.

Premium kostenlos testen

Was ist Blinkist?

Blinkist ist eine App, die die großen Ideen der besten Sachbücher in einprägsame Kurztexte verpackt und erklärt. Die Inhalte der über 3.000 Titel starken Bibliothek reichen von Sachbuch-Klassikern, über populäre Ratgeber bis hin zu diskutierten Neuerscheinungen. Basierend auf wissenschaftlichen Erkenntnissen wird jeder Titel von speziell geschulten Autoren aufbereitet und dem Nutzer als Kurztext und Audiotitel zur Verfügung gestellt.

Discover
3.000+ top
nonfiction titles

Get unlimited access to the most important ideas in business, investing, marketing, psychology, politics, and more. Stay ahead of the curve with recommended reading lists curated by experts.

Entdecke die Kernaussagen zu diesem Titel:

Crashed

How a Decade of Financial Crises Changed the World

Von Adam Tooze
  • Lesedauer: 16 Minuten
  • Verfügbar in Text & Audio
  • 10 Kernaussagen
Crashed: How a Decade of Financial Crises Changed the World von Adam Tooze
Worum geht's

Crashed (2018) unpacks the metaphorical seismograph to take the measure of an economic earthquake whose tremors can still be felt today – the 2008 financial crisis. Written with an eye to the global effects of what’s now known as the “Great Recession,” Adam Tooze traces the crash’s shockwaves from their epicenter in the American financial markets to their conclusions in Crimea, London, Athens and other geopolitical hotspots.

Kernaussage 1 von 10

The mortgage industry in the US was a house of cards waiting to collapse.

Crises explode in a flash, but they usually have long, slow-burning fuses. The 2008 crash was no different. The financial dynamite that ripped apart the global banking system that year had been primed way back in the 1970s. That’s when US lending markets were first deregulated, making them both hugely lucrative and incredibly risky.

Between 1996 and 2006, something else happened – US house prices almost doubled, while household wealth surged by $6.5 trillion as Americans cashed in on their properties. Demand for houses was sky-high. That’s when money lenders made the fateful decision to get in on the action and make it easier than ever before to get a mortgage.

Borrowers previously deemed too likely to default on their repayments jumped at the opportunity to finally buy their own homes. The high-risk loans they were offered became known by a name that’s now notorious – “subprime” mortgages.

So, why was anyone willing to take this risk? Well, that’s where securitization came in. That basically meant bundling huge numbers of mortgages together and selling shares in these “bundles.” In theory, that should have spread investors’ risk if borrowers ended up defaulting. As long as more people were servicing their loans than weren’t, the folks buying up the bundles would be fine.

But that’s not how it panned out. In 2008, the American housing bubble burst. Homeowners didn’t just default on their loans, however. The value of their properties – the collateral underpinning the whole system – also plummeted! That created the perfect storm. Lenders were now repossessing houses worth a whole lot less than the mortgages on them. Unsurprisingly, shifting these properties was a tall order, and the mortgages themselves became worth little more than the paper on which they were printed.

Banks that had heavily invested in subprime bundles now found themselves on the hook. On September 15, 2008, the investment bank Lehman Brothers became the first domino to fall. It’s not hard to see why: a shocking two-thirds of its $133 billion worth of securities were in subprime mortgages!

The irony of it all? The financial industry was warned that taking too many risks would end in tears back in August 2005, when the Indian economist Raghuram Rajan addressed a gathering of top economic policymakers in Wyoming. The title of his presentation was “Has Financial Development Made the World Riskier?” Needless to say, Rajan’s warning fell on deaf ears.

Inhalt

Bringe mehr Wissen in deinen Alltag!

Sichere dir jetzt Zugang zu den Kernaussagen der besten Sachbücher – praktisch in Text & Audio in nur 15 Minuten pro Titel.
Created with Sketch.