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Fault Lines: How Hidden Fractures Still Threaten the World Economy
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Review
"Raghuram G. Rajan, Winner of the 2013 Deutsche Bank Prize in Financial Economics, The Center for Financial Studies""Winner of the 2010 Business Book of the Year Award, Financial Times and Goldman Sachs""Winner of the 2011 Gold Medal in Finance/Investment/Economics, Independent Publisher Book Awards""Winner of the 2010 PROSE Award in Economics, American Publishers Awards""Winner of the 2010 Gold Medal Book of the Year Award in Business & Economics, ForeWord Reviews""Finalist for the 2010 Paul A. Samuelson Award, TIAA-CREF""Finalist for the 2010 Book of the Year Award in Business and Economics, ForeWord Reviews""One of strategy+business magazine's Best Business Books of the Year for 2010""Best Crisis Book by an Economist and Named one of Bloomberg News's Thirty Business Books of the Year for 2010""One of Financial Times's Books of the Year in Business & Economics, Nonfiction Round-Up for 2010"
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From the Back Cover
"Fault Lines provides an excellent analysis of the lessons to be learned from the financial crisis, and the difficult choices that lie ahead. Of the many books written in the wake of our recent economic meltdown, this is the one that gets it right."--George A. Akerlof, coauthor of Animal Spirits and Identity Economics"Amidst the welter of books about our financial crisis, Rajan's book stands out for several reasons: the author's intellectual distinction, his academic and real-world involvement in the problems of finance and the macroeconomy, his global perspective, his search for the roots of the financial crisis in America's growing economic inequality, and also his prescience. In 2005, Rajan foresaw the coming financial collapse--and was fiercely criticized for his insight."--Richard A. Posner, author of A Failure of Capitalism: The Crisis of '08 and the Descent into Depression"Beautifully clear, cogent, and highly readable. This is the best book out there on the global imbalances that gave us the last financial crisis and might well give us the next one."--Kenneth S. Rogoff, coauthor of This Time Is Different: Eight Centuries of Financial Folly
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Product details
Paperback: 280 pages
Publisher: Princeton University Press; Revised ed. edition (August 28, 2011)
Language: English
ISBN-10: 9780691152639
ISBN-13: 978-0691152639
ASIN: 0691152632
Product Dimensions:
5.5 x 1 x 8.5 inches
Shipping Weight: 10.6 ounces (View shipping rates and policies)
Average Customer Review:
4.3 out of 5 stars
130 customer reviews
Amazon Best Sellers Rank:
#131,096 in Books (See Top 100 in Books)
I am working my way through every book about the financial crisis of 2007-09 and finally got around to this, although I was familiar from secondary sources with the first of his theses -- that the crisis was caused in part by pro-home-mortgage-indebtedness policies the federal government sponsored for decades, across multiple administrations, as a way to keep the middle class and working class content as globalization and other forces put downward pressure on their wages and salaries, a thesis supported by the recent book "House of Debt" which came out while I was reading this one. Having read a good deal of these books, I have developed my own views, which happen to coincide with Rajan's , not merely the aforementioned thesis regarding federal governmental distortion of housing finance, but the others developed in this book, specifically the role of other nations' economic policies leading them to keep a constant appetite for US debt instruments, and so I approached this favorably disposed, and I was not disappointed. This is quite an insightful and instructive book, and of course since it was published, the author has been appointed head of India's central bank, and also on record for having warned of excess risk in the financial system years before the crisis, so this is someone more than a mere academic whose views need to be taken seriously. Yet it is written in a very clear and non-technical manner. If it has any weakness, in fact, it is a little too non-technical, and a little too lacking in citations to supporting data (other books such as Guaranteed to Fail and House of Debt, however, contain supporting data. Toward the end he offers a fairly standard list of policy prescriptions (invest more in education, reduce consumption subsidies, reduce banking system risk, and so on), although my favorite was his call to finally fully privatize the GSE's, so that they are just E's, without the GS, which is long overdue.
There are no portrayals of ego driven maniacal financiers blindly chasing the carrot as the cliffs rapidly consume their landscape. But we've read and witnessed enough of that, and the sad fact that the very same people will most likely still drive off into the sunset with tanned bodies and full bank accounts. This book takes a higher ground and attempts to provide some guidance toward an economic future that is not riddled by seismic implosions and panic like attempts at stabilization. It is a cogent analysis and notable for effortlessly toeing the line between academic tedium and popular hyperbole. For that it gets 4 stars.Unfortunately it is with the proscriptions for the future where the author stumbles a bit. Besides stating the obvious, such as more needs to be done to correct the dismal state of education, he throws his lot in with a naive vision of some multinational entity to replace the IMF and World Bank that will transcend national politics and somehow convince everyone that a bright kumbaya future can be had by doing what's right for the globe. For this misplaced optimism 1 star is detracted.
The author notes in the Introduction to this 2010 book, "Why was the flood of money that came in from outside the United States used for financing subprime credit? ... Why are poorer developing countries like China financing the unsustainable consumption of rich countries for so long? Why did financial firms make loans to people who had no income, no jobs, and no assets... I attempt to address all these questions in this book... I do not have a single explanation for this crisis... I use the metaphor of 'fault lines.' ... I describe the fault lines that have emerged in the global economy and explain how these fault lines affect the financial sector." (Pg. 7)He summarizes the financial crisis: "an enormous quantity of money flowed into low-income housing in the United States, both from abroad and from government-sponsored mortgage agencies such as Fannie Mae and Freddie Mac. This led to both unsustainable house price increases and a steady deterioration in the quality of mortgage loans made... both commercial and investment banks took on an enormous quantity of risk... even while borrowing extremely short term to finance these purchases." (Pg. 16)He argues, "I do not seek to be an apologist for bankers, whose hankering for bonuses in the aftermath of a public rescue is not just morally outrageous but also politically myopic. But outrage does not drive good public policy... Regulating bankers' bonus pay is only a very partial solution, especially if many bankers did not realize the risks they were taking." (Pg. 18) Addressing the issue of the effect of government intervention in low-income housing on the crisis, he suggests, "This certainly wass not the only factor at play, and to argue that it was is misleading. But it is equally misleading to say it played no part. The private financial sector did not suddenly take up low-income housing loans in the early 2000s out of the goodness of its heart... To ignore the role played by politicians, the government, and quasi-government agencies is to ignore the elephant in the room." (Pg. 42)He argues, "The private financial sector bears an enormous responsibility for what happened. But did the brokers act immorally? Clearly, misleading retirees about their payments was wrong and bordered on the illegal. But ... it is not obvious that predatory lending of that sort was the norm. Brokers and firms like New Century provided many a homeowner with what they were asking for: refinancing at low rates, with little thought for the future. Should the broker have counseled the debt-ridden homeowners ... to cut back on consumption, pay off credit card debts, and move to a smaller, more affordable house?... Knowing, however, that the mortgages they originated would be packaged and sold, they had little stake in the relationship, other than the fees---fees that indicated to them that they were doing God's work." (Pg. 129-130)He adds, "Where did the buck stop? Not with New Century's founders, who sold their stock holdings as the firm's fortunes deteriorated. Not with the brokers, who made fat commissions while the gravy train chugged along... It stopped with the retiree who was fooled into taking out an expensive mortgage and... is now facing eviction... above all, it stopped with the taxpayer, whose dollars bailed out Fannie and Freddie, and who stands behind the Federal Housing Administration." (Pg. 131) He suggests "government intervention and regulatory failure had as much of a role to play in this crisis as private-sector failure." (Pg. 155)Largely a sympathetic treatment of Wall Street and the financial industry (note that Rajan is the former chief economist for the International Monetary Fund), there is much perceptive economic analysis in this book.
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