And Then the Roof Caved In

  • by David Faber
  • Narrated by Dennis Holland
  • 6 hrs and 37 mins
  • Unabridged Audiobook

Publisher's Summary

CNBC's David Faber takes an in-depth look at the causes and consequences of the recent financial collapse.And Then the Roof Caved In lays bare the truth of the credit crisis, whose defining emotion at every turn has been greed, and whose defining failure is the complicity of the U.S. government in letting that greed rule the day. Faber painstakingly details the truth of what really happened with compelling characters who offer their first-hand accounts of what they did and why they did it.Faber explains the events of the previous seven years that planted the seeds for the worst economic crisis since the Great Depression. He begins in 2001, when the Federal Reserve embarked on an unprecedented effort to help the economy recover from the attacks of 9/11 by sending interest rates to all-time lows. Faber also provides an up-close look at where the crisis was incubated and unleashed upon the world - Wall Street - and introduces us to insiders, from investment banks and mortgage lenders to ratings agencies, that unwittingly conspired to insure lending standards were abandoned in the head-long rush for profits.


What the Critics Say

"CNBC's David Faber delivers a clear-eyed look at the origins of the crisis.... As an anchor of the Faber Report, the author was on the front lines of the financial crisis and spoke with many of its key players. (Fortune)


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Customer Reviews

Most Helpful

Best Book so Far on the Causes of the 2008 Crash

This is by far the best book I have found on the causes of the 2008 financial meltdown. David Faber has managed to do that concisely (the book is less than 200 pages), and clearly (as befits an able journalist, which he is). This book has it all: it provides a clear explanation of "CDO's", "CDS's", leverage ratios, LTV ratios, and AAA credit ratings, all of which are essential to understanding what happened.

It also makes clear that you don't need to be a rocket scientist to understand what happened. It was driven by a devil's brew consisting of Wall Street bankers focused on short-term trading profits and bonuses mixed in with unregulated mortgage brokers who were focused on commissions that flowed from the easy money supplied by Wall Street. The brew was seasoned by corrupted rating agencies who allowed the lure of big fees to smudge what had previously been a reputation for professional and objective credit analysis. Congress and the Administration had no clue what was happening except to applaud the expansion of home ownership in the country. The housing market is so big that the fees, commissions, and profits (as well as overlooked risks) generated as the subprime mortgage market grew became enormous; so large that their corrupting influence overcame responsible risk management at most of the major Wall Street firms. Things became so ridiculous that by 2006 all one needed to get a mortgage loan in Orange County, CA was proof that you were a real person and that you were buying a real house. Whether you had the income to pay off your loan over time or a down payment was no longer an issue. Not only ridiculous; it was also disgusting and dangerous.
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- Michael Moore "mcubed33"

The Standard Media Line

I have waited a while before writing the review. I will be more charitable because of the wait. This is the book you would expect from a reporter at MSNBC. It tows the standard media line on the financial crisis and never waivers. The regulators did not have enough power, wall street was greedy, everyone else was a victim. Why this happened now when the regulators have more power than ever and wall street is as greedy as ever is, of course not covered. None the less there is good and interesting information in this book. It has a lot of truth but not the whole truth and nothing but the truth.
For the other side read (listen to) Sowell’s book “The Housing boom & Bust”. Listen to them both and then make up your own mind.

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- Sierra Bravo "Semi retired small business person/ college professor/ investor."

Book Details

  • Release Date: 09-14-2009
  • Publisher: Audible Studios