The former Federal Reserve (FED) chair, Ben Benarnke did a PhD on the great recession. I always believe it`s good for those in finance to know about financial crises and to understand what went wrong so I`ve come up with a list of recommended books.
From the Federal Reserve`s perspective: After the music stopped by Alan S Binder
One of the best books on the 07/08 crisis. Alan S Binder, the former vice-chair of the FED has a way of getting even non finance junkies addicted to his writing. Simply brilliant.
From the Treasury`s perspective: Stress Test by Timothy Geithner
The Treasury has a slightly different jurisdiction compared to the FED and the author is the only person who has served both the FED and later as the Treasury Secretary. Direct and not a book on defending policies.
From the FDIC`s (Federal Deposit Insurance Corporation) perspective: Bull by the Horns by Sheila Bair
Sheila Bair was mentioned in Alan S Binder`s book and it was refreshing to know that she had views that were in contrary to the Treasury and FED.
How Wall Street saw it: The Big Short by Michael Lewis
Michael Lewis writes on how a few elite traders noticed something was wrong from as early as 2005 and how they made their move to profit from it by buying credit-default swaps (CDS).
How London saw it: Reckless The Rise and Fall of the City by Philip Augar
An inside view on how London was holding up to the crisis.
Other European countries: Boomerang by Michael Lewis
The effects of cheap credit and how it caused Iceland`s financial industry to collapse. Briefly touches on Ireland, Greece and Germany.
Central banks: The Alchemists by Neil Irwin
The author talks about the first central bank, which was in Sweden back in the 1600s right up to the present day central banking system. The second half of the book focuses on the actions taken by the FED, Bank of England (BoE) and the European Central Bank (ECB).
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