How Do We Fix this Mess?: The Economic Price of Having it All, and the Route to Lasting Prosperity

Robert Peston, Laurence Knight

How Do We Fix this Mess?: The Economic Price of Having it All, and the Route to Lasting Prosperity

The record-breaking unbroken growth between 1992 and 2008 wasn't the economic miracle that it seemed. It was based on a number of dangerous illusions - most notably that it didn't matter that the UK and US year after year consumed more than they earned. But we couldn't go on increasing our indebtedness forever. The financial crash of 2007/8 and the subsequent economic slump in much of the west was the moment when we realised we had borrowed more than we could afford to repay. So who got it wrong? Bankers, investors and regulators? And were they greedy, stupid or asleep? What was the role of government? And what part did we, as consumers, play in all this? How do we get through this difficult period of transition to a more sustainable economy, one based on investment and exports, rather than on borrowing and consumption? 3.5 out of 5 based on 4 reviews
How Do We Fix this Mess?: The Economic Price of Having it All, and the Route to Lasting Prosperity

Omniscore:

Classification Non-fiction
Genre Business, Finance & Law
Format Hardback
Pages 480
RRP
Date of Publication September 2012
ISBN 978-1444757095
Publisher Hodder & Stoughton
 

The record-breaking unbroken growth between 1992 and 2008 wasn't the economic miracle that it seemed. It was based on a number of dangerous illusions - most notably that it didn't matter that the UK and US year after year consumed more than they earned. But we couldn't go on increasing our indebtedness forever. The financial crash of 2007/8 and the subsequent economic slump in much of the west was the moment when we realised we had borrowed more than we could afford to repay. So who got it wrong? Bankers, investors and regulators? And were they greedy, stupid or asleep? What was the role of government? And what part did we, as consumers, play in all this? How do we get through this difficult period of transition to a more sustainable economy, one based on investment and exports, rather than on borrowing and consumption?

Reviews

The Financial Times

Philip Augar

While their day jobs give the writers a unique insight into events and access to BBC content, they must also nurture their sources and respect the corporation’s impartiality (the book was vetted by a senior BBC editor). The result is that they go surprisingly easy on certain individuals ... The book shifts up a gear when it moves from telling us how we got into this mess to how we should fix it. There are no false promises here and Peston acknowledges up-front that he does not know the answer. What he does know, however, is how to elucidate apparently impenetrable issues, and he guides us intelligently and entertainingly through three key problems: the eurozone, banks and the UK.

05/10/2012

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The Observer

Peter Preston

… his discursive, conversational but entrancingly fact-studded trip around the disaster zone ought to be mandatory reading for anyone who wants to have a voice in where we go from here. Peston and his more shadowy co-author, Laurence Knight, have performed a signal service. But it is also fair to say that their description of how we got into this mess is much more compelling than their prescriptions for how we get out of it

07/10/2012

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The Sunday Times

David Smith

Worth reading … He is good on the follies of the bankers. There are many moments when you wonder how supposedly intelligent people could have been so stupid, how the herd instinct could have persuaded so many to charge headlong over the cliff. He is also good on the detail. Anybody who wants to know what a collateralised debt obligation or a credit default swap is will find it here. There is, though, not too much here that those who have followed the crisis will not be familiar with.

07/10/2012

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The Economist

The Economist

Mr Peston passionately articulates why everyone should be frustrated with the banking sector — and financial globalisation more generally ... However, readers looking for resolutions to current woes will be disappointed by this book. The author’s ability to decipher what went wrong at British banks does not translate into how to fix them.

13/10/2012

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