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The End of Wall Street Paperback – 29 March 2011

by Roger Lowenstein (Author)
4.4 4.4 out of 5 stars 148 ratings
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The New York Times bestseller

"Think of Roger Lowenstein's The End of Wall Street as a tuition-free class in 21st-century U.S. macroeconomics." --USA Today

With razor-sharp insight, bestselling author Roger Lowenstein tells the full story of the end of Wall Street as we knew it.

Roger Lowenstein's The End of Wall Street unfurls a gripping chronicle of the 2008 financial collapse, drawing on 180 interviews with top government officials and Wall Street CEOs. Lowenstein looks to the roots of the crisis to reveal how America succumbed to the siren song of easy debt and speculative mortgages. Combining deep analysis with sizzling narrative, The End of Wall Street charts the end of an era of unprecedented and unwarranted optimism while looking ahead to the legacy of the bailout.

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  1. Print length
    384 pages
  2. Language
    English
  3. Publisher
    Penguin Books
  4. Publication date
    29 March 2011
  5. Reading age
    18 years and up
  6. Dimensions
    13.97 x 2.21 x 21.43 cm
  7. ISBN-10
    0143118722
  8. ISBN-13
    978-0143118725
  9. See all details
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Review

"Lowenstein, a magnificent business writer, creates an almost novelistic accounting of the all-too-real 2008 financial collapse.... Lowenstein has a pitch-perfect sense of the Street's monumental recklessness."--Time

"[The End of Wall Street] is a complex but imaginative book... [Lowenstein] is able to identify the creative instruments of financial destruction with the directness that is all-important to a book like this."--New York Times

"Think of Roger Lowenstein's The End of Wall Street as a tuition-free class in 21st-century U.S. macroeconomics... The End of Wall Street debunks the notion that no one could have seen the economic catastrophe coming."--USA Today

"The End of Wall Street is a calm, reasoned, and often witty tour of the current financial landscape and how it got that way."--Philadelphia Observer

"In the flood of new books about the financial crisis, Roger Lowenstein's is a standout. Lowenstein, a highly accomplished financial journalist, lays out what may be the best explanation yet of the recent crash--and as good a prediction as any on what happens next."--Barron's

"Lowenstein's strong knowledge of the source material and flair for the dramatic and doomsday title should draw readers who still wonder what went wrong and how."--Publishers Weekly

"Lowenstein does a great job of explaining...in understandable terms that unobtrusively avoids the injection of emotion and politics."--Booklist

"Over the past year, there has been a steady stream of books trying to make sense of the crisis. The latest, and perhaps the most accessible and even-handed, is Roger Lowenstein's The End of Wall Street."--Washington Post

"The End of Wall Street is a good book: witty, well-written, heavily researched and often dramatic."--Associated Press/Huffington Post

"A veteran financial/business journalist examines the past three years of economic collapse, chronicling actions and inactions from dozens of villains and a few heroes...A well-delineated chronicle likely to cause readers to ask who put the clowns in charge of the circus, and why aren't they confined to prison cells." --Kirkus

About the Author

Roger Lowenstein, author of the bestselling Buffett: The Making of an American Capitalist and When Genius Failed: The Rise and Fall of Long-term Capital Management, reported for the Wall Street Journal for more than a decade and wrote the Journal's stock market column "Heard on the Street" and also its "Intrinsic Value" column. He now contributes articles and reviews to the Journal and the New York Times Magazine and is a columnist for SmartMoney Magazine. He lives in Westfield, New Jersey.

Product details

  • Publisher ‏ : ‎ Penguin Books; Reprint edition (29 March 2011)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 384 pages
  • ISBN-10 ‏ : ‎ 0143118722
  • ISBN-13 ‏ : ‎ 978-0143118725
  • Reading age ‏ : ‎ 18 years and up
  • Dimensions ‏ : ‎ 13.97 x 2.21 x 21.43 cm
  • Customer Reviews:
    4.4 4.4 out of 5 stars 148 ratings

About the author

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Roger Lowenstein

Roger Lowenstein

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Roger Lowenstein (born in 1954) is an American financial journalist and writer. He graduated from Cornell University and reported for the Wall Street Journal for more than a decade, including two years writing its Heard on the Street column, 1989 to 1991. Born in 1954, he is the son of Helen and Louis Lowenstein of Larchmont, N.Y. Lowenstein is married to Judith Slovin.

He is also a director of Sequoia Fund. His father, the late Louis Lowenstein, was an attorney and Columbia University law professor who wrote books and articles critical of the American financial industry.

Roger Lowenstein's latest book, America's Bank: The Epic Struggle to Create the Federal Reserve (The Penguin Press) was released on October 20, 2015.

Bio from Wikipedia, the free encyclopedia.

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Amazon Customer
5.0 out of 5 stars Stunningly detailed.
Reviewed in the United States on 24 September 2023
Verified Purchase
One of the best books on the causes of and characters in the 2008 Crash. Audible narrator is great, but if you are a wallstreet watcher you will want a hardcover copy for your library. His book on the hedge fund crash, LTCM, Long Term Capital Management, is very good, titled “When Genius Failed.”
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Amazon Customer
5.0 out of 5 stars A must read
Reviewed in the United Kingdom on 30 April 2021
Verified Purchase
Couldn't put this book down. It's well written and a shocking look at/reminder of the crash in 2008. Deserves to be made into a film.
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Robert G McPherson
5.0 out of 5 stars This is one of the absolute best on the 2008 crash!
Reviewed in Canada on 1 July 2017
Verified Purchase
Roger Lowenstein is a master of financial non-fiction. Buy everything he's written on the subject; an education in a 1,000 pages.
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RMF
4.0 out of 5 stars A reminder
Reviewed in the United Kingdom on 27 July 2013
Verified Purchase
The memory of pain is often short, collectively and individually. Therein lies the inability of mankind to learn from its repeated mistakes.

Roger Lowenstein has written a well-condensed chronology of the painful failure of Wall Street's - and Main Street's - belief in ever-rising house prices financed with ever-rising debt leverage and ever-decreasing lender oversight. Painful but too soon forgotten as the stock market reaches new heights in a still limping economy. The "solution" to the resulting catastrophe embraced by the Fed of allowing some firms to fail while saving others, massively inflating its balance sheet with heterogeneous collateral and of wrapping the biggest financial institutions in an implied government ("too big to fail") guarantee, an approach whose weakness was clearly demonstrated by the collapse of Fannie and Freddie, may well be the next source of financial pain over-hanging us all while the lost jobs, lost savings and lost hopes remain uncompensated and unaddressed. Lowenstein's reminder of the 2007 to 2009 events is salutary and his short book well deserves a slow and thoughtful reading-and remembering.
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AdamSmythe
4.0 out of 5 stars The Origins and Story of the Financial Crisis
Reviewed in the United States on 6 April 2010
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One of the differences between Roger Lowenstein's 2000 book, When Genius Failed, and his latest book, The End of Wall Street, is that when Genius was written it plowed a lot of new ground describing the events that led up to (and followed) the collapse of the improbably-named Long Term Capital Management (LTCM) hedge fund back in 1998. (At that time, the LTCM saga was a very big deal, although the seriousness of the event has certainly been eclipsed by the more recent financial crisis.) The fact that Lowenstein was--and remains--a gifted writer just made Genius all the better. Today, in contrast, the events of the recent financial crisis are reasonably well known, and I've lost count how many books have been written on the subject. Is there room for one more? Sure. However, don't expect blinding revelations. Really. There is little new material that you probably haven't seen elsewhere. Fortunately, The End of Wall Street is well written, as you would expect from Lowenstein, so be prepared to enjoy a thoughtful, well-researched and engaging story. I haven't downgraded The End of Wall Street because it isn't the first book on its subject (although some may want to do that), but rather have rated it on the basis of how enjoyable it is. Frankly, I don't think it's quite up to When Genius Failed standards, but it's still a good effort.

This 298-page book begins with a list of its cast of characters that's over eight pages long. However, many of them--like Ben Bernanke, Warren Buffett, Jamie Dimon, Barney Frank, Timothy Geintner, Alan Greenspan, Larry Summers and others--hardly need an introduction. Lowenstein accurately tells the reader than it wasn't so much what followed the Lehman Brothers failure that was most important, but what preceded it. So we go back--way back--to the history of Fannie Mae and Freddie Mac. Fannie, for example, dates back to 1938. (Freddie was created in 1970.) Latter, in 1968, Lyndon Johnson wanted to sell shares to the public in order to get Fannie off the government's books. Obviously, Fannie wasn't all good news, even back then.

Although I am taking some liberty at dividing the book, here are some of the main topics through which Lowenstein tells his story: (1) Fannie, Freddie and the somewhat toothless and ineffective OFHEO (Office of Federal Housing Enterprise Oversight) that was created to watch over them; (2) Subprime loans, complete with the stories of Angelo Mozilo, Countrywide's CEO, NINA (no income, no asset) loans, New Century Mortgage, CDOs, etc.; (3) Other lenders, including JP Morgan and its more cautious CEO, Jamie Dimon; (4) Lehman before its fall; (5) The increasingly aggressive and competitive atmosphere among major banks, with special emphasis on CitiGroup; (6) The government takeover of Fannie and Freddie; (7) Lehman's collapse and its many aftershocks; (7) Hedge fund turmoil; (8) The TARP; (9) The Wachovia deal; (10) Bernanke and Paulson; (11) The Great Recession; and (12) The end--of Wall Street. It's not the really the end of Wall Street, of course. This is literary license. Interestingly, Lowenstein includes mention of Hyman Minsky's provocative "Instability Hypothesis," which is plus for the reader.

The book starts and ends with mention of Robert Rodriguez, the manager of two mutual funds for First Pacific Advisers (and amateur race car driver). According to Lowenstein, here was a man way ahead of his time in regards to seeing the building financial crisis. That may well be true, but Mr. Rodriguez isn't quite the investing genius he may seem in the pages of this book. In 2008, for example, with the conservative Mr. Rodriguez's stock-oriented mutual fund approximately 40% in cash for most of the year, he managed to lose almost 35%, compared to the (100% invested) S&P 500's 37% loss.

In closing, if what you are looking for is a lot of fresh meat regarding the recent financial crisis, I wouldn't buy this book. However, if you enjoy reading a lively, well-written and solidly informative summary primarily of the events that led up to the crisis, this is a good choice.
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