{"product_id":"whoops-why-everyone-owes-everyone-and-no-one-can-pay","title":"Whoops!: Why Everyone Owes Everyone and No One Can Pay by John Lanchester","description":"\u003ch3 data-start=\"119\" data-end=\"138\"\u003eBook Summary\u003c\/h3\u003e\n\u003cp data-start=\"140\" data-end=\"216\"\u003e\u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eLanchester attributes the financial meltdown to four interconnected factors:\u003c\/span\u003e\u003c\/p\u003e\n\u003col data-start=\"218\" data-end=\"600\"\u003e\n\u003cli data-start=\"218\" data-end=\"312\"\u003e\n\u003cp data-start=\"221\" data-end=\"312\"\u003e\u003cstrong data-start=\"221\" data-end=\"232\"\u003eClimate\u003c\/strong\u003e: \u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eA post-Cold War era of unregulated capitalism, where financial institutions operated with minimal oversight\u003c\/span\u003e\u003cspan class=\"\" data-state=\"closed\"\u003e\u003c\/span\u003e\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli data-start=\"314\" data-end=\"408\"\u003e\n\u003cp data-start=\"317\" data-end=\"408\"\u003e\u003cstrong data-start=\"317\" data-end=\"328\"\u003eProblem\u003c\/strong\u003e: \u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eThe proliferation of subprime mortgages, which were offered to individuals with poor credit histories, leading to widespread defaults.\u003c\/span\u003e\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli data-start=\"410\" data-end=\"504\"\u003e\n\u003cp data-start=\"413\" data-end=\"504\"\u003e\u003cstrong data-start=\"413\" data-end=\"424\"\u003eMistake\u003c\/strong\u003e: \u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eThe overreliance on flawed mathematical models that underestimated risk, particularly in complex financial instruments like collateralized debt obligations (CDOs) and credit default swaps (CDSs).\u003c\/span\u003e\u003c\/p\u003e\n\u003c\/li\u003e\n\u003cli data-start=\"506\" data-end=\"600\"\u003e\n\u003cp data-start=\"509\" data-end=\"600\"\u003e\u003cstrong data-start=\"509\" data-end=\"520\"\u003eFailure\u003c\/strong\u003e: \u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eRegulatory bodies' inability to identify and address the emerging risks within the financial system.\u003c\/span\u003e\u003cspan class=\"\" data-state=\"closed\"\u003e\u003c\/span\u003e\u003c\/p\u003e\n\u003c\/li\u003e\n\u003c\/ol\u003e\n\u003cp data-start=\"602\" data-end=\"800\"\u003e\u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eThrough vivid storytelling, Lanchester illustrates how these elements converged, leading to a systemic collapse.\u003c\/span\u003e \u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eHe uses real-world examples, such as the situation in Iceland, to demonstrate the global reach and impact of the crisis.\u003c\/span\u003e \u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eHis writing is noted for its clarity and wit, making complex financial topics accessible to a broad audience.\u003c\/span\u003e\u003c\/p\u003e\n\u003ch3 data-start=\"602\" data-end=\"800\"\u003e\u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003eAbout the Author\u003c\/span\u003e\u003c\/h3\u003e\n\u003cp\u003e\u003cspan class=\"relative -mx-px my-[-0.2rem] rounded px-px py-[0.2rem] transition-colors duration-100 ease-in-out\"\u003e\u003cstrong\u003eJohn Lanchester\u003c\/strong\u003e is a British novelist and journalist, renowned for his insightful explorations of contemporary society, economics, and human behavior. Born in Hamburg, Germany, in 1962, he spent his early years in various countries, including Hong Kong, before being educated in England at Gresham's School and St John's College, Oxford. Currently, he resides in London with his wife, historian and author Miranda Carter, and their two children \u003cspan class=\"\" data-state=\"closed\"\u003e\u003c\/span\u003e\u003c\/span\u003e\u003c\/p\u003e","brand":"Clapping Pages","offers":[{"title":"Used","offer_id":45156962664634,"sku":"2OLIQW1DT-Used","price":19.0,"currency_code":"AED","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0713\/5576\/0826\/files\/WHOOPS.jpg?v=1771321873","url":"https:\/\/clappingpages.com\/products\/whoops-why-everyone-owes-everyone-and-no-one-can-pay","provider":"Clapping Pages","version":"1.0","type":"link"}