A penetrating critique tracing how under-regulated trading between European and US banks led to the 2008 financial crisis - with a prescription for preventing another meltdown

There have been numerous books examining the 2008 financial crisis from either a US or European perspective. Tamim Bayoumi is the first to explain how the Euro crisis and US housing crash were, in fact, parasitically intertwined.

Starting in the 1980s, Bayoumi outlines the cumulative policy errors that undermined the stability of both the European and US financial sectors, highlighting the catalytic role played by European mega banks that exploited lax regulation to expand into the US market and financed unsustainable bubbles on both continents. US banks increasingly sold sub-par loans to under-regulated European and US shadow banks and, when the bubbles burst, the losses whipsawed back to the core of the European banking system. A much needed, fresh look at the origins of the crisis, Bayoumi’s analysis concludes that policy makers are ignorant of what still needs to be done both to complete the cleanup and to prevent future crises.

The audiobook is published by University Press Audiobooks.

“Bayoumi has succeeded in saying something both new and true about the financial crisis of 2007-12 in this important book.” (Financial Times)

”Provides excellent insights into how this led to the crisis, especially in terms of the different economic philosophies competing for influence.” (Choice)

“Bayoumi's impressive coverage of both sides of the Atlantic sheds new light on the crisis.” (Library Journal)