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Fathoming financial failure

Two impressive books on the financial crisis shed some light on its causes. Yet questions of blame and consequence are still being skirted

By James Dodd   July 2009

Fool’s Gold By Gillian Tett (Little, Brown £18.99)

The Storm By Vince Cable (Atlantic Books £14.99)

As the western world limps towards the end of the new century’s first decade, it’s worth pausing to consider three successive, self-inflicted blunders the last ten years have seen. The first was the dotcom crash of 2000-02. The second was the debacle of Iraq which—at enormous cost in lives, morals and money—bluntly proscribed the limits (and utility) of western military power. The third is the credit crunch of 2007-09, still unfolding before our eyes.

These two books cover the latter ground in…

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