Lessons From A Catastrophe

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Lessons of Disaster

Author : Thomas A. Birkland
Publisher : Georgetown University Press
ISBN 13 : 9781589013599
Total Pages : 244 pages
Book Rating : 4.0/5 (135 download)

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Book Synopsis Lessons of Disaster by : Thomas A. Birkland

Download or read book Lessons of Disaster written by Thomas A. Birkland and published by Georgetown University Press. This book was released on 2006-11-07 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Even before the wreckage of a disaster is cleared, one question is foremost in the minds of the public: "What can be done to prevent this from happening again?" Today, news media and policymakers often invoke the "lessons of September 11" and the "lessons of Hurricane Katrina." Certainly, these unexpected events heightened awareness about problems that might have contributed to or worsened the disasters, particularly about gaps in preparation. Inquiries and investigations are made that claim that "lessons" were "learned" from a disaster, leading us to assume that we will be more ready the next time a similar threat looms, and that our government will put in place measures to protect us. In Lessons of Disaster, Thomas Birkland takes a critical look at this assumption. We know that disasters play a role in setting policy agendas—in getting policymakers to think about problems—but does our government always take the next step and enact new legislation or regulations? To determine when and how a catastrophic event serves as a catalyst for true policy change, the author examines four categories of disasters: aviation security, homeland security, earthquakes, and hurricanes. He explores lessons learned from each, focusing on three types of policy change: change in the larger social construction of the issues surrounding the disaster; instrumental change, in which laws and regulations are made; and political change, in which alliances are created and shifted. Birkland argues that the type of disaster affects the types of lessons learned from it, and that certain conditions are necessary to translate awareness into new policy, including media attention, salience for a large portion of the public, the existence of advocacy groups for the issue, and the preexistence of policy ideas that can be drawn upon. This timely study concludes with a discussion of the interplay of multiple disasters, focusing on the initial government response to Hurricane Katrina and the negative effect the September 11 catastrophe seems to have had on reaction to that tragedy.

The Cure for Catastrophe

Author : Robert Muir-Wood
Publisher : Basic Books
ISBN 13 : 0465096476
Total Pages : 370 pages
Book Rating : 4.4/5 (65 download)

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Book Synopsis The Cure for Catastrophe by : Robert Muir-Wood

Download or read book The Cure for Catastrophe written by Robert Muir-Wood and published by Basic Books. This book was released on 2016-09-06 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: We can't stop natural disasters but we can stop them being disastrous. One of the world's foremost risk experts tells us how. Year after year, floods wreck people's homes and livelihoods, earthquakes tear communities apart, and tornadoes uproot whole towns. Natural disasters cause destruction and despair. But does it have to be this way? In The Cure for Catastrophe, global risk expert Robert Muir-Wood argues that our natural disasters are in fact human ones: We build in the wrong places and in the wrong way, putting brick buildings in earthquake country, timber ones in fire zones, and coastal cities in the paths of hurricanes. We then blindly trust our flood walls and disaster preparations, and when they fail, catastrophes become even more deadly. No society is immune to the twin dangers of complacency and heedless development. Recognizing how disasters are manufactured gives us the power to act. From the Great Lisbon Earthquake of 1755 to Hurricane Katrina, The Cure for Catastrophe recounts the ingenious ways in which people have fought back against disaster. Muir-Wood shows the power and promise of new predictive technologies, and envisions a future where information and action come together to end the pain and destruction wrought by natural catastrophes. The decisions we make now can save millions of lives in the future. Buzzing with political plots, newfound technologies, and stories of surprising resilience, The Cure for Catastrophe will revolutionize the way we conceive of catastrophes: though natural disasters are inevitable, the death and destruction are optional. As we brace ourselves for deadlier cataclysms, the cure for catastrophe is in our hands.

Learning from Catastrophes

Author : Howard Kunreuther
Publisher : Pearson Prentice Hall
ISBN 13 : 0137067240
Total Pages : 351 pages
Book Rating : 4.1/5 (37 download)

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Book Synopsis Learning from Catastrophes by : Howard Kunreuther

Download or read book Learning from Catastrophes written by Howard Kunreuther and published by Pearson Prentice Hall. This book was released on 2009-11-16 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: Events ranging from Hurricane Katrina to the global economic crisis have taught businesspeople an unforgettable lesson: if you don’t plan for “extreme risk,” you endanger your organization’s very survival. But how can you plan for events that go far beyond anything that occurs in normal day-to-day business? In Learning from Catastrophes, two renowned experts present the first comprehensive strategic framework for assessing, responding to, and managing extreme risk. Howard Kunreuther and Michael Useem build on their own breakthrough work on mitigating natural disasters, extending it to the challenges faced by real-world enterprises. Along with the contributions of leading experts in risk management, heuristics, and disaster recovery, they identify the behavioral biases and faulty heuristics that mislead decision makers about the likelihood of catastrophe. They go on to identify the hidden links associated with extreme risks, and present techniques for systematically building greater resilience into the organization. The global best-seller The Black Swan told executives that “once in a lifetime” events are far more common and dangerous than they ever realized. Learning from Catastropheshows them exactly what to do about it.

Catastrophe and Systemic Change: Learning from the Grenfell Tower Fire and Other Disasters

Author : Gill Kernick
Publisher : Do Sustainability
ISBN 13 : 1913019306
Total Pages : 270 pages
Book Rating : 4.9/5 (13 download)

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Book Synopsis Catastrophe and Systemic Change: Learning from the Grenfell Tower Fire and Other Disasters by : Gill Kernick

Download or read book Catastrophe and Systemic Change: Learning from the Grenfell Tower Fire and Other Disasters written by Gill Kernick and published by Do Sustainability. This book was released on 2021-05-27 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Grenfell Tower tragedy was the worst residential fire in London since World War II. It killed seventy-two people in the richest borough of one of the wealthiest countries in the world. Like other catastrophic events before it and since, it has the power to bring about lasting change. But will it? The historical evidence is weighed against ‘lessons being learned’ in a meaningful or enduring way. In an attempt to understand why, despite enormous efforts, we persistently fail to learn from catastrophic events, this book uses the details of the Grenfell fire as a case study to consider why we don’t learn and what it would take to enable real systemic change. The book explores the myths, the key challenges and the conditions that inhibit learning, and it identifies opportunities to positively disrupt the status quo. It offers an accessible model for systemic change, not as a definitive solution but rather as a framework to evoke reflection, enquiry and proper debate. Catastrophe and Systemic Change is a must-read book for a wide range of readers including those interested in change management, leadership, policy-making, law, housing, construction and public safety.

Doom

Author : Niall Ferguson
Publisher : Penguin
ISBN 13 : 0593297385
Total Pages : 497 pages
Book Rating : 4.5/5 (932 download)

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Book Synopsis Doom by : Niall Ferguson

Download or read book Doom written by Niall Ferguson and published by Penguin. This book was released on 2021-05-04 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: "All disasters are in some sense man-made." Setting the annus horribilis of 2020 in historical perspective, Niall Ferguson explains why we are getting worse, not better, at handling disasters. Disasters are inherently hard to predict. Pandemics, like earthquakes, wildfires, financial crises. and wars, are not normally distributed; there is no cycle of history to help us anticipate the next catastrophe. But when disaster strikes, we ought to be better prepared than the Romans were when Vesuvius erupted, or medieval Italians when the Black Death struck. We have science on our side, after all. Yet in 2020 the responses of many developed countries, including the United States, to a new virus from China were badly bungled. Why? Why did only a few Asian countries learn the right lessons from SARS and MERS? While populist leaders certainly performed poorly in the face of the COVID-19 pandemic, Niall Ferguson argues that more profound pathologies were at work--pathologies already visible in our responses to earlier disasters. In books going back nearly twenty years, including Colossus, The Great Degeneration, and The Square and the Tower, Ferguson has studied the foibles of modern America, from imperial hubris to bureaucratic sclerosis and online fragmentation. Drawing from multiple disciplines, including economics, cliodynamics, and network science, Doom offers not just a history but a general theory of disasters, showing why our ever more bureaucratic and complex systems are getting worse at handling them. Doom is the lesson of history that this country--indeed the West as a whole--urgently needs to learn, if we want to handle the next crisis better, and to avoid the ultimate doom of irreversible decline.

Lessons Amid the Rubble

Author : Sarah K. A. Pfatteicher
Publisher : JHU Press
ISBN 13 : 080189719X
Total Pages : 193 pages
Book Rating : 4.8/5 (18 download)

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Book Synopsis Lessons Amid the Rubble by : Sarah K. A. Pfatteicher

Download or read book Lessons Amid the Rubble written by Sarah K. A. Pfatteicher and published by JHU Press. This book was released on 2010-10-15 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aftermath of September 11, 2001, brought the subject of engineering-failure forensics to public attention as had no previous catastrophe. In keeping with the engineering profession's long tradition of building a positive future out of disasters, Lessons amid the Rubble uses the collapse of the World Trade Center towers to explore the nature and future of engineering education in the United States. Sarah K. A. Pfatteicher draws on historical and current practice in engineering design, construction, and curricula to discuss how engineers should conceive, organize, and execute a search for the reasons behind the failure of man-made structures. Her survey traces the analytical journey engineers take after a disaster and discusses the technical, social, and moral implications of their work. After providing an overview of the investigations into the collapse of the Twin Towers, Pfatteicher explores six related events to reveal deceptively simple lessons about the engineering enterprise, each of which embodies an ethical dilemma at the heart of the profession. In tying these themes together, Pfatteicher highlights issues of professionalism and professional identity infused in engineering education and encourages an explicit, direct conversation about their meaning. Sophisticated and engagingly written, this volume combines history, engineering, ethics, and philosophy to provoke a deep discussion about the symbolic meaning of buildings and other structures and the nature of engineering.

Catastrophe in the Making

Author : William R. Freudenburg
Publisher : Island Press
ISBN 13 : 9781610911634
Total Pages : 0 pages
Book Rating : 4.9/5 (116 download)

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Book Synopsis Catastrophe in the Making by : William R. Freudenburg

Download or read book Catastrophe in the Making written by William R. Freudenburg and published by Island Press. This book was released on 2011-08-08 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: When houses are flattened, towns submerged, and people stranded without electricity or even food, we attribute the suffering to “natural disasters” or “acts of God.” But what if they’re neither? What if we, as a society, are bringing these catastrophes on ourselves? That’s the provocative theory of Catastrophe in the Making, the first book to recognize Hurricane Katrina not as a “perfect storm,” but a tragedy of our own making—and one that could become commonplace. The authors, one a longtime New Orleans resident, argue that breached levees and sloppy emergency response are just the most obvious examples of government failure. The true problem is more deeply rooted and insidious, and stretches far beyond the Gulf Coast. Based on the false promise of widespread prosperity, communities across the U.S. have embraced all brands of “economic development” at all costs. In Louisiana, that meant development interests turning wetlands into shipping lanes. By replacing a natural buffer against storm surges with a 75-mile long, obsolete canal that cost hundreds of millions of dollars, they guided the hurricane into the heart of New Orleans and adjacent communities. The authors reveal why, despite their geographic differences, California and Missouri are building—quite literally—toward similar destruction. Too often, the U.S. “growth machine” generates wealth for a few and misery for many. Drawing lessons from the most expensive “natural” disaster in American history, Catastrophe in the Making shows why thoughtless development comes at a price we can ill afford.

Dynamics of Disaster

Author : Barbara Allen
Publisher : Routledge
ISBN 13 : 1134073380
Total Pages : 240 pages
Book Rating : 4.1/5 (34 download)

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Book Synopsis Dynamics of Disaster by : Barbara Allen

Download or read book Dynamics of Disaster written by Barbara Allen and published by Routledge. This book was released on 2013-09-13 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Disasters are the result of complex interactions between social and natural forces, acting at multiple scales from the individual and community to the organisational, national and international level. Effective disaster planning, response and recovery require an understanding of these interacting forces, and the role of power, knowledge and organizations. This book sheds new light on these dynamics, and gives disaster scholars and practitioners new and valuable lessons for management and planning in practice. The authors draw on methods across the social sciences to examine disaster response and recovery as viewed by those in positions of authority and the 'recipients' of operations. These first two sections examine cases from Hurricane Katrina, while the third part compares this to other international disasters to draw out general lessons and practical applications for disaster planning in any context. The authors also offer guidance for shaping institutional structures to better meet the needs of communities and residents.

Learning from a Disaster

Author : Scott D. Sagan
Publisher : Stanford University Press
ISBN 13 : 0804797366
Total Pages : 232 pages
Book Rating : 4.8/5 (47 download)

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Book Synopsis Learning from a Disaster by : Scott D. Sagan

Download or read book Learning from a Disaster written by Scott D. Sagan and published by Stanford University Press. This book was released on 2016-04-06 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book—the culmination of a truly collaborative international and highly interdisciplinary effort—brings together Japanese and American political scientists, nuclear engineers, historians, and physicists to examine the Fukushima accident from a new and broad perspective. It explains the complex interactions between nuclear safety risks (the causes and consequences of accidents) and nuclear security risks (the causes and consequences of sabotage or terrorist attacks), exposing the possible vulnerabilities all countries may have if they fail to learn from this accident. The book further analyzes the lessons of Fukushima in comparative perspective, focusing on the politics of safety and emergency preparedness. It first compares the different policies and procedures adopted by various nuclear facilities in Japan and then discusses the lessons learned—and not learned—after major nuclear accidents and incidents in other countries in the past. The book's editors conclude that learning lessons across nations has proven to be very difficult, and they propose new policies to improve global learning after nuclear accidents or attacks.

Full Catastrophe Living (Revised Edition)

Author : Jon Kabat-Zinn
Publisher : Bantam
ISBN 13 : 0345539729
Total Pages : 722 pages
Book Rating : 4.3/5 (455 download)

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Book Synopsis Full Catastrophe Living (Revised Edition) by : Jon Kabat-Zinn

Download or read book Full Catastrophe Living (Revised Edition) written by Jon Kabat-Zinn and published by Bantam. This book was released on 2013-09-24 with total page 722 pages. Available in PDF, EPUB and Kindle. Book excerpt: The landmark work on mindfulness, meditation, and healing, now revised and updated after twenty-five years Stress. It can sap our energy, undermine our health if we let it, even shorten our lives. It makes us more vulnerable to anxiety and depression, disconnection and disease. Based on Jon Kabat-Zinn’s renowned mindfulness-based stress reduction program, this classic, groundbreaking work—which gave rise to a whole new field in medicine and psychology—shows you how to use medically proven mind-body approaches derived from meditation and yoga to counteract stress, establish greater balance of body and mind, and stimulate well-being and healing. By engaging in these mindfulness practices and integrating them into your life from moment to moment and from day to day, you can learn to manage chronic pain, promote optimal healing, reduce anxiety and feelings of panic, and improve the overall quality of your life, relationships, and social networks. This second edition features results from recent studies on the science of mindfulness, a new Introduction, up-to-date statistics, and an extensive updated reading list. Full Catastrophe Living is a book for the young and the old, the well and the ill, and anyone trying to live a healthier and saner life in our fast-paced world. Praise for Full Catastrophe Living “To say that this wise, deep book is helpful to those who face the challenges of human crisis would be a vast understatement. It is essential, unique, and, above all, fundamentally healing.”—Donald M. Berwick, M.D., president emeritus and senior fellow, Institute for Healthcare Improvement “One of the great classics of mind/body medicine.”—Rachel Naomi Remen, M.D., author of Kitchen Table Wisdom “A book for everyone . . . Jon Kabat-Zinn has done more than any other person on the planet to spread the power of mindfulness to the lives of ordinary people and major societal institutions.”—Richard J. Davidson, founder and chair, Center for Investigating Healthy Minds, University of Wisconsin–Madison “This is the ultimate owner’s manual for our lives. What a gift!”—Amy Gross, former editor in chief, O: The Oprah Magazine “I first read Full Catastrophe Living in my early twenties and it changed my life.”—Chade-Meng Tan, Jolly Good Fellow of Google and author of Search Inside Yourself “Jon Kabat-Zinn’s classic work on the practice of mindfulness to alleviate stress and human suffering stands the test of time, a most useful resource and practical guide. I recommend this new edition enthusiastically to doctors, patients, and anyone interested in learning to use the power of focused awareness to meet life’s challenges, whether great or small.”—Andrew Weil, M.D., author of Spontaneous Happiness and 8 Weeks to Optimum Health “How wonderful to have a new and updated version of this classic book that invited so many of us down a path that transformed our minds and awakened us to the beauty of each moment, day-by-day, through our lives. This second edition, building on the first, is sure to become a treasured sourcebook and traveling companion for new generations who seek the wisdom to live full and fulfilling lives.”—Diana Chapman Walsh, Ph.D., president emerita of Wellesley College

Rebuilding Urban Places After Disaster

Author : Eugenie L. Birch
Publisher : University of Pennsylvania Press
ISBN 13 : 0812204484
Total Pages : 413 pages
Book Rating : 4.8/5 (122 download)

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Book Synopsis Rebuilding Urban Places After Disaster by : Eugenie L. Birch

Download or read book Rebuilding Urban Places After Disaster written by Eugenie L. Birch and published by University of Pennsylvania Press. This book was released on 2013-01-09 with total page 413 pages. Available in PDF, EPUB and Kindle. Book excerpt: Disasters—natural ones, such as hurricanes, floods, or earthquakes, and unnatural ones such as terrorist attacks—are part of the American experience in the twenty-first century. The challenges of preparing for these events, withstanding their impact, and rebuilding communities afterward require strategic responses from different levels of government in partnership with the private sector and in accordance with the public will. Disasters have a disproportionate effect on urban places. Dense by definition, cities and their environs suffer great damage to their complex, interdependent social, environmental, and economic systems. Social and medical services collapse. Long-standing problems in educational access and quality become especially acute. Local economies cease to function. Cultural resources disappear. The plight of New Orleans and several smaller Gulf Coast cities exemplifies this phenomenon. This volume examines the rebuilding of cities and their environs after a disaster and focuses on four major issues: making cities less vulnerable to disaster, reestablishing economic viability, responding to the permanent needs of the displaced, and recreating a sense of place. Success in these areas requires that priorities be set cooperatively, and this goal poses significant challenges for rebuilding efforts in a democratic, market-based society. Who sets priorities and how? Can participatory decision-making be organized under conditions requiring focused, strategic choices? How do issues of race and class intersect with these priorities? Should the purpose of rebuilding be restoration or reformation? Contributors address these and other questions related to environmental conditions, economic imperatives, social welfare concerns, and issues of planning and design in light of the lessons to be drawn from Hurricane Katrina.

A Safer Future

Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309045460
Total Pages : 85 pages
Book Rating : 4.3/5 (9 download)

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Book Synopsis A Safer Future by : National Research Council

Download or read book A Safer Future written by National Research Council and published by National Academies Press. This book was released on 1991-02-01 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Initial priorities for U.S. participation in the International Decade for Natural Disaster Reduction, declared by the United Nations, are contained in this volume. It focuses on seven issues: hazard and risk assessment; awareness and education; mitigation; preparedness for emergency response; recovery and reconstruction; prediction and warning; learning from disasters; and U.S. participation internationally. The committee presents its philosophy of calls for broad public and private participation to reduce the toll of disasters.

Facing Catastrophe

Author : Robert R. M. Verchick
Publisher : Harvard University Press
ISBN 13 : 0674047915
Total Pages : 335 pages
Book Rating : 4.6/5 (74 download)

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Book Synopsis Facing Catastrophe by : Robert R. M. Verchick

Download or read book Facing Catastrophe written by Robert R. M. Verchick and published by Harvard University Press. This book was released on 2010-06-15 with total page 335 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author argues for a new perspective on disaster law that is based on the principles of environmental protection. His prescription boils down to three simple commands: Go green, be fair, and keep safe. He argues that government must assume a stronger regulatory role in managing natural infrastructure, distributional fairness, and public risk.--[book cover].

Derailed

Author : Tim Irwin
Publisher : HarperCollins Leadership
ISBN 13 : 1418581046
Total Pages : 241 pages
Book Rating : 4.4/5 (185 download)

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Book Synopsis Derailed by : Tim Irwin

Download or read book Derailed written by Tim Irwin and published by HarperCollins Leadership. This book was released on 2012-10-23 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do you know the stories of well-known CEOs who failed as executives of major companies? Learn about these colorful derailers who misread symptoms of their own downfall and failed to take corrective action needed to succeed as leaders. Written for leaders, aspiring leaders, and anyone who makes a difference in the lives of others, author and leadership expert Tim Irwin, PhD, examines how failures of character common to even the most capable individuals - including deficits in authenticity, humility, self-management, and courage - repeatedly lead to downfall. By profiling the collapse of CEOs Robert Nardelli (Home Depot), Carly Fiorina (HP), Durk Jager (Proctor and Gamble), Steven Heyer (Starwood Hotels), and more, this book shows how our failings become more dangerous as we take on greater leadership responsibilities, and how they can cause us to ignore glaring warning signs that might otherwise prevent catastrophe. In Derailed, Tim shares; An outline of the key character traits that prevent us from becoming de-railed Assessments and suggestions on how to analyze your “Character Quotient” What made these business executives fail without demeaning their character By asking what we can learn from those who have fallen, and how we can avoid our own failure, Derailed teaches us to stay on track. Often, derailment happens long before the crash. Learn the character qualities that are essential for successful leadership and how to cultivate them so that you can avoid derailing your own life and career.

The COVID-19 Catastrophe

Author : Richard Horton
Publisher : John Wiley & Sons
ISBN 13 : 1509546456
Total Pages : 143 pages
Book Rating : 4.5/5 (95 download)

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Book Synopsis The COVID-19 Catastrophe by : Richard Horton

Download or read book The COVID-19 Catastrophe written by Richard Horton and published by John Wiley & Sons. This book was released on 2020-07-13 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global response to the COVID-19 pandemic is the greatest science policy failure in a generation. We knew this was coming. Warnings about the threat of a new pandemic have been made repeatedly since the 1980s and it was clear in January that a dangerous new virus was causing a devastating human tragedy in China. And yet the world ignored the warnings. Why? In this short and hard-hitting book, Richard Horton, editor of the medical journal The Lancet, scrutinizes the actions that governments around the world took – and failed to take – as the virus spread from its origins in Wuhan to the global pandemic that it is today. He shows that many Western governments and their scientific advisors made assumptions about the virus and its lethality that turned out to be mistaken. Valuable time was lost while the virus spread unchecked, leaving health systems unprepared for the avalanche of infections that followed. Drawing on his own scientific and medical expertise, Horton outlines the measures that need to be put in place, at both national and international levels, to prevent this kind of catastrophe from happening again. Were supposed to be living in an era where human beings have become the dominant influence on the environment, but COVID-19 has revealed the fragility of our societies and the speed with which our systems can come crashing down. We need to learn the lessons of this pandemic and we need to learn them fast because the next pandemic may arrive sooner than we think.

The "Titanic" Catastrophe and Its Lessons

Author : Philip Mauro
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.2/5 (796 download)

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Book Synopsis The "Titanic" Catastrophe and Its Lessons by : Philip Mauro

Download or read book The "Titanic" Catastrophe and Its Lessons written by Philip Mauro and published by . This book was released on 1912 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

A First-Class Catastrophe

Author : Diana B. Henriques
Publisher : Henry Holt
ISBN 13 : 1627791647
Total Pages : 416 pages
Book Rating : 4.6/5 (277 download)

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Book Synopsis A First-Class Catastrophe by : Diana B. Henriques

Download or read book A First-Class Catastrophe written by Diana B. Henriques and published by Henry Holt. This book was released on 2017-09-19 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The definitive account of the crash of 1987, a cautionary tale of how the U.S. financial system nearly collapsed ... Monday, October 19, 1987, was by far the worst day in Wall Street history. The market fell 22.6 percent--almost twice as bad as the worst day of 1929--equal to a loss of nearly 5,000 points today. But Black Monday was more than just a one-day market crash; it was seven years in the making and threatened the entire U.S. financial system. Drawing on superlative archival research and dozens of original interviews, the award-winning financial journalist Diana B. Henriques weaves a tale of ignored warnings, market delusions, and destructive decisions, a drama that stretches from New York and Washington to Chicago and California. Among the central characters are pension fund managers, bank presidents, government regulators, exchange executives, and a pair of university professors whose bright idea for reducing risk backfires with devastating consequences. As the story hurtles toward a terrible reckoning, the players struggle to avoid a national panic, and unexpected heroes step in to avert total disaster. For thirty years, investors, bankers, and regulators have failed to heed the lessons of Black Monday. But with uncanny precision, all the key fault lines of the devastating crisis of 2008--breakneck automation, poorly understood financial products fueled by vast amounts of borrowed money, fragmented regulation, gigantic herdlike investors--were first exposed as hazards in 1987. A First-Class Catastrophe offers a new way of looking not only at the past but at our financial future as well."--Dust jacket.