The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It... by George Soros Amazon Price: $15.61
Customer Review: Soros captures the missing link in fundamentalist theory. If you do not understand Soros' theory of reflexivity you are missing a true understanding of the way markets work. Additionally, Soros outlines some of the problems with current policies in U.S and international regulation. If you care about your rights, open society, or the future of the United States, you should read this book. We must understand the problems we face, in order to address them.
The Origin of Financial Crises: Central Banks, Credit Bubbles, and the Effici... by George Cooper Amazon Price: $10.36
Customer Review: The recent financial crisis has produced a rash of books that all claim to provide some insight to our current dilemma. Cooper's book The Origin of Financial Crises first appeared in April 2008 and reprinted in October as the extent of our current crisis became more apparent and more widely publicized.
The book provides a brief outline of the history of money and the banking system. This introduction shows readers how the various pieces of our modern economic system came into being, and the reasons that precipitated their creation. One conclusion is that moving away from the gold standard and having a central bank are essential for our economic system to function. Next, the book simply and easily dismantles the Efficient Market Hypothesis (EMH). The arguments expose the theoretical flaws of EMH and the empirical evidence that suggests that financial markets do not behave as EMH would predict them to behave.
The book introduces the theories of Keynes and Minsky as alternatives to EMH and shows how these theories better fit the empirical evidence. The authors claim that nfortunately most contemporary institutions charged with stabilizing the economy adhere to EMH. This means that they hold conflicting views, and hence advocate inconsistent economic policies.
If the book's goal is to promote refined versions of Keynes' theories, then it does an excellent job. If its goal is to provide an alternative explanation to neoclassical economics, then other "heterodox" theorist need to be considered as well (such as those proposed by Mises or Hayek). To the book's credit, it does cite Ron Paul, and gives credit to Mandelbrot and Fischer. Despite these shortcomings, this book offers the most coherent and down-to-earth skewering of both academic orthodoxy and central bank policy of the books discussing the current financial crisis.
The writing style is crisp, the arguments are cogent and well-reasoned, and the examples are clearly and thoughtfully presented for readers with no formal economic background. Despite my criticisms, it is superior to most books about the current financial crisis on the market today.
Armchair Interviews says: Important read for people in business or who just want to better understand the economy.
Greenspan's Bubbles: The Age of Ignorance at the Federal Reserve by William Fleckenstein, Fred Sheehan Amazon Price: $14.93
Customer Review: This book is a disappointment. For the happy few it might be an interesting read, but for someone intereted in the general ramifications of the Greenspan era it is a huge dissappointment.
The book seems to be a blow-by-blow vendetta of the author against Alan Greenspan. And while the author clearly has an authority on the whole subject, he fails to engage his reader by not clarifying the details on why he rants againts Greenspan. Sometimes too much knowledge can be a hindrance.
Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis by Paul Muolo, Mathew Padilla Amazon Price: $18.45
Customer Review: This book tells it like it is. It's clear, well ordered, and very readable. But it's a little scary to realize how greed can control a country like ours.
You're Broke Because You Want to Be: How to Stop Getting By and Start Getting... by Larry Winget Amazon Price: $13.60
Customer Review: I never heard of Larry Winget although as i read the book I was surprised I hadn't. I am a pretty avid reader of 'success' literature, and although I make a lot of money by most standards, I'm a spendaholic. I've read Dave Ramsey's books and like them but there was something about Dave's style that just doesn't click with me.
Larry is much more brash and abrupt but stylistically, we just clicked. He's very much into no excuses and biting the pill and handling business. I like that a lot. His strategies are in many ways common sense, but he has a way of putting things that makes it click. And besides, being broke isn't about not having common sense, it's more about lying to yourself and not doing what you know you should.
His brutal repetitions of You're broke b/c you want to be is just really something I needed to hear. And he masterfully destroys just about every rationalization you can come up with. Perhaps the best was when he asks you to make a list of what's most important to you, then juxtapose it against what you spend your money on. He tells you the latter is what 'really' matters to you and it's hard to argue with.
All in all I think this is a great book. If you're a Ramseyite, you'll very much like this unless you get offended easy with strong language. Even though there's minor profanity, I think it literally has to be there, the whole tone and effect would be lost without it. And if you read this book and first find yourself taking issue with the language, it's likely just an excuse you're making for yourself.
Anyway, I loved it and am going to buy the rest of his stuff (with my extra money after I've paid all of my bills ;-), put plenty away for savings and donated to my monthly charities). And although I loathe watching TV, I'll probably even watch his TV show just b/c he kicks so much a55.
A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial ... by Richard Bookstaber Amazon Price: $18.45
Customer Review: Bookstaber's "A Demon of our own Design" shouldn't be missed by anyone interested in what is going on in the financial markets today. His many years leading the risk management areas at top financial firms gave him a vantage point that he openly shares with his readers. His main topic is centered around understanding the volatility of an increasingly complex, tightly coupled global financial system as there is in place today.
I only wish I had read this book before the big market unwound earlier this year. He called the risk of the 2008 financial markets meltdown at least a year before events occurred. He was very close to the action during all financial crisis of the past 25 years, including 1987, LTCM and 2001/3. The lessons learned and the trend identified between these crisis leads to a coherent proposition on understanding risk that is both innovative and useful for the average investor.
A final comment on style: the book is very readable, even entertaining. This is no small feat when you cover dry and tedious topics such as risk management. He pulls no punches; is articulate and accessible even to the non-financially savvy reader.
Hope you enjoy and learn from it as much as I did.
THEORY OF MONEY AND CREDIT, THE (Lib Works Ludwig Von Mises PB) by LUDWIG VON MISES, H.E. Batson Amazon Price: $10.80
Customer Review: The edition of "The Theory of Money and Credit" from Signalman Publishing was specifically formatted and published for the Kindle. This specialized version enhances the readability and allows the reader to better focus on and understand the thoughts of von Mises. The Signalman edition will help students navigate through the text using the hyperlinked Table of Contents, unlike the Evergreen edition, which was not formatted specifically for the Kindle.
Retail Business Kit For Dummies by Rick Segel Amazon Price: $23.09
Customer Review: Advertising has always been of particular concern to me and I was delighted to find a wealth of information on this topic in Retail Business Kit For Dummies. For years, we had been dumping dollars into old advertising methods. After reading the chapter on advertising, I decided to revisit our advertising methods and I really think that this has been a good change.
Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Igno... by Richard Bitner Amazon Price: $13.57
Customer Review: I really enjoyed reading this book.
In an easy-to-read style the author takes the reader on a road down the gory details of the subprime lending industry. Being a novice to the subject it gave me an incredible amount of insight as to the constituents to the current mess America finds itself in.
A classic example of human greed unchecked.
Scout out hidden fees and save hundreds MSNBC - 7 hours ago Web sites like Bankrate.com, BillShrink.com and Credit.com can help you sort through the best card offers based not only on card rates, but also on terms ...
Budget tips for the self-employed MSNBC - Nov 29, 2008 A good rule to follow these days when it comes to credit cards is to use them once a month or so to keep them active, says John Ulzheimer of Credit.com. ...
Carry a credit card balance? Your rates may be going up WTOL, OH - Nov 25, 2008 LowCard.com, IndexCreditCards.com, CardRatings.com, CardTrak.com and Credit.com are credit-card comparison sites with plenty of additional consumer news and ...
Banks change the stakes News & Observer, NC - Nov 29, 2008 Next, I called Emily Peters, who specializes in credit card issues for Credit.com, a financial services Web site. Peters, a seven-year veteran of the ...
New Survey: Consumer Outlook Bleak for Holiday Shopping Season and ... MarketWatch - Nov 19, 2008 SAN FRANCISCO, Nov 19, 2008 (BUSINESS WIRE) -- According to a new national survey from Credit.com, consumers are very concerned about the upcoming holiday ...
CBS News With Credit Tight, Businesses Squeezed CBS News, NY - Nov 25, 2008 "Right now, even consumers with very good credit are finding it very difficult to borrow," says Gerri Detweiler, a credit advisor for credit.com. ...
Tightened credit terms could hurt credit scores The Wenatchee World Online, WA - Nov 10, 2008 That will give you the option to transfer balances or use other cards if one issuer takes action against you, said Ulzheimer of Credit.com. ...
Dallas Morning News Put health care costs under the knife Dallas Morning News, TX - Nov 26, 2008 ... ask for a written copy of the hospital's financial assistance guidelines, suggests Gerri Detweiler, credit adviser with Credit.com. ...
Holiday shoppers leaving the plastic at home Pittsburgh Tribune-Review, PA - Nov 27, 2008 Credit.com found rates on some cards rose from 12 or 15 percent to as high as 29 percent, said Gerri Detweiler, a credit expert and adviser for the San ...
Budgets help curb holiday spending Belleville News Democrat, USA - Nov 19, 2008 -Credit.com (www.credit.com/credit_ information/debt _help/ Debt-Consolidation-The-Pros-and-Cons-of-Your-Major-Options.jsp) --Covers the pros and cons of ...
The Oil Drum | Impact of Credit Crisis on the Energy Industry ... by unknown
One is reduced access to credit, making new borrowing difficult for nearly every business that requires debt. Prices for all commodities have been dropping as well. At least part of the reason for this price decline is the lack of ...
Credit Card Crunch - Finance Blog - Felix Salmon - Market Movers ... by unknown
Meredith Whitney has a piece in the FT which is full of extremely large numbers: Capital destruction has been so intense that multi-trillions in capital raised by institutions through both private and ?
Credit Card Offerings To Be Cut in Half? - Say Anything by rob@sayanythingblog.com
The U.S. credit-card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney ...
The Hill's Pundits Blog » Giving Credit Where It?s Due ? So Far by unknown
We will all hope for the best, and for this beginning give Obama credit for doing what he said he would do. ARE YOU PLEASED WITH OBAMA'S PICKS SO FAR? Please join Ask A.B., my weekly video Q&A, by sending your questions and comments to ...
RTÉ Business: Japan set for new steps to fight credit crunch by unknown
RTÉ news brings you the latest Irish news, world news, international news and up to the minute reports on breaking Irish news stories and news from around the world. Watch and listen to Irish news stories on our video and audio streams.
jka- on- economics UK: Credit Crunch Britain as money supply falls ... by unknown
Private Sector money supply growth M4 fell to 3.5% year on year in October compared to an average level of 9% over the last three years. In the first quarter of 2008, growth was over 8%, falling to 6.7% in...