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Crisis Economics: A Crash Course in the Future of Finance

30 review for Crisis Economics: A Crash Course in the Future of Finance

  1. 5 out of 5

    Shua

    I have a terrible affliction. Its like a python coiled around my neck; its trying to squeeze my throat but I can pull on the snake just hard enough to keep from suffocating. Recently, I stopped resisting my reptilian oppressor and that's when I started watching cable news again. I know cable news will crush my wind pipe and deprive my brain of oxygen, but I get tired from the struggle and give in. And when I give in, I hear the most absurd and illogical assertions from the talking skulls on the s I have a terrible affliction. Its like a python coiled around my neck; its trying to squeeze my throat but I can pull on the snake just hard enough to keep from suffocating. Recently, I stopped resisting my reptilian oppressor and that's when I started watching cable news again. I know cable news will crush my wind pipe and deprive my brain of oxygen, but I get tired from the struggle and give in. And when I give in, I hear the most absurd and illogical assertions from the talking skulls on the screen. Its like watching a 2-D representation of my most intense fever dream. Thankfully, I have a safe word: "unprecedented". This wonderful word is used incorrectly 99% of the time by cable news journalists. The word means "without precedent" and should be applied to situations where a dragon swallows a skyscraper or the moon splits in half, or, you know, things that have no precedent. It is not a synonym for "unusual". And it is a weirdly popular word on cable news, so it didn't take long to snap out of cable news hypnosis. Now after an unnecessarily long introduction; my opinion of this book. It was a welcome antidote for the overly simplistic and uncritical analysis presented on cable news networks. I read this book at a time when I wanted to learn more about the systemic nature of the American and global economy. I feel the authors took the time to validate their conclusions with the support and authority of historical fact. I frequently forgot that I was reading a book about economics because I enjoyed the presentation of the author's analysis so much. While I did not agree with all of the author's conclusions, I felt like my oxygen-starved brain received a concentrated dose of the precious gas. The next time I feel that twisted urge to watch cable news, I will reach for another economics book. Maybe that metaphorical python will die from boredom and I'll never again watch cable news. We'll just have to see about that.

  2. 4 out of 5

    Han C.

    Roubini is a smart dude who manages to tell an interesting and informative story without resorting to hyperbole. Unfortunately, the same cannot be said about the book's editors, who presumably wrote the following shamelessly self-indulgent and misleading description: "This myth shattering book reveals the methods Nouriel Roubini used to foretell the current crisis before other economists saw it coming and shows how those methods can help us make sense of the present and prepare for the future." Roubini is a smart dude who manages to tell an interesting and informative story without resorting to hyperbole. Unfortunately, the same cannot be said about the book's editors, who presumably wrote the following shamelessly self-indulgent and misleading description: "This myth shattering book reveals the methods Nouriel Roubini used to foretell the current crisis before other economists saw it coming and shows how those methods can help us make sense of the present and prepare for the future." Were the book to truly provide readers with all the details of its author's forecasting models, there'd be no reason to seek the no-doubt pricey advisory services of the vindicated Roubini Global Economics, LLC. Ah, well. Nothing is truly free except on the Internet, where content is only free until it costs you a lawsuit. That said, Crisis Economics does an honorable job of broaching a subject that is still touchy despite being, by now, a familiar one. A confluence of forces related to financial markets nearly collapsed the economy as we knew it. MORAL HAZARD! RENT-SEEKING! SYSTEMIC RISK! Ho-hum. What's impressive is how diplomatically the author dives into the juicy details, refusing to succumb to the sweet intoxication of finger-pointing and dogmatism. He's harshly critical of Alan Greenspan, and he mocks Goldman CEO Lloyd Blankfein repeatedly, but it's always in the context of a complex system with numerous actors and changing circumstances. In weighing interpretations from economists influenced primarily by Keynes versus those who prefer "Austrians" like Hayek, he points out that we can learn from both. OMG, cupcakes and rainbows! Roubini also offers a number of policy suggestions that he himself admits are likely to be ignored--mind you, that's a tier lower than being dismissed. He doesn't reckon that anything material will be altered in the interest of avoiding another near catastrophe until history repeats itself at least one or two more times. If you have a baby in your life, you owe it to posterity to tell them this heartwarming truth. In short, Crisis Economics won't give you the ability to impress people at cocktail parties with bold, accurate predictions about impending doom, but you will be able to explain the difference between a CDO, CDO^2, CDO^3 to my grandmother. She won't understand you, but if you try to pass off a bunch of hot dog meat by insisting it's steak, she will slap you.

  3. 5 out of 5

    Mark Rossiter

    I just finished a book of this name by Nouriel Roubini (famous for predicting the 2008 crash) and Stephen Mihn. It’s hardly a work of art, and in places quite dreadfully written (how about this for a string of cliches: “[shareholders] don’t actually have much skin in the game. They’ve put up some of the bank’s capital, but not a whole lot of it, and while they don’t want to lose their shirts, they’re fine turning a blind eye when traders roll the dice”; or this: “When things go south, traders an I just finished a book of this name by Nouriel Roubini (famous for predicting the 2008 crash) and Stephen Mihn. It’s hardly a work of art, and in places quite dreadfully written (how about this for a string of cliches: “[shareholders] don’t actually have much skin in the game. They’ve put up some of the bank’s capital, but not a whole lot of it, and while they don’t want to lose their shirts, they’re fine turning a blind eye when traders roll the dice”; or this: “When things go south, traders and shareholders don’t necessarily retreat from risk. Instead, they may share a willingness to double down and bet the farm in the hopes of righting the sinking ship.”) But the writing style is not the point. What the book does offer is a cogent analysis of the runup to the banking crisis, placed in a long historical context, and the sensible point of view that horror stories like this are always going to happen unless you regulate the banking system properly. The prescription they offer is entitled “Glass-Steagall on steroids”, and (put simply) consists of regulation (including the proper structuring of incentives), enforcement of that regulation, and breaking up the badly run and economically dangerous monster institutions that now seem to exist just for the enrichment of those who run them, with no regard to the social cost. That sounds about right to me, though I’ll add one of my own: tax the rich, so that society is seen to be fair. It’s dismaying that the political will to do this seems to be nowhere in sight.

  4. 4 out of 5

    Zohar - ManOfLaBook.com

    Cri­sis Eco­nom­ics: A Crash Course in the Future of Finance by Nouriel Roubini and Stephen Mihm is a non-fiction finan­cial book. I thought Cri­sis Eco­nom­ics: A Crash Course in the Future of Finance by Nouriel Roubini and Stephen Mihm was a very inter­est­ing book, offer­ing solu­tions to a sta­bi­lize the finan­cial sys­tem. Even though the book might no longer be as rel­e­vant as it was when it was writ­ten, it is still fascinating. The book gives a good overview of cap­i­tal­ism from the poi Cri­sis Eco­nom­ics: A Crash Course in the Future of Finance by Nouriel Roubini and Stephen Mihm is a non-fiction finan­cial book. I thought Cri­sis Eco­nom­ics: A Crash Course in the Future of Finance by Nouriel Roubini and Stephen Mihm was a very inter­est­ing book, offer­ing solu­tions to a sta­bi­lize the finan­cial sys­tem. Even though the book might no longer be as rel­e­vant as it was when it was writ­ten, it is still fascinating. The book gives a good overview of cap­i­tal­ism from the point of view of the cri­sis that hap­pens every once in a while, before and after reforms. The authors give a clear look about the cri­sis of 2008 and what got us into it, as well as what long-term improve­ments should be done. The authors go on to give some good, solid advice which is likely never to be imple­mented. Much of the pro­pos­als are polit­i­cally poi­so­nous (let­ting the Bush tax cuts expire in 2010), or will not gain sup­port in gov­ern­ment and espe­cially with the finan­cial industry. The book ends with a gloomy look into the future – some of it seems to be com­ing true these days (China start­ing to fall, Europe is on finan­cial brink). A very inter­est­ing book for those who want to an overview of the finan­cial cri­sis with­out going into too much detail or more com­plex reading. For more reviews and bookish posts please visit: http://www.ManOfLaBook.com

  5. 4 out of 5

    Owen

    If you predict that mortgage crash, predict which companies will be allowed to go bust and what order it will happen in 2 years out, then you get a book deal. The first half of the book seemd almost like the fulfillment of a contract. There was a lot of repetitive history. Informative, yes, but not terribly interesting to start. The second half (or so) of the book gets much more useful. Roubini outlines the pros and cons of dozens of regulatory strategies and paths for the future. I began to fee If you predict that mortgage crash, predict which companies will be allowed to go bust and what order it will happen in 2 years out, then you get a book deal. The first half of the book seemd almost like the fulfillment of a contract. There was a lot of repetitive history. Informative, yes, but not terribly interesting to start. The second half (or so) of the book gets much more useful. Roubini outlines the pros and cons of dozens of regulatory strategies and paths for the future. I began to feel less hopeless, at least, by the end of it. Worth the read for serious students of the crisis.

  6. 5 out of 5

    Zhuu Ming

    Despite the book cover description, can't say I learned much about how Roubini foretold the GFC, other than (ex-post) comparisons with prior crises. Policy suggestions are unsurprising, but that's probably because the book was written in 2010?

  7. 5 out of 5

    M.R. Raghu

    A great book that lucidly explains economic concepts in its most practical form. Any keen student of economics should read this book to get a connect between theory and practice. One of my best books, for sure!

  8. 4 out of 5

    Ayan Dutta

    The book is rather technical for a non-economics background reader . Having said that, the authors make a great effort to be lucid and not loose rigour at the same time. Deserves a second read .

  9. 4 out of 5

    Daniela D

    A very cool book in mainly three parts: 1 - what economists thought about crisis historically 2 - how 2009 happened and what are some general patterns across crises of the past 3 - what should necessarily be done to avoid another crisis on the short-term. Roubini and Mihm are of a balanced view, they firmly believe the government should intervene, but not too much as to avoid sending perverse signals that banks can take risks because anyway they will be bailed out. The authors recommend preventi A very cool book in mainly three parts: 1 - what economists thought about crisis historically 2 - how 2009 happened and what are some general patterns across crises of the past 3 - what should necessarily be done to avoid another crisis on the short-term. Roubini and Mihm are of a balanced view, they firmly believe the government should intervene, but not too much as to avoid sending perverse signals that banks can take risks because anyway they will be bailed out. The authors recommend preventive policies and regulating bubbles as they arise rather than saving all illiquid and insolvent institutions indiscriminately once a crisis occurs. And we are now in another crisis and recession, so this book helps think about the one we are currently in and how far the world has moved in the last 10 years.

  10. 4 out of 5

    Marcus

    Crisis Economics is more of a history book than a casual read about the recent crisis. The book provides a history of economic crisis since the 1600's with a brief description of each. This history lesson ends with the 2008-2009 financial crisis. The history lesson supports the book's central themes (1) economic crisis are not the exception, but rather a part of the normal economic cycle (2) A building economic crisis can be recognized. These themes dispute claims of mainstream economists and ce Crisis Economics is more of a history book than a casual read about the recent crisis. The book provides a history of economic crisis since the 1600's with a brief description of each. This history lesson ends with the 2008-2009 financial crisis. The history lesson supports the book's central themes (1) economic crisis are not the exception, but rather a part of the normal economic cycle (2) A building economic crisis can be recognized. These themes dispute claims of mainstream economists and central bankers that “no one could have seen this coming” or that this was a “once in thousand year event”. Modern economists have a tendency to believe that past crisis were due to an intellectual failing of past generations ie.... “how could the Fed have been so stupid in 1930, we would have simply eased monetary policy and avoided The Great Depression”. As studied historians know, this type of reasoning is often overly simplistic and ignores complexities of a situation at the time. Roubini criticizes modern economists for clinging to the latest economic theory as gospel ( in this case the efficient Market Hypothesis and free market dogma). Roubini suggests that economics is more complex than any one theory allows. He feels that economists should have a solid understanding of historical crisis alongside their theoretical education. The final quarter of the book includes suggested financial reform and a forecast for the next decade. In short Roubini, continues to see trouble ahead with a Sovereign default likely. The monetary system remains very fragile and vulnerable to additional shocks, inflation or deflation. Finally, he ponders how China might use it's huge position in US treasuries for political purposes. A good primer if you are wondering what is going on in the economy and have that sinking feeling that this time its different.....

  11. 4 out of 5

    Aderyn

    As an ex bank currency and money market traders, our defence for speculative trading was that economics was an art and not science. Having read this book, the author have proven that economic is rigorous science. In my reality in the past ,market players in the financial system ridden mainly on the animal spirit behaviours rather than the rationality of the science of economic. The author hit the nail that it was short term interest incentives that rewarded the market . Infact the system of remu As an ex bank currency and money market traders, our defence for speculative trading was that economics was an art and not science. Having read this book, the author have proven that economic is rigorous science. In my reality in the past ,market players in the financial system ridden mainly on the animal spirit behaviours rather than the rationality of the science of economic. The author hit the nail that it was short term interest incentives that rewarded the market . Infact the system of remuneration for traders contributed to manifest greed inherent in human nature. The author highlighted that Central banks in the past had not exercised power to enforce regulations to prevent speculative manias to fed the bubble and spinning out of control. I recalled most of our top traders who were rewarded handsomely had the 'reckless' traits in them to be speculative manias to succeed. Thanks to the transparency and accountability of the American financial system, the author could provide such a profound and insightful detailed analysis of the complex causes and effects of the crisis. The system can regulate accountability and transparency but not responsibility. The author suggested enforcement of more responsible regulation by central bank; the 2008 crisis had proven it was the central bank ( which are taxpayers money) that bear the responsibility of bailing out the culprits.

  12. 5 out of 5

    Dan Spradlin

    There were things I liked about this book and things I did not like. I thought it had some good technical explanations with market theory and hypothesized links in currency and markets and deficits and so on. I thought this was interesting. What I didn't like was a lot of unsupported statements where the author would state something about someone's criticism of why markets shouldn't be regulated for example and he would then say "That is a ridiculous statement" and then go on to cite reasons he t There were things I liked about this book and things I did not like. I thought it had some good technical explanations with market theory and hypothesized links in currency and markets and deficits and so on. I thought this was interesting. What I didn't like was a lot of unsupported statements where the author would state something about someone's criticism of why markets shouldn't be regulated for example and he would then say "That is a ridiculous statement" and then go on to cite reasons he thought it was ridiculous but didn't always provide any external evidence besides what he thought. I don't mind the opinions, but I thought a little more technical support was needed when criticizing. I read the book over a month ago so I can't remember specific examples of this, but he did it like 5 or 6 times and it was annoying. He would plant the idea of something being "ridiculous" or "preposterous" before explaining why it was. Sometimes I thought he was right and sometimes wrong, but a lot of the time when he said something like this, he didn't have a lot of evidence. Overall though, I thought the book was insightful and tied together the similarities between past financial crises and the latest crisis and had some interesting discussions on U.S. and China monetary policies (right or wrong).

  13. 5 out of 5

    Barry

    All in all, a comprehensive, albeit understandable for the economic novice, account of the most recent global financial crisis, what "caused" it, the historic precedence, and how to move forward. That being said, the reader must use caution as he continues through he chapters, as it becomes increasingly difficult to differentiate fact from the authors' (highly academic/informed, and political central) own opinions. This is not to say that all sides are not presented, quite the contrary. However, All in all, a comprehensive, albeit understandable for the economic novice, account of the most recent global financial crisis, what "caused" it, the historic precedence, and how to move forward. That being said, the reader must use caution as he continues through he chapters, as it becomes increasingly difficult to differentiate fact from the authors' (highly academic/informed, and political central) own opinions. This is not to say that all sides are not presented, quite the contrary. However, economic theories differing from those of the authors are too often dismissed with a simple analogy. It is not always clear where the authors get their data, either (the bibliography is quite extensive, but it is not annotated or cited in the text itself). Like most economics paperbacks, there is plenty of hole-poking and name-calling, without much in the way of new, substantive propositions or solutions (at least not in any great detail). That being said, this is a must-read for all, and is worded in a way to accommodate both the novice and the connoisseur.

  14. 4 out of 5

    Robert Chapman

    I gave this book five stars because I found it to be the best one stop shop on the topic. I’ve read a lot of different books on the recent crash and each of them tends to focus on a specific influence such as the slicing and dicing of mortgages or currency devaluation. This book has it all from the history of previous crashes, the full story line of the recent crash, and a complete set of recommendations on what needs to be fixed to avoid a similar or worse crash happening in the future. Above al I gave this book five stars because I found it to be the best one stop shop on the topic. I’ve read a lot of different books on the recent crash and each of them tends to focus on a specific influence such as the slicing and dicing of mortgages or currency devaluation. This book has it all from the history of previous crashes, the full story line of the recent crash, and a complete set of recommendations on what needs to be fixed to avoid a similar or worse crash happening in the future. Above all else, it’s written in such a way that anyone can understand it, you won’t find financial jargon getting in the way of the real story. The really scary part of reading books like this is the realization that to date almost nothing has been learned by those in positions to act as clearly little to nothing has been done.

  15. 4 out of 5

    Fernando

    A self-proclaimed centrist take on the recent economic crash of 2006-09. He makes the point that most crises have common inputs, contrary to the popular narrative that most are unique. He paints a bleak picture. The first 2/3 I found very interesting when I could understand. It gets a bit technical at times but he is a skilled story teller for most of it. The tail end spoke to some possible reforms that could be made to avoid a more damaging crisis in the future. These solutions ranged from the la A self-proclaimed centrist take on the recent economic crash of 2006-09. He makes the point that most crises have common inputs, contrary to the popular narrative that most are unique. He paints a bleak picture. The first 2/3 I found very interesting when I could understand. It gets a bit technical at times but he is a skilled story teller for most of it. The tail end spoke to some possible reforms that could be made to avoid a more damaging crisis in the future. These solutions ranged from the large, massive reforms to the very technical. I got confused a few times. Not his fault. But it did feel like it got in the weeds a bit at times.

  16. 4 out of 5

    Noah Stacy

    A bit too polemical for me, perhaps due to the audiobook narrator--I've heard him before, and he often lets a hint of a righteous sneer sneak into his tone when the authors are responding to some opposition view. Besides that, I am suspicious of Roubini's conviction that crises are essentially predictable. We look at history with the benefit of hindsight; causes and effects seem crystal clear, and we wonder how we could be such fools. But life has to be lived forward, and the crystal ball is alw A bit too polemical for me, perhaps due to the audiobook narrator--I've heard him before, and he often lets a hint of a righteous sneer sneak into his tone when the authors are responding to some opposition view. Besides that, I am suspicious of Roubini's conviction that crises are essentially predictable. We look at history with the benefit of hindsight; causes and effects seem crystal clear, and we wonder how we could be such fools. But life has to be lived forward, and the crystal ball is always murky.

  17. 4 out of 5

    Lychee

    Extremely readable book about economics. Read more like a thriller and often kept me on the edge of my seat. News stories about economics are much more understandable. While the authors have a particular perspective, I felt like they provided a wealth of information and attended fairly to diverging viewpoints. Very impressed with their ability to take such a complex and dry topic (at least to readers such as myself) and produce such an engaging and informative overview, not only of the current c Extremely readable book about economics. Read more like a thriller and often kept me on the edge of my seat. News stories about economics are much more understandable. While the authors have a particular perspective, I felt like they provided a wealth of information and attended fairly to diverging viewpoints. Very impressed with their ability to take such a complex and dry topic (at least to readers such as myself) and produce such an engaging and informative overview, not only of the current crisis, but within an historical context. I hope they write some kind of sequel.

  18. 4 out of 5

    John Hibbs

    An exceptional work that provides a superb analysis of the sources and causes of the financial crisis. The authors also provide sage recommendations for the necessary reforms that must be enacted. This is a book that will appeal to both financial laymen (such as myself) and practitioners steeped in financial necromancy. A great starting point for those who work all their lives for money, but are clueless about how money works. If you have to read one book on the financial crisis, this is it.

  19. 4 out of 5

    Effendy Yahaya

    It is a very good book as my journey in 2015 has started in an overview of both economics and finance. The findings from various sources of both finance and economics had brought to a level of broad assessment that come to this piece of book. From a world complexities from macro and micro economics, to banking, investment, insurances and to the more on how practical it is that makes more sense in current world. Details gathered by Roubini and Stephen deliberately that makes interest to another a It is a very good book as my journey in 2015 has started in an overview of both economics and finance. The findings from various sources of both finance and economics had brought to a level of broad assessment that come to this piece of book. From a world complexities from macro and micro economics, to banking, investment, insurances and to the more on how practical it is that makes more sense in current world. Details gathered by Roubini and Stephen deliberately that makes interest to another assessment from Paul Krugman, Robert J. Shiller, Martin Wolf and many others.

  20. 4 out of 5

    SVEN

    Summer 2011 with the dollar in the jaws of Republican utopians, the euro at the cross rounds of a poker all-in or fold, the afternath of the CDS debackle and the massive government bailouts risk to make all our daily worries trivial. This book makes the origins of the cuurent crisis more tangible and carries hope and warning in it's historical perspective, at least it does so far, crossing my fingers that all will end well..

  21. 4 out of 5

    Matt Cooper

    Would highly recommend to anyone wishing to understand both the foundations and the implications of the 2007 economic crisis. Having read a number of books on the events of the last five years, I found the Roubini and Mihm text cogent, powerful and the implications particularly interesting. Given Roubini's previous foresight I would advise others to read and take on board his prognosis.

  22. 5 out of 5

    Venky

    The original prophet of economic doom, Nouriel Roubini lays bare the spiraling greed that inspired, irrigated and ignited the calamitous financial crisis of 2008. Governments will learn from this, the layman will both fume and fret, while investment bankers would collectively wish to put bullets through the heads of the authors!

  23. 5 out of 5

    Intensebanker

    Insightful analysis. I'm afraid, though, that the 'good crisis' HAS gone to waste...

  24. 4 out of 5

    Dude-von Dudenstein

    a great explanation of some of the key economic concepts. Author gets a bit carried away with the solutions approach and I don't think any of them are feasible without heavy regulation.

  25. 4 out of 5

    nemozny

    Best overview and deep insight into crisis mechanics. Unbiased(!) mind you, unlike most other books. Hard to read but well worth it. 10 stars out of 5.

  26. 5 out of 5

    Anh Nguyen

    MOST INTERESTING PART: the beginning and the ending ————— . . THE BOOK: The book can be seen as an overall picture of economic world, showing the interconnection amongst policies, banking systems and asset bubbles. By digging deeply in to the Great Depression and previous economic crises, the authors remake our financial management, vital reasons of bailing out and resolutions to get out of the mess we’re in. In conclusion, there are possibilities that the next bubble will occur, nevertheless, we h MOST INTERESTING PART: the beginning and the ending ————— . . THE BOOK: The book can be seen as an overall picture of economic world, showing the interconnection amongst policies, banking systems and asset bubbles. By digging deeply in to the Great Depression and previous economic crises, the authors remake our financial management, vital reasons of bailing out and resolutions to get out of the mess we’re in. In conclusion, there are possibilities that the next bubble will occur, nevertheless, we have the opportunities to prepare for it. . ————— . MY THOUGHT: This book is quite heavy to “digest” but fascinating at the same time. There’re many academic terms, economic events and banking terms. Reading thee book, I am able to broaden my knowledge about banking, comprehend the coherence between governments and economic institutions, and understand the core reasons of financial crisis. All in all, there . . ————— . 3 REASONS WHY: (1) The book ignited my interests in economy by giving clear classification between economy and business. (2) The book is written positively that even though the crisis occurred with unduly depressed business and severe wounds, but in dying it gives birth to an error of pessimism, this error is born not an infant, but a giant. (3) I have a strong feeling for the development of Bitcoins while having more knowledge on monetary structure that I would like to explore more. (in particular, the close to zero interest rate of dollars). . ———— . I do recommend this book to anyone who is interested in business and economy in general, who has many questions about “economic crisis” and the possibilities of upcoming bubbles.

  27. 4 out of 5

    Mark

    This started out pretty badly, with a self-hagiography. Nouriel Roubini and his co-writer clearly believes he is a prophet, at least. Following this bad beginning, we have about 40% of the book dedicated to a plain vanilla history of financial crises—the same tired retelling without insight found in a dozen other books I’ve read over the last decade. The latter half of the book is redemptive and begins to earn the title. Here we have an actual crash course in crisis economics: the actors, contri This started out pretty badly, with a self-hagiography. Nouriel Roubini and his co-writer clearly believes he is a prophet, at least. Following this bad beginning, we have about 40% of the book dedicated to a plain vanilla history of financial crises—the same tired retelling without insight found in a dozen other books I’ve read over the last decade. The latter half of the book is redemptive and begins to earn the title. Here we have an actual crash course in crisis economics: the actors, contributing factors and fundamentals of the current account. It is well done. Despite being aimed at neophytes, it was clear and brisk enough to hold my attention. Roubini fixes blame for the crisis where it clearly belongs: soundly on the shoulders of Greenspun and other neocon libertarian / Randian ideologues, who rushed to deregulate literally everything for the sake of deregulating and kept rates too low for too long. He rightfully bemoans that the crisis was resolved almost too soon and thus yielded literally no meaningful reforms. Roubini’s recommended reforms, however, call into question his purported god-like status, so relentlessly hammered into the reader at the opening of the book. He seeks to merely tinker at the margins and fundamentally change nothing—increase pay at the SEC?? C’mon, mate. The complexity of the system and futility of these suggested reforms only makes it more clear that what we really need is Limited Purpose Banking. Nothing else will bring stability and responsibility to the financial system.

  28. 5 out of 5

    Bradley Dowell

    An interesting look at the history of economics recessions and the business cycle. Roubini provides exciting engagement with various economic crashes as old as the Tulip Mania of the 1630s and 'contemporary' crashes to reveal trends which can be used to understand the 2008 global financial crisis. Roubini's 'Perfect Storm' concussion for the GFC provides a useful overlook at the various mechanics/causes leading up to the crisis. The question should be asked if Roubini's book should still be read? An interesting look at the history of economics recessions and the business cycle. Roubini provides exciting engagement with various economic crashes as old as the Tulip Mania of the 1630s and 'contemporary' crashes to reveal trends which can be used to understand the 2008 global financial crisis. Roubini's 'Perfect Storm' concussion for the GFC provides a useful overlook at the various mechanics/causes leading up to the crisis. The question should be asked if Roubini's book should still be read? For a detailed outline of the cause of the crisis, it probably should not be: look no further than the dearth of literature and other books discussing the GFC. For a detailed and engaging look at various historical crisis (which firmly plants this book in the field of 'crisis economics'), one should read Crisis Economics as an accessible overview of the history of global economic crises. Book earns a 3/5 as a "Crash Course in the Future of Finance," but should be respected as an incredibly engaging and worthwhile primer to the field of crisis economics.

  29. 4 out of 5

    Sarah

    Roubini and Mihm's work may give pause to any believer in unregulated financial markets. In Crisis Economics, they recap patterns in capitalist financial market crashes over time, refuting the idea that 2009's housing crash and the ensuing recession were unpredictable, unforeseeable, and unique. Complex concepts, including brainchildren of "financial innovation" are explained in clear terms, though the breadth of terminology may seem daunting to the uninitiated. (For me, limited familiarity with Roubini and Mihm's work may give pause to any believer in unregulated financial markets. In Crisis Economics, they recap patterns in capitalist financial market crashes over time, refuting the idea that 2009's housing crash and the ensuing recession were unpredictable, unforeseeable, and unique. Complex concepts, including brainchildren of "financial innovation" are explained in clear terms, though the breadth of terminology may seem daunting to the uninitiated. (For me, limited familiarity with international finance led to a stilted, but still enjoyable, read, as I familiarized myself with some of the lingo off-line.) The conclusions drawn seem quite ominous, particularly for those benefiting from the market power of the United States. What can you do now, as an individual? Improve your savings-to-debt ratio.

  30. 5 out of 5

    Collins Hinga

    With all the effects of the Covid-19 pandemic on the economy I thought this was the best time to read this book. Having been written in the aftermath of the 2008 recession it has detailed information on what were the causes of the downturn in the economy the last decade and possible panaceas. It also paints a picture of what to expect in the coming years. Though indeed Corona was a trigger for the economic tailspin we're in right now, a recession was in the offing sooner rather than later seeing With all the effects of the Covid-19 pandemic on the economy I thought this was the best time to read this book. Having been written in the aftermath of the 2008 recession it has detailed information on what were the causes of the downturn in the economy the last decade and possible panaceas. It also paints a picture of what to expect in the coming years. Though indeed Corona was a trigger for the economic tailspin we're in right now, a recession was in the offing sooner rather than later seeing as we are living in an era of historically low interest rates (near zero) meaning there was a lot of cheap credit sloshing around in the economy before the pandemic and households as well as corporates were highly leveraged. The pandemic might be just fuel to the already quasi-charring economy rather than the matchstick that lights the fire.

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