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Past is always prologue for Talbott, and his economic reasoning and free-thinking forecasts about the future have captured people's attention. In his latest book, Contagion, he again warns about what once seemed implausible and impossible—the deepest global recession the world has ever seen, one that will forever shake the economic foundations and social fabric of our lives.
"Talbott is the author of two books that foretold the pain homeowners are now experiencing. . . . So far many of John Talbott's predictions have been spot-on. But as the housing bust continues, homeowners in my neighborhood and beyond have every reason to hope his prescience proves short-lived."
—Daniel McGinn, national correspondent, Newsweek, and author of House Lust: America's Obsession with Our Homes
"When John Talbott's controversial book, The Coming Crash in the Housing Market, hit store shelves in 2003, the real estate industry—and everyone else who stood to profit from the dizzying rise in U.S. home prices—gave it a hostile reception. So, with subprime mortgage losses and credit woes now the number one topic in the markets, what does the former Goldman Sachs investment banker see next?"
—The Globe and Mail (September 14, 2007)
With the worldwide financial crisis and economic contagion mutating in ways that foreshadow global economic meltdown, Talbott explores the necessary government actions and reforms—and strategies that investors can use—to weather one of the worst financial crises in history. Never have Talbott's predictions been as bold, or his advice about what to do in the future more timely.
Chapter 1 Bamboozled.
Chapter 2 What Didn't Cause the U.S. Housing Boom and Bust.
Chapter 3 What Did Cause the U.S. Housing Boom and Bust.
Chapter 4 The Contagion Spreads from Subprime to Prime.
Chapter 5 How Low Will Housing Prices Go in the U.S.?
Chapter 6 The U.S. Economy Was Not in Great Shape to Begin With.
Chapter 7 The United States Enters a Long Recession.
Chapter 8 The Global Economy Catches the Contagion.
Chapter 9 Too Big to Fail—The $400 Trillion Derivatives Market.
Chapter 10 Local Governments Feel the Pinch.
Chapter 11 From Wall Street to Main Street.
Chapter 12 Demographics Magnify Contagion.
Chapter 13 Which Investments and Which Countries Will Weather the Storm the Best?
Chapter 14 Stop the Bleeding.
Chapter 15 No Future without Reform.
Chapter 16 A Warning Shot Across the Bow.
References.
About the Author.
Index.
John R. Talbott is a prescient, provocative financial writer. In this book, he points the finger at those he sees as the real culprits behind the global financial collapse. He relates the U.S. real estate market slump to the broader economic deterioration in American fundamentals. He forecasts a long, hard road to recovery, one that is so difficult, he says, that the U.S. may choose not to take it. That, of course, would be a disastrous decision, but he pessimistically posits that it would be in keeping with the self-centered baby boom generation. In addition to diagnosing a nearly terminal disease of corruption in the American system, Talbott makes some recommendations for investment strategies that getAbstract finds may help individuals cope with challenging times.
1 out of 1 people found this review helpful.
Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.If you wish a clearly stated, great for non-economist readers, coverage on how the 2008-2009 recession (depression?) got started, this is your book. The choice of title, "Contagion," and how the author defines it is my favorite part. It is falling out of date, but it does stand as a reasonable statement for the U.S. and world economies as we moved from 2008 into 2009.
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Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.DoctorDavid
Posted April 13, 2009
I found this to be a superb book, whose contents I will long remember. It is very timely, and will be of benefit to anyone interested in how the nation got into the financial dilemma it now finds itself, but also a best guess about the immediate future and its consequences for individual financial planning. The current administration would do well to find a place for this author.
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