The Crash of 2008 and What It Means: The New Paradigm for Financial Markets

Overview

In the midst of one of the most serious financial upheavals since the Great Depression, George Soros, the legendary financier and philanthropist, writes about the origins of the crisis and proposes a set of policies that should be adopted to confront it. Soros, whose breadth of experience in financial markets is unrivaled, places the crisis in the context of his decades of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. In a concise essay that ...

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The Crash of 2008 and What it Means: The New Paradigm for Financial Markets

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Overview

In the midst of one of the most serious financial upheavals since the Great Depression, George Soros, the legendary financier and philanthropist, writes about the origins of the crisis and proposes a set of policies that should be adopted to confront it. Soros, whose breadth of experience in financial markets is unrivaled, places the crisis in the context of his decades of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. In a concise essay that combines practical insight with philosophical depth, Soros makes an invaluable contribution to our understanding of the great credit crisis and its implications for our nation and the world.

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Editorial Reviews

Peter Behr
George Soros is a billionaire speculator whose voice is amplified by real money. His distaste for the Bush administration runs deep: He put millions of dollars into Sen. John Kerry's 2004 presidential campaign. Yet his account of the credit crash is personal and revealing, not mere political bashing.
—The Washington Post
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Product Details

  • ISBN-13: 9781586486990
  • Publisher: PublicAffairs
  • Publication date: 3/30/2009
  • Edition description: Revised
  • Pages: 288
  • Sales rank: 694,936
  • Product dimensions: 5.10 (w) x 7.50 (h) x 3.00 (d)

Meet the Author

George Soros is chairman of Soros Fund Management and is the founder of a global network of foundations dedicated to supporting open societies. He is the author of several best-selling books including The Bubble of American Supremacy, Underwriting Democracy, and The Age of Fallibility. He was born in Budapest and lives in New York City.

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Table of Contents

Setting the Stage

Pt. 1 Perspective

1 The Core Idea 3

2 Autobiography of a Failed Philosopher 12

3 The Theory of Reflexivity 25

4 Reflexivity in Financial Markets 51

Pt. 2 The Current Crisis and Beyond

5 The Super-Bubble Hypothesis 81

6 Autobiography of a Successful Speculator 106

7 My Outlook for 2008 122

8 Some Policy Recommendations 142

Conclusion 153

Acknowledgments 161

About the Author 163

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Customer Reviews

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Sort by: Showing all of 6 Customer Reviews
  • Posted May 24, 2009

    Opintionated, filled with grandeur, George tells the rest of us lowly wage slaves how he and his elite pals will be running the world.

    I was determined to start this with an open mind; however, it isn't long before the reader realizes that the author views himslf as a prophet, providing lengthy chapters explaining why the wiorld should be run as he and his cohorts wish. The book presents opinion as fact; lioke much propaganda, the information presented is mainly true and verifiable; his "spin" is what changes fact to information for the stupid proletariat from a Messiah-like figure. Tough to read without constantly thinking "who does this guy think he is?!". I'm glacd I read it, because it explains the Obama administration.

    2 out of 3 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Posted May 25, 2009

    Must Have

    I'm a novice when it comes to finances. I bought this book to get his unique perspective of what caused the crash of 2008. I want to protect my remaining assests, so I'm looking for answers. No! I wanted to know the future.

    I admire the insight provided by his own performance evaluation, on page 158, where he reveals his mistakes and successes. He also admitted he can't predict the future. His genius lies in his philosophy of reflexivity, not in predicting the future. He provides the tools so you can navigate through reality. I love his constant admonishment that there are only two factors to consider,"reality and the mis-interpretation of reality".

    Anyone who questions reality as much as Mr. Soros is not a failed philosopher, but a well balanced philosopher. I come from the school that believes that the question is more revealing than the answer. The framework for the main question isn't should you read Mr. Soros's newest book, but should you purchase his newest book? I recommend a purchase so you can refer to it anytime you need to.

    Like renting a video of a movie instead of watching it on the big screen as it was intended, this book deserves a cherished spot on your bookshelf.

    1 out of 1 people found this review helpful.

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  • Posted October 23, 2011

    Very informative

    Overall a philosophical genius,and financial wizzard. Very suttle drama. You have to read between the lines to gleen some of what is written. He is a financial genius who one can learn much more from in future writings. He soes communicate over the heads of many. I'd love to have lunch with George Soros.

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  • Anonymous

    Posted September 26, 2009

    Really interesting book. Provided insightes into the economic collapse

    It was more concerned with the general economic system than the current problems but was interesting to read. He points out that, not only are markets irrational but moves in irrational directions can also be reinforced by the market.

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  • Anonymous

    Posted August 14, 2009

    No text was provided for this review.

  • Anonymous

    Posted February 21, 2011

    No text was provided for this review.

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