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 | | The Second Great Depression by Warren Brussee ISBN-10: 9781591136880 ISBN-10: 1-59113-688-1 ISBN-13: 9781591136880 ISBN-13: 978-1-59113-688-0 Paperback 2005-03-18 Booklocker.com, Inc. Find Lowest Price |
Editorials | ||
Product Description The Second Great Depression This is a frightening book. It shows how massive consumer debt triggered this second depression, which started in 2007/2008. The exuberance of the overheated stock market of the 90s caused consumers to stop saving and go into debt. Then, the dramatic drop in mortgage rates enabled people to refinance their homes and go even further into debt. People were no longer living on what they could afford; instead they were living the lifestyle they thought they deserved, costs be damned! With payments increasing, savings rates near zero, and debt at its maximum; many people were pushed over their debt limit, having homes foreclosed or going into bankruptcy. Others are heeding the warnings and reducing spending, causing a dramatic slowing of the economy. To survive this depression, savings should be in Treasury Inflation Protected Securities, and the stock market should only be reentered after it drops 68% from its early 2008 level. Included charts show required savings for retirement in this environment. In this depression, the United States will be brought to its knees. But not unlike the mythical bird Phoenix that dies in flames and is then reborn out of its own ashes, the United States will also be reborn. However, it will be a poorer and less arrogant country that emerges from its own ashes. "This is a book that anyone - young, old or anywhere in between - should read and study. It is superbly researched and thoughtfully written. The first half of the book is a window into the future and the second half is an outstanding guideline for facing that future. This is the most important book I have read." Christopher Welker, | ||
Reviews | ||
Very Prophetic Guy, but his Bond advice not so hot The book was spot on regarding the current stock market meltdown. However, his advice to buy Treasury Inflation Protected Securities instead of stocks has not proven correct. So far his advice to buy TIPS has produced poor- in fact negativeinvestment results. And if there is in fact a deflationary period ahead, taking his advice on TIPS may end up costing you as much as listening to that moron Jim Cramer who told us to buy Google at 800, FCX at 80, COG at 40, and other HORRIBLE picks. But at least he correctly saw the current stock market meltdown, something all the cnbc experts didn't. Good book.[..] | ||
Interesting book, but should have been half the length This book provided some interesting ideas about the future of the stock market. How much of it is valid, though? I have to admit that even with the stock market plummeting over the past two weeks, I still think this book's premise is a little shaky. After all, the author discounts other books that attempt to predict where the indices should be and claims they're simply data mining or are based on flawed concepts. In this book, the author tells a good story, but I'm not wholly convinced it's anything more than data mining with a good story. The second half of the book is unbearable, and I'm a guy who loves to analyze investments and do what-if calculations. It's filled with table after table, with repetitive information in between each set of tables. Why didn't the author keep the chapters simple and put the tables in an appendix? This book is in its second edition. I didn't read the first edition, but as the author claims in the introduction, the second edition contains the first edition text with second edition updates following each chapter. What's really disappointing is the minimal amount of content in these "updates." The charts aren't updated, the tables aren't updated, and the author doesn't even provide new sets of numbers in most cases. If I had purchased the first edition and then bought this one for an update, I would have been very unhappy. The book also suffers from HORRIBLE grammar. When describing changes to the second edition, the author says the first edition text has been corrected for grammar. I shudder to think about how poorly written the first edition must have been. (Or should I say that I shutter to think what the affect of the writing in the first addition would have had on me. In the author's credit, though, the primary grammatical error is using affect to describe effects.) I might have given this book four stars if it had been more carefully written, concise, and been more than just a simple story with a bunch of data mining. Moving the tables to the appendix would have helped, too. As it actual is, though, I give it two stars. It has some interesting parts, but a lot of it is a lot of content for only a little value. Grab the book from the library and save your money for the depression it says is coming. | ||
Labor of Love One would expect a substantial number of facts and figures with a work like this. But in the opinion of this reviewer, the preponderence of same actually bogged this vital book down. Not for the average reader who lacks a basic understanding of economics. An aptitude for mathematics would also help someone to digest this material. | ||
Quite interesting, I like the format, alarmingly accurate. With all of the doom and gloom in our financial markets, I wanted to take in a few authors opinions and try and come to my own conclusion. (Cramer is not my fortune teller) With that said, the author lays out a lot of the structural problems in the financial industry and predicts what he think will become of it. He has updated the original version to include some of the latest information as well gloat (rightfully so) over being right on about 80% of his predictions. The more I read the book and realize that this guy has been quite accurate, the more I realize how dire our financial system is and how close to collapse we are. I applaud the author for his predictions but am not happy with his predictions for the future. So far, the best and most accurate doom and gloom book I've read. | ||
WHAT A COP OUT! What a cop out! Now that his 2007-2020 Second Great Depression has failed to materialize with 2008 2/3rds over, it is being repackaged as a newly titled "debt" book. A warm welcome Warren to the rather full club of authors who predicted disaster on a timeframe that didn't happen. You failed simply because you ignored the greatest force in the economy - the consumer. Every economist knows that the GDP is made up 90%+ by consumer spending - 60-70% directly plus government spending of the 28% of income they take in taxes. In other words GDP is ALWAYS driven by demographics over the longterm. There IS a monstrous crisis coming based on demographics however - go read Arnold's The Great Bust Ahead (published 2002), in which all his predictions have come to pass so far and the "big one" left is yet to come on his 2010-2012 schedule. | ||