The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It
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|Publisher:||Princeton University Press|
What We're Saying
Shelf Awareness, a great site that follows the book trade, requested book suggestions that would help explain the current credit crisis. On Friday, they ran the piece under the heading Meltdown Lit: Recommended Books for the Wall Street Debacle. Please go check out the whole piece. READ FULL DESCRIPTION
We haven't taken a look at what books the big business magazines have been covering for awhile, in part because the coverage has been kind of slim. The Economist has covered some really, really, interesting looking books, but seems to have taken a hiatus from business books. Even BusinessWeek is reviewing business books with a bent toward the larger picture rather than your more typical business book. READ FULL DESCRIPTION
Jack and Todd will soon have the definitive list of the best business books of all time published, but, in the meantime, here is what The Independent's Sean O'Grady has to say on the matter. He chooses from both "timeless classics [and] the latest crop of credit crunch chronicles. " It's an interesting list because it's from a newspaper that leans to the left side of the British political spectrum, providing a perspective from the side of the aisle that doesn't speak up on business books as often. READ FULL DESCRIPTION
With the present financial madness, publishers have been hedging their bets on how fast they can turn around the next big financial book. The folks over at The Economist recently researched the extent of the hedging. They counted at minimum 18 books on the crisis that are either in the works or already in the shops. READ FULL DESCRIPTION
The subprime mortgage crisis has already wreaked havoc on the lives of millions of people and now it threatens to derail the U.S. economy and economies around the world. In this trenchant book, best-selling economist Robert Shiller reveals the origins of this crisis and puts forward bold measures to solve it. He calls for an aggressive response--a restructuring of the institutional foundations of the financial system that will not only allow people once again to buy and sell homes with confidence, but will create the conditions for greater prosperity in America and throughout the deeply interconnected world economy.
Shiller blames the subprime crisis on the irrational exuberance that drove the economy's two most recent bubbles--in stocks in the 1990s and in housing between 2000 and 2007. He shows how these bubbles led to the dangerous overextension of credit now resulting in foreclosures, bankruptcies, and write-offs, as well as a global credit crunch. To restore confidence in the markets, Shiller argues, bailouts are needed in the short run. But he insists that these bailouts must be targeted at low-income victims of subprime deals. In the longer term, the subprime solution will require leaders to revamp the financial framework by deploying an ambitious package of initiatives to inhibit the formation of bubbles and limit risks, including better financial information; simplified legal contracts and regulations; expanded markets for managing risks; home equity insurance policies; income-linked home loans; and new measures to protect consumers against hidden inflationary effects.
This powerful book is essential reading for anyone who wants to understand how we got into the subprime mess--and how we can get out.