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The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Meansby George Soros
"Soros doesn't have all the answers, not by any means. But unlike some of the professors who dismissed him as an overremunerated gadfly, he has something to say....Soros provides a handy eight-stage guide to the typical boom-bust cycle, together with a series of stock charts to help readers spot one in the making." John Cassidy, The New York Review of Books (read the entire New York Review of Books review)
Synopses & Reviews
In the midst of the most serious financial upheaval since the Great Depression, legendary financier George Soros explores the origins of the crisis and its implications for the future. Soros, whose breadth of experience in financial markets is unrivaled, places the current crisis in the context of decades of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. "This is the worst financial crisis since the 1930s," writes Soros in characterizing the scale of financial distress spreading across Wall Street and other financial centers around the world. 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.
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. He admits that he didn't recognize that the crisis was about to break and came out of virtual retirement... Washington Post Book Review (read the entire Washington Post review) in 2007 to trade again, hoping to limit the damage to his funds. Soros blames former Federal Reserve chairman Alan Greenspan for not intervening to slow the mad real estate boom that led to the subprime mortgage disaster. Under Greenspan's leadership, the Federal Reserve kept short-term interest rates too low for too long and ignored the spread of impenetrable financial investments, such as complex mortgage-based securities, which expanded risks of default beyond any reckoning. When risk can't be figured out and markets turn down, panic often follows. "The newly invented methods and instruments were so sophisticated that the regulatory authorities lost the ability to calculate the risks involved," Soros writes. He calls this a "shocking abdication of responsibility on the part of the regulators." Peter Behr is a contributing writer to the C.Q. Global Researcher and a former Washington Post business writer and editor. Reviewed by Peter Behr, Washington Post Book World (Copyright 2006 Washington Post Book World Service/Washington Post Writers Group)
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About 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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