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The 86 Biggest Lies on Wall Street Hardcover
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From Publishers Weekly
Former Goldman Sachs investment banker Talbott (Obamanomics) delivers a tightly written analysis of the financial crisis that while sufficiently credible and engaging, adds little to the conversation. Talbott launches a tirade against prevalent myths conveniently categorized as Stock Investing Lies, Lies About the Global Economy, etc. He summarily attacks the U.S. government, lobbyists, the media, Alan Greenspan and Henry Paulson, and pronounces the entire global banking system insolvent. Despite some bravado behind these sweeping claims, many of his assertions are convincing—the roots of the collapse of our economy are a lack of regulation, conflicts of interest between business and government and a preponderance of lying and cheating. Talbott sometimes stumbles (e.g., stating that companies that make addictive products are not good investments even when they consistently outperform other sectors) and while he promises to offer real solutions, he provides ideas that will win few fans, such as allowing the economy to contract, creating new bankruptcy processes to deal with the corporate fallout and permitting the government to inflate the currency. (June)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to an alternate Hardcover edition.
"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 No. 1 topic in the markets, what does the former Goldman Sachs investment banker see next for the housing market and the U.S. economy?" --Toronto Globe & Mail, September 14, 2007
"Talbott is the author of two books that more or less foretold the pain homeowners are now experiencing. . . . So far, many of John Talbott's predictions have been spot on." --Newsweek, 2007
--This text refers to an alternate Hardcover edition.
Top customer reviews
Thanks for writing this book Mr. Talbott, it is going right in my wall street bookshelf along with other greats like "Liars Poker", Galbraith's "The Great Crash", "Wall Street Jungle" by Richard Ney and others. History does repeat itself. In Galbraith's book "The Great Crash" (about the 1929 crash) written in 1954 the third chapter is so aptly titled "In Goldman,Sachs we Trust" need I say more?
Interestingly, the book is about as totally non-partisan as a book on the politics of economics could possibly be. He simultaneously lambastes the corporate world for it's greed, excesses, and short-sightedness, while at the same time strongly criticizing Obama's strategy for ending the economic malaise. He couches his explanations in terms other than liberal vs. conservative, or Republican vs. Democrat.
For people who would like to understand the roots of our current situation, and listen to some practical suggestions and (sadly, rather dour) prognostications on the future, this book is an excellent investment.
Most recent customer reviews
Of the 86 lies that Talbott attributes, without specific references, to the mythical 'Wall Street', I make out...Read more
February 3, 2010
Oh, we should have listened to John Talbott...Read more
He thinks that, just like he predicted the real estate bubble (four years before the fact, but who's counting), the recent meltdown should have been obvious...Read more