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Bubbles, Booms, and Busts: The Rise and Fall of Financial Assets Hardcover – June 2, 2009

3.8 out of 5 stars 4 customer reviews

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Editorial Reviews

About the Author

This book provides a thorough explanation of the nature and history of booms, bubbles and busts in financial markets. The first part of the book deals with financial booms and bubbles and how they emerge, develop and collapse. It describes the distribution of wealth, inflation, rationality of bankers, monetary and fiscal policy, the role of central banks, tax policies, social security, US federal, state, municipal and personal debt, and valuation of common stocks.

The book describes historical boom/bust cycles including bubbles of the 1720s, the Florida land boom and the stock market in the 1920s, the depression of the 1930s, the S&L scandal of the 1980s, the great bull market of 1982-1995, the crash of 1987, the dot.com mania of 1995-2000, corporate swindles of the 1990s and 2000s, the sub-prime fiasco of the 2000s, and Japan in the late 20th century.

Most of the recent wealth generation has derived from increased debt and appreciation of paper assets. The architects of the new economics were Ronald Reagan and Arthur Greenspan. Inevitably, the US Government’s cure for excessive spending and inadequate revenues is to increase spending and cut revenues. American voters must choose between "tax and spend" Democrats and "spend and borrow" Republicans. The theme of American finance was uttered by VP Cheney: "Deficits don’t matter."

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Product Details

  • Hardcover: 274 pages
  • Publisher: Copernicus; 2009 edition (June 2, 2009)
  • Language: English
  • ISBN-10: 0387876294
  • ISBN-13: 978-0387876290
  • Product Dimensions: 6.1 x 0.7 x 9.2 inches
  • Shipping Weight: 1.3 pounds
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Best Sellers Rank: #2,973,154 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover
This book does exactly what the author claims: it provides a thorough explanation of the nature and history of booms, bubbles and busts in financial markets. The first part of the book deals with financial booms and bubbles and how they emerge, develop, and collapse. It traces the history of past bubbles dating back to the 17th Century, and shows the connection and relationship to more recent bubbles, such as the bubbles of the 1720's, the Florida land boom and the stock market of the 1920's, the depression of the 1930's, the S&L scandal of the 1980's, the great bull market of 1982-1995, the crash of 1987, the dot.com mania of 1995-2000, the corporate swindles of the 1990's and 2000's, the sub-prime fiasco of the 2000's, and Japan in the late 20th Century.

It also describes the distribution of wealth in the U.S., inflation, rationality of bankers, monetary and fiscal policy, the role of central banks in promoting bubbles, tax policies that favor the rich, social security, the magnitude and impact of U.S. federal, state and municipal and personal debt, and the subjective valuation of common stocks. One must agree with the author the we have a government of, by, and for the rich.

This is the best book I have ever read on real world economics, bar none.
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Format: Hardcover Verified Purchase
I find the title extremely misleading.
The first half of the book is dedicated to a rant about modern financial problems.
These problems are well documented and have been thoroughly discussed in modern media.
I didn't buy this book to read about the housing bubble and how low interest rate policies and favorable tax policy encouraged such a bubble. Unfortunately, that is the sum of what this book has to offer.

Not worth reading for anyone who is looking for anything close to a scholarly review of bubbles and busts.

Good for folks that read People magazine and don't have a clue about what happened in the past decade.

I'd recommend a Theory of Money and Credit by Ludvig von Mises for a much better understanding of bubbles and busts.
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Format: Kindle Edition Verified Purchase
Very informative but not like reading a good novel.
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Format: Hardcover
Donald Rapp presents a multidimensional framework, that enables us to see the on going phenomena of human psychology, repeated in cyclic fashion, regardless of time or circumstance.

Mr. Rapp provides much more than mere snapshots of these events yet makes no attempt to weave a theory of bias for the reader to employ.

I am left with but one conclusion that questions the foundations of free will.

The future, is but a repetition of the past, for most, if not all.
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