- Hardcover: 464 pages
- Publisher: Wiley; 2 edition (August 3, 2009)
- Language: English
- ISBN-10: 047048327X
- ISBN-13: 978-0470483275
- Product Dimensions: 6.3 x 1.4 x 9.3 inches
- Shipping Weight: 1.5 pounds (View shipping rates and policies)
- Average Customer Review: 9 customer reviews
- Amazon Best Sellers Rank: #589,617 in Books (See Top 100 in Books)
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Financial Reckoning Day Fallout: Surviving Today's Global Depression 2nd Edition
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"Mel Foster's narration is enhanced by his deft use of vocal inflections." ---AudioFile --This text refers to an out of print or unavailable edition of this title.
From the Inside Flap
When the original edition of Financial Reckoning Day was published early in this decade, many felt that maverick financial writers William Bonner and Addison Wiggin were overly critical of the United States' increasing debt and unfair in their foreshadowing of economic catastrophe.
Fast-forward to 2009, and much of what the authors predicted has come true—high unemployment rates, record-setting foreclosures and bankruptcies, as well as the near global collapse of financial institutions once thought to be so secure.
With Financial Reckoning Day Fallout, Bonner and Wiggin return to reveal even more down-to-earth wisdom and help you chart your own financial destiny in today's precarious investing climate. Expanding upon the ideas they put forth before the current global downturn unfolded, the authors discuss what's behind it all, what's in store, and what you can do to safeguard your investments.
Written in conjunction with the tenth anniversary of the authors' popular financial newsletter—The Daily Reckoning (www.dailyreckoning.com)—this fully updated guide effectively explains that the hazards of democratic consumer capitalism and the financial follies of history are not a thing of the past, but an ongoing issue with no end in sight. Along the way, it also explores what's really going on beneath the surface and outlines the steps you need to take to survive the growing global depression. Topics touched upon throughout these pages include:
How the current economic downturn relates to worldwide events from a historical perspective
Why high-spending, high-borrowing consumerism "leveraged" the U.S. economy and what you might expect from the global depression ahead
What the legacy of Fed chief Alan Greenspan "ought" to be
Why Japan's "miracle economy" unexpectedly collapsed and what this example means for us now
Honest and accurate, Financial Reckoning Day Fallout offers you the best chance to protect your assets and grow your portfolio in these difficult financial times.
Top customer reviews
The subtitle is "Surviving Today's Global Depression." You would think, therefore, that there would be pages devoted to 'what you can do in such a depression'. You would be disappointed. Only the last page or so even attempts to address that topic but wanders from it immediately. All Bonner states in gloomy repetition can be summarized by the last sentence in the book: "Our advice? Fold 'em, get up from the table before they clean you out'. I was expecting better and more detailed advice and strategies from someone as experienced. The book is a real downer and I got not one good idea from it.
This book is not cohesive as The New Empire Debt which maintains the idea the US is practically an empire. This book is a loose collection of history and opinion. I did not enjoy Financial Reckoning Day Fallout as much as the New Empire of Debt.
I would, however, recommend this book to those who want a deep understanding of the current state of the economy.
The highlights in this book are the following:
- the reason why fiat money is a flop
- the influence of demographics, such as the Baby Boomers, on the economy
- the ongoing Japanese recession
- the history of Alan Greenspan.
The 12-page Preface alone was worth the price of admission with it's four basic truths about the stock market, housing and the economy: 1. People do not get what they want or expect from the markets; they get what they deserve (are you still with us Mr. Greenspan?)2. The force of a correction is equal and opposite to the deception that proceeded it (mirroring the economic model that was Japan 10 years ago) 3. Capitalism doesn't always take an economy where it wants to go; but it always takes an economy where it ought to be (can anyone say "legacy for our grandkids?") 4. The severity of a depression is inversely correlated with government's effort to stop it (thank you Mr. Obama).
I am so impressed with this book I find myself in the midst of a re-read of it's 400 pages. And yes the book's value (to this reader) far exceeds the price I paid for it.
The book explores the major correction underway in the US market. According to the author's "the feds' efforts to stop the progress of capitalism will have some spectacular consequences." The first edition of the book was right in its assumption that the US market was heading toward tough times, and based on their perceptive research, I believe their latest set of predications: "Advice to the Class of 2009" (as they put it).
This book will make you think about the risks that you take before you invest and more importantly before you make choices that effect your financial future. Do you really need to take out another line of credit? Living within your means will save you in the long run, and Bonner and Wiggin understand that. Chapter 3 is one of the best looks at the history of the "price of progress" and how a mix between a lack of foresight and an insatiable appetite lead to the economic downturn. I found the writing in the book engaging and often humorous- that's often tough to find.
As far as "surviving" goes, there is nothing here. Nothing at all. That is why the title is so misleading. There are lots of books that argue the same basic point. Peter Schiff and Bud Conrad come to mind. At least they have some ideas about what to do.
This book is in desperate need of good pruning, but the best decision, in my opinion, is not to waste your money (even if your dollars are not worth very much!).