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It seems to talk around and about the issues without giving specifics on what data show the problem getting worse or better and what specifically an investor should think about doing in response. I was very disappointed when I read it, though. I was looking for some good information to help me assess some of the looming financial issues facing the country like paying for retirement benefits. When I flipped through the book at the store, I saw words in each chapter dealing with the issues I wanted to explore so I bought it. I had to force myself to read through the whole book just beacause I hate to be a quitter, but I got little out of it.
Banks are aware that we feel safe and won't run on the bank when they lose our money because the government will cover the losses. He, of course, gives some valuable investment advice on how to prosper in the future. Learn how to invest your money, how to pick stocks, and how to make money in the stock market I learned that because our money is insured, we don't really shop around to find the safest banks. One of the threats that the author describes is government guarantees. So what do banks do. But because of their ignorance, we, as citizens of this nation, will probably pay higher taxes in the future because of their dumb mistakes.
Now I understand why these banks are in so much trouble. This book was extremely educational. We might think that this is excellent because our money is safe. The author analyzes how our country found itself in the financial predicament it is in. I got really excited about one topic that really made so many things clear for me. But is it really good for us.
They make ridiculously risky investments with our deposits. It may be a bit too negative at some places, but it was good.- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market. I became interested in this book because the title sparked my curiosity. He talks about how the FDIC insures our deposits at the banks. And if these investments turn sour, they don't care because the government will bail out the depositors.
Written in 2006, he was prescient in seeing the destructive forces at work in our economy. If only half of of Mr Panzners projections come true we are in for a bad time. Worth reading.
Written a couple years before it happened. Informative of the way financial markets work. Right on target for what we have seen in the economy. Gives a great deal of credibility to what he predicts for the future.
Now, looking back, I do find his deflation-inflation theory compelling. That gave me chills. I read it in summer 2008 and threw it in the trash because I thought it was too negative and too much hype, propaganda, and scare tactics. When that happened, I thought back to the book and how it predicted a market crash, followed by hyper deflation followed by hyper inflation. Could he have been right after all. At the time, I could not tell if the author really believed all of the stuff he was predicting or if he was just hyping his scenerio because he is a sensational journalist. I just thought it was one author's exaggerated take on what could happen. Then came the Freddie & Fanny take overs, Lehman Bros bankruptcy, 60 Minutes report on Credit Default Swaps, and the stock market meltdown in October 2008.
Was I in denial about how bad things really were. I thought he was an excellent writer, but a little on the subjective and sensational side to be totally credible. This book is scary. Plus, I didn't want to believe it. I remember the book suggesting to invest in food if prices start coming down, because they will whipsaw back up to crazy levels, and then.the "unraveling" of our society.
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