Overall Rating
5
out of 5
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Now I know why
Date: June 12, 2009
This review is for the
Print
format.
"It was as if I had been standing at the bottom of an Alp watching a snowball roll toward me gathering mass. It did, I was hit, I was laid off, and this is the first book I have found that has explained how it happened.
Now I am reading it again, this time with a highlighter, red pen and taking notes. This is one of the few books in my library I have read this way. Keynes' General Theory was the last, and now Daniel Gross' "General Theory" is the latest.
This book explains how the current "repression" occurred. A repression is more than a recession, but not as bad as a depression.
This book is easy to read but not a light-weight (even though its a paperback) I wish he had defined bubble early in this book, even though his last book was all about bubbles. Here is my definition: " A spurt of economic growth not supported by a firm economic basis".
I have wondered how all these bright people with all their MBA's could have allowed the train to run off the track. This book shows how it happened, and it can serve as an indictment of lack of competence and utter greed of the top management.
My mother, a scarred survivor of the Great Depression, used to tell me that it would happen again. She would not have been surprised by any of this at all.
This book illustrates that the root cause of this repression was a departure from the venerable practices of quality management in banking, finance, and economics.
Economics, like physics, does not care what the reason or opportunity was. If you go too far out on the limb, it will break, heedless of the collateral damage to the rest of us.
This is just a great book, and I recommend it highly. Very enjoyable!"
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