The Great Recesssion

Yup.  The worst economic crisis in a lifetime.  In fact, 95% of people living weren’t around  the last time something this bad happened.  It has, and will continue to have, a profound effect on everyone in the world for generations to come.  Because it has had such a profound effect, I think that we should be well educated on what happened, why it happened, and how to never let it happen again.  Thus, I chose the book entitled, “The Banking Crisis Handbook,” a compilation of many works discussing the current economic crisis.  It is an extremely detailed source for understanding the history of what precipitated the crisis, what exactly happened in late 2008 and early 2009, how we will be affected in the future, and ways to prevent this in the future.  The other nice thing about the book is that it is written for people of all levels of understanding of the crisis.  Everyone from a Wall Street banker to the layman can gain some angle of insight.

The book begins with several chapters looking back at the 1990’s, examining exactly what measures and events laid the foundation for a “perfect storm” that would occur a decade later.  Then it examines different players in the market — hedge funds, private investment firms, investment banks, mortgage lenders, insurance markets, as well as many others, and digs into their role in the downfall.  After that, the book looks at the crisis from a different lens; it shows how Europe, emerging markets, and the rest of the globe was affected and what role they had in the truly global economic crisis.  The last section of the book talks about how we can avoid such a crisis in the future.  It discusses some key aspects that were simply overlooked this time.  Lastly, it talks about where we will go from here.  The book is truly comprehensive in terms of material covered about the crisis.

The compiler, Greg Gregoriou, did an excellent job putting together the 29 chapters written by different authors into one comprehensive handbook.  The professor at Plattsburgh University’s bio can be found here: http://faculty.plattsburgh.edu/greg.gregoriou/.  Considering the topic is so wide spread and current, it would be futile to list any links to more information.  Just Google search “Current Economic Crisis.”

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5 Responses

  1. I’d have to agree with you Kurt. The nature of the current economic situation demands that we as a society commit ourselves to understanding why this has happened and how to prevent this in the future. As a result, I think a work like this one is extremely useful because the range of people who can gain insight through reading it is very broad. The truth is that not just a few, well educated, individuals need to understand the current crisis, but everyone needs to have some understanding of what happened. Which makes this anthology very useful.

  2. Sounds like a worthwhile read.

  3. Can you hotlink the book title?

  4. Woot woot! Props for link to author.

    That is a $80 book at Amazon. Think of the value to all of us to have it available through our common knowledge repository.

    I am very excited to get my paws on the book given the focus of the second half of this class, through the blog, on how did we get here.

    Did you get any of the overlooked aspects? Are those causes or easy remedies?

    Storm is an interesting metaphor. Are storms preventable? Or is the best we can do is not build on the coast and have a good clean up crew?

    On a personal note, perfect storm is one of those metaphors that puzzles me. All of the fisherman DIED in the film and book. They failed to get it discontinued!

  5. […] The Great Recesssion […]

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