
The Crash of 2008 and What It Means
The New Paradigm for Financial Markets
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Narrated by:
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Grover Gardner
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By:
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George Soros
The revised and updated edition, The Crash of 2008 and What It Means, contains four new chapters, in which he looks at the depth and breadth of the credit crash and proposes an updated set of policies to confront the global financial crisis.
©2008 George Soros (P)2009 George SorosListeners also enjoyed...




















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Talk about credentials
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That this book has prescribed a new paradigm for financial markets, I am not sure - there are more stringent lending standards for sure and more austerity practiced by all participants however to say that these will prove to be longlasting is a bet I would not want to take.
Pure Gold
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I particularly found his thoughts concerning reflexivity compelling. These sections are worth the price of the book. Any listeners new to the concept will want to back up their MP3 players and listen to those brief definitions and descriptions more than once. However, the entire book is written in such a way that the noneconomist and the non-financial-wiz can easily follow his arguments.
I can't buy into Soros' arguments entirely, but he has won me over as a thinker and writer. One word of warning about this book, economic conditions are changing quickly and the book will be outdated soon.
A Different Take on the Crash
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don't expect layman language
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Would you say that listening to this book was time well-spent? Why or why not?
A good read to help understand actions of the Obama administration. He also givesvery direct, and accurate, critique of Bush policies. His disdain for Bush helps explain the money he has spent, through his endowments, to effect the political process. If not clear earlier, he makes his overall goal quite clear near the end of the bood wishing for "a new world order" and that "all will produce to the extent of their ability and receive to the extent of their need". He makes it clear the purpose of his political spending is a socialist one world government.From the investment side, I have never read a book by a successful trader that I didn't like because theyalways offer some pearls on trading philosopy. This book is no different. He does a good job of defending his reflexivity theory. If you find this idea interesting, I suggest reading "Human Action" by Mises. He does a much better job of explaining this relationship. Soros' explantion of the crash is good, his plans for the future are less well thought out. Mises again deals with the pitfalls of Soros' ideas for different interventions.
Overall, a worthwhile read. It becomes clear that Soros' talent was understanding the world's central banks monitary policy and the implications. He made his forturnes by always being a step ahead of them. That makes him brilliant in central bank monitary policy and investing, his understanding of overall economics is less gifted and mostly dictated by Keynes.
Understanding the man behind the political money
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As for trading, a news article on 2/19/10 quoted the author as saying not to buy gold. On 2/19/10, the ticker symbol GLD closed at $109.47. A later article on 5/17/11 says that the author sold $ 800 million in gold in Q1. GLD closed at $144.74 on 5/17/11. Obviously, one sign of being a good trader is the ability to change your mind. A trader of a large position cannot behave the same as a trader of a small position. They have different trading needs. The book Reminiscences of a Stock Operator does a good job describing this difference.
The paper book Anatomy of a Bear does a better job of describing political history associated with bear markets. When FDR took office in March, 1933, most of the price damage to the DJIA had already been done. But the politicians didn’t sit on their hands. There were nine new bills targeting finance in the years 1933 to 1935. Taxes climbed from 0.7% of GNP to 4.7% of GNP in 1932 to 5.5% in 1934. Corporation taxes reached 95% in 1943. Highest rate of income tax reaches 90% on incomes of $1 million or more.
Trading in the largest economy
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Difficult
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