Is a Bailout Necessary?
September 25, 2008
The September 15, 2008 issue of Business Week did a review of a book recently written by Yale economist Robert Shiller. The review was a favorable commentary about the content of the book, "The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It."
The title sounds a bit over the top, but Christopher Farrell, the Business Week book reviewer found "His (Shiller's) text is a stimulating, rapid response to current events-and a forceful demand for dramatic action from Washington,...""although at times assuming too much economic expertise on the part of the reader, the book offers numerous proposals fro avoiding future crises. These are provocative, but many are too sketchy."
The review captured my attention and I shall probably look into reading Shiller's analysis for myself. Maybe because I am deeply involved in the "real estate epicenter" of this financial crisis, I am absorbed by all the interviews and commentary that abounds throughout these weeks.
Obviously, since the book was published, Washington has stepped in and has been working feverishly to stem the credit meltdown. Congress has also slowly come to recognize that legislation is needed and this morning the news media were optimistic that a compromise bailout plan would be in place by week's end. (Hopefully not all the urgency was driven by our representatives' desire to begin their October recess.)
The September 15, 2008 issue of Business Week did a review of a book recently written by Yale economist Robert Shiller. The review was a favorable commentary about the content of the book, "The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It."
The title sounds a bit over the top, but Christopher Farrell, the Business Week book reviewer found "His (Shiller's) text is a stimulating, rapid response to current events-and a forceful demand for dramatic action from Washington,...""although at times assuming too much economic expertise on the part of the reader, the book offers numerous proposals fro avoiding future crises. These are provocative, but many are too sketchy."
The review captured my attention and I shall probably look into reading Shiller's analysis for myself. Maybe because I am deeply involved in the "real estate epicenter" of this financial crisis, I am absorbed by all the interviews and commentary that abounds throughout these weeks.
Obviously, since the book was published, Washington has stepped in and has been working feverishly to stem the credit meltdown. Congress has also slowly come to recognize that legislation is needed and this morning the news media were optimistic that a compromise bailout plan would be in place by week's end. (Hopefully not all the urgency was driven by our representatives' desire to begin their October recess.)
posted by shirley harry at 9:16 AM
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