This is a book review that is connected to My Economics Quest. It was written by Michael George Stathis of AVA Investment Analytics. It’s actually an abridged and updated version of his 2006 book by the same title. I have really enjoyed reading Stathis’ work on his website. He is unafraid to speak his mind, and is incredibly critical of Bush, Obama, and the entire financial media. I think he is justified most of the time, and there is no doubting he is well read and researched.
My rating: 4 of 5 stars
This was an interesting read for sure. I came across this author and book accidentally while doing some research on another book that I was considering buying. Stathis is interesting because he is critical of about everything mainstream financial and hates the media. He seems well researched and read, and I believe he does knows what he is talking about.
My biggest qualm with him and this book is that he seems to have an idealistic view of the power of government. He does acknowledge the connection between corporate America and Washington as a large part of our problems. So, I am unsure who he expects to swoop in and save the day, it’s sure not our current stock of leaders in WADC. The other issue is that it is somewhat out of date, so some of his predictions have been accurate (be aware, many of them were accurate).
There were two discussions in the book that I found most intriguing. First, he argues that there never really was a true recovery under Bush, just more of a shifting of a bubble from the dot come mess to the real estate mess. What happened in the middle was a huge exportation of wealth to other countries and destruction of the middle class. I think I agree. The belief that the Bush economy was a healthy recovery is absolutely ludicrous, and if you think it was I will accuse you of playing party politics and being no better than an Obama Zombie. The real estate mess created by Greenspan under Bush did nothing to better America and the middle class in this country. Massive amounts of personal debt has been incurred and no real savings were created. America is broke, both the citizens and their government! The second discussion was over oil. Stathis makes a large case for peak oil and the need to pursue alternative forms of energy because of our foreign dependency on the black stuff. Once again I agree. America is standing on the edge and if OPEC decides to decouple the dollar from oil, look out, financial Armageddon will occur.
Stathis does make a convincing argument that America is standing at the precipice of a financial apocalypse, the question becomes, have we the sheeple woke up enough to realize it? Next year will tell.