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Crisis Economics: A Crash Course in the Future of Finance
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Crisis Economics: A Crash Course in the Future of Finance

3.82 of 5 stars 3.82  ·  rating details  ·  1,285 ratings  ·  93 reviews
This myth shattering book reveals the methods Nouriel Roubini used to foretell the current crisis before other economists saw it coming and shows how those methods can help us make sense of the present and prepare for the future.

Renowned economist Nouriel Roubini electrified his profession and the larger financial community by predicting the current crisis well in advance...more
Hardcover, 368 pages
Published May 11th 2010 by Penguin Press HC, The (first published May 1st 2010)
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Community Reviews

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Han C.
Roubini is a smart dude who manages to tell an interesting and informative story without resorting to hyperbole. Unfortunately, the same cannot be said about the book's editors, who presumably wrote the following shamelessly self-indulgent and misleading description: "This myth shattering book reveals the methods Nouriel Roubini used to foretell the current crisis before other economists saw it coming and shows how those methods can help us make sense of the present and prepare for the future."...more
Mark Rossiter
I just finished a book of this name by Nouriel Roubini (famous for predicting the 2008 crash) and Stephen Mihn. It’s hardly a work of art, and in places quite dreadfully written (how about this for a string of cliches: “[shareholders] don’t actually have much skin in the game. They’ve put up some of the bank’s capital, but not a whole lot of it, and while they don’t want to lose their shirts, they’re fine turning a blind eye when traders roll the dice”; or this: “When things go south, traders an...more
Owen
If you predict that mortgage crash, predict which companies will be allowed to go bust and what order it will happen in 2 years out, then you get a book deal. The first half of the book seemd almost like the fulfillment of a contract. There was a lot of repetitive history. Informative, yes, but not terribly interesting to start. The second half (or so) of the book gets much more useful. Roubini outlines the pros and cons of dozens of regulatory strategies and paths for the future. I began to fee...more
Marcus
Crisis Economics is more of a history book than a casual read about the recent crisis. The book provides a history of economic crisis since the 1600's with a brief description of each. This history lesson ends with the 2008-2009 financial crisis. The history lesson supports the book's central themes (1) economic crisis are not the exception, but rather a part of the normal economic cycle (2) A building economic crisis can be recognized. These themes dispute claims of mainstream economists and ce...more
Shua
I have a terrible affliction. Its like a python coiled around my neck; its trying to squeeze my throat but I can pull on the snake just hard enough to keep from suffocating. Recently, I stopped resisting my reptilian oppressor and that's when I started watching cable news again.

I know cable news will crush my wind pipe and deprive my brain of oxygen, but I get tired from the struggle and give in. And when I give in, I hear the most absurd and illogical assertions from the talking skulls on the s...more
Barry
All in all, a comprehensive, albeit understandable for the economic novice, account of the most recent global financial crisis, what "caused" it, the historic precedence, and how to move forward. That being said, the reader must use caution as he continues through he chapters, as it becomes increasingly difficult to differentiate fact from the authors' (highly academic/informed, and political central) own opinions. This is not to say that all sides are not presented, quite the contrary. However,...more
Robert Chapman
I gave this book five stars because I found it to be the best one stop shop on the topic. I’ve read a lot of different books on the recent crash and each of them tends to focus on a specific influence such as the slicing and dicing of mortgages or currency devaluation.

This book has it all from the history of previous crashes, the full story line of the recent crash, and a complete set of recommendations on what needs to be fixed to avoid a similar or worse crash happening in the future. Above al...more
Lychee
Extremely readable book about economics. Read more like a thriller and often kept me on the edge of my seat. News stories about economics are much more understandable. While the authors have a particular perspective, I felt like they provided a wealth of information and attended fairly to diverging viewpoints. Very impressed with their ability to take such a complex and dry topic (at least to readers such as myself) and produce such an engaging and informative overview, not only of the current c...more
John Hibbs
An exceptional work that provides a superb analysis of the sources and causes of the financial crisis. The authors also provide sage recommendations for the necessary reforms that must be enacted.

This is a book that will appeal to both financial laymen (such as myself) and practitioners steeped in financial necromancy. A great starting point for those who work all their lives for money, but are clueless about how money works. If you have to read one book on the financial crisis, this is it.
Matt Cooper
Would highly recommend to anyone wishing to understand both the foundations and the implications of the 2007 economic crisis. Having read a number of books on the events of the last five years, I found the Roubini and Mihm text cogent, powerful and the implications particularly interesting.

Given Roubini's previous foresight I would advise others to read and take on board his prognosis.
Robert
Crisis Economics: A Crash Course in the Future of Finance by Nouriel Roubini and Stephen Mihm is a must-read for anyone who wants to know why the Great Recession of 2008 happened and where we should go from here. Roubini and Mihm dispel a number of myths about crises and explain why they happen. While many in the financial community treat these crises as “black swans” or rare occurrences, the authors believe that instead we should treat them as common “white swans”. The authors also take the tim...more
Jonathan Chen
"Crisis Economics" offers a comprehensive view of past economic crises, with an emphasis on the Great Recession of 2008. And course, Roubini offers his take on how to fix the various problems that plague our financial system. My main problem with the book is that Roubini does not offer any suggestions for the average investor. The average Joe is concerned with his mortgage, 401k, and saving for his kid' college tuition. The average Joe also has no say on the shenanigans on Wall Street and in con...more
Justin Evans
A little disappointing- the book isn't all that well organized, the 'solutions' offered are focused almost entirely on stabilizing the financial system, and it's frightening to see how quickly a book like this can be outdated.

Now obviously the problem of being outdated can't be laid at the authors' feet; and there's nothing particularly wrong with wanting to stabilize the financial system. I just come from a different world: when you promise 'radical' measures, I don't expect things like "do a...more
Converse
I listened to the audio version from audible.com. This book is mainly about the financial crisis of 2008, and appears to have been completed in 2010 before the financial reform legislation (the Dodd-Frank act) passed the United States Congress. Although it goes over some familiar ground, such as the role of derivatives and the easy money policy of the Federal Reserve in the years just prior to the crisis, it does have some interesting points less emphasized in other books about the financial cri...more
Dan Spradlin
There were things I liked about this book and things I did not like. I thought it had some good technical explanations with market theory and hypothesized links in currency and markets and deficits and so on. I thought this was interesting.

What I didn't like was a lot of unsupported statements where the author would state something about someone's criticism of why markets shouldn't be regulated for example and he would then say "That is a ridiculous statement" and then go on to cite reasons he t...more
Adem
A brief description of the flaws that has existed in our modern financial system.
The book avoids obscure terminology and explains the complex cause-and-effect relations with regards to economics in fairly simple language.
Jon
i wasn't really a big fan, really just talked about the 2008 crisis etc and what led to it, and conflicts of interest etc.
Void lon iXaarii
While I have some serious skepticism of the solutions proposed by the authors and their recipe for identifying problems (hindsight is always 20-20) I warmly recommend this book as simply a greatly researched and VERY well told story of the recent economics crisis with bonus goodies from all across history. But especially with relation to the recent one it's super mega fantastic: it goes into very smart details and touches on many interesting points. At one point I remember I was sooooo hoooked o...more
Mike Gibbs
This is a great book to read for some insight into some of the causes of the recent economic problems the world is facing. I can't say that I agree with all of Roubini's suggestions for solutions, but his analysis of the events of the crises are spot-on (part of the reason why he was documented predicting the housing bubble's pop two years before it happened). Roubini has the evidence to back up his claims to be able to look into the future and make surprisingly accurate predictions, so it would...more
Daniel
Solid, well researched summary of the most recent financial crisis. The authors are careful to avoid a partisan take on the reasons behind the crisis and stick to what they see as the facts. After reading it, it further reinforced my perception that for the most part, economics is not a very rigorous science, if it can be called that. I admire Roubini in that he has managed to stay out of the political fracas that so many other economists have embraced, and instead displays a commitment to disco...more
Noah Stacy
A bit too polemical for me, perhaps due to the audiobook narrator--I've heard him before, and he often lets a hint of a righteous sneer sneak into his tone when the authors are responding to some opposition view.

Besides that, I am suspicious of Roubini's conviction that crises are essentially predictable. We look at history with the benefit of hindsight; causes and effects seem crystal clear, and we wonder how we could be such fools. But life has to be lived forward, and the crystal ball is alw...more
Leslie
High quality descriptions of what happened in the Financial Crisis and the context of it also. The history parts are also very useful to give an understanding of the power of global financial systems.

The solutions section is a great read but very scary in that it's difficult to believe that the vested interest of the large financial corporations will not win out. It's going to need some pretty strong leadership.

Every politician in the large global economies needs a copy!!
Jake Berlin
starts out strong, but loses its way. the discussion of 19th and 20th century economic theory is probably the high point of the book, with the recipe for fixes the great recession's ills close behind. the weakest point is when the authors go off on a tangent about nations, their trade, and international monetary policy; it's not that it wasn't interesting -- it's just that it fell like it didn't fit the rest of the book.
keatssycamore
This confirmed some bias for me and also taught me a couple of new things. Of course the end of the book is Roubini echoing the call to "not let a good crisis go to waste" and recommending some things that could make future crises less dramatic but instead we wasted the chance and doubled-down. Guess I can hope we don't let the next (and inevitable) crisis go to waste without making some fundamental fixes.
faithful
Interesting book giving a well-rounded look at the background behind our recent financial upheaval. Toward the end of the book, the author begins to add too much of his personal politics [more government as the answer to everything].

My favorite part of the book was the history the author provides from all over the world and the different financial crises that have occurred over time.
Lucas
This is much more detailed and contains many more suggestions for reform than 'Trillion Dollar Meltdown', 'Depression Economics', or the Soros book, but it was published at a later date that gives it the benefit of additional hindsight. It's also possible through reading many of these books the financial concepts and jargon is starting to stick, and I can now better appreciate the details.
Elaine Nelson
The subtitle is lame, but the book is excellent. Good overview of the history of crisis in capitalism, something that was incredibly frequent prior to the reforms instituted during the Great Depression. Then a clear look at what got us into this particular crisis - and what didn't - followed by an analysis of options for long-term improvements to the financial system. Definitely recommended.
Pam
Excellent overview of the history of modern capitalism and the repeated crashes that have occurred in the last couple centuries. Although there was a lot of repetition, it was written well for the layman, as I am, to begin to understand what is happening in our economic world -- scarey! And the solutions that he puts forth, probably unattainable as long as short term greed is alive.
Steve
Nouriel Roubini predicted the 2007-08 financial crisis, and in this book he reviews the history and common features of all financial crises. He suggests that without significant reforms the last crisis will return more frequently and with more serious political impact in the future. Given the perverse stance of the Republicans and Wall Street, he is no doubt correct.
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Nouriel Roubini is a Persian American professor of economics at New York University's Stern School of Business and chairman of Roubini Global Economics, an economic consultancy firm.

Roubini's critical economic views have earned him the nicknames "Dr. Doom" and "permabear" in the media. In 2008, Fortune magazine wrote, "In 2005 Roubini said home prices were riding a speculative wave that would soon...more
More about Nouriel Roubini...
Bailouts or Bail-Ins?: Responding to Financial Crises in Emerging Economies New International Financial Architecture (Elgar Mini) (Vol 1 & V. 2) The Invisible Hands: Hedge Funds Off the Record - Rethinking Real Money The Reckoning: Debt, Democracy, and the Future of American Power Political Cycles and the Macroeconomy

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