Mad Dog's Reviews > Aftershock: Protect Yourself and Profit in the Next Global Financial Meltdown

Aftershock by David Wiedemer
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Oct 08, 10

bookshelves: finish-someday, non-fiction, business
Recommended for: anybody interested in reading economic predictions OR interested in a current economic theory
Read from October 01 to 07, 2010

We have had one heck of a party and now we are just waking up hungover and tired. But as the morning goes on, that authors tell us that we are just going to feel worse. That is my book short summary.

One key feature of this book is that Appendices contain summaries and one could read just these summaries to generally understand the authors' economic theories.

I don't read many of these types of books for this primary reason: How do you do you deal with the barrage of information that you are getting?? It would take quite a bit of time to validate all of the assertions that this book makes, and that other books like this make. Do you put your faith in the authors?? Do you spend a bunch of time validating the authors' assertions??

In this book, it seems like there is one premise that is a bit flimsy: The authors have had one HIT and we are to trust that they are not "one hit wonders". The authors HIT it big with their prediction of the post-2006 meltdown of the housing market and financial industry. Now we should trust that they are going to hit it big with their dire predictions of economic gloom and doom. Among many gloom and doom predictions: 40-60% unemployment is coming 'soon' (although I have not gathered yet what 'soon' means). That is a hard one to swallow. I don't understand how they could predict this (dramtic rise in unemployment) but then predict that there will not be much of an upturn in crime. Their prediction of an upturn in family vs. family crime (without a corresponding upturn in 'general' crime') makes not much sense to me.

The authors sure seem confident (cocky). They speak with great certainty of their predictions. Given the uncertain nature of all this stuff, a humbler approach would seem more fitting. This "we are sure we are right about this" approach is a 'turn off'.

On the 'plus side' (if that is the right term), most of the 'bubble bursting' assertions (in this book) make sense. But I could probably read most any economic book and believe that it makes sense (me being an economic rube and all). I am inclined to believe the authors, as it makes sense to me that the party (of the U.S. economy) now needs to be paid for. It sure does seem to me like we have relied too much on debt to fund our standard of living, so a 'correction' makes sense to me.

It would be great to read a book like this where opposing views are presented and there would be more of a discussion than a sermon.

Essentially, this is a book of predictions. So the ultimate rating of this book lies in the results - especially for those who took the actions prescribed in the book. The book suggests selling stocks, buying gold, selling 'extra property', etc. And then wait for the bubbles to burst to re-enter stocks and real estate. They did not give an exact time frame for the bubbles to burst, but all of the bubbles should burst in the next 1-4 years (a pretty wide time frame). The authors did provide a website to keep track of the 'bubble bursting status'. So lets see what happens. I am 'taking this book under advisement' with regards to taking action on my family's finances.

I am blessed (or cursed) with a recent apathy towards the economy and my standard of living. So I am more bemused than alarmed when reading this book. Even so, I will probably be reading a more optimistic economic book soon. Is The Rational Optimist a good book?

I didn't read all of this book (but I read most of it) as I had it on loan and had already kept it too long. I'll finish someday. I am glad for reading from it. It is interesting.
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