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	<review id="38084559">
    <user id="1720978">
    <name><![CDATA[Jon]]></name>
    <location><![CDATA[Clearfield, UT]]></location>        
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  <id type="integer">4052332</id>
  <isbn>0465044034</isbn>
  <isbn13>9780465044030</isbn13>
  <ratings_count type="integer">1</ratings_count>
  <text_reviews_count type="integer">1</text_reviews_count>
  <title>Manias, Panics, and Crashes: A History of Financial Crises</title>
  <average_rating></average_rating>
  <link>http://www.goodreads.com/book/show/4052332.Manias_Panics_and_Crashes_A_History_of_Financial_Crises</link>
<author>
  <id type="integer">37193</id>
  <name>Charles P. Kindleberger</name>
  <ratings_count type="integer">69</ratings_count>
  <text_reviews_count type="integer">20</text_reviews_count>
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    <rating>3</rating>
  <votes>0</votes>
  <spoiler_flag>false</spoiler_flag>
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        <shelf name="finances" />
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  <read_at>Mon Feb 09 00:00:00 -0800 2009</read_at>
  <date_added>Tue Nov 18 16:27:55 -0800 2008</date_added>
  <date_updated>Mon Feb 09 21:06:11 -0800 2009</date_updated>
  <read_count></read_count>
    <body><![CDATA[This was interesting book that reads like several essays made into a thesis, i.e., a bit hard to read for the lay reader.  It did give valuable insight to how bubbles and crashes happen and a solution to crashes.  Some of the interesting points to the book were how it is very difficult to avoid a bubble (even if you are on the good standard, those financial types can be very creative apparently) and when you are not able to stop a bubble (perhaps because you don't recognize it for what it is or you're the one that is feeding it) then you need a lender of last resort.  I don't know if I entirely buy into that though, since we have confidence in the system (by the FDIC) yet we still have to bailout the economy, so when will it ever stop?  Probably never since even if you have good regulation the financial types will find a way around it, so you have to go back to the lender of last resort but you have to make people think that you will not always be that even though there has always been a lender of last resort ever since the 1720s (when the book starts talking about the different crises).<br/><br/>Overall I would say it's a good read with lots of information but unless you're up for a challenging book you better pick a different one.  Part of what makes this book hard to read is that it seems like he assumes you are already knowledgeable of financial history and it is a bit dry, I must admit.]]></body>
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