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1 Bob Dillon  Tue, Sep 27, 2011 4:33:18am

He is one that gets it. JPMorgan is right up there with GS. Uh … and they are all about to come unglued as well.

For a great read - non-fiction -

[Link: www.amazon.com…]

This Time is Different takes a Sergeant Friday, just-the-facts-ma’am approach: before we start theorizing, let’s take a hard look at what history tells us. One side benefit of this approach is that the current book manages to be both extremely useful to professional economists and accessible to the intelligent lay reader. The Reinhart-Rogoff approach has already paid off handsomely in making sense of current events. — Robin Wells and Paul Krugman, New York Review of Books

Professor Rogoff and his longtime collaborator Carmen Reinhart … know more about the history of financial crises than anyone alive. The pair have just published their broad survey of financial crises, This Time is Different. In an era when most ‘analysts’ rely on maybe 30 or 40 years’ worth of financial history—and then only that of the U.S.—the authors’ knowledge of financial crises and government bond defaults going back to the Spanish empire and before offers a richer perspective. — Brett Arends, Wall Street Journal

[O]ne of the most important economic books of 2009. — Jon Hilsenrath, Wall Street Journal

[T]he definitive book on financial crises. — Steven Pearlstein, Washington Post

Two top-notch economists provide a clear and interesting explanation of why economic crises keep occurring. Broadly speaking, downturns such as the one we are recovering from are historically associated with characteristics that should sound quite familiar to today’s investors. — David Schwartz, Financial Times

[A] masterpiece. — Martin Wolf, Financial Times

The four most dangerous words in finance are ‘this time is different.’ Thanks to this masterpiece by Carmen Reinhart at the University of Maryland and Kenneth Rogoff of Harvard, no one can doubt this again… . The authors have put an immense amount of work into collecting the data financial institutions needed if they were to have any chance of making quantitative risk management work. — Martin Wolf, Financial Times

Here’s a deep and rewarding assignment for all of you, young and old, poor and rich, bullish and bearish. Retire to a quiet spot with a copy of This Time Is Different: Eight Centuries of Financial Folly, by Carmen M. Reinhart and Kenneth Rogoff. — Bob Lenzner, Forbes.com

[A] fine new history of financial debacles. — Daniel Gross, Newsweek

Wouldn’t it be nice to have $1,000 for every time a pundit proclaims an era of endless prosperity, consigning booms and busts to the dumpster of history? The next time you hear that canard (and you will) pour yourself a single malt and dip into Carmen M. Reinhart and Kenneth S. Rogoff’s landmark study, This Time Is Different. Wherever you open the book, you’ll find proof that debt-fueled expansions have ended in financial ruin for hundreds of years… . The result is a visual history laid out in beguilingly simple graphs and tables, making the book both definitive—a must read for professors and investors—and accessible to a wider audience. — James Pressley, Bloomberg News

Carmen Reinhart and Kenneth Rogoff have delivered a powerful and eloquent statement… . Reinhart and Rogoff have done an extraordinary job in putting together statistics on government debt—a task that economic historians should have done long ago but shied away from because of the difficulties of defining ‘government’, which is often complex and multi-layered. — Harold James, The American Interest

Unlike prior narrative accounts of market panics from such finance writers as Charles Kindleberger and Edward Chancellor, Reinhart and Rogoff give us a data-driven study that is global in sweep but also a model of clarity. The authors package their notably nonhysterical analysis of the latest crisis in a large, self-contained section of the book inviting harried readers to skip right ahead to it. — Daniel Akst, CNNMoney.com


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