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The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It
The subprime mortgage crisis has already wreaked havoc on the lives of millions of people and now it threatens to derail the U.S. economy and economies around the world. In this trenchant book, best-selling economist Robert Shiller reveals the origins of this crisis and puts forward bold measures to solve it. He calls for an aggressive response--a restructuring of the institutional foundations of the financial system that will not only allow people once again to buy and sell homes with confidence, but will create the conditions for greater prosperity in America and throughout the deeply interconnected world economy. Shiller blames the subprime crisis on the irrational exuberance that drove the economy's two most recent bubbles--in stocks in the 1990s and in housing between 2000 and 2007. He shows how these bubbles led to the dangerous overextension of credit now resulting in foreclosures, bankruptcies, and write-offs, as well as a global credit crunch. To restore confidence in the markets, Shiller argues, bailouts are needed in the short run. But he insists that these bailouts must be targeted at low-income victims of subprime deals. In the longer term, the subprime solution will require leaders to revamp the financial framework by deploying an ambitious package of initiatives to inhibit the formation of bubbles and limit risks, including better financial information; simplified legal contracts and regulations; expanded markets for managing risks; home equity insurance policies; income-linked home loans; and new measures to protect consumers against hidden inflationary effects. This powerful book is essential reading for anyone who wants to understand how we got into the subprime mess--and how we can get out. .
Price: $9.75
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Irrational Exuberance
In this timely and prescient update of his celebrated 2000 bestseller, Robert Shiller returns to the topic that gained him international fame: market volatility Having predicted the stock market collapse that began just one month after the first edition was published, he now expands the book to cover other markets that have become volatile, particularly the recently red-hot housing market. He includes a full chapter on domestic and international housing prices in historical perspective. Shiller amasses impressive evidence to support his argument that the recent housing market boom bears many similarities to the stock market bubble of the late 1990s, and may eventually be followed by declining home prices for years to come. After stocks plummeted when the bubble burst in 2000, investors moved their money into housing. This precipitated the inflated real estate prices not only in America but around the world, Shiller maintains. Hence, irrational exuberance did not disappear—it merely reappeared in other settings. Building on the original edition, Shiller draws out the psychological origins of volatility in financial markets, this time folding real estate into his analysis. He broadens the evidence that investing in capital markets of all kinds in the modern free-market economy is inherently unstable—subject to the profoundly human influences captured in Alan Greenspan’s now-famous phrase, “irrational exuberance.” As was true of its predecessor, the second edition of Irrational Exuberance is destined to be widely read, discussed, and debated..
Price: $8.59
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Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism
The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, "animal spirits" are driving financial events worldwide. In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity. Akerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government--simply allowing markets to work won't do it. In rebuilding the case for a more robust, behaviorally informed Keynesianism, they detail the most pervasive effects of animal spirits in contemporary economic life--such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes--and show how Reaganomics, Thatcherism, and the rational expectations revolution failed to account for them. Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits--the powerful forces of human psychology that are afoot in the world economy today. .
Price: $16.47
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The New Financial Order: Risk in the 21st Century
In his best-selling Irrational Exuberance, Robert Shiller cautioned that society's obsession with the stock market was fueling the volatility that has since made a roller coaster of the financial system. Less noted was Shiller's admonition that our infatuation with the stock market distracts us from more durable economic prospects. These lie in the hidden potential of real assets, such as income from our livelihoods and homes. But these ''ordinary riches,'' so fundamental to our well-being, are increasingly exposed to the pervasive risks of a rapidly changing global economy. This compelling and important new book presents a fresh vision for hedging risk and securing our economic future. Shiller describes six fundamental ideas for using modern information technology and advanced financial theory to temper basic risks that have been ignored by risk management institutions--risks to the value of our jobs and our homes, to the vitality of our communities, and to the very stability of national economies. Informed by a comprehensive risk information database, this new financial order would include global markets for trading risks and exploiting myriad new financial opportunities, from inequality insurance to intergenerational social security. Just as developments in insuring risks to life, health, and catastrophe have given us a quality of life unimaginable a century ago, so Shiller's plan for securing crucial assets promises to substantially enrich our condition. Once again providing an enormous service, Shiller gives us a powerful means to convert our ordinary riches into a level of economic security, equity, and growth never before seen. And once again, what Robert Shiller says should be read and heeded by anyone with a stake in the economy..
Price: $14.40
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Market Volatility
Market Volatility proposes an innovative theory, backed by substantial statistical evidence, on the causes of price fluctuations in speculative markets. It challenges the standard efficient-markets model for explaining asset prices by emphasizing the significant role that popular opinion or psychology can play in price volatility. Offering detailed analyses of the stock, the bond, and the real estate markets, Shiller discusses the relations of these speculative prices and extends the analysis of speculative markets to macroeconomic activity in general. Robert J. Shiller is Stanley B. Resor Professor of Economics at the Cowles Foundation, Yale University..
Price: $30.00
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Directive 19: The Memoirs of SS Sturmbannfhrer Rolf Otto Shiller
I decided whether you lived or died. That was my job. "I was at the forefront of planning, organizing and carrying out the deportations to the concentration camps. I submitted recommendations to Superior Officers regarding the most cost effective and efficient methods to utilize in the camps to ensure the maximum number of executions on a daily basis. I participated in the killings of civilians and Jews conducted by Einsatzgruppen Units in the Ukraine and continued to offer proposals on means to expedite the process. I have killed with ruthless disregard for humanity. I ordered young German soldiers to kill with ruthless disregard for humanity. I personally authorized favorable reports on the use of Zyklon B as a gassing chemical and personally pulled the trigger of a machine gun to shoot civilians on the snowy steppes of the Ukraine. I hanged Polish, French and Dutch civilians during summary and reprisal executions. I am a criminal.".
Price: $23.12
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Quantifying the Market Risk Premium Phenomenon for Investment Decision Making
Twenty years ago, the ideas advocated in this proceedings were considered heretical: today, the topic is attracting some of the most respected researchers in finance Their findings have important implications for the investment profession, particularly in asset allocation. Proceedings of The Institute of Chartered Financial Analysts seminar held September 26-27, 1989 in New York, New York..
Price: $25.00
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Montessori Flash Cards Addition - Basic
Montessori Flash Cards Addition Basic: It's a Montessori breakthrough in flash cards! For the first time, students can now see how to correct errors when memorizing their math facts using proven Montessori methods that have helped millions of children worldwide. ShillerMath is the first to bring this unique Montessori approach to parents and educators. Ages 4-8.
Price: $2.94
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Montessori Flash Cards Subtraction Basic
Montessori Flash Cards Subtraction Basic: It's a Montessori breakthrough in flash cards! For the first time, students can now see how to correct errors when memorizing their math facts using proven Montessori methods that have helped millions of children worldwide. ShillerMath is the first to bring this unique Montessori approach to parents and educators. Ages 5-8.
Price: $3.95
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