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The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It Hardcover – 24 Aug 2008

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Robert J. Shiller (Author)
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Robert J. Shiller (Author)
4.2 out of 5 stars 9 customer reviews
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Product details

  • Hardcover: 196 pages
  • Publisher: Princeton University Press; 1st edition (24 Aug. 2008)
  • Language: English
  • ISBN-10: 0691139296
  • ISBN-13: 978-0691139296
  • Product Dimensions: 15.2 x 2.1 x 21.2 cm
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (9 customer reviews)
  • Amazon Bestsellers Rank: 431,298 in Books (See Top 100 in Books)

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Review

Rigorous, innovative, and accessible, "The Subprime Solution" is a wonderful book that will appeal to a wide audience. Robert Shiller is uniquely qualified to analyze the recent unprecedented problems in the mortgage and housing markets, and the way they have spilled over into the wider credit markets. He has again proven his ability to communicate complex ideas and evidence about financial markets. --Diane Coyle, author of "The Soulful Science"

From the Back Cover

"Robert Shiller is two for two in predicting and identifying bubbles that will burst. This book is a must read for anyone predicting future bubbles or charting the course of recovery from our current difficulties."--Lawrence H. Summers, Harvard University

"The subprime crisis has visited ruin on thousands of Americans, and it threatens the health of the global economy. In this timely and fascinating book, Robert Shiller, an expert on irrational behavior in financial markets, conducts a postmortem. How could so many smart people have been so wrong? Shiller concludes that unchecked financial innovation works poorly in asset markets, and he describes the institutions needed to prevent future bubbles."--Gregory Clark, author of A Farewell to Alms

"Reading this exciting book is like watching a skilled surgeon at work. The diagnosis of the subprime mortgage mess is biting in its intensity--the best I have seen--and encompasses the human tragedy as well as the economic and financial crisis. The recommended therapy develops logically from Shiller's analysis and is unique in concept as well as powerful in application. The crystal-clear writing style makes his manifesto a pleasure to read."--Peter L. Bernstein, author of Capital Ideas: The Improbable Origins of Modern Wall Street and Capital Ideas Evolving

"Robert Shiller is a visionary."--Nassim Nicholas Taleb, author of The Black Swan: The Impact of the Highly Improbable

"Rigorous, innovative, and accessible, The Subprime Solution is a wonderful book that will appeal to a wide audience. Robert Shiller is uniquely qualified to analyze the recent unprecedented problems in the mortgage and housing markets, and the way they have spilled over into the wider credit markets. He has again proven his ability to communicate complex ideas and evidence about financial markets."--Diane Coyle, author of The Soulful Science

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3.0 out of 5 starsMore than one year on ....
By Mr. M. C. Graham on 18 Nov. 2009
Format: Hardcover Verified Purchase
So is this still worth reading, more than one year after it was published?

The answer is yes, but with provisos. The book is very much of its time, but some of it is still very relevant.

The first four chapters deal with the origin, characteristics and implications of the subprime crisis. Whilst these are remarkably insightful, particularly considering the book was published before Lehman collapsed, you cannot but feel that they would have been rather different if they had been written a few months later.

The fifth chapter proposes short term responses to deal with the crisis. Again, this is interesting but rather academic, since by this stage we all know what has been done and not been done.

The sixth chapter covers proposed long-term responses. The first few suggestions are sensible but a bit dry ("comprehensive financial advice", "a new financial watchdog"). It's not until page page 140 (of 178) that things get really interesting. Here, Shiller sets out his idea for a new unit of financial measurement - the inflation-linked "basket" - and also suggestions on new financial markets and new financial products that would offer powerful potential for governments, businesses and individuals to manage their affairs to reduce risk. This stuff really is visionary, and you're left frustrated that there's not more on it.

If I had read this in August 2008, I would probably have given it five stars; 15 months later, it's a strong three stars.
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5.0 out of 5 starsan essential handbook for bubble spotters
By T. J. Penn on 5 Aug. 2008
Format: Hardcover
Shiller's is a concise attempt to elaborate in just seven chapters the genesis of the housing bubble (a psychological carry-over from the dotcom bubble), explode its myths ("prices always go up"), explore its scale and the dangers of its deepening impact (it's bad), assert the need to maintain confidence in our economic and financial institutions by aggressive action (comparing the US and European responses to the Great Depression), and then explore longer-term, more fundamental reforms and innovations that will create a population much more attuned to economic risk.

Shiller says his inspiration was John Maynard Keynes 'The Economic Consequences of the Peace', which I take to mean that getting the subprime solution wrong could have devastating consequences.

At less than 200 pages of wide-margined type, lightly annotated and with no bibliography, there is something of the emergency pamphlet about this book. And Shiller is advocating a much speedier and more deep-rooted response to the crisis, which, as of a few weeks ago, he felt was still not being taken seriously enough.

There are many recommendations, but if the scale of the problem is as suggested, I'd argue that it's a book that everyone who lives in a house (and who is of reading age) should own; just don't buy ten and try to rent them out.

The Knackered Hack
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4.0 out of 5 starsShort and radical
By tomsk77 on 30 Aug. 2008
Format: Hardcover
Robert Shiller has written some very interesting things over the years. In my opinion Irrational Exuberance is still one of the best books to read about stockmarkets, and in the New Financial Order he set out some new ideas for democratising finance so that it better serves the public. This short book (the previous reviewer is right to say it's more of a pamphlet) draws a bit on the ideas mapped out in the New Financial Order as a way out of the current mess.

To massively over-simplify, Shiller says we need a mix of short-term sticking plasters and longer-term reforms. In respect of the former camp he says we have to accept bailouts as a necessary evil, even though it goes against the moral hazard arguments. he also suggests setting up a revamped Homeowners Loan Corporation which would take on mortgages as collateral for loans to mortgage lenders in return for influencing the form future mortgages take (in order that they offer a better deal to homeowners).

Turning to the longer term Shiller sets out 6 key policies - comprehensive financial advice (based on fees rather than commssions), the establishment of a consumer finance watchdog, the creation of more default financial options (not just pensions, mortgage arrangements could also be included), improved financial disclosure, to improve accountability, the creation of better financial databases which would help provide consumers with better advice and more tailored products, and finally and most radically the creation of new units of economic measurement, based on what things actually cost.

There are big plus points about this book. First, Shiller is willing to think big.Read more ›
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5.0 out of 5 starsThoughtful, straightforward diagnosis and prescription
By Rolf Dobelli TOP 500 REVIEWER on 18 Sept. 2008
Format: Hardcover
Robert Shiller, the prescient author of the book Irrational Exuberance, offers an insightful examination of the causes of the subprime mortgage crisis, and suggests a list of potential measures for the future. He lays the blame for the subprime crisis on the same oblivious fiscal attitudes that led to the technology bubble of the 1990s and the real estate bubble of the 2000s. Both bubbles involved excessive lending and resulted in severe losses for capital providers. His prescription for dealing with the crisis involves a range of policy measures. In the short term, he calls for bailouts for low-income borrowers who got drawn into subprime scams that they did not understand. For the long term, he proposes a new framework for financial institutions, more transparent information, simpler contracts, improved risk-management markets, equity insurance and home loans linked to income, among other measures. Both his diagnosis and his prescription will be controversial, no doubt, but getAbstract thinks his book is a necessary text for anyone who wants to understand what's happened, and how to survive it and learn from it.
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