Irrational Exuberance

Irrational Exuberance

Book - 2015
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"In this revised, updated, and expanded edition of his New York Times bestseller, Nobel Prize-winning economist Robert Shiller, who warned of both the tech and housing bubbles, now cautions that signs of irrational exuberance among investors have only increased since the 2008-9 financial crisis. With high stock and bond prices in the United States, and rising housing prices in many countries, the post-subprime boom may well turn out to be another illustration of Shiller's influential argument that psychologically driven volatility is an inherent characteristic of all asset markets. In other words, Irrational Exuberance is as relevant as ever. But Irrational Exuberance is about something far more important than the current situation in any given market because the book explains the forces that move all markets up and down. It shows how investor euphoria can drive asset prices up to dizzying and unsustainable heights, and how, at other times, investor discouragement can push prices down to very low levels. Previous editions covered the stock and housing markets--and famously predicted their crashes. This new edition expands its coverage to include the bond market, so that the book now addresses all of the major investment markets. This edition also includes updated data throughout, as well as Shiller's 2013 Nobel Prize lecture, which puts the book in broader context. In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent policy changes to lessen their likelihood and severity--and suggests ways that individuals can decrease their risk before the next bubble bursts. No one whose future depends on a retirement account, a house, or other investments can afford not to read it"--Provided by publisher.
Publisher: Princeton :, Princeton University Press,, [2015]
Edition: Revised and expanded third edition
ISBN: 9780691166261
Branch Call Number: 332.63222 SHI 2015 NVD
Characteristics: xxxiii, 358 pages : illustrations ; 25 cm


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Mar 29, 2015

One thing I didn't know but learned from reading Michael Hirsh's book, Capital Offense, was that Prof. Shiller was fired from his advisory role to the NY Federal Reserve Bank - - after 14 years - - by the new chair, TImothy Geithner, after he raised the possibility of falling housing rates! [Prof. Shiller was prophesying the meltdown.] And replaced with Catherine Mann, a real shill of the first order from academia and the Peterson Institute. Excellent book, and although not a Shiller fan, I believe he is entirely, albeit on the conservative side, correct! I do differ with Prof. Shiller's opinion on the market, given the existence of rigging by way of internalization process [top hedge funds and banks buy up the public trades, and perform them on their own systems, hence insider knowledge at the big data level].

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