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The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means | 
 enlarge | Author: George Soros
Publisher: PublicAffairs
Category: Book
List Price: $22.95
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Avg. Customer Rating:  47 reviews
Sales Rank: 131
Media: Hardcover
Number Of Items: 1
Pages: 208
Shipping Weight (lbs): 0.7
Dimensions (in): 7.6 x 5.4 x 0.8
ISBN: 1586486837
Dewey Decimal Number: 332.0973
EAN: 9781586486839
ASIN: 1586486837
Publication Date: May 5, 2008
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Product Description
In the midst of the most serious financial upheaval since the Great Depression, legendary financier George Soros explores the origins of the crisis and its implications for the future. Soros, whose breadth of experience in financial markets is unrivaled, places the current crisis in the context of decades of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. “This is the worst financial crisis since the 1930s,” writes Soros in characterizing the scale of financial distress spreading across Wall Street and other financial centers around the world. In a concise essay that combines practical insight with philosophical depth, Soros makes an invaluable contribution to our understanding of the great credit crisis and its implications for our nation and the world.
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| Customer Reviews: Read 42 more reviews...
 Philosophy and Finance October 6, 2008
This is very much like Soros's other books: a mix of (his own) Philosophy in PART I, and its possible applicability to the Finance markets of the time in PART II.
If you like Taleb's mix of Philosophy and Finance in Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets and The Black Swan: The Impact of the Highly Improbable then you'll Soros's approach.
If you're looking to emulate Soros's success, this book doesn't tell you how to do this in concrete steps. The theory of reflexivity explains the nature of financial markets (the problem) but doesn't give a solution.
Tony Loton, author --
DON'T LOSE MONEY! (in the Stock Markets)
Financial Trading Patterns
 briliant October 4, 2008
I agree with Sosors predictions on market crisis...i particularly enjoyed the second half of the book which focussed more on the market and his theory on how the crisis would unfold...if u r not interested in philosophy or mathematics, just open the book in the middle and read the rest to the end! Soros is still a market genius.
Soros at his best October 2, 2008
Don't buy this book if you're looking for an in depth analysis of the credit burst. There are many other books out there with depth. Buy this book if you love (or curios about) what one, if not the GREATEST MIND IN THE MARKETS, thinks currently (well, with a bit of delay).
ON REFLEXIVITY; Soros finally explains his philosophy of reflexivity clearly. He 'failed' in his book Alchemy of Finance and left millions of readers like me puzzled. That's already worth the price of the book. He offers his philosophy as an alternative for the market equilibrium theory. Hence the titel of the book. A new pardigm.
THE SUPER BUBBLE HYPOTHESIS; short and to the point, Soros explains his hypothesis. he sees two bubbles: the super bubble and the real estate bubble. get ready, it's gonna be nasty.
Soros shows some major mistakes been done in the financial system, the consequences, and potential solutions. Simply Soros at his best.
 Soros Gets Two Thumbs Up September 24, 2008
2 out of 2 found this review helpful
I recommend Soros' "The New Paradigm for Financial Markets: The Credit Crisis of 2008." He's the back out of retirement billionaire hedge fund mogul who brought down the English pound and is blamed for the Malaysian economy's demise during the Asian economic crisis. His calling card is exploiting currency arbitrage opportunities. I recommend this book for two reasons: First, he is a smooth and elegant writer, which is nice if you appreciate the English language and a readable book. Second, he really writes on a secondary market problem, which is the real problem since it is huge due to the world of derivatives. You may need Investopedia to help translate some of what he describes, then again, you may not. As an added bonus, Soros delivers his philosophy on the markets and confirms what many already know - perception is reality and it is unpredictably dynamic. Most people understand the problem on Main Street: 6.5 million foreclosures by 2012 and $2 trillion in credit losses. Few understand the bigger problems coming from Wall Street that is closer to $40 or $50 trillion in size. The U.S. economy is $14 trillion in size. Soros helps make these matters clear. This is not reading for the faint of heart with a cup of hot chocolate in warmed hands. This is scotch and water on the rocks reading.
[...]
Surprise, surprise -- Republicans and free markets caused the credit crisis and Democrats will regulate us out of it September 19, 2008
2 out of 8 found this review helpful
Alan Greenspan's Ayn Rand - inspired political views are responsible for the real estate bubble (the truth is that Freddie and Fannie with support from Democrats started the bubble with loans to people who could not afford them and Republicans including Greenspan tried prevent that by reforming Freddie and Fannie but were voted down by the Democrats). An "excessive reliance on the market mechanism" by Republicans and "market fundamentalists" who don't understand the Soros Paradigm -- Lack of a tendency towards equilibrium in financial markets -- (this seems to be repeated on every other page) created the "super bubble".
Actually a case can be made that government regulation gave birth to this "super bubble". Democrats like Barny Frank and Chris Dodd got the bubble going by pushing, on a massive scale, reverse redlining (giving loans to unqualified people). This Democratic over-reaction to redlining (denying loans to people who can afford them) is not discussed by the author in a forthright manner.
"Only a Democratic president can be expected to turn things around and lead the nation in a new direction. The new direction will be less reliance on the market mechanism and more reliance on more government regulation. But today as we are going through the worst financial crisis since the Great Depression more regulation of markets (including massive bail outs) is unavoidable and is being put in place by a Republican Administration as I write. If the Republicans do not get it right. Soros and Obama may well get their chance to put the market mechanism into strangle hold outlined in this book. They could destroy the power of creative destruction by wrapping it up in red tape. Economic growth could be stifled for decades.
The author's discussion of social science and natural science and supply and demand curves is done much more clearly in numerous fine textbooks. What you can't get out of textbooks or anywhere else is the back pain and spasms that Mr. Soros got at the right time. They were his early warning signs about his positions on the market. These early warning signs apparently helped him make billions. If this book does cause some readers to get a spasm it won't be the money making kind.
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