For more than a decade, seasoned Wall Street prognosticator Peter Schiff has not only observed the U.S. economy, but has helped his clients restructure their portfolios to reflect his outlook. What he sees today is a nation facing an economic storm brought on by growing federal, personal, and corporate debt; too little savings; a declining dollar; and a lack of domestic manufacturing.
Here, Schiff provides you with an insightful examination of the structural weaknesses underlying this impending economic meltdown, and discusses how you can protect yourself during the difficult times that lie ahead. Using common-sense analysis, creative analogies, and easy-to-understand language, Schiff entertains as well as educates and outlines a specific three-step plan that will allow you to preserve wealth and protect the purchasing power of your savings.
©2007 Peter D. Schiff and Lynn Sonberg Book Associates; (P)2008 Gildan Media Corp
"At a time when we all should be looking to crash-proof our portfolios, Schiff offers us this much-needed life-raft." (Liz Claman, Cohost, CNBC Morning Call)
The first 3/4 of this book are a good explanation of why the US economy is in such bad shape and why it won't fully recover any time soon. The remaining part is just a commercial for the products and services offered by the author's company.
I can save you six hours - here's his basic advice: buy gold, put any remaining capital in foreign currency, and don't buy what you can't afford to pay cash for.
The book is good to understand how the US economy has gotten into the shape it's in and what to do about it. There are good basics on banking and investing. As others have mentioned, parts read a bit like a marketing brochure for Schiff's Investing Company, but I don't think it's such a problem in this case. He gives equal advise to persons seeking equal services from other companies. To the detractors I'd say that taking some of the recommended actions could still put one in some stable defensive positive value investments whether the authors negative view on the US economy materializes or not. I read this at the peak of passing the 700$B banking bailout bill (09/2008), and realize that Schiff was predicting such a colapse as he wrote the book 2 years ago (2006). The author's cause is significant, but commenting as a book only, I find it informative and well written, and in audible's case, well read.
Be warned, you will be shocked, depressed, then start to strategize for preservation.
Schiff's opinions and predictions are based on common sense, not conspiracies.
Essential read with a very insightful look into the sludging American economy and how we arrived in this situation. Written over 2 years ago he predicts the government intervention, bailout and fall of giants Fannie and Freddie... Peter Schiff calls out the propaganda efforts to distort the facts and data that are spread to the sheeple. Truth be told inflation is under reported, the economy is on the brink of total collapse and few investors have the courage and insight how to protect themselves. Gold has fluctuated significantly through out history but has proven to be a solid investment and hedge against a fiat currency with no limitations on printing. This book provides essential economic information that Americans need to comprehend to make sound financial and political decisions to better themselves and in turn America as a whole!
The book IS a bit too long and Schiff could have made his points in much less time. However, what he has to say is so spot-on that it is worth taking the time to muddle through the 8+ hours. Listening to him predict the coming housing crash feels more like a history lesson than a prediction - as this was written in 2006. The book is well worth your time. Just be prepared to have many of your held beliefs in our US economy challenged.
Before I read this book I was always frustrated at my lack of understanding the stock market. Especially after following the stock recommendations of the commentators and guests on all those cable financial TV. shows. Then I found and read Peter's book. He explained in layman's terms what Wall Street was all about. While market experts were telling me to buy stock, there real clients were selling stock. Peter explains why our phony US consumer base economy is headed for trouble. And more importantly, what we can do to escape the coming collapse. My only regret is not reading this book sooner!
As you listen to this book, put your self in late 2006 early 2007 and you'll hear predictions of 2008 and 2009 that will amaze you. I just can't wait for version #2 later this year. I bought this book too late and was caught in the crash, I'm now waiting on the next book to determine how best to make up for my mistakes of 2007.
I am hooked on this way of analyzing the markets.
I wish I could get my brokers at Schwab and MS to read it and give me their opinions ... but they dont! Part of the circular problem. I'd suggest reading both of Peter's books and listening to his weekly website broadcasts (despite his puffery).
I read this book 18 months after its publication and was amazed at the predictions made by the author. A significant number of them have come to pass. The US Dollar has plummeted against other curriencies; the housing market is in free fall with predicted losses in the mortgage industry of $1 TRILLION; the stock market is flucuating wildly and on a significant downward trend; inflation of 6% is predicited (by the pundits) this year and interested rates are about to increase significantly according the Federal Reserve. I did not apprecitate the blatent promotion of his business. I do not like to pay for someelse's advertising.
Peter Schiff nailed it. He speaks in basic economics anyone with a heart for business can understand. This book helped me understand what is happening right now in our economy.
It also made me realize that the idiots that got us into this mess are not going to be able to get us out of it.
"Buy Crash Proof 2 - this has no value"
Crash proof 2 Crash Proof plus a couple of hours update in 2009
Which means there is no point buying Crash proof
There are no listener reviews for this title yet.
Report Inappropriate Content
If you find this review inappropriate and think it should be removed from our site, let us know. This report will be reviewed by Audible and we will take appropriate action.