The 86 Biggest Lies on Wall Street
How strong was the American economy going into the present crisis? How strong will it be a year from now? How about five years from now? Investors and citizens around the world realize, as never before, that we were misled—lied to—about the stability of our financial system. But what now?
John R. Talbott's ingenious new book, The 86 Biggest Lies on Wall Street, exposes the lies and then exposes us to the truth of what it will take to rebuild our economy. As a former investment banker at Goldman Sachs, Talbott knows firsthand how the financial system operates and what it will take to fix it. As the "oracle" who predicted the housing crisis in his 2003 book, The Coming Crash in the Housing Market, warned of a global banking crisis in his 2006 book, Sell Now, and called the election for Obama when the senator from Illinois was still the underdog in Obamanomics, Talbott' s revelations about how the Street and the economy really work are as clear-eyed and undeniable as his predictions and recommendations for our economic future are tough, sensible and exciting. We may ignore them at our own peril.
"A surprisingly readable and accessible rundown of the root causes of the crisis … No doubt there were will be more scholarly books written in coming years about the Great Recession. But Talbott, a former investment banker who spent 10 years at Goldman Sachs, makes a good stab at the first cut of history, with the critical eye of a man who understands the system but also sees its faults." —The Age
"Talbott has done us a service by taking a calm and thorough look at this number-crunching recession and offers evidence that truth was not high on the priority list of the scoundrels in this global drama … This book takes a surgical knife to the financial world and offers remedies both to cure the current ills and to lay foundations for a better future." —Tribune Magazine
"[Talbott] could be the modern-day Nostradamus of the finance world." —Queensland Courier-Mail
"Credible and engaging … many of his assertions are convincing." —Publishers Weekly
"In The 86 Biggest Lies on Wall Street, Talbott offers his prescription for our broken economic system, stating that we cannot have a real economic recovery without fundamental, structural reform of our financial systems." —CNBC's Bullish on Books
"Working his way through the assertions of Wall Street bankers and economists, and their politician cheer squads over the past two decades, Talbott, a former investment banker with Goldman Sachs, provides a surprisingly readable and accessible rundown on the root causes of the crisis." —Brisbane Times
"I love books that take conventional wisdom, the things 'everyone knows to be true,' and puts them under the microscope for renewed examination. John R. Talbott does this to Wall Street and investing in his book The 86 Biggest Lies on Wall Street … it's worth having your assumptions challenged to see if there might be a better path out there." —Duffbert's Random Musings
"Wall Street has all but completely abandoned its original purpose of providing reliable systems of finance that are necessary for economic development and human well being. Instead, it has devolved into a high-stakes casino fraught with greed and corruption, and has taken cover in the web of lies spun by powerful corporate, government, and media institutions. John R. Talbott's important new book, The 86 Biggest Lies on Wall Street, untangles this web of lies and arms us with much-needed information we can use to demand reforms. Talbott's newest contribution is timely, informative, and we do not need to be economists or bankers to understand it." —Joel Magnuson
"As John R. Talbott proves in The 86 Biggest Lies on Wall Street, anyone who has ever suspected the evening news was feeding them a line of crap was right. Here, in straightforward language so simple even an American media consumer can understand it, is how and why business reporters and their corporate masters lie to us—and what we should do about it." —Ted Rall
"In demolishing these lies, John's book presents a series of radical and far-reaching reforms and measures that every saver, pensioner, job-seeker and working person will want to read, and which every banker and politician will hope they don't." —Nick Robinson of Constable & Robinson
"Talbott hits hard … As it stands now, everyone up and down the line is getting away with it when it comes to predatory mortgage lending, from the brokers at the bottom to the investors at the top. As Talbott points out, it's not hard for the American public to figure out that something criminal went wrong in a $40 trillion meltdown. Now its the justice systems turn to do the same." —Washington Independent