Huffington Post Readers' Picks: 10 Books That Predicted The Financial Crisis

We posted a list of eight books that predicted the economic crisis and as usual, our readers had their own ideas about what we should have recommended. So, in the name of nearly instant gratification, we're bringing some of that list to you now. There were a few we couldn't verify, and others that we might have missed, so bear with us if you don't see yours here. The range was "interesting": "Reflections on the Revolution in France", Edmund Burke; "The Long Emergency", James Howard Kunstler; "The Powers That Be", G. William Domhoff; "The New Golden Age", Ravi Batra; "The Penniless Billionaires", Max Shapiro; "The Coming Crash in the Housing Market", John R. Talbott; and "The Coming Collapse of the Dollar and How to Profit From It", James Turk and John Rubino. We couldn't feature them all, but let us know what you think of these and if you have more recommendations, we want to hear them.

"Das Kapital", Karl Marx

Everybody always brings this one up.

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Comments

[Frank N Blunt]

05:01 AM on 01/06/2010

One to read that was released in 2009 but deals with developments toward the crisis is Dear Mr. Buffett: What An Investor Learns 1,269 Miles From Wall Street by Janet Tavakoli.
However, she wrote her Collateralized Debt Obligations and Structured Finance : New Developments in Cash and Synthetic Securitization in 2003. An overlooked resource that presages the impending devestation that would be wreaked by the weapons of financial destruction, human vice, and misguided politics (unduely influenced).
Both should be given regard, by concerned citizens and especially by idealistic legislators, to get an idea of the complexity of the situation and to develop a responsible effort in dealing with the problems.
I've got more faith in the concerned citizens that want progressive and positive notions for our nation because I'm getting the idea that the unduely influenced politicians probably don't care that much or would rather look the other way.

[peowlemeow]

12:11 AM on 12/10/2009

I don't think books on this sh-tstorm are a necessity.First and foremost ,Republicans are very poor sports.1993 wasn't much fun either.When they get beat they first act surprised ;which they aren't and they they start pulling money out of any and everything that might be on the books and taxable.Period.They make donations equal to their tax load during times when they are in power and they double down when Democrats are in power.401ks were built to expire and there simply were no more tenths of points to shave.Everyone that banked their retirements twenty years ago was doomed to take a hit.Throw in the day traders trying to bite that cake and pow!Those nest eggs were sitting for twenty years pensions get eaten by leveraged buy outs.IRAs get eaten by investors looking at all that money and being allowed to smell that cash.That dough was never safe and allowing banks to play with it as an executive officer of the IRS was an accident waiting to happen.

[peterg76]

11:46 PM on 12/09/2009

This may be off topic, but why is it that every interesting list is presented on 10 (or whatever) separate graphics-intensive pages?

[Lemeritus]

10:21 PM on 12/09/2009

American Theocracy - Kevin Phillips.

[spoonerrothbard]

09:27 PM on 12/09/2009

Also,

The Case for Gold, 1982, also by Congressman Ron Paul.

[spoonerrothbard]

09:26 PM on 12/09/2009

Gold, Peace, and Prosperity The Birth of a New Currency, 1981, by congressman Ron Paul.

Human Action, 1949, by Ludwig Von Mises.

[intitomo]

09:22 PM on 12/09/2009

Robert Brenner's Economics of Global Turbulence (2005) surely was more prescient than books published in 2007 onward. The credit crisis started in August 2007 when the LIBOR rate began to freeze. Most of these books, besides Das Kapital, have little analysis of the underlying structure of the economy and too much on the financial sector.

[repugnicansfearme]

09:03 PM on 12/09/2009

I Looooooooooooooooooooooove HuffPost when they show pictures of stockbrokers and traders in distress. Nothing warms the heart so well on chilly nights than to know that people who have absolutely no redeeming value in our economy--- brokers and traders---- are suffering. Well done.

[unitron]

07:54 PM on 12/09/2009

John Kenneth Galbraith's 1954 bestseller "The Great Crash, 1929 ", and the ability to recognize history repeating itself, were all that were needed.

[Martin Ashcroft]

04:56 PM on 12/09/2009

Short and to the point ... The World is Flat? by Aronica and Ramdoo
www.mkpress.com/flat (site provides informative 13-min video and free excerpts)

Section on the Financialization of America and quotes from Elizabeth Warren painted
a clear picture for the ordinary person (no economics degree required) And goes way beyond this specific crisis to explore
other megatrends in globalization and how they will affect us all.

Great read for this who want to know but have little time to read.
This book was required reading in one of my college courses,
and generated some really lively discussions.

Professor Frankfurt of Princeton is referenced in the book and video.
He's the author of the book, "On Bullshit"
and tells how BS is driving our world these days.

[rugbymom]

04:06 PM on 12/09/2009

Charles R. Morris, Trillion Dollar Meltdown --first published Jan. 1, 2008, obviously written before that; reprinted in 2009 as The Two Trillion Dollar Meltdown. He gives all the specifics on the over-leveraging and invention of too-complex-to-price financial instruments like CDOs -- how, where, by whom. Very learned, very readable, right on the money except he underestimated the dollar impact.

[CyberBrian2]

03:14 PM on 12/09/2009

Very surprised not to see Irrational Exuberance Volume II on the list. Dr. Robert Shiller predicted the tech bubble burst in Volume 1 and the housing collapse in Volume II.

[rugbymom]

04:03 PM on 12/09/2009

It was in the original list of 8 posted by HuffPost editors, thus did not need to be included in the add-on list.

[CyberBrian2]

08:25 PM on 12/09/2009

Thanks, rugbymom, I missed that.

[JuniperSunshine]

01:28 PM on 12/09/2009

Actually, the Two Income Trap by Elizabeth Warren set the stage for the housing bubble. She deserves a spot on the list, too.

[jerryt]

12:47 PM on 12/09/2009

What is missing are the books by Dr Ravi Batra.

[Amy Hertz]

01:24 PM on 12/09/2009

He's in the list that precedes the slide show.