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John R. Talbott - The 86 Biggest Lies on Wall Street

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The 86 Biggest Lies on Wall Street: summary, description and annotation

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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. Talbotts 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...

John R. Talbott: author's other books


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John R. Talbott
The 86 Biggest Lies on Wall Street

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Table of Contents OTHER BOOKS BY JOHN R TALBOTT Slave Wages 1999 The - photo 1
Table of Contents

OTHER BOOKS BY JOHN R. TALBOTT

Slave Wages (1999)

The Coming Crash in the Housing Market (2003)

Where America Went Wrong (2004)

Sell Now! The End of the Housing Bubble (2006)

Obamanomics (2008)

Contagion: The Financial Epidemic That Is Sweeping the Global Economy (2009)
Ye shall know the truth and the truth shall make you free John 832 The - photo 2
Ye shall know the truth, and the truth shall make you free.
John 8:32

The truth that makes men free is for the most part the truth which men prefer not to hear.
Herbert Agar

False words are not only evil in themselves, but they infect the soul with evil.
Plato (427 B.C.-347 B.C.), Dialogues, Phaedo

Ambition drove many men to become false; to have one thought locked in the breast, another ready on the tongue.
Sallust (86 B.C.-34 B.C.), The War with Catiline

All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.
Arthur Schopenhauer (1788-1860)

Chase after truth like hell and youll free yourself, even though you never touch its coat-tails.
Clarence Darrow (1857-1938)
This book is dedicated to my mother, Agnes, who instilled in me a desire to seek the truth, and to my publisher, Dan, who must have been similarly inspired by his parents.
THE 86 BIGGEST LIES ON WALL STREET
1. Going into the current crisis, the American economy was the strongest and most resilient in the world.
2. This was simply a subprime mortgage problem that no one could have foreseen.
3. Governments insistence on lending to poor people who could not afford to buy a home created this problem.
4. The government, through its government-sponsored entities Fannie Mae and Freddie Mac, caused this crisis.
5. The problems were limited to the mortgage market.
6. This was a random event, like a hundred-year flood, that occurs naturally in the markets every fifty to one hundred years and could not be avoided.
7. Free-market capitalism works best with no regulation and no interference from government.
8. Corporations are just like people, only more rational.
9. Investment banks, commercial banks, rating agencies, and other middlemen are paid to represent your interests.
10. Capitalism works equally well in all industries.
11. If people were only more diversified in their investments this crisis would not have been as painful.
12. Lobbyists are good for the country and a great example of democracy in action: there are lobbies in Washington for grandmothers, pet owners, teachers, and all the rest of us.
13. The global banking system is adequately capitalized and will withstand this event.
14. Like the Great Depression, this is primarily a liquidity problem, and injecting cash into the system will solve it.
15. People are not investing and banks are not lending because they are afraid and are being irrational.
16. Taxpayer money is needed to bail out sick companies.
17. Everything that Hank Paulson ever said about the Troubled Asset Relief Program.
18. There are a few select large financial institutions that are the foundation of our banking system and, as such, are too big and important to fail.
19. We can save the auto industry with a $17 billion bailout by government.
20. Banks are more stable than investment banks because of their stable deposit base; therefore, it makes sense to turn investment banks, CIT, and GMAC into bank holding companies.
21. Diversification is the key. If everyone held a broadly diversified portfolio, the markets and society would be much more stable, efficient, and productive.
22. Buy low-sell high is a tried and true, guaranteed investment strategy.
23. The stock market will bounce back soon to pre-crisis levels, and so will the economy.
24. A buy-and-hold long-term investing strategy yields superior returns over trying to sell in down markets.
25. Dollar cost averaging, or buying in over time in small purchases, is a great way to achieve good returns without subjecting yourself to the risk of large losses.
26. Life-cycle investing means that people save during their productive years and then consume during their retirement years.
27. Technical analysis involving the charting of the historical prices of stocks can be very helpful in identifying buying opportunities or recognizing critical selling signals.
28. Before investing, you should talk with a financial advisor whose professionalism and long-term investing perspective will end up saving you a great deal of money over time.
29. In the long run, stocks outperform bonds if you do not object to slightly higher volatility along the way.
30. Stock market crashes are impossible today because markets are efficient; they properly and rationally price securities with all relevant information, making large one-day movements nearly impossible.
31. You should invest in companies with monopoly positions.
32. Annual cash flow (EBITDA) is a much more reliable measure of a companys earning potential than net income.
33. Companies selling addictive products, such as liquor and tobacco, make for good investments.
34. High inflation causes interest rates to peak and, because rates are higher, common stock P/E ratios become depressed.
35. The stock markets two-decade appreciation is primarily due to growth, innovation, the opening of new markets, and good management.
36. Low P/E stocks are considered bargains because they sell cheap relative to earnings, especially if they are big-dividend payers.
37. Fixed-coupon Treasury bonds are risk free.
38. Treasury Inflation-Protected Securities (TIPS) bonds are risk free because they adjust for inflation.
39. Interest rates are set by the Federal Reserve.
40. Bonds are a good investment and should represent a substantial portion of a typical individual investors portfolio.
41. Tax-free municipal bonds are a good investment alternative for a tax-paying individual.
42. Private equity firms create value by taking a long-term perspective and growing the businesses they invest in.
43. Investing in stock options allows you a greater upside, with limited to no downside risk.
44. Venture capital funds are a great way of riding the high-tech wave.
45. Commodity prices are certain to drop further as demand evaporates in this global recession.
46. Ignoring current disruptions, housing is always a very good long-term investment.
47. Gold is a bad investment because it has few productive uses in industry.
48. Preferred shares are a better investment than common because they get paid first in bankruptcy.
49. Unemployment is currently 8.1 percent.
50. The current reported declines in real GDP are overstated.
51. Inflation is caused by an overheated economy with too little unemployment and greater wage demands by workers.
52. The Federal Reserve works for average Americans and is concerned with keeping the economy growing and vibrant.
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