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Conquer the Crash: You Can Survive and Prosper in a Deflationary Depression [Hardcover]

Robert R. Prechter
3.8 out of 5 stars  See all reviews (100 customer reviews)
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Book Description

Oct. 28 2009
Today's financial and economic tribulations were a long time in the making. Many people ask, "Why didn't someone see it coming?" A New York Times bestselling book did see it coming. Over 100,000 people read it in time to protect their wealth. The book foresaw and explained the collapse in home prices, plunge in stocks, subprime debacle, liquidity crisis, the demise of Fannie and Freddie, the Federal Reserve's failure to turn the trend, and lots more. The book was Robert Prechters Conquer the Crash, published in early 2002, when the Dow was above 10,000 and the financial world was partying around-the-clock.

Fast forward to today: the average U.S. homeowner has suffered a decline of 30% to 40% in property value. Stocks and commodities had their biggest fall since 1929-1932. Fannie Mae is a zombie corporation under the governments protection. The Fed has pushed every button at its disposal (and then some), to no avail. If Prechter thought a whole new book would help, he'd have written one. But Conquer the Crash is a book-length forecast that's still coming true -- only some of the future has caught up with the specific predictions he published back then. There is much more to come. That means more danger, but also great opportunity. Conquer the Crash, 2nd edition offers you 188 new pages of vital information (480 pages total) plus all the original forecasts and recommendations that make the book more compelling and relevant than the day it published.

In every disaster, only a very few people prepare themselves beforehand. Think about investor enthusiasm in 2005-2008, and you'll realize it's true. Even fewer people will be ready for the soon-approaching, next leg down of the unfolding depression. In this 2nd edition, Prechter gives a warning he's never had to include in 30 years of publishing -- namely, that the doors to financial safety are closing all over the world. In other words, prudent people need to act while they can. Conquer the Crash, 2nd Edition readers will receive exclusive online access to the Conquer the Crash Readers Page, where Prechter continually updates the book's recommended services and institutions.



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In Conquer the Crash, Robert Prechter explains why he thinks the boom times are behind us. Based on his interpretation of the Elliott Wave principle (an idea premised on the notion that mass investor psychology is what really drives markets), Prechter believes that the U.S. economy is about to enter into a deflationary depression that few investors are prepared to deal with. In making his case, Prechter assembles an impressive array of data that in essence suggests that the bill for the last 10 years of market excess is about to come due. The second half of the book shows how to avoid becoming "a zombie-eyed victim of the depression" and offers advice on protecting one's assets in a deflationary environment (cash is king). If there's any good news in the future that Prechter sees coming (other than how to avoid it), it's that all-out depressions don't last very long. Conquer the Crash should appeal to gloom-and-doom investors and to those desperately looking for a safe haven from the uncertainties of today's markets. --Harry C. Edwards --This text refers to an out of print or unavailable edition of this title.

Review

"Conquer the Crash with This Important Book: All of the analysis and insight from the original edition is included in the new second edition. But Prechter has added 188 pages of entirely new material, and every one of the book's pages is worth reading and re-reading, even if your copy of the original edition is coffee-stained and dog-eared."
—Tim Bost, Financial Cycles Newsletter

"Prechter's advice for most investors, as described in the recently released second edition of his book [Conquer the Crash], is fairly simple: Play it Safe…Patience is a Virtue…Return of Capital Is Key."
—Aaron Task, Yahoo Finance


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Customer Reviews

Most helpful customer reviews
9 of 9 people found the following review helpful
Format:Hardcover
Let me get this off my chest first: I read every single review here at Amazon before I bought this book and I must say that the negative reviews; or more accurately the nasty ones, lead me to believe that the reviewers did not read the book. I say that because even if Prichter is wrong, and there is no upcoming "Deflationary Depression" and this decade is all blue skies just like the late 1990's were, any subsequent readers who followed his advice to the exact letter of the verbage would NOT lose any of their assets whatsoever. Therefore, how could this book do harm? At worst it educates the reader as to how to handle uncertain times. There is no bad or harmful advice in this book.
His advice is basically to pay off your bills, put your money in rock solid banks. Don't rely on the government to protect you, buy some precious metals, and get ready to profit once we are at the rock bottom by way of investment strategies that take advantage of the subsequent inflation post a "Deflationary Depression." What's harmful about being in cash?
Now the review: Prichter is confident that there is going to be a deflationary depression. A period of great contraction in our economy that drives down any and all inflated value out of any goods or services such as the depression the United States suffered through in 1929.
He supports his premise with monetary statistics such as the 30 trillion dollar credit bubble that America now has, and numerous other statistics that aren't that pretty.
Prichter also bases his premise for a "Deflationary Depression" on a controversial charting method known as "The Elliot Wave Theory". It's controversial in that some stock market analysts think it is merely conjecture, while other analysts feel it is an absolute, social, "fractal".
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2 of 2 people found the following review helpful
5.0 out of 5 stars Something wicked this way comes Feb. 18 2004
Format:Paperback
Robert Prechter is expecting a devastating dose of deflation leading to a depression, and no collective body (read "government") can do anything about it. He is one of the "old-timers" who has survived the market's up and downs for more than 20 years, and his outlook on our situation is not to be taken lightly. Being high profile, his pronouncements make headlines, and it's all too easy to point to a previous mistake and write him off. However, his scholarship is second to none. He's been right in the past; he just may be right again. And if he is, most of us are in real trouble. Thus, his argument is too important to dismiss without a thorough reading.
Prechter starts with a good overview of his pride and joy, and the basis of all his study - The Elliott Wave Theory. His conclusion is that we are at the end of the 5th wave of the Grand Supercycle which reaches all the way back to 1700. We're talking big-time financial implications here.
To quote Prechter on describing the milieu we've just lived through, "Third waves are built upon muscle and brain. Fifth waves are built upon cleverness and dreams. During third waves, people focus on production to get rich. During fifth waves, they focus on finance to get rich." Sounds remotely familiar.
At the bottom of all our troubles is debt. Gobs and gobs of debt, piled as high as the eye can see. Deflation/depression results in a contraction of credit as debt gradually gets wiped out...one way or the other. It produces a line of falling dominos where less credit means less borrowing means less spending means less production means less employment...which means more liquidations which means more defaults as everything feeds on the downward spiral.
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1 of 1 people found the following review helpful
Format:Hardcover
First, obviously Prechter has been very wrong this year, not just on his predictions about the stock market but also his bearish views on gold. This is true both for this book and his newsletter. Still, this book is terrific, and offers valuable insight into how our fiat currency and banking system actually works. Prechter also presents good historical background on what happened during past crashes, and his social commentary is always fun to read. I'm not that keen on Elliott Wave theory, so I mostly glossed over those parts. There are also very practical advice on where to buy gold, bonds, etc., which would be useful to novices.
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1 of 1 people found the following review helpful
5.0 out of 5 stars Dead Accuracy Oct. 10 2002
Format:Hardcover
What Prechter has been predicting is rolling out before our very eyes. This book provides the reasons Prechter believes that the crash of the 30's was a walk in the park compared to what we will live through. In particular, he examines an area that not one in 10,000 of us understands according to Prechter. That's the role of the Fed in creating the most enormous credit bubble in world history. The changes our Congress made in the 90's gave the Fed the power to create virtually unlimited credit expansion and to monetize the debt of agencies and organizations on recommendation of the President. All this is why nobody talks about "printing" money anymore. The Fed just issues check books now.
Prechter believes that our social mood determines the fate of our markets. Knowing that, one can watch this whole economic disaster unroll and understand why.
You will miss a valuable education and new insights into the world of economics that may save your skin, if you miss this book.
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Most recent customer reviews
5.0 out of 5 stars crash ahead
there is going to be a major crash in the coming times and this book is an excellent guid to prepare for it.
Published 7 months ago by gary smith
2.0 out of 5 stars An Out-of-date Book
This book was full of a lot of unsubstantiated facts, guesswork and straight-line predictions which, together presented a mish-mash of script which, in my opinion, failed to... Read more
Published 8 months ago by Chris from Canada
3.0 out of 5 stars Lots of truth, lots of half-truth
Having read lots of Prechter's free reports, analysis and excerpts before buying two copies of this, I was expecting exactly what I got when I bought the 2ed the day it came out:... Read more
Published on March 14 2010 by Steve Howe
5.0 out of 5 stars Well written & researched
This is an excellent primer on the implications of elliott wave theory for the comming markets probable movement. A thorough "how to get your money safe" guide for everyone. Read more
Published on Dec 21 2009 by Luke Benard
4.0 out of 5 stars Worth Another Look
I read this book back in 2003. Prechter talks about the extreme debt build up in the United States. The housing bubble and the problems with Fannie Mae are also discussed. Read more
Published on Oct. 11 2008 by Patrick Sullivan
2.0 out of 5 stars Interesting but...
I like Prechter because he's an interesting, unconventional thinker. But... I want to be careful and fair... doesn't his track record leave quite a bit to be desired? Read more
Published on June 27 2004
5.0 out of 5 stars Highly Recommended!
Prophets of doom have always made entertaining reading. In his latest fire-and-brimstone warning, Robert R. Prechter, Jr. Read more
Published on June 6 2004 by Rolf Dobelli
2.0 out of 5 stars A poorly argued case, even for market bears.
Mr. Prechter is best known as a popular advocate for the Elliot Wave principle. He continues this school of thought in this book.
The book is divided into two parts. Read more
Published on May 11 2004 by Orson Wang
3.0 out of 5 stars SOME USEFUL INFO, BUT NOTHING EARTH SHATTERING
If you take anything at all from this book, it should be that the only way to stay afloat in the financial world is to spend wisely, save at least 10-15% of your income each year,... Read more
Published on March 26 2004 by Rocco A. Savaiano
5.0 out of 5 stars READ THIS BOOK NOW!
Scary as it may sound, things can get a lot worse! With the Bull on the run, the Bears quietly plan for the new depression. Will we see NASDAQ 5000? OR will we see NASDAQ 1000? Read more
Published on March 7 2004 by Mason Johnson
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