After the Crash: How to Guard Your Money in These Turbulent Times Paperback – Jan 19 2009
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About the Author
GARTH TURNER is a former Member of Parliament and a bestselling author, syndicated columnist, business editor and radio and TV personality. His books include Greater Fool: The Troubled Future of Real Estate; 2015: After the Boom, The Strategy, The Defence and 2020: New Rules for the New Age. Currently he is heard in person by more than a hundred thousand Canadians at 700 lectures and seminars across the country.
Top Customer Reviews
I read AFTER THE CRASH with amusement and trepidation - amusement over Turner's over-the-top rant about the economic situation and trepidation that Canadians will believe and heed his advice.
At least Turner is no longer advising Canadians to convert all the equity in their homes into cash to purchase common shares, as he did in a previous book. Anyone who did so would now be out of perhaps hundreds of thousands of dollars, not to mention their own home. Turner's advice in this situation was astonishing: If your mortgage exceeds the value of your home, just walk away "and it's the bank's problem."
No it's not! In Canada, if your mortgage exceeds the value of your home and you default on the mortgage payments, you are responsible for making up the shortfall. Every lawyer, realtor, banker and advisor knows this. Garth Turner doesn't (or didn't).
I don't know how many similar errors are in After The Crash - I was too mesmerized by Turner's egotistical posturing and hysterical observations to note them.
By all means, read about things you can do to handle your finances and investments under the current conditions. But not in this book.
In the late 1980s, Garth was Canada's self-styled real estate guru and cheerleader. When real estate dipped in the early 1990s, he became the 'little guy's political saviour' and moved to Ottawa. Incredulously, he ended his first political life as Minister of Revenue. So much for the little guy.
In 1998-2000, Garth declared real estate dead, dead, dead, and told you to borrow money against your house or sell it and invest the cash in equity mutual funds. This remarkable about-face was made at the peak of the world's equity markets, just before they collapsed, and just before the beginning of the greatest real estate market boom in history.
Garth's urgent clarion call to buy stock-based securities was called The Strategy 1998-2000. In truth, The Strategy was little more than a not-so-cunning attempt to curry favour with financial advisors so they would hire him to speak at public mutual fund seminars for a several-thousand-dollar fee.
Having been kicked out of the Federal caucus in Ottawa and now unemployed, this chameleon is back as resident ubermensch and patron guide, telling us to sell our homes, buy a 4X4, stock up on lead and gunpowder, and retire to a shack and shoot squirrels in Algonquin Park. 'The end is near', says Garth. All this for just $16.02 plus GST.
Don't fall for this nonsense.
Save your money and buy a real book.
May I suggest The New Paradigm for Financial Markets by George Soros? Unlike some, Soros is a person with huge financial clout and an unassailable track record. He is also beyond writing tripe and charging us for the 'privilege' of reading it (ISBN-13: 9781586486839).
Most recent customer reviews
This book was written during the depths of despair in 2009. Accordingly, it reflects the mood of the period. Read morePublished on April 25 2012 by Daniel A. O'Neill
It's a dirty rotten shame.
We are coming to the end of the golden age.
Stocks have lost a big portion of their value. Read more