The Financial Tsunami: Will it Drown US in a Wave of Debt?
Mike Gearhardt and Will Gates
Reviewed by Marty Shaw for Reader Views (09/10)
“The Financial Tsunami” gives us a detailed look at the strained economy that currently burdens the United States, providing information in an easy-to-understand way. The book is loaded with charts and tables that give us easy graphical references that emphasize the content provided within the chapters, and there’s no need to worry about the validity of the information contained within the charts since the authors provide their sources right under the images.
I really liked that the book was able to maintain its bipartisan tone from beginning to end. It was the authors’ intent to focus on the financial crisis without playing the blame game and pointing fingers at one political party or another, and they succeeded in every way. There are no evil Democrats or Republicans within these pages; merely a system of government and a game of politics that makes it all but impossible to point the finger at any one person or singled-out event.
I especially liked the section where the true depth of the budget deficit was revealed with every-day terminology. The talking heads on the various news shows and the reporters churning out their endless reams of information casually toss about the terms ‘billions’ and ‘trillions’ on a daily basis, but can the average person really picture the concept of a billion dollars? I know I can’t. To me, a billion dollars is just some vague term with no real meaning. Using an example that breaks down this huge amount of money into more manageable amounts and applying it to a concept that everyone is familiar with (shopping), “The Financial Tsunami” shocks us by giving us a very clear picture of exactly how bad the national deficit really is. You’ll never look at your shopping budget the same way again.
I really have only one complaint about this book. In an age where anyone can create a blog or a website and promote themselves as being ‘professionals,’ a little more transparency regarding the authors would have been nice. As it is, I had to use a popular search engine to find out about them. It turns out that both Mr. Gearhardt and Mr. Gates seem to know their stuff, but it would have been appreciated if they had provided that information in the book itself.
If you’ve been concerned or curious about the U.S. economy but didn’t know where to turn to find information that is in everyday language, then “The Financial Tsunami” is the book for you.