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Table of Contents (PDF) | Reviews

Conquer the Crash

You Can Survive and Prosper
in a Deflationary Depression

Second Edition - includes 188 new pages!

By Robert R. Prechter, Jr.


No book forecast the still-unfolding financial turmoil as early and in as much detail as Bob Prechter’s Conquer the Crash in 2002. More than 100,000 people read it in time to protect their wealth.

Conquer the Crash foresaw and explained the debt crisis, collapse in home prices, bear market in stocks, the demise of Fannie and Freddie, the Federal Reserve's failure to turn the trend, and lots more.

They read this about the debt crisis:

Debts are retired by paying them off, "restructuring" or default. In the first case, no value is lost; in the second, some value; in the third, all value. In desperately trying to raise cash to pay off loans, borrowers bring all kinds of assets to market, including stocks, bonds, commodities and real estate, causing their prices to plummet. The process ends only after the supply of credit falls to a level at which it is collateralized acceptably to the surviving creditors. (pp. 91-92)

They read this about real estate:

Real estate prices have always fallen hard when stock prices have fallen hard.... What screams "bubble" – giant, historic bubble – in real estate today is the system-wide extension of massive amounts of credit to finance property purchases.... Many people have been rushing to borrow the last pennies possible on their homes. They have been taking out home equity loans so they can buy stocks and TVs and cars and whatever else their hearts desire at the moment. This widespread practice is brewing a terrible disaster. (p. 152)

About the Federal Reserve:

For many people, the single biggest financial shock and surprise over the next decade will be the revelation that the Fed has never really known what on earth it was doing....Make sure that you avoid the disillusion and financial devastation that will afflict those who harbor a misguided faith in the world’s central bankers and the idea that they can manage our money, our credit or our economy. (p. 124)

About Fannie Mae and Freddie Mac:

Major financial institutions actually invest in huge packages of [Fannie and Freddie's] mortgages, an investment that they and their clients (which may include you) will surely regret. (p. 154)

Investors in these companies' stocks and bonds will be just as surprised when [Fannie and Freddie's] stock prices and bond ratings collapse. Most rating services will not see it coming. (p. 225)

About the economy and political deadlock:

"In a crash and depression, we will see stocks going down...massive layoffs, high unemployment...and ultimately financial and political crises...Being unprepared will leave you vulnerable to a major disruption in your life." (p. 139-140)

All these observations are from Robert Prechter's Conquer the Crash, published in early 2002, when optimism reigned 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 had their biggest fall since 1929-1932. Fannie Mae is a zombie corporation under the government's protection. Politicians in the U.S. and Europe have failed to cope with the growing debt crisis.

Yet 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 Prechter published back then. There is much more to come. And that means more danger but also great opportunity.

In every disaster, only a very few people prepare themselves beforehand. Think about investor enthusiasm in 2005-2007, and you'll realize it's true. Even fewer people will be ready for the soon-approaching, next leg down of the unfolding depression.

Prechter warns that the doors to financial safety are closing all over the world. In other words, prudent people must act while they still can.

Conquer the Crash readers will receive exclusive online access to the Conquer the Crash Readers Page, where Prechter continually updates the book's recommended services and institutions.

This book is simply a must-read. Order your copy now. It may be the wisest investment you'll ever make.

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