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Argument of After Shock - Essay Example

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Summary
The book Aftershock is a manual that illustrates the declining state of US economy, its consequences and after effects although the authors justly verify the purpose pf the book as stated in the text, “It ’s only bad news for your personal economy if you don ’ t do anything about it” …
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Argument of After Shock

Download file to see previous pages... The book Aftershock is a manual that illustrates the declining state of US economy, its consequences and after effects although the authors justly verify the purpose pf the book as stated in the text, “It ’s only bad news for your personal economy if you don ’ t do anything about it” Hence this book suggests methods and remedies through which personal economic damage can be minimized even when the economy on the whole is falling apart. As the authors say in the book, “All we can offer is realism, based on facts and logical analysis” (10) and the rest depends on the reader and his interest in benefiting from the writers’ perspective Every fact that is stated in the book is based on, “a reliable theory of economic evolution, backed up by cold, hard facts, and not random guesses” (11). So such an analysis helps in providing the readers an in depth and logical account of the current situation. The writers use the concept of a ‘Bubble’ as a metaphor to illustrate the unpredictability and the temporariness of the economic conditions of the United States. As stated in the text, “…economic bubbles, by nature, do not stay afloat forever. Sooner or later, economic reality, like gravity, eventually kicks in, and bubbles do fall. After they burst, they never are able to re - inflate and lift off again…” (4). In their point of view the US economy comprises of six bubbles, “These bubbles included: the real estate bubble, stock market bubble, discretionary spending bubble, dollar bubble, and government debt bubble” (5)....
The fundamental advantage of this bubble economic system was that, “…these six linked economic bubbles helped co – create America ’ s booming bubble economy… these bubbles helped us ignore slowing productivity growth, boost our prosperity, disregard some fundamental problems, and keep the party going” (31). However once the decline started there was no possible solution to stop the decline and this decline is explained in the following words in the text, “First, we had the fall of the U.S. housing bubble and its downward impact on the stock market bubble, the private debt bubble, and the discretionary spending bubble… Next, in the Aftershock, the dollar bubble and the U.S. government debt bubbles will begin their unavoidable descents… And as the final bubbles in America’s bubble economy begin to burst, so will the world’s bubble economy” (33). The real estate or the housing bubble was the first pillar of the economic system that collapsed because the price and expenditures of making a new house increased greatly and outpaced the increase in an individual’s salary and eventually its decline started in 2006 and hence resulted in the rest of the downfall of the economic system. The private debt bubble involves the bank loans and the mortgage payments. When the stock market and the housing economic system crumpled the private debt sector also suffered a severe shock that ultimately led to its decline. The discretionary spending bubble is concerned with the total sum of money spent by the consumer. However due to recession when people started losing their jobs and the rate of unemployment increased consequently people started cutting their ...Download file to see next pagesRead More
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