Shock Exchange: How Inner-City Kids From Brooklyn Predicted the Great Recession and the Pain Ahead
Baker, who has had a successful career in corporate finance, presents an innovative look into the Great Recession of 2008. His interest in the Stock Exchange started when he was a fifth grader and his father taught him how to read the Wall Street Journal. In 2006, he started the mentorship program New York Shock Exchange, designed to share his passion for investing and basketball with his 11-year-old son and other boys his age. The group began identifying key elements that signaled a downturn in the economy, like housing starts and auto sales. Considering the turn of events in 2008, their insight proved spot-on. His discussion of the recession covers aspects of mortgage defaults, government bailout programs, the fall of Lehman Bros. and AIG, and suggestions for how to avoid the same mistakes. (Copious notes and bibliography provide further reference.) Baker also explores the African American experience from an economic perspective by telling the story of his early life in Farmville, VA. VERDICT An intriguing work meant for those seeking an introduction to the causes of recessions and problems of the economy today. Also recommended for those who teach and study business. --Library Journal - Lucy Heckman, St. John's Univ. Lib., NYAs wall street spiraled out of control ... many people simply stated that people saw this coming. Shock Exchange: How Inner-City Kids From Brooklyn Predicted the Great Recession and the Pain Ahead discusses how there were many who saw the 2008 Financial calamity in the distance, and how author Ralph Baker and his associates knew it was coming ... and how their message was only heard by deaf ears. An enticing look at the warning signs of crisis, Shock Exchange& is a must for collections looking for memoirs focusing on the financial world. --Midwest Book Review