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The subprime mortgage crisis has already wreaked havoc on the lives of millions of people and now it threatens to derail the U.S. economy and economies around the world. In this trenchant book, best-selling economist Robert Shiller reveals the origins of this crisis and puts forward bold measures to solve it. He calls for an aggressive response--a restructuring of the institutional foundations of the financial system that will not only allow people once again to buy and sell homes with confidence, but will create the conditions for greater prosperity in America and throughout the deeply interconnected world economy.

Shiller blames the subprime crisis on the irrational exuberance that drove the economy's two most recent bubbles--in stocks in the 1990s and in housing between 2000 and 2007. He shows how these bubbles led to the dangerous overextension of credit now resulting in foreclosures, bankruptcies, and write-offs, as well as a global credit crunch. To restore confidence in the markets, Shiller argues, bailouts are needed in the short run. But he insists that these bailouts must be targeted at low-income victims of subprime deals. In the longer term, the subprime solution will require leaders to revamp the financial framework by deploying an ambitious package of initiatives to inhibit the formation of bubbles and limit risks, including better financial information; simplified legal contracts and regulations; expanded markets for managing risks; home equity insurance policies; income-linked home loans; and new measures to protect consumers against hidden inflationary effects.

This powerful book is essential reading for anyone who wants to understand how we got into the subprime mess--and how we can get out.

But long before Joaquin "Jack" Garcia found himself wearing a wire with some of the Mafia's top capos, he was one of the FBI's unlikeliest recruits. A Cuban-born American, Jack graduated from Quantico standing six-foot-four and weighing 300 pounds -- not your typical G-man. Jack's stature soon proved an asset as the FBI looked to place agents undercover with drug smugglers, counterfeiters, and even killers. Jack became one of the few FBI agents dedicated solely to undercover work.

Using a series of carefully created aliases, Jack insinuated himself in the criminal world, from the Badlands of Philadelphia, where he was a gregarious money launderer, to the streets of Miami, where an undercover Garcia moved stolen and illicit goods and brought down dirty cops. Jack jumped at the opportunity to infiltrate the shadowy world of La Cosa Nostra, but how would the Cuban-American convince wiseguys that he was one of their own, a Sicilian capable of "earning his button" -- getting made in the Mafia? For the first time, the FBI created a special "mob school" for Jack, teaching him how to eat, talk, and think like a wiseguy. And it wasn't long before the freshly minted Jack Falcone found himself under the wing of one of the Gambinos' old school capos, Greg DePalma. DePalma, who cared for an ailing John Gotti in prison, introduced Falcone to his world of shakedowns, beatings, and envelopes of cash, never suspecting that one of his trusted crew members was a federal agent.