A well-documented, maddening book that cries out for legislative reform and regulation.
The troubled story of private equity, which is anything but equitable.
Private equity, write financial journalists Morgenson and Rosner, typically builds nothing. Instead, it leverages troubled companies, loots what assets they have, trims expenses to the bone, and often leaves acquisitions in bankruptcy or ruin. One philosopher the authors quote calls it “asshole capitalism,” and while the authors are a touch more genteel, they don’t hesitate to call the practitioners of “this rapacious form of capitalism” pirates and worse. By way of example, they look into the private-equity acquisition of nursing homes, a favorite target. In those cases, equity ownership equates to a far higher death rate, more visits to emergency rooms, and increased Medicare costs. Private equity has also absorbed huge chunks of the medical sector, laying off doctors and cutting out essential services even at the height of the coronavirus pandemic. On that note, the authors observe, private owners took great pains to use the cheapest possible ventilators for Covid-19 patients in critical care, which finally resulted in a federal fine of $40.5 million, a fraction of what they made. As Morgenson and Rosner clearly show, the pirates are flourishing; while there were but three “debt-fueled billionaires” in 2005, there were 22 in 2020. Much of this wealth comes from self-dealing, for apart from owning medical providers, private equity is also heavily invested in insurance, ripe with the possibilities of conflict of interest. No matter what the sector—and equity is now moving rapidly into education—the modus operandi is the same: “slash costs, eliminate higher-paid union workers, and reduce employee benefits; shut down less profitable divisions; or acquire competitors to bolster the pricing power of the company they own.” In addition, these firms, which have doubled in number in the last decade—are well protected in Congress.
A well-documented, maddening book that cries out for legislative reform and regulation.Pub Date: May 9, 2023
ISBN: 9781982191283
Page Count: 384
Publisher: Simon & Schuster
Review Posted Online: Feb. 23, 2023
Kirkus Reviews Issue: March 15, 2023
BOOK REVIEW
A familiar format, but a timely reminder that cities are made up of individuals, each with their own stories.
Portraits in a post-pandemic world.
After the Covid-19 lockdowns left New York City’s streets empty, many claimed that the city was “gone forever.” It was those words that inspired Stanton, whose previous collections include Humans of New York (2013), Humans of New York: Stories (2015), and Humans (2020), to return to the well once more for a new love letter to the city’s humanity and diversity. Beautifully laid out in hardcover with crisp, bright images, each portrait of a New Yorker is accompanied by sparse but potent quotes from Stanton’s interviews with his subjects. Early in the book, the author sequences three portraits—a couple laughing, then looking serious, then the woman with tears in her eyes—as they recount the arc of their relationship, transforming each emotional beat of their story into an affecting visual narrative. In another, an unhoused man sits on the street, his husky eating out of his hand. The caption: “I’m a late bloomer.” Though the pandemic isn’t mentioned often, Stanton focuses much of the book on optimistic stories of the post-pandemic era. Among the most notable profiles is Myles Smutney, founder of the Free Store Project, whose story of reclaiming boarded‑up buildings during the lockdowns speaks to the city’s resilience. In reusing the same formula from his previous books, the author confirms his thesis: New York isn’t going anywhere. As he writes in his lyrical prologue, “Just as one might dive among coral reefs to marvel at nature, one can come to New York City to marvel at humanity.” The book’s optimism paints New York as a city where diverse lives converge in moments of beauty, joy, and collective hope.
A familiar format, but a timely reminder that cities are made up of individuals, each with their own stories.Pub Date: Oct. 7, 2025
ISBN: 9781250277589
Page Count: 480
Publisher: St. Martin's
Review Posted Online: Aug. 1, 2025
Kirkus Reviews Issue: Sept. 1, 2025
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
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