A sober but not dismal account of what’s been happening to our pocketbooks. Readers who wonder why raising the interest rate...
Former Federal Reserve chair Bernanke (The Federal Reserve and the Financial Crisis, 2013) offers a view from the trenches of the Great Recession and its aftermath.
A framing figure in this lucid memoir, appearing early and late, is Alan Greenspan, Bernanke’s predecessor, who, it seems, saw trouble coming and did not act decisively. Bernanke cites Greenspan’s reluctance to subject whole categories of financial practices relating to mortgages to federal oversight, which opened the door to loopholes that contributed to the housing market collapse. “The hole in our logic,” writes Bernanke, “was that, as lending standards deteriorated, the exception became the rule.” Bernanke’s account of the Great Recession involves plenty of mea culpa pleading; he writes that in his time as a Fed governor leading up to his chairmanship, he and his fellow executives tended to underestimate the risks inherent in a loosely regulated market. He goes on to trace this fast-and-loose approach to legislative politics. For example, although Fannie Mae and Freddie Mac came close to catastrophic failure, congressional overseers were too enamored of the “ultimate free lunch” these agencies offered to pay much attention until it was almost too late. Bernanke, who has made news outside of but coincidental with this book by renouncing his former affiliation with the GOP, suggests that political gridlock has served as a tremendous brake on an economic recovery that should have been complete by now. The ongoing threat of government shutdown is an understandable deterrent to investment and consumer confidence. It helps to have wonky leanings to follow Bernanke’s arguments, which, though mostly nontechnical, can be a little daunting: “Futures markets gave us a reliable read of where markets thought the federal funds rate was going—but not for our securities purchases.”
A sober but not dismal account of what’s been happening to our pocketbooks. Readers who wonder why raising the interest rate is a big deal (and why not raising it may be a mistake) will find suggestive answers here.Pub Date: Oct. 5, 2015
ISBN: 978-0-393-24721-3
Page Count: 610
Publisher: Norton
Review Posted Online: Oct. 9, 2015
BOOK REVIEW
BOOK REVIEW
BOOK REVIEW
A moving meditation on mortality by a gifted writer whose dual perspectives of physician and patient provide a singular...
A neurosurgeon with a passion for literature tragically finds his perfect subject after his diagnosis of terminal lung cancer.
Writing isn’t brain surgery, but it’s rare when someone adept at the latter is also so accomplished at the former. Searching for meaning and purpose in his life, Kalanithi pursued a doctorate in literature and had felt certain that he wouldn’t enter the field of medicine, in which his father and other members of his family excelled. “But I couldn’t let go of the question,” he writes, after realizing that his goals “didn’t quite fit in an English department.” “Where did biology, morality, literature and philosophy intersect?” So he decided to set aside his doctoral dissertation and belatedly prepare for medical school, which “would allow me a chance to find answers that are not in books, to find a different sort of sublime, to forge relationships with the suffering, and to keep following the question of what makes human life meaningful, even in the face of death and decay.” The author’s empathy undoubtedly made him an exceptional doctor, and the precision of his prose—as well as the moral purpose underscoring it—suggests that he could have written a good book on any subject he chose. Part of what makes this book so essential is the fact that it was written under a death sentence following the diagnosis that upended his life, just as he was preparing to end his residency and attract offers at the top of his profession. Kalanithi learned he might have 10 years to live or perhaps five. Should he return to neurosurgery (he could and did), or should he write (he also did)? Should he and his wife have a baby? They did, eight months before he died, which was less than two years after the original diagnosis. “The fact of death is unsettling,” he understates. “Yet there is no other way to live.”
A moving meditation on mortality by a gifted writer whose dual perspectives of physician and patient provide a singular clarity.Pub Date: Jan. 19, 2016
ISBN: 978-0-8129-8840-6
Page Count: 248
Publisher: Random House
Review Posted Online: Sept. 29, 2015
Kirkus Reviews Issue: Oct. 15, 2015
A wonderful page-turner written with humility, immediacy, and great style. Nothing came cheap and easy to McCandless, nor...
The excruciating story of a young man on a quest for knowledge and experience, a search that eventually cooked his goose, told with the flair of a seasoned investigative reporter by Outside magazine contributing editor Krakauer (Eiger Dreams, 1990).
Chris McCandless loved the road, the unadorned life, the Tolstoyan call to asceticism. After graduating college, he took off on another of his long destinationless journeys, this time cutting all contact with his family and changing his name to Alex Supertramp. He was a gent of strong opinions, and he shared them with those he met: "You must lose your inclination for monotonous security and adopt a helter-skelter style of life''; "be nomadic.'' Ultimately, in 1992, his terms got him into mortal trouble when he ran up against something—the Alaskan wild—that didn't give a hoot about Supertramp's worldview; his decomposed corpse was found 16 weeks after he entered the bush. Many people felt McCandless was just a hubris-laden jerk with a death wish (he had discarded his map before going into the wild and brought no food but a bag of rice). Krakauer thought not. Admitting an interest that bordered on obsession, he dug deep into McCandless's life. He found a willful, reckless, moody boyhood; an ugly little secret that sundered the relationship between father and son; a moral absolutism that agitated the young man's soul and drove him to extremes; but he was no more a nutcase than other pilgrims. Writing in supple, electric prose, Krakauer tries to make sense of McCandless (while scrupulously avoiding off-the-rack psychoanalysis): his risky behavior and the rites associated with it, his asceticism, his love of wide open spaces, the flights of his soul.
Pub Date: Jan. 1, 1996
ISBN: 0-679-42850-X
Page Count: 320
Publisher: Villard
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: Oct. 15, 1995
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