A powerful, maddening account of some of the chief drivers of inequality and immiseration in the world's richest economy.
An examination of the role of private equity companies in gutting large segments of the American economy.
It’s no small irony that the typeface in which federal antitrust investigator and prosecutor Ballou’s book is set is “owned and licensed by a private equity portfolio company.” So is much of the retail and service sector. In one case, the Carlyle Group bought the ManorCare company for $6 billion, which, by the magic of creative accounting, ManorCare had to pay back. Carlyle then sold much of ManorCare’s real estate and forced it to pay rent. In the end, Ballou writes, the resulting insolvency spoke to three facts: Private equity buys for the short term, piles up debt and fees on its acquisitions, and walks away from the wreckage thanks to elaborate protections assured by Congress, which are ensured by endless lobbying. Citing a litany of failures wrought by equity firms—Sears, Radio Shack, Toys “R” Us, Rockport, Neiman Marcus, and more—Ballou notes that the owners make their fortunes on the backs of workers deprived of pension funds and jobs. In 2021, the CEO of one equity firm made more than 10 times the CEO of JP Morgan Chase. The power of equity firms is only growing, in large measure because many municipalities are turning to them to provide and maintain infrastructure as well as “services once provided primarily by the government, including ambulance companies and firefighting departments, 911 dispatch services, and technical colleges”—all funded by taxpayers and ratepayers with no say in the matter. Ballou concludes with a program keyed to federal agencies and departments—e.g., “investigate rollups,” the practice of procuring small firms such as dental practices and merging them into larger companies; and contain the usurious practices of payday lenders, once controlled but then unleashed by Trump-era deregulation.
A powerful, maddening account of some of the chief drivers of inequality and immiseration in the world's richest economy.Pub Date: June 27, 2023
ISBN: 9781541702103
Page Count: 368
Publisher: PublicAffairs
Review Posted Online: March 24, 2023
Kirkus Reviews Issue: April 15, 2023
A short, smart analysis of perhaps the most famous passage in American history reveals its potency and unfulfilled promise.
Words that made a nation.
Isaacson is known for expansive biographies of great thinkers (and Elon Musk), but here he pens a succinct, stimulating commentary on the Founding Fathers’ ode to “life, liberty, and the pursuit of happiness.” His close reading of the Declaration of Independence’s second sentence, published to mark the 250th anniversary of the document’s adoption, doesn’t downplay its “moral contradiction.” Thomas Jefferson enslaved hundreds of people yet called slavery “a cruel war against human nature” in his first draft of the Declaration. All but 15 of the document’s 56 signers owned enslaved people. While the sentence in question asserted “all men are created equal” and possess “unalienable rights,” the Founders “consciously and intentionally” excluded women, Native Americans, and enslaved people. And yet the sentence is powerful, Isaacson writes, because it names a young nation’s “aspirations.” He mounts a solid defense of what ought to be shared goals, among them economic fairness, “moral compassion,” and a willingness to compromise. “Democracy depends on this,” he writes. Isaacson is excellent when explaining how Enlightenment intellectuals abroad influenced the founders. Benjamin Franklin, one of the Declaration’s “five-person drafting committee,” stayed in David Hume’s home for a month in the early 1770s, “discussing ideas of natural rights” with the Scottish philosopher. Also strong is Isaacson’s discussion of the “edits and tweaks” made to Jefferson’s draft. As recommended by Franklin and others, the changes were substantial, leaving Jefferson “distraught.” Franklin, who emerges as the book’s hero, helped establish municipal services, founded a library, and encouraged religious diversity—the kind of civic-mindedness that we could use more of today, Isaacson reminds us.
A short, smart analysis of perhaps the most famous passage in American history reveals its potency and unfulfilled promise.Pub Date: Nov. 18, 2025
ISBN: 9781982181314
Page Count: 80
Publisher: Simon & Schuster
Review Posted Online: Aug. 29, 2025
Kirkus Reviews Issue: Oct. 1, 2025
BOOK REVIEW
BOOK REVIEW
BOOK REVIEW
SEEN & HEARD
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
© Copyright 2025 Kirkus Media LLC. All Rights Reserved.
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