Alarming at moments and a welcome user’s manual for anyone with investments, large or small, in the current market.

HOW MONEY BECAME DANGEROUS

THE INSIDE STORY OF OUR TURBULENT RELATIONSHIP WITH MODERN FINANCE

An insider’s view of how an increasingly abstract financial system fails to align with human needs.

Investment banker and fund manager—and, as is often mentioned, former Disneyland employee—Varelas begins with a poignant lesson. As an elementary school student, he was impressed by a classroom visit from a banker who revealed that saving a dime each week would yield the fortune of $3 by the end of the remaining school year. He worked through high school, amassing even more money in a savings account, only to discover that it had zeroed out when the bank introduced a service fee without telling him. Therein was the end of his “naive trust that the system cared, somehow, about my well-being.” It doesn’t. What it cares about is how the numbers look at the end of the year so that the person manipulating them qualifies for promotions, bonuses, and all the “perverse incentives” of consumer society. Gone are the days, writes the author, when a person like his first major client, a diamond vendor, could borrow money on a handshake—and gone are the days when character mattered as much as collateral and capacity (i.e., “a borrower’s ability to handle debt and expenses”). Varelas charts the evolution—or, more, accurately, devolution—of the modern financial sector, noting that when banking firms went public there was no longer a personal stake in the game but instead only “employees looking to maximize annual compensation” without sufficient concern for risk, one of what Walt Disney called “the hard facts that have created America.” Other negatives in the system, writes the author, are time-sensitive algorithms whose speed divorces prices from “reality” and a corporate culture that turns the financial-sector worker into “merely a cog in a global delivery mechanism." The author’s exercise in forensic accounting as he examines a case of government bankruptcy is particularly fascinating.

Alarming at moments and a welcome user’s manual for anyone with investments, large or small, in the current market.

Pub Date: Nov. 5, 2019

ISBN: 978-0-06-268475-2

Page Count: 400

Publisher: Ecco/HarperCollins

Review Posted Online: Sept. 11, 2019

Kirkus Reviews Issue: Oct. 1, 2019

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A moving meditation on mortality by a gifted writer whose dual perspectives of physician and patient provide a singular...

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WHEN BREATH BECOMES AIR

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. 30, 2015

Kirkus Reviews Issue: Oct. 15, 2015

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Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.

GOOD ECONOMICS FOR HARD TIMES

“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.

It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.

Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.

Pub Date: Nov. 12, 2019

ISBN: 978-1-61039-950-0

Page Count: 432

Publisher: PublicAffairs

Review Posted Online: Aug. 29, 2019

Kirkus Reviews Issue: Sept. 15, 2019

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