Good legislative history but a muddled and unconvincing argument about a cause of middle-class financial woes.
An inquiry into expenses associated with consumer borrowing.
"Consumer financial fees have helped to choke off dreams of the middle class and middle class aspirants alike," argues Fergus (History and Black Studies/Univ. of Missouri; Liberalism, Black Power, and the Making of American Politics, 1965-1980, 2009, etc.). In particular, the author investigates several common financial transactions that he contends involve hidden or excessive fees so egregious that they are damaging the economic well-being of Americans, including subprime mortgages, student loans, and payday lending. The damage these forms of borrowing have done to American households during and after the Great Recession is already well-known. Fergus traces in detail the discouraging story of congressional inaction by both political parties that has permitted lenders to sidestep usury laws as they burden unsophisticated borrowers with excessive interest and charges like origination fees and prepayment penalties. His discussion of payday lending is particularly incisive, showing how conventional banks have colluded with predatory lenders to fleece desperate borrowers, though Fergus’ failure to differentiate fees from outrageous interest rates weakens his case. Throughout, a difficulty is that Fergus never clearly defines what he means by a fee. The word may or may not include interest, tuition, or payment for actual services such as title searches; obfuscatory rulings by federal agencies add to the confusion. While he provides a valuable history of legislation that enabled these new forms of consumer lending, the author fails to refute the intuitive conclusion that it is the loans themselves and their interest rates—not associated fees—that create the real burden on borrowers. Nor does he look closely at such fundamental issues as why so many qualified borrowers were steered into subprime mortgages or why college costs have skyrocketed, thus necessitating student loans, in the first place.
Good legislative history but a muddled and unconvincing argument about a cause of middle-class financial woes.Pub Date: July 2, 2018
ISBN: 978-0-19-997016-2
Page Count: 256
Publisher: Oxford Univ.
Review Posted Online: April 30, 2018
Kirkus Reviews Issue: May 15, 2018
For Howard Zinn, long-time civil rights and anti-war activist, history and ideology have a lot in common. Since he thinks that everything is in someone's interest, the historian—Zinn posits—has to figure out whose interests he or she is defining/defending/reconstructing (hence one of his previous books, The Politics of History). Zinn has no doubts about where he stands in this "people's history": "it is a history disrespectful of governments and respectful of people's movements of resistance." So what we get here, instead of the usual survey of wars, presidents, and institutions, is a survey of the usual rebellions, strikes, and protest movements. Zinn starts out by depicting the arrival of Columbus in North America from the standpoint of the Indians (which amounts to their standpoint as constructed from the observations of the Europeans); and, after easily establishing the cultural disharmony that ensued, he goes on to the importation of slaves into the colonies. Add the laborers and indentured servants that followed, plus women and later immigrants, and you have Zinn's amorphous constituency. To hear Zinn tell it, all anyone did in America at any time was to oppress or be oppressed; and so he obscures as much as his hated mainstream historical foes do—only in Zinn's case there is that absurd presumption that virtually everything that came to pass was the work of ruling-class planning: this amounts to one great indictment for conspiracy. Despite surface similarities, this is not a social history, since we get no sense of the fabric of life. Instead of negating the one-sided histories he detests, Zinn has merely reversed the image; the distortion remains.
Pub Date: Jan. 1, 1979
ISBN: 0061965588
Page Count: 772
Publisher: Harper & Row
Review Posted Online: May 26, 2012
Kirkus Reviews Issue: Jan. 1, 1979
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
PERSPECTIVES
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