A wildly frustrating and timely book appropriate for most readers.
Using a couple of heroes and more than a few foils, journalist Rivlin (The Godfather of Silicon Valley: Ron Conway and the Fall of the Dot-coms, 2001, etc.) dives into the dog-eat-dog world of Poverty, Inc.
Amid the greatest financial crisis since the Great Depression, countless captains of the poverty industry continue to thrive on the measly paychecks of working-class citizens. Check cashers, payday lenders (who used to be called “loan sharks”) and pawnbrokers spread throughout the United States, cropping up in low-income neighborhoods like weeds. Allan Jones, Chairman and CEO of Check Into Cash, is one of those weeds. He is also a world-class finger-pointer. According to Jones, the 2008 global collapse is the fault of one man: Martin Eakes, “who, in the mid-1990s, convinced the Federal National Mortgage Association—Fannie Mae—to help his organization, the Center for Community Self-Help, create a first-of-its-kind secondary market to buy and sell subprime mortgages.” Eakes did make subprime loans as far back as 1984, but Self-Help drew a line at targeting uneducated people living on fixed incomes, payday’s so-called “perfect customers.” Payday lenders sprung up in 1996, when the Ohio legislature “voted to exempt small, short-term loans from the state’s 28 percent usury cap, thereby legalizing payday lending.” Once the banks started buying up payday and cash-advance businesses, they went to work in Washington with a bipartisan group of lobbyists. Even a former chief of staff for Clinton served on a board of “swat team” advisors for Household Finance Corp., one the most infamous and cavalier subprime lenders. Recent legislation has managed to temper the more extreme interest rates, but the weeds continue to sprout despite measures to stomp them out. One crude and ironic point driven home capably by Rivlin is the fact that as long as the working poor need money, payday lenders will be there “help.” As a now-bankrupt former millionaire put it, “You can make more money off the rich but it carries a much bigger risk…The thing about the poor people’s economy…is that basically it’s recession proof. You’re always going to have people who need $100 or $200 real quick.”
A wildly frustrating and timely book appropriate for most readers.Pub Date: June 8, 2010
ISBN: 978-0-06-173321-5
Page Count: 368
Publisher: HarperCollins
Review Posted Online: June 2, 2010
Kirkus Reviews Issue: June 1, 2010
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“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. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
SEEN & HEARD
A forceful, necessarily provocative call to action for the preservation and protection of American Jewish freedom.
Known for her often contentious perspectives, New York Times opinion writer Weiss battles societal Jewish intolerance through lucid prose and a linear playbook of remedies.
While she was vividly aware of anti-Semitism throughout her life, the reality of the problem hit home when an active shooter stormed a Pittsburgh synagogue where her family regularly met for morning services and where she became a bat mitzvah years earlier. The massacre that ensued there further spurred her outrage and passionate activism. She writes that European Jews face a three-pronged threat in contemporary society, where physical, moral, and political fears of mounting violence are putting their general safety in jeopardy. She believes that Americans live in an era when “the lunatic fringe has gone mainstream” and Jews have been forced to become “a people apart.” With palpable frustration, she adroitly assesses the origins of anti-Semitism and how its prevalence is increasing through more discreet portals such as internet self-radicalization. Furthermore, the erosion of civility and tolerance and the demonization of minorities continue via the “casual racism” of political figures like Donald Trump. Following densely political discourses on Zionism and radical Islam, the author offers a list of bullet-point solutions focused on using behavioral and personal action items—individual accountability, active involvement, building community, loving neighbors, etc.—to help stem the tide of anti-Semitism. Weiss sounds a clarion call to Jewish readers who share her growing angst as well as non-Jewish Americans who wish to arm themselves with the knowledge and intellectual tools to combat marginalization and defuse and disavow trends of dehumanizing behavior. “Call it out,” she writes. “Especially when it’s hard.” At the core of the text is the author’s concern for the health and safety of American citizens, and she encourages anyone “who loves freedom and seeks to protect it” to join with her in vigorous activism.
A forceful, necessarily provocative call to action for the preservation and protection of American Jewish freedom.Pub Date: Sept. 10, 2019
ISBN: 978-0-593-13605-8
Page Count: 224
Publisher: Crown
Review Posted Online: Aug. 22, 2019
© Copyright 2024 Kirkus Media LLC. All Rights Reserved.
Follow
Popular in this Genre
We can’t wait for you to join Kirkus!
It’s free and takes less than 10 seconds!
Already have an account? Log in.
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
Welcome Back!
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
bookshelf
