A fluent if dispiriting study of an economic system that forgives those at the top so long as those at the bottom remain...

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BROKEN BARGAIN

BANKERS, BAILOUTS, AND THE STRUGGLE TO TAME WALL STREET

A history of American financial crises, “boom-and-bust cycles of panics, failures, and the loss of individuals’ savings.”

Following the financial meltdown of 2008, writes former business journalist Day (Business Administration/Johns Hopkins Business School; S&L Hell: The People and the Politics Behind the $1 Trillion Savings and Loan Scandal, 1993), Queen Elizabeth II asked faculty at the London School of Economics why no one had noticed. It was, they said, “principally a failure of the collective imagination of many bright people.” As the author clearly shows, national and international economic systems involve many bright people, but the experts often fail—and, “given the political landscape, they will again.” Day ably documents a succession of crises that ought to have imparted essential lessons but that instead fueled further crises—e.g., tariffs or Andrew Jackson’s undoing of Alexander Hamilton’s national bank system, Jackson being the predecessor Donald Trump seems most to admire. Much of the author’s story concerns efforts to separate banking and investment, which Franklin Roosevelt characterized as “speculation with other people’s money”; every time the two are separated, of course, politicians join them together anew only to usher in another crisis. In several respects, Day shows, the 2008 crisis can be traced to 1929 and even farther back, with banks gambling and losing and government, after 1929, bailing them out as part of a “social contract…in which banks agreed to stricter oversight and tighter rules in exchange for a government safety net in times of crisis.” The collapse of the savings and loan industry in the 1980s, the Enron debacle, Charlie Keating’s junk bonds, the Great Recession: All, by Day’s well-defended account, are of a piece, showing once again, as if proof were needed, that history teaches only that humans do not learn from history.

A fluent if dispiriting study of an economic system that forgives those at the top so long as those at the bottom remain willing to foot the bill.

Pub Date: Jan. 8, 2019

ISBN: 978-0-300-22332-3

Page Count: 440

Publisher: Yale Univ.

Review Posted Online: Oct. 28, 2018

Kirkus Reviews Issue: Nov. 15, 2018

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Not an easy read but an essential one.

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HOW TO BE AN ANTIRACIST

Title notwithstanding, this latest from the National Book Award–winning author is no guidebook to getting woke.

In fact, the word “woke” appears nowhere within its pages. Rather, it is a combination memoir and extension of Atlantic columnist Kendi’s towering Stamped From the Beginning (2016) that leads readers through a taxonomy of racist thought to anti-racist action. Never wavering from the thesis introduced in his previous book, that “racism is a powerful collection of racist policies that lead to racial inequity and are substantiated by racist ideas,” the author posits a seemingly simple binary: “Antiracism is a powerful collection of antiracist policies that lead to racial equity and are substantiated by antiracist ideas.” The author, founding director of American University’s Antiracist Research and Policy Center, chronicles how he grew from a childhood steeped in black liberation Christianity to his doctoral studies, identifying and dispelling the layers of racist thought under which he had operated. “Internalized racism,” he writes, “is the real Black on Black Crime.” Kendi methodically examines racism through numerous lenses: power, biology, ethnicity, body, culture, and so forth, all the way to the intersectional constructs of gender racism and queer racism (the only section of the book that feels rushed). Each chapter examines one facet of racism, the authorial camera alternately zooming in on an episode from Kendi’s life that exemplifies it—e.g., as a teen, he wore light-colored contact lenses, wanting “to be Black but…not…to look Black”—and then panning to the history that informs it (the antebellum hierarchy that valued light skin over dark). The author then reframes those received ideas with inexorable logic: “Either racist policy or Black inferiority explains why White people are wealthier, healthier, and more powerful than Black people today.” If Kendi is justifiably hard on America, he’s just as hard on himself. When he began college, “anti-Black racist ideas covered my freshman eyes like my orange contacts.” This unsparing honesty helps readers, both white and people of color, navigate this difficult intellectual territory.

Not an easy read but an essential one.

Pub Date: Aug. 13, 2019

ISBN: 978-0-525-50928-8

Page Count: 320

Publisher: One World/Random House

Review Posted Online: April 28, 2019

Kirkus Reviews Issue: May 15, 2019

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A clear and candid contribution to an essential conversation.

SO YOU WANT TO TALK ABOUT RACE

Straight talk to blacks and whites about the realities of racism.

In her feisty debut book, Oluo, essayist, blogger, and editor at large at the Establishment magazine, writes from the perspective of a black, queer, middle-class, college-educated woman living in a “white supremacist country.” The daughter of a white single mother, brought up in largely white Seattle, she sees race as “one of the most defining forces” in her life. Throughout the book, Oluo responds to questions that she has often been asked, and others that she wishes were asked, about racism “in our workplace, our government, our homes, and ourselves.” “Is it really about race?” she is asked by whites who insist that class is a greater source of oppression. “Is police brutality really about race?” “What is cultural appropriation?” and “What is the model minority myth?” Her sharp, no-nonsense answers include talking points for both blacks and whites. She explains, for example, “when somebody asks you to ‘check your privilege’ they are asking you to pause and consider how the advantages you’ve had in life are contributing to your opinions and actions, and how the lack of disadvantages in certain areas is keeping you from fully understanding the struggles others are facing.” She unpacks the complicated term “intersectionality”: the idea that social justice must consider “a myriad of identities—our gender, class, race, sexuality, and so much more—that inform our experiences in life.” She asks whites to realize that when people of color talk about systemic racism, “they are opening up all of that pain and fear and anger to you” and are asking that they be heard. After devoting most of the book to talking, Oluo finishes with a chapter on action and its urgency. Action includes pressing for reform in schools, unions, and local governments; boycotting businesses that exploit people of color; contributing money to social justice organizations; and, most of all, voting for candidates who make “diversity, inclusion and racial justice a priority.”

A clear and candid contribution to an essential conversation.

Pub Date: Jan. 16, 2018

ISBN: 978-1-58005-677-9

Page Count: 256

Publisher: Seal Press

Review Posted Online: Oct. 9, 2017

Kirkus Reviews Issue: Nov. 1, 2017

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