A fluent if dispiriting study of an economic system that forgives those at the top so long as those at the bottom remain...
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. 27, 2018
Kirkus Reviews Issue: Nov. 15, 2018
BOOK REVIEW
A heartfelt if somewhat unsurprising view of old age by the former president. Carter (Living Faith, 1996, etc.) succinctly evaluates the evolution and current status of federal policies concerning the elderly (including a balanced appraisal of the difficulties facing the Social Security system). He also meditates, while drawing heavily on autobiographical anecdotes, on the possibilities for exploration and intellectual and spiritual growth in old age. There are few lightning bolts to dazzle in his prescriptions (cultivate family ties; pursue the restorative pleasures of hobbies and socially minded activities). Yet the warmth and frankness of Carter’s remarks prove disarming. Given its brevity, the work is more of a call to senior citizens to reconsider how best to live life than it is a guide to any of the details involved.
Pub Date: Oct. 26, 1998
ISBN: 0-345-42592-8
Page Count: 96
Publisher: Ballantine
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: Sept. 15, 1998
A sharply different deconstruction of the prevailing orthodoxy, worthy of attention.
Leverett (International Affairs/Pennsylvania State Univ.; Inheriting Syria: Bashir's Trial by Fire, 2005) and his wife, Hillary, argue that, unless it changes, “the United States’ Iran policy is locked in a trajectory…that will ultimately lead to war.”
The authors take on what they identify as “a powerful mythology” that continues to influence U.S. policy toward the Islamic Republic—primarily, the proposition that because it is unpopular, the regime “is in imminent danger of being overthrown.” They offer an alternative to the prevailing view that Khomeini and his supporters hijacked the liberal revolution that began in 1978 and “betrayed the aspirations of those who actually carried out the campaign that deposed the shah.” The Leveretts take issue with American policymakers who propose that the U.S. should advocate the overthrow of the present regime in favor of liberal democracy. They believe in the possibility of negotiating with the present regime. The authors dispute the view that the mullahs have done nothing for the population and lack support, showing how literacy, health and medical care have been upgraded and the economy developed. They highlight present concerns about the Iranian nuclear program, which they claim are exaggerated. They identify the continuing influence of the neoconservatives, who brought about the second Iraq war, and “liberal internationalists,” who are ready to deploy military force in support of human rights. They believe that the time has come for an initiative like Nixon's visit to Beijing to begin a change in course.
A sharply different deconstruction of the prevailing orthodoxy, worthy of attention.Pub Date: Jan. 8, 2013
ISBN: 978-0-8050-9419-0
Page Count: 496
Publisher: Metropolitan/Henry Holt
Review Posted Online: Oct. 6, 2012
Kirkus Reviews Issue: Nov. 1, 2012
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