A journalist's informed audit of the factors that brought America's S&Ls to grief. Where other annalists have focused on the predators whose buccaneering became a public scandal, Washington Post correspondent Day offers detailed, damningly documented perspectives on a wealth of political influences, putting paid to the notion that economic reverses, fraud, or junk bonds were primarily responsible for the solvency woes of thrift institutions. After providing a back-to- basics rundown on the industry's origins as a Washington-favored source of residential mortgages, she addresses the rush to deregulation that began toward the end of the Carter Administration and that set S&Ls on a slippery down-slope during the 1980's. Among other unintended consequences, Day points out, the introduction of laissez-faire triggered a scramble for brokered deposits and encouraged risky lending practices that soon resulted in soaring default rates. Though obviously in extremis by mid-decade, entrepreneurial thrifts were allowed to keep their difficulties under wraps. Day attributes the paucity of disclosure and seizures to a host of causes. To begin with, Reagan-era regulators were at least tacitly enjoined to avoid action that might increase budget deficits; accordingly, they endorsed stopgap measures as well as accounting gimmicks designed to help troubled associations weather interest-rate storms and, later, to paper over capital shortfalls. In the meantime, the author explains, S&L executives and their lobbyists kept pressure on lawmakers beholden to them because of campaign contributions. While the overdue tab run up by pillaged and incompetently supervised thrifts was finally presented to taxpayers following the 1988 presidential election, government agencies, Day cautions, are bungling the salvage operation mandated by 1989 bailout legislation; the meter is still running, she reports, and the reckoning could eventually reach $1 trillion or more. An unsparing and perceptive briefing on a pocketbook issue whose complexities appear beyond the grasp of mass media.
Pub Date: March 29, 1993
ISBN: 0-393-02982-4
Page Count: 384
Publisher: Norton
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: Jan. 1, 1993
BOOK REVIEW
Necessarily swift and adumbrative as well as inclusive, focused, and graceful.
A light-speed tour of (mostly) Western poetry, from the 4,000-year-old Gilgamesh to the work of Australian poet Les Murray, who died in 2019.
In the latest entry in the publisher’s Little Histories series, Carey, an emeritus professor at Oxford whose books include What Good Are the Arts? and The Unexpected Professor: An Oxford Life in Books, offers a quick definition of poetry—“relates to language as music relates to noise. It is language made special”—before diving in to poetry’s vast history. In most chapters, the author deals with only a few writers, but as the narrative progresses, he finds himself forced to deal with far more than a handful. In his chapter on 20th-century political poets, for example, he talks about 14 writers in seven pages. Carey displays a determination to inform us about who the best poets were—and what their best poems were. The word “greatest” appears continually; Chaucer was “the greatest medieval English poet,” and Langston Hughes was “the greatest male poet” of the Harlem Renaissance. For readers who need a refresher—or suggestions for the nightstand—Carey provides the best-known names and the most celebrated poems, including Paradise Lost (about which the author has written extensively), “Kubla Khan,” “Ozymandias,” “The Charge of the Light Brigade,” Wordsworth and Coleridge’s Lyrical Ballads, which “changed the course of English poetry.” Carey explains some poetic technique (Hopkins’ “sprung rhythm”) and pauses occasionally to provide autobiographical tidbits—e.g., John Masefield, who wrote the famous “Sea Fever,” “hated the sea.” We learn, as well, about the sexuality of some poets (Auden was bisexual), and, especially later on, Carey discusses the demons that drove some of them, Robert Lowell and Sylvia Plath among them. Refreshingly, he includes many women in the volume—all the way back to Sappho—and has especially kind words for Marianne Moore and Elizabeth Bishop, who share a chapter.
Necessarily swift and adumbrative as well as inclusive, focused, and graceful.Pub Date: April 21, 2020
ISBN: 978-0-300-23222-6
Page Count: 304
Publisher: Yale Univ.
Review Posted Online: Feb. 8, 2020
Kirkus Reviews Issue: March 1, 2020
BOOK REVIEW
BOOK REVIEW
BOOK REVIEW
An extraordinary true tale of torment, retribution, and loyalty that's irresistibly readable in spite of its intrusively melodramatic prose. Starting out with calculated, movie-ready anecdotes about his boyhood gang, Carcaterra's memoir takes a hairpin turn into horror and then changes tack once more to relate grippingly what must be one of the most outrageous confidence schemes ever perpetrated. Growing up in New York's Hell's Kitchen in the 1960s, former New York Daily News reporter Carcaterra (A Safe Place, 1993) had three close friends with whom he played stickball, bedeviled nuns, and ran errands for the neighborhood Mob boss. All this is recalled through a dripping mist of nostalgia; the streetcorner banter is as stilted and coy as a late Bowery Boys film. But a third of the way in, the story suddenly takes off: In 1967 the four friends seriously injured a man when they more or less unintentionally rolled a hot-dog cart down the steps of a subway entrance. The boys, aged 11 to 14, were packed off to an upstate New York reformatory so brutal it makes Sing Sing sound like Sunnybrook Farm. The guards continually raped and beat them, at one point tossing all of them into solitary confinement, where rats gnawed at their wounds and the menu consisted of oatmeal soaked in urine. Two of Carcaterra's friends were dehumanized by their year upstate, eventually becoming prominent gangsters. In 1980, they happened upon the former guard who had been their principal torturer and shot him dead. The book's stunning denouement concerns the successful plot devised by the author and his third friend, now a Manhattan assistant DA, to free the two killers and to exact revenge against the remaining ex-guards who had scarred their lives so irrevocably. Carcaterra has run a moral and emotional gauntlet, and the resulting book, despite its flaws, is disturbing and hard to forget. (Film rights to Propaganda; author tour)
Pub Date: July 10, 1995
ISBN: 0-345-39606-5
Page Count: 432
Publisher: Ballantine
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: May 1, 1995
BOOK REVIEW
BOOK REVIEW
BOOK REVIEW
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