Servon’s approachable if somewhat academic study is an indictment of a financial structure bent on large returns at the...
Banks seldom have much green money these days—and not many customers, either.
As Servon (City and Regional Planning/Univ. of Pennsylvania; Bridging the Digital Divide: Technology, Community, and Public Policy, 2002, etc.) writes, banks have changed since their heyday half a century ago; in becoming too big to fail, they devote almost no attention to small-scale customers, who used to comprise the bulk of their constituency. Now, banks cater to corporate customers, and where they deal with private clients at all, it is often to soak them for overdraft charges while steadily lowering lines of credit. “People who were approved for credit cards in 2011 were offered only half the amount offered to those approved in 2005,” writes the author. In one case that Servon offers almost offhandedly, a young single mother who had steadily worked her way out of a credit trough overdrew a checking account by $10 and was hit by $300 in various penalties and fees. It’s no way to run an equitable railroad, but the banks are in the business of cash equity only. Enter informal and alternative systems of banking such as check-cashing services, some more or less ethical, some nakedly predatory, and private associations such as the Latino tanda, whose members pool funds. All “substitute for or complement relationships with formal institutions.” Servon provides firsthand knowledge of how they work, having taken time out from academia to work as a teller and loan collector. Her conclusions reinforce the developing thesis that people move into banking and informal systems situationally, “depending on what they needed and the resources available to them.” This is not earthshaking news, but the author delivers valuable evidence on the fragility of the personal economies of most Americans these days, with fully half living paycheck to paycheck.
Servon’s approachable if somewhat academic study is an indictment of a financial structure bent on large returns at the expense of all else, but it also offers hope for ways around that ravenous system.Pub Date: Jan. 10, 2017
ISBN: 978-0-544-60231-1
Page Count: 272
Publisher: Houghton Mifflin Harcourt
Review Posted Online: Nov. 20, 2016
Kirkus Reviews Issue: Dec. 1, 2016
Bernstein and Woodward, the two Washington Post journalists who broke the Big Story, tell how they did it by old fashioned seat-of-the-pants reporting — in other words, lots of intuition and a thick stack of phone numbers. They've saved a few scoops for the occasion, the biggest being the name of their early inside source, the "sacrificial lamb" H**h Sl**n. But Washingtonians who talked will be most surprised by the admission that their rumored contacts in the FBI and elsewhere never existed; many who were telephoned for "confirmation" were revealing more than they realized. The real drama, and there's plenty of it, lies in the private-eye tactics employed by Bernstein and Woodward (they refer to themselves in the third person, strictly on a last name basis). The centerpiece of their own covert operation was an unnamed high government source they call Deep Throat, with whom Woodward arranged secret meetings by positioning the potted palm on his balcony and through codes scribbled in his morning newspaper. Woodward's wee hours meetings with Deep Throat in an underground parking garage are sheer cinema: we can just see Robert Redford (it has to be Robert Redford) watching warily for muggers and stubbing out endless cigarettes while Deep Throat spills the inside dope about the plumbers. Then too, they amass enough seamy detail to fascinate even the most avid Watergate wallower — what a drunken and abusive Mitchell threatened to do to Post publisher Katherine Graham's tit, and more on the Segretti connection — including the activities of a USC campus political group known as the Ratfuckers whose former members served as a recruiting pool for the Nixon White House. As the scandal goes public and out of their hands Bernstein and Woodward seem as stunned as the rest of us at where their search for the "head ratfucker" has led. You have to agree with what their City Editor Barry Sussman realized way back in the beginning — "We've never had a story like this. Just never."
Pub Date: June 18, 1974
ISBN: 0671894412
Page Count: 372
Publisher: Simon & Schuster
Review Posted Online: Oct. 10, 2011
Kirkus Reviews Issue: June 1, 1974
Less a sequel than an addendum, the book offers a close-up view of the Oval Office in its darkest hour.
Four decades after Watergate shook America, journalist Woodward (The Price of Politics, 2012, etc.) returns to the scandal to profile Alexander Butterfield, the Richard Nixon aide who revealed the existence of the Oval Office tapes and effectively toppled the presidency.
Of all the candidates to work in the White House, Butterfield was a bizarre choice. He was an Air Force colonel and wanted to serve in Vietnam. By happenstance, his colleague H.R. Haldeman helped Butterfield land a job in the Nixon administration. For three years, Butterfield worked closely with the president, taking on high-level tasks and even supervising the installation of Nixon’s infamous recording system. The writing here is pure Woodward: a visual, dialogue-heavy, blow-by-blow account of Butterfield’s tenure. The author uses his long interviews with Butterfield to re-create detailed scenes, which reveal the petty power plays of America’s most powerful men. Yet the book is a surprisingly funny read. Butterfield is passive, sensitive, and dutiful, the very opposite of Nixon, who lets loose a constant stream of curses, insults, and nonsensical bluster. Years later, Butterfield seems conflicted about his role in such an eccentric presidency. “I’m not trying to be a Boy Scout and tell you I did it because it was the right thing to do,” Butterfield concedes. It is curious to see Woodward revisit an affair that now feels distantly historical, but the author does his best to make the story feel urgent and suspenseful. When Butterfield admitted to the Senate Select Committee that he knew about the listening devices, he felt its significance. “It seemed to Butterfield there was absolute silence and no one moved,” writes Woodward. “They were still and quiet as if they were witnessing a hinge of history slowly swinging open….It was as if a bare 10,000 volt cable was running through the room, and suddenly everyone touched it at once.”
Less a sequel than an addendum, the book offers a close-up view of the Oval Office in its darkest hour.Pub Date: Oct. 13, 2015
ISBN: 978-1-5011-1644-5
Page Count: 304
Publisher: Simon & Schuster
Review Posted Online: Oct. 20, 2015
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