A dense but worthy effort to explain how the economy went off the rails in recent years—and how we ended up in that...
A revealing look at the often symbiotic, sometimes-adversarial relationship between the White House and Wall Street.
When it comes to the tactics of modern bankers, former Wall Street insider–turned-journalist Prins (It Takes a Pillage: An Epic Tale of Power, Deceit, and Untold Trillions, 2009, etc.) makes her disapproval known in no uncertain terms; their predecessors fare only slightly better in this sweeping history of bank presidents and their relationships with the nation’s chief executives. The narrative begins circa 1900, when bankers began to supersede industrial tycoons as the nation’s most powerful private-sector prime movers. Financial titans like J.P. Morgan and John D. Rockefeller figure prominently, along with lesser-known but equally important men like Winthrop Aldrich and Thomas Lamont, as they navigate the treacherous terrain of World War I and the 1929 crash, both butting heads with and coming to the aid of presidents from Theodore Roosevelt to Herbert Hoover. As Prins writes, ties proved strongest during wartime, with banks working alongside politicians to sell bonds and bolster the finances of U.S. allies. As the 20th century rolled on, however, power shifted north from Washington to New York, where deregulation and globalization created opportunities for bankers to create complex financial products that neither the public nor they themselves seemed to fully understand, which led to a series of market collapses and global recessions. Even wars in Iraq and Afghanistan have not been enough to galvanize the banking industry as prior wars did. At times, the author talks over the heads of a general audience, and her anti-banker bias, even if it’s largely justified, cries out for some balancing commentary. Still, this is a valuable contribution to a growing body of books trying to make sense of an increasingly complicated financial world. The glossary of financial terms will prove helpful for general readers.
A dense but worthy effort to explain how the economy went off the rails in recent years—and how we ended up in that situation in the first place.Pub Date: April 8, 2014
ISBN: 978-1-56858-749-3
Page Count: 554
Publisher: Nation Books
Review Posted Online: Feb. 15, 2014
Kirkus Reviews Issue: March 1, 2014
BOOK REVIEW
BOOK REVIEW
Dogged original research and superb narrative skills come together in this gripping account of pitiless evil.
Greed, depravity, and serial murder in 1920s Oklahoma.
During that time, enrolled members of the Osage Indian nation were among the wealthiest people per capita in the world. The rich oil fields beneath their reservation brought millions of dollars into the tribe annually, distributed to tribal members holding "headrights" that could not be bought or sold but only inherited. This vast wealth attracted the attention of unscrupulous whites who found ways to divert it to themselves by marrying Osage women or by having Osage declared legally incompetent so the whites could fleece them through the administration of their estates. For some, however, these deceptive tactics were not enough, and a plague of violent death—by shooting, poison, orchestrated automobile accident, and bombing—began to decimate the Osage in what they came to call the "Reign of Terror." Corrupt and incompetent law enforcement and judicial systems ensured that the perpetrators were never found or punished until the young J. Edgar Hoover saw cracking these cases as a means of burnishing the reputation of the newly professionalized FBI. Bestselling New Yorkerstaff writer Grann (The Devil and Sherlock Holmes: Tales of Murder, Madness, and Obsession, 2010, etc.) follows Special Agent Tom White and his assistants as they track the killers of one extended Osage family through a closed local culture of greed, bigotry, and lies in pursuit of protection for the survivors and justice for the dead. But he doesn't stop there; relying almost entirely on primary and unpublished sources, the author goes on to expose a web of conspiracy and corruption that extended far wider than even the FBI ever suspected. This page-turner surges forward with the pacing of a true-crime thriller, elevated by Grann's crisp and evocative prose and enhanced by dozens of period photographs.
Dogged original research and superb narrative skills come together in this gripping account of pitiless evil.Pub Date: April 18, 2017
ISBN: 978-0-385-53424-6
Page Count: 352
Publisher: Doubleday
Review Posted Online: Feb. 1, 2017
Kirkus Reviews Issue: Feb. 15, 2017
BOOK TO SCREEN
BOOK TO SCREEN
BOOK TO SCREEN
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
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