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
Categories: CURRENT EVENTS & SOCIAL ISSUES | HISTORY | BUSINESS | UNITED STATES | U.S. GOVERNMENT
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BOOK REVIEW
BOOK REVIEW
A master storyteller’s character-driven account of a storied year in the American Revolution.
Against world systems, economic determinist and other external-cause schools of historical thought, McCullough (John Adams, 2001, etc.) has an old-fashioned fondness for the great- (and not-so-great) man tradition, which may not have much explanatory power but almost always yields better-written books. McCullough opens with a courteous nod to the customary villain in the story of American independence, George III, who turns out to be a pleasant and artistically inclined fellow who relied on poor advice; his Westmoreland, for instance, was a British general named Grant who boasted that with 5,000 soldiers he “could march from one end of the American continent to the other.” Other British officers agitated for peace, even as George wondered why Americans would not understand that to be a British subject was to be free by definition. Against these men stood arrayed a rebel army that was, at the least, unimpressive; McCullough observes that New Englanders, for instance, considered washing clothes to be women’s work and so wore filthy clothes until they rotted, with the result that Burgoyne and company had a point in thinking the Continentals a bunch of ragamuffins. The Americans’ military fortunes were none too good for much of 1776, the year of the Declaration; at the slowly unfolding battle for control over New York, George Washington was moved to despair at the sight of sometimes drunk soldiers running from the enemy and of their officers “who, instead of attending to their duty, had stood gazing like bumpkins” at the spectacle. For a man such as Washington, to be a laughingstock was the supreme insult, but the British were driven by other motives than to irritate the general—not least of them reluctance to give up a rich, fertile and beautiful land that, McCullough notes, was providing the world’s highest standard of living in 1776.
Thus the second most costly war in American history, whose “outcome seemed little short of a miracle.” A sterling account.Pub Date: June 1, 2005
ISBN: 0-7432-2671-2
Page Count: 656
Publisher: Simon & Schuster
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: April 1, 2005
Categories: GENERAL HISTORY | UNITED STATES | HISTORY
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IN THE NEWS
PERSPECTIVES
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
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SEEN & HEARD
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