Informative—if often apologetic and even fawning—attempt by Sobel (Business/Hofstra University; The Life and Times of Dillon, Read, 1991, etc.) to put into ``historical perspective'' the Wall Street shenanigans of Michael Milken. As Sobel sees it, Milken is one of a noble line of post-WW II rugged individualists who fashioned new financial instruments and methods to make themselves and others rich. Precursors include Louis Wolfson—like Milken, ``shy and assertive, loyal and patriotic,'' and a Jewish outsider—who was the first to buy up the stock of technically ``undervalued'' companies, break up the companies, and sell off the pieces at huge profits: In 1967, he was convicted of stock manipulation. Another predecessor, James Ling, a high-school dropout from Oklahoma, devised new ways to raid a corporate treasury to finance hostile takeovers and was able to form early conglomerates in the 1960's, notably LTV. More respectably, Charles Merrill, head of Merrill Lynch in the 1950's, established the first nationwide network of stockbrokers and bond traders—those who later would sell billions of dollars' worth of Milken's high-yield, low-quality corporate junk bonds to S&Ls, insurers, and an unsuspecting public, and who would provide fuel for raiders such as T. Boone Pickens to finance hostile, leveraged takeovers of a size and scope previously unimaginable. As Sobel delineates these deals—which ultimately brought ruin to thousands of S&L depositors, insurance-annuity holders, and employees of dismantled companies—his technical analysis is crystalline, but his sympathies are obviously with Milken, who, he says, has ``a social vision.'' In fact, Sobel builds a not-so-sly and certainly unconvincing case that Milken's prosecution and 40-month sentence were the result of anti-Semitism, even ``demonism'' (Milken's lawyer's term). Sobel hopes that Milken will enjoy a ``second act.'' Many may disagree, but the facts of high finance in the 1980's remain fascinating, even in the author's less-than-neutral hands.
Pub Date: May 21, 1993
ISBN: 0-471-57734-0
Page Count: 256
Publisher: Wiley
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: April 1, 1993
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“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
SEEN & HEARD
A timely, vividly realized reminder to slow down and harness the restorative wonders of serenity.
An exploration of the importance of clarity through calmness in an increasingly fast-paced world.
Austin-based speaker and strategist Holiday (Conspiracy: Peter Thiel, Hulk Hogan, Gawker, and the Anatomy of Intrigue, 2018, etc.) believes in downshifting one’s life and activities in order to fully grasp the wonder of stillness. He bolsters this theory with a wide array of perspectives—some based on ancient wisdom (one of the author’s specialties), others more modern—all with the intent to direct readers toward the essential importance of stillness and its “attainable path to enlightenment and excellence, greatness and happiness, performance as well as presence.” Readers will be encouraged by Holiday’s insistence that his methods are within anyone’s grasp. He acknowledges that this rare and coveted calm is already inside each of us, but it’s been worn down by the hustle of busy lives and distractions. Recognizing that this goal requires immense personal discipline, the author draws on the representational histories of John F. Kennedy, Buddha, Tiger Woods, Fred Rogers, Leonardo da Vinci, and many other creative thinkers and scholarly, scientific texts. These examples demonstrate how others have evolved past the noise of modern life and into the solitude of productive thought and cleansing tranquility. Holiday splits his accessible, empowering, and sporadically meandering narrative into a three-part “timeless trinity of mind, body, soul—the head, the heart, the human body.” He juxtaposes Stoic philosopher Seneca’s internal reflection and wisdom against Donald Trump’s egocentric existence, with much of his time spent “in his bathrobe, ranting about the news.” Holiday stresses that while contemporary life is filled with a dizzying variety of “competing priorities and beliefs,” the frenzy can be quelled and serenity maintained through a deliberative calming of the mind and body. The author shows how “stillness is what aims the arrow,” fostering focus, internal harmony, and the kind of holistic self-examination necessary for optimal contentment and mind-body centeredness. Throughout the narrative, he promotes that concept mindfully and convincingly.
A timely, vividly realized reminder to slow down and harness the restorative wonders of serenity.Pub Date: Oct. 1, 2019
ISBN: 978-0-525-53858-5
Page Count: 288
Publisher: Portfolio
Review Posted Online: July 20, 2019
Kirkus Reviews Issue: Aug. 15, 2019
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