Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
Author: Kevin Phillips
The bestselling author reveals how the U.S. financial sector has hijacked our economy and put America's global future at risk
In American Theocracy, Kevin Phillips warned us of the perilous interaction of debt, financial recklessness, and the increasing cost of scarce oil. The current housing and mortgage debacle is proof once more of Phillips's prescience, and only the first harbinger of a national crisis. In Bad Money, Phillips describes the consequences of our misguided economic policies, our mounting debt, our collapsing housing market, our threatened oil, and the end of American domination of world markets. America's current challenges (and failures) run striking parallels to the decline of previous leading world economic powers-especially the Dutch and British. Global overreach, worn-out politics, excessive debt, and exhausted energy regimes are all chilling signals that the United States is crumbling as the world superpower.
"Bad money" refers to a new phenomenon in wayward megafinance-the emergence of a U.S. economy that is globally dependent and dominated by hubris-driven financial services. Also "bad" are the risk miscalculations and strategic abuses of new multitrillion-dollar products such as asset-backed securities and the lure of buccaneering vehicles like hedge funds. Finally, the U.S. dollar has been turned into bad money as it has weakened and become vulnerable to the world's other currencies. In all these ways, "bad" finance has failed the American people and pointed U.S. capitalism toward a global crisis. Bad Money is the perfect follow- up to Phillips's last book, whose dire warnings are now proving frighteningly accurate.
The New York Times - Daniel Gross
Bad Money is perfectly timed for the present, as the foul stench of moldering debt and American decline lingers in the concrete canyons of Manhattan…Phillips is an entertaining writer. His prose is full of jabs and one-two combinations that keep things moving briskly.
Dale Farris - Library Journal
Longtime political and economic commentator Phillips continues the theme of his American Theocracy(2006)-also narrated by Scott Brick (www.scottbrickpresents.com)-with this gloomy projection of a major economic storm brewing on the horizon. Here, Phillips again draws parallels between our current situation and the declines of 17thcentury Spain, the 18thcentury Dutch Republic, and early 20thcentury Britain, parallels over which historians and economists will likely quibble. However, even if his moody pessimism is not entirely defensible, his warnings should provide useful fodder for enlightened, learned voters in the exhausting 2008 presidential campaign. Brick's steady pacing will help listeners sustain focus throughout this informationpacked read. Recommended for university libraries supporting business and economics curricula and for larger public libraries. [Also recorded by Books on Tape. 8 CDs. unabridged. ISBN 9781415949900
Interesting book: Helen Nashs Kosher Kitchen or Cooking for People with Food Allergies
Outliers: The Story of Success
Author: Malcolm Gladwell
In this stunning new book, Malcolm Gladwell takes us on an intellectual journey through the world of "outliers"--the best and the brightest, the most famous and the most successful. He asks the question: what makes high-achievers different? His answer is that we pay too much attention to what successful people are like, and too little attention to where they are from: that is, their culture, their family, their generation, and the idiosyncratic experiences of their upbringing. Along the way he explains the secrets of software billionaires, what it takes to be a great soccer player, why Asians are good at math, and what made the Beatles the greatest rock band.
Brilliant and entertaining, OUTLIERS is a landmark work that will simultaneously delight and illuminate.
The New York Times - David Leonhardt
has much in common with Gladwell's earlier work. It is a pleasure to read and leaves you mulling over its inventive theories for days afterward.
Publishers Weekly
Signature
Reviewed by Leslie Chang
In Outliers, Gladwell (The Tipping Point) once again proves masterful in a genre he essentially pioneered-the book that illuminates secret patterns behind everyday phenomena. His gift for spotting an intriguing mystery, luring the reader in, then gradually revealing his lessons in lucid prose, is on vivid display. Outliers begins with a provocative look at why certain five-year-old boys enjoy an advantage in ice hockey, and how these advantages accumulate over time. We learn what Bill Gates, the Beatles and Mozart had in common: along with talent and ambition, each enjoyed an unusual opportunity to intensively cultivate a skill that allowed them to rise above their peers. A detailed investigation of the unique culture and skills of Eastern European Jewish immigrants persuasively explains their rise in 20th-century New York, first in the garment trade and then in the legal profession. Through case studies ranging from Canadian junior hockey champions to the robber barons of the Gilded Age, from Asian math whizzes to software entrepreneurs to the rise of his own family in Jamaica, Gladwell tears down the myth of individual merit to explore how culture, circumstance, timing, birth and luck account for success-and how historical legacies can hold others back despite ample individual gifts. Even as we know how many of these stories end, Gladwell restores the suspense and serendipity to these narratives that make them fresh and surprising.
One hazard of this genre is glibness. In seeking to understand why Asian children score higher on math tests, Gladwell explores the persistence andpainstaking labor required to cultivate rice as it has been done in East Asia for thousands of years; though fascinating in its details, the study does not prove that a rice-growing heritage explains math prowess, as Gladwell asserts. Another pitfall is the urge to state the obvious: "No one," Gladwell concludes in a chapter comparing a high-IQ failure named Chris Langan with the brilliantly successful J. Robert Oppenheimer, "not rock stars, not professional athletes, not software billionaires and not even geniuses-ever makes it alone." But who in this day and age believes that a high intelligence quotient in itself promises success? In structuring his book against that assumption, Gladwell has set up a decidedly flimsy straw man.
In the end it is the seemingly airtight nature of Gladwell's arguments that works against him. His conclusions are built almost exclusively on the findings of others-sociologists, psychologists, economists, historians-yet he rarely delves into the methodology behind those studies. And he is free to cherry-pick those cases that best illustrate his points; one is always left wondering about the data he evaluated and rejected because it did not support his argument, or perhaps contradicted it altogether. Real life is seldom as neat as it appears in a Malcolm Gladwell book. (Nov.)
Leslie T. Chang is the author of Factory Girls: From Village to City in a Changing China (Spiegel & Grau).
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Ellen Gilbert - Library Journal
Let's cut to the chase and say that all libraries should buy this book, if only because people will be asking for it. Gladwell, New Yorker staff writer, TEDTalks (Technology, Entertainment, Design) personality, and author of the best sellers The Tipping Point and Blink, has, well, reached a tipping point in the consciousness of observers of popular culture. Following a format similar to his previous books, Gladwell gloms onto an apparent phenomenon-in this case people who seem significantly different from other people, whether for good or for ill-and offers what we're all apparently supposed to believe are startlingly logical explanations for why they stand out. Gladwell's reasons have largely to do with things like where they come from and what month they were born in. It's all very readable, but not particularly surprising. No matter, libraries will need to acquire it. [See Prepub Alert, LJ7/08.]
Kirkus Reviews
There is a logic behind why some people become successful, and it has more to do with legacy and opportunity than high IQ. In his latest book, New Yorker contributor Gladwell (Blink, 2005, etc.) casts his inquisitive eye on those who have risen meteorically to the top of their fields, analyzing developmental patterns and searching for a common thread. The author asserts that there is no such thing as a self-made man, that "the true origins of high achievement" lie instead in the circumstances and influences of one's upbringing, combined with excellent timing. The Beatles had Hamburg in 1960-62; Bill Gates had access to an ASR-33 Teletype in 1968. Both put in thousands of hours-Gladwell posits that 10,000 is the magic number-on their craft at a young age, resulting in an above-average head start. The author makes sure to note that to begin with, these individuals possessed once-in-a-generation talent in their fields. He simply makes the point that both encountered the kind of "right place at the right time" opportunity that allowed them to capitalize on their talent, a delineation that often separates moderate from extraordinary success. This is also why Asians excel at mathematics-their culture demands it. If other countries schooled their children as rigorously, the author argues, scores would even out. Gladwell also looks at "demographic luck," the effect of one's birth date. He demonstrates how being born in the decades of the 1830s or 1930s proved an enormous advantage for any future entrepreneur, as both saw economic booms and demographic troughs, meaning that class sizes were small, teachers were overqualified, universities were looking to enroll and companies were looking foremployees. In short, possibility comes "from the particular opportunities that our particular place in history presents us with." This theme appears throughout the varied anecdotes, but is it groundbreaking information? At times it seems an exercise in repackaged carpe diem, especially from a mind as attuned as Gladwell's. Nonetheless, the author's lively storytelling and infectious enthusiasm make it an engaging, perhaps even inspiring, read. Sure to be a crowd-pleaser.
