Showing posts with label economics. Show all posts
Showing posts with label economics. Show all posts

What's the Matter with Kansas?: How Conservatives Won the Heart of America Review

What's the Matter with Kansas: How Conservatives Won the Heart of America
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In his book 1984, George Orwell described the state of perpetual war in his fictional future society by saying that the war wasn't meant to be won, it was only meant to be continuous. In WHAT'S THE MATTER WITH KANSAS?, Thomas Frank illustrates how, and how effectively, the neoconservative right has implemented Orwell's concepts via a neverending war over culture and values.
Using his home state of Kansas as the model and focal point, Frank asks rhetorically why it is that Kansans so willingly espouse right-wing social issues (creationism, defunding public schools, prayer in schools, pro-life) while simultaneously allowing their state to become economically devastated by Republican free market policies of unfettered, unregulated capitalism. In other words, why do Kansans (and many other Red Staters) vote consistently against their pocketbooks, against their own economic self-interest?
With great specificity, Frank illustrates these behaviors and their devastating economic consequences by describing individuals and communities in Kansas. These are some of the strongest parts of his book, since they demonstrate through real people and real towns how life has changed, and continues to change, under Republican conservative rule. If anything, Frank could use more of these examples, particularly more description of some of the small towns and communities in his state that are dying a slow and tortured economic death. Regardless, the examples given convey the sense that Kansans are voting Red even as they vote themselves economically dead.
Frank correctly ascribes this seemingly self-contradictory behavior to the idea that Conservatives have discovered a means to incite permanent "backlash" among the Red Staters through culture wars. Whatever the issue, whether it's Janet Jackson's right breast or gay marriage in Massachusetts, Conservative politicians whip up fierce indignation and activism by threatening the loss of American moral values to the eastern, intellectual elite who support the denigration of those values and the denial of moral absolutes. And, as Frank points out, despite years of bitter denunciation, almost nothing has changed. The war rages on, but the Conservatives rarely win even a skirmish.
By focusing attention on culture issues, the Conservatives not only distract their followers from economic concerns, they remove capitalism itself as an issue. For Red Staters, capitalism is a natural force, and free markets are an absolute good. Concerns about environment, globalization, estate taxes, Wal-Martization, health and welfare all disappear, since laissez-faire is an inviolable principle. Capitalism cannot and must not be regulated in this worldview, and any restrictions and regulations designed to "thwart" it are necessarily wrong if not evil. The fact that culture itself -- MTV, Hollywood, Howard Stern, Fear Factor -- is a capitalist product that follows the same profit motivations goes unnoticed. In Kansas, as in most places, there is no connection in people's minds between culture and capitalism.
Frank has put his thumb directly on the source of America's current problems, the so-called Red State, Blue State divide. As I write this review on July 9, 2004, the United States remains embroiled in Iraq and Afghanistan, our standing in the world is at an all-time low, Tom Ridge is warning against another imminent Al-Qaeda attack, the country is hemorrhaging jobs, young kids can less and less afford to go to college, gas and milk prices have soared to all-time highs, working men and women can't make ends meet even with two or more jobs, millions are without health insurance, the President claims the power to arrest and detain anyone he chooses without legal representation, and our education system is becoming enslaved to meaningless standardized tests. What solutions does our Republican President and Republican legislative branch offer? The Senate is too busy preparing for an all-out legislative war over a Constitutional amendment banning gay marriage to worry about real problems. The newspaper every day tells us just how correct Thomas Frank is in his analysis. Kansas isn't just Kansas, Kansis is us!
Anyone who truly wants to understand today's upside-down political world, who wants to understand how middle class people can enthusiastically support tax cuts that give them nothing and the rich more money and power, should read WHAT'S THE MATTER WITH KANSAS? Mr. Frank offers clear and straightforward explanation of this bizarre phenomenon, and his insights and implications should send chills down the spines of those who espouse a free, fair, and open society. To quote Frank's closing line: that the "fever-dream of martyrdom that Kansas follows today...invites us all to join in, to lay down our lives so others might cash out at the top; to renounce forever our middle-American prosperity in pursuit of a crimson fantasy of middle-American righteousness." How much better can it be said?

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The Forgotten Man: A New History of the Great Depression Review

The Forgotten Man: A New History of the Great Depression
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The Forgotten Man (TFM for short) is not a polemic. It is not an argument for a particular theory or economic interpretation of the Depression. Instead, the author steps back and lets the story tell itself. She has sifted through memoirs and contemporaneous accounts in order to carry the reader back into the mindset of the 1930's. She focuses on a diverse selection of protagonists from that period, including opponents of Roosevelt like Andrew Mellon and Wendell Wilkie as well as members of Roosevelt's "brain trust" like Paul Douglas and Rexford Tugwell. Note that in the context of that time, "trust" meant the same thing as cartel (as in anti-trust laws). Roosevelt was claiming that with his advisers he had cornered the market on brains. If so, then after reading TFM, my sense is that there was not much value in this particular monopoly.I came away with three major conclusions.1. For better or worse, much of the country saw the Depression as something akin to a natural disaster, and people accordingly lowered their expectations for their standard of living.2. Economic ignorance among policymakers was much worse than I had realized. I was steeped in the myth that the reason the Depression was so bad was that only Keynes had the answer, and he had to overcome the resistance of "the classical economists," such as Irving Fisher. But the differences between Fisher and Keynes seem small when compared to the differences between the policymakers and both economists. In physics, it would be like watching an academic debate over the meaning of quantum mechanics while policymakers are unable to grasp the simple concept of gravity.3. The struggle over economic policy in the 1930's was really an episode in the long, historical conflict between business participants in the market and anti-business academics. Roosevelt gave free rein to the professors, until the start of the Second World War led him to realize that he would need the tycoons to help mobilize to defeat Hitler. I suspect that one reason that Roosevelt and the New Deal come off so well in the conventional wisdom is that history books are written by professors, not by entrepreneurs.I should stress that these are my own views, and that TFM is much less prone to making generalizations and drawing conclusions. Readers with a variety of backgrounds and predispositions can appreciate the book and learn their own lessons.

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The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History Review

The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History
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This is an incredible book about John Paulson, and in general, the trade against the housing market. This is a great read for anyone who is interested in how an investment thesis is constructed and executed.
There were two pleasant surprises of the book:
1. Cast of Characters - How different investors, besides John Paulson, also saw the similar trade opportunity and went for it. As the crisis unfolded John Paulson, George Soros and a host of other investors were revealed to have been shorting the housing market. The surprise was learning about the host of other, "unknown" investors from a medical school dropout to a cocky Deutsche Bank trader to wealthy real-estate mogul to a recently graduated MBA, each of whom recognized the crisis before most others and were able to trade against the rest of the investment community.
2. The transformation of John Paulson - He was initially described someone who was smart, but not as someone who always "had to be the best" or a natural leader; in other words he was not the classic alpha male.John Paulson was portrayed as a random i-banker with awkward communication skills, a weak handshake and an affinity for the NYC club scene. Many actually saw his career as stalled and unexceptional. The book is very good at showing how he transformed himself from a run of the mill finance professional to someone whose ambition grew and grew....and once he saw the opportunity he calmly executed his trade and transformed his life.
(A small side note...this is also the one of the best books describing the technical terms of the housing crisis (e.g. CDS, MBS).)
Finally, even though the ending is essentially known (the collapse of the housing market), the description and narrative of the sequence of events is riveting.
A great read for anyone interested in finance, the markets, and the real estate crash.

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In 2006, hedge fund manager John Paulson realized something few others suspected--that the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall. Paulson's background was in mergers and acquisitions, however, and he knew little about real estate or how to wager against housing. He had spent a career as an also-ran on Wall Street. But Paulson was convinced this was his chance to make his mark. He just wasn't sure how to do it. Colleagues at investment banks scoffed at him and investors dismissed him. Even pros skeptical about housing shied away from the complicated derivative investments that Paulson was just learning about. But Paulson and a handful of renegade investors such as Jeffrey Greene and Michael Burry began to bet heavily against risky mortgages and precarious financial companies. Timing is everything, though. Initially, Paulson and the others lost tens of millions of dollars as real estate and stocks continued to soar. Rather than back down, however, Paulson redoubled his bets, putting his hedge fund and his reputation on the line. In the summer of 2007, the markets began to implode, bringing Paulson early profits, but also sparking efforts to rescue real estate and derail him. By year's end, though, John Paulson had pulled off the greatest trade in financial history, earning more than $15 billion for his firm--a figure that dwarfed George Soros's billion-dollar currency trade in 1992. Paulson made billions more in 2008 by transforming his gutsy move. Some of the underdog investors who attempted the daring trade also reaped fortunes. But others who got the timing wrong met devastating failure, discovering that being early and right wasn't nearly enough. Written by the prizewinning reporter who broke the story in The Wall Street Journal, The Greatest Trade Ever is a superbly written, fast-paced, behind-the-scenes narrative of how a contrarian foresaw an escalating financial crisis--that outwitted Chuck Prince, Stanley O'Neal, Richard Fuld, and Wall Street's titans--to make financial history.From the Hardcover edition.

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Conquer the Crash: You Can Survive and Prosper in a Deflationary Depression Review

Conquer the Crash: You Can Survive and Prosper in a Deflationary Depression
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Robert Prechter Jr. is well-known in stock market circles for his Elliott Wave predictions over the years have had their success and failures. This is Prechter's third and latest book (At the Crest of the Tidal Wave (1995) and The Elliott Wave Principle (1978)). His current book is really two books in one printed on different colored paper! Even if you do not agree with Prechter's view of the world, you should certainly understand his arguments and make your own decisions.
Part I (135 pp.) focuses on why he believes a stock market crash will occur in the near term, as well why deflation and economic depression are high probability scenarios. Although deflation and depression are rare occurrences, Prechter believes that they are at the brink. His goal is writing the book is to provide insight into defining both events and make you believe that they can happen, and eventually make you believe that they are likely to happen.
Prechter compares the period 1942-1966 (called Wave III) with the economic expansion of 1974-2000 (Wave V). He points out that the most recent period had much weaker economic fundamentals and performance than the prior period, although by stock market standards Wave V had an increase of 1930% on the DJIA compared to 971% during Wave III. In his analysis he provides comprehensive statistics on GDP, Industrial Production, Capacity Utilization, Unemployment rate, household's liquid assets, federal and consumer debt, prime rate, federal budget deficit, personal savings among others. Prechter then defines depression and its relationship to the stock market. One of his key observations is that 'major stock market declines lead directly to depressions'.
Prechter depicts the five waves evident in the stock market using four charts. He points out that the five-wave pattern occurs even taking into account major news events such as Hitler's rise to power and the end of the Vietnam war. Prechter provides four signs of a market top and explains the Elliott Wave characteristics of each of the five waves.
Prechter presents his case for the existing stock market precarious situation (as of March 2002) by covering Wave V in great detail. He spends considerable time examining the fifth wave from 1974 to 2000 compared to previous waves. The case for the historically high stock evaluation is made by focusing on the low dividend yield, outrageously high book value, and high P/E ratio. Prechter then covers how psychology plays a major role in a stock market advance and decline. He reviews the psychology of he economists, brokerage strategists, money managers, public, and the media.
Prechter believes that the upcoming bear market will be the most devastating since the great depression and perhaps since 1720-1784. If this occurs, he indicates that the U.S. will experience another depression. He forecasts that the DJI will plummet to 777, the August 1982 low, if that average follows the pattern of the prior manias (e.g., Nikkei; DJI 1929-32; Gouda tulip bulbs (1634-1722); and the South Sea Company (1719-1722)). Lastly, he makes the case for deflation, and discusses the Fed and banking system.
Book Two provided Prechter's advice for protecting yourself and profiting from the upcoming depression. His recommendations include:
1. Have safety of principal by being in cash or high-quality short-term U.S. Government treasuries (T-bills) or money market mutual funds that invest in these types of instruments.
2. Sell your home (if you have a large mortgage) and rent instead.
3. Find a safe bank (using Weiss Ratings, Inc., for example) and keep your money there.
4. Do not own or invest in stocks, options or futures.
5. Consider buying inverse mutual funds (such as Rydex Tempest that double short the S&P 500) and Rydex Venture (double short NASDAQ 100). ProFunds also offers bear funds. To invest in any of these funds, Prechter cautions that you must be a short-term timer to be successful.
6. Buy physical gold and silver metals.
7. Cash out your whole life insurance policies and convert to term insurance from the safest firms (based on Weiss Ratings, Inc., for example)
Prechter provides a very sobering view of the future that few individuals will heed because of its negative and extreme consequences. But if this book makes you think about the safety of your financial nest eggs, retirement funds, insurance policies, etc; then at least you can decide to take some steps to protect yourself. If the stock market can manage to rally 20-40% from the lows of July 2002, then perhaps you should consider cashing in your remaining equity and mutual funds positions before the 'real' bear market takes hold as Prechter envisions. I know I will be doing that and then using my charts and technical indicators to tell me when to get back in. It's shame that Prechter did not publish this book in March 2000 when the market was at its peak. He would have saved most investors, who believed his work, a great deal of money if they had followed his recommendations.
Whether you agree with Prechter's view of the world, you will certainly agree with this quote:
'To be successful in life, or at least learn something along the way, you have to think for yourself.'

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Today's financial and economic tribulations were a long time in the making. Many people ask, "Why didn't someone see it coming?" A New York Times bestselling book did see it coming. Over 100,000 people read it in time to protect their wealth. The book foresaw and explained the collapse in home prices, plunge in stocks, subprime debacle, liquidity crisis, the demise of Fannie and Freddie, the Federal Reserve's failure to turn the trend, and lots more. The book was Robert Prechter?s Conquer the Crash, published in early 2002, when the Dow was above 10,000 and the financial world was partying around-the-clock.
Fast forward to today: the average U.S. homeowner has suffered a decline of 30% to 40% in property value. Stocks and commodities had their biggest fall since 1929-1932. Fannie Mae is a zombie corporation under the government?s protection. The Fed has pushed every button at its disposal (and then some), to no avail. If Prechter thought a whole new book would help, he'd have written one. But Conquer the Crash is a book-length forecast that's still coming true -- only some of the future has caught up with the specific predictions he published back then. There is much more to come. That means more danger, but also great opportunity. Conquer the Crash, 2nd edition offers you 188 new pages of vital information (480 pages total) plus all the original forecasts and recommendations that make the book more compelling and relevant than the day it published.
In every disaster, only a very few people prepare themselves beforehand. Think about investor enthusiasm in 2005-2008, and you'll realize it's true. Even fewer people will be ready for the soon-approaching, next leg down of the unfolding depression. In this 2nd edition, Prechter gives a warning he's never had to include in 30 years of publishing -- namely, that the doors to financial safety are closing all over the world. In other words, prudent people need to act while they can. Conquer the Crash, 2nd Edition readers will receive exclusive online access to the Conquer the Crash Readers Page, where Prechter continually updates the book's recommended services and institutions.

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Hardcore Inventing: Invent, Protect, Promote, and Profit From Your Inventions Review

Hardcore Inventing: Invent, Protect, Promote, and Profit From Your Inventions
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When I cruise through B&N and spot a book that might be helpful to my SCORE-dot-org clients I usually take the necessary steps to write a book review for it. These days I am being a little more particular as to what I will review since I am tiring of the activity. But I could not let this book slide by. In my humbe opinion it is a great companion book to Invent Yourself Rich: 16 Secrets for Creating Million-Dollar Inventions which I read and wrote a review for a few years back.
The instant book has five parts broken into twenty chapters and three appendices as follows:
I. Invent (1-8)
II. Protect (9-11)
III. Promote (12-14)
IV. Profit (15-20)
V. Appendices (A-C)
0. Introduction
1. Success story - The Rescue Streamer Technology
2. Identifying & solving the problem
3. How nature inspired my inventions
4. Scour your brain
5. Making your idea a reality: Inventor's logs, prototypes, & marketing evaluations
6. Build a show prototype
7. Name your invention
8. Checklist - Is your idea feasible, marketable & financially viable?
9. Safeguard your intellectual property - Paranoia can be good
10. Step-by-step guide from disclosure to patent - Etch it in stone
11. Alernatives to utility patents
12. Get your invention out there
13. Find investors: Targeted strikes & mobilizing the troops
14. Protect yourself from fraudulent promotion companies
15. Licening
16. Manufacturing
17. Marketing
18. The home entrepreneur - Bottom-feeding
19. Venture Capitalists & angel investors
20. Critical crossroads
A. Useful Web sites
B. Suggested reading
C. Sample agreements & letters
The book is not written by an attorney nor a business consultant. It's written by an inventor who wants to share his experiences in getting his invention (Rescue Streamer Technology) patented and profitable. He's also probably written it as a marketing tool for his invention. If I had not read the book, then I would never have heard of his invention.
This book is probably more detailed and a little bit more informative than the book I read a few years back. It gives another perspective - so I highly recommend anyone interested in the subject get both books and become very informed on the topic. 5 stars!

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Based on the author's experience in the world of inventing and promotion, HardcoreInventing offers the kind of advice you can only learn from experience: how to develop an idea into an invention, how to build a prototype for show, how to safeguard intellectual property, how to market both strategically and in "guerilla" mode, how to find investors, and much more. And all of that is based on his IP 3"Tactical Method" which breaks everything down to Invent, Protect, Promote, and Profit.

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Eat the Rich: A Treatise on Economics (O'Rourke, P. J.) Review

Eat the Rich: A Treatise on Economics (O'Rourke, P. J.)
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I got hooked on P.J. O'Rourke through his work in "Rolling
Stone." Each of his books have usually just been expanded
versions of his gonzo-style of journalism. He is definitely the sick
love child of Hunter S. Thompson (another "Rolling Stone"
family member) and Dave Barry--of course with a twist of Rush
Limbaugh's conservatist flare. His dry wit is interlaced with a keen
eye for the bizarre. He has attacked politicians and Congress in
"Parliament of Whores" (still his best book to date) and the
"hawks" and "doves" in "Give War a
Chance" (enjoyable though not as memorable). This time he takes
on economists who apparently win Nobel prizes simply by boring the
most people. However, he does this by actually bouncing around the
globe, from Wall Street to Havana. And Albania to Hong Kong. And
several other points in between.
He gets deep into a
country. Immersing himself within society itself to develop his theory
of why a country's economic ills are what they are. This is usually
done by attending the local watering holes. If anything else is
redeeming to an O'Rourke work, it's certain that you will always walk
away with an unquenchable urge to have a stiff drink--or maybe
four.
O'Rourke examines and compares several societies and
countries that exhibit the most free of the free market (Hong Kong) or
the country with "good" socialism (Sweden) and
"bad" socialism (Cuba) and several other nations like
Tanzania, Albania and Russia. As well as the U.S. and Shanghai. The
examination on these countries are too brief to be worthy of real
study, but the truth within the humorous observations are what is the
real nugget. ...this book is
thoroughly enjoyable just to get his no-nonsense and never boring take
on why the free-market is greatest invention of mankind. ....
Finally, you will definitely laugh while reading this
book.


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The Bridge at the Edge of the World: Capitalism, the Environment, and Crossing from Crisis to Sustainability Review

The Bridge at the Edge of the World: Capitalism, the Environment, and Crossing from Crisis to Sustainability
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As do other current writers such as Thomas Homer-Dixon and David Korten, James Speth sees us heading for catastrophe in the way we're over-using and over-polluting the earth, but holds out hope that we may yet turn back from the brink of destruction. He attributes our predicament to an economic system based on little more than constant growth, which in turns requires ever more extraction from the earth; weak or nonexistent government leadership; and an environmental movement that has been less "movement" and more an insider operation that down deep believes a) the government can and will eventually do the right thing and b) there won't be need for drastic redirection of our economic and political systems or serious change in our way of living.
Speth calls for a rediscovery of the true meaning of life (relationships, service, enjoyment of leisure, etc.)--and orienting our economic pursuits around this; a new form of participatory democracy that takes back our country from the corporate-led government we currently "enjoy"; ending over $850 billion in annual global subsidies for "perverse" practices such as overfishing the seas; developing an economic model that incorporates environmental care, human rights and worker well-being at its core; and international treaties with "teeth" to enforce environmental protection of critical habitats and endangered species and ecosystems.
This is a depressing book in that it clearly lays out the challenges facing us; it is hopeful in that it does provide a "bridge" to get us from this world to the next. It's up to us to build it and then be ready to walk over it.
Telling quote: "When the crisis occurs, the actions taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, and to keep them alive and available until the politically impossible becomes the politically inevitable."


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Built from Scratch: How a Couple of Regular Guys Grew The Home Depot from Nothing to $30 Billion Review

Built from Scratch: How a Couple of Regular Guys Grew The Home Depot from Nothing to $30 Billion
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I began reading this book out of mild interest and found a number of lessons that I could use in my career as the trainer for a large Canadian pet organization. A great read and a great learning tool for all, not just those in the home improvement field.

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The Quotable Judge Posner: Selections from Twenty-five Years of Judicial Opinions (Suny Series in American Constitutionalism) Review

The Quotable Judge Posner: Selections from Twenty-five Years of Judicial Opinions (Suny Series in American Constitutionalism)
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Judge Posner is a prolific writer, and one of the most intelligent person I have known. Not all his books are for the average reader. However, this book, not written by the Judge, contains many of his comments, displaying his wit and sagacity.

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New Deal or Raw Deal?: How FDR's Economic Legacy Has Damaged America Review

New Deal or Raw Deal: How FDR's Economic Legacy Has Damaged America
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I'll confess to not being a fan of big government so I was prepared to be receptive to a harsh assessment of the New Deal. However, I was not prepared for the scathing indictment armed with facts, logic, primary source quotes and data that constitute this powerful book.
The book is hard to put down even as you recoil in horror at the lunatic economic policies of the era and the blatant turn to fascism. If you tried to design a program to extend the Great Depression indefinitely, you could have done little better than FDR did. The economic incompetence and unintended consequences which are detailed in all their frightening glory is mind boggling, but it is only part of the story.
The book also demonstrates the endemic political patronage and vote buying that resulted from the concentration of money and power in the hands of the federal government. State and local politicians who supported Roosevelt were rewarded with a cascade of federal dollars, those who opposed him were frozen out and inevitably lost subsequent elections.
Citizens who opposed FDR were set upon by the IRS or the NRA. The use of government power to persecute and intimidate dissension is chilling. There are several quotes or diary entries from even Roosevelt's supporters and cabinet members that point out both the insanity of the policies and the dangers of FDR's abuse of power.
With our government setting out on what's been called the "New New Deal", this book should be required reading for every citizen so they can understand both the failure of the New Deal as an economic cure and the abuse of power and vote buying that the huge transfer of money and independence from the private sector to the public sector caused and will undoubtedly cause again.
PS- As of the writing of this review, it appears you either love this book or you hate it as there are only 5 star reviews and 1 star reviews. However, if you read the reviews, you'll notice that those who have given it 5 star reviews have clearly read the book as they either quote from it or recount specific stories or facts mentioned in the book. On the other hand (again, as of this writing) the 1 star reviews don't mention a single specific point in the book and attempt to refute it. It seems pretty clear that they haven't actually read the book. If they have read it (which I doubt), they choose to review it with ad-hominem attacks, claims of bias (a historian with a world view??!!...I'm shocked!)and irrelevant rants about Bush etc. Please, do us all a favor.. if you want to attack a book at least read it and make specific logical refutations, don't simply pile on trite cliches and emotional appeals that have nothing to do with the author's scholarship.

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From Boom to Bust and Beyond Review

From Boom to Bust and Beyond
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This book is really really good. I would heartily recommend it as it gives a good review of what led to the crisis without getting mired in minutae. It is an excellent big picture overview of both the economic crisis that befell our country, the boom period that preceded it, and sound logical conclusions about the coming economic winter. It is an excellent motivator for looking into the financial future in terms of preparation and general direction. It seems to be written in a way that is above and outside all the noise that comes from the typical analysts out there. It is a bit short on more specific information on what to do to preapare and act for the coming financial winter, but in a way that is good...a dose of humility from the author.

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The United States is coming off a period of growth and prosperity unlike anything the world has ever seen before. Like a Hawaiian surfer riding a gigantic fifty-foot wave, the entire U.S. and world economy was carried by consumer spending from the Baby Boomers. It was a truly wonderful and phenomenal period of growth. Unfortunately the wave has now hit the beach and we have entered an unprecedented demographic winter, something as yet unknown to the modern world.

History has shown us that every economic crisis results in a political change that the country must wake up to. Although things will continue to be tough, author Jerry Tuma believes that there are things we can do—as individuals and as a nation—to mitigate the damage and even succeed and prosper through what is coming next. Armed with, demographics, statistics and thirty years of economic and financial planning expertise, he covers the factors that got us where we are, and gives educated predictions on where we are headed next, providing insight into topics such as…

Our moral, demographic and economic history (how we gotwhere we are today) Themyth of overpopulation Why prosperity comes to societies with highbirthrates and what that means for public policy issues from adoptionto immigration Howdemographics shows us what is coming next and how you can thrive throughthe new economic realities
Like the old football saying, "Luck is when preparation meets opportunity," and with the right knowledge, there will be unprecedented potential for opportunity for both economic and financial gain.


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The Panic of 1907: Lessons Learned from the Market's Perfect Storm Review

The Panic of 1907: Lessons Learned from the Market's Perfect Storm
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Edwin Lefevre's anecdotal account of the cash crunch of October 1907 in his timelessly street smart REMINISCENCES OF A STOCK OPERATOR (1923) has always begged for further commentary. His colorful recollection of how J.P. Morgan "saved" the New York Stock Exchange - "A day I shall never forget, October 24, 1907" - is in this current history placed in the larger context of a more general U.S. monetary crisis. Contributing events included the sudden, unexpected demand for capital following the San Francisco earthquake (1906), a Bank of England decision to slow the flow of gold to the U.S., a recklessly leveraged stock scheme hatched on Wall Street, and the absence of a central banking authority. Plunging asset values, impaired loan collateral values, a general loss of confidence, bank runs, financial ruin, and personal tragedy were the consequences of a "panic" that gripped the markets in that year. Even as one private individual, J.P. Morgan, provided the leadership and liquidity to the banking system, the City of New York, and the New York Stock Exchange, the events of 1907 dramatically underscored the need for a central bank to watch over the monetary needs of the country. The U.S. Federal Reserve as a lender of last resort was created in 1913.
The authors summarize the lessons of 1907 in a final chapter. I'm not sure that new ground is broken here, and the "perfect storm" cliche' is overdone these days, but it can be forgiven in this highly readable account. The point is that multiple contributing causes are in evidence in a financial crisis. Among those causes that stand out are an economy growing strongly where potential risks are marginalized (e.g. the recent mortgage meltdown), financial structures so interlinked or complex that no adequate overview can anticipate the impact of a failure (e.g. the size and opacity of the hedge fund industry), an exogenous shock (e.g. terrorist attacks of 2001), and a financial accident (e.g. a major bank or hedge fund collapse) that crystallizes the risks for the public. Market transparency, coordinated leadership, and adequate regulation are seen as critical elements in slowing the spread of contagion.
The authors don't go out of their way to look for these contemporary parallels, but the links are unavoidable. The strength of this book is that it is a page-turning, 'great read' with the added benefit of providing some useful, cautionary measures to help spot the next financial crisis.


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Bankruptcy of Our Nation: 12 Key Strategies for Protecting Your Finances in These Uncertain Times Review

Bankruptcy of Our Nation: 12 Key Strategies for Protecting Your Finances in These Uncertain Times
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Jerry Robinson's timely read, "The Bankruptcy of our Nation", should have come out a year or so ago. But would we have paid attention to this message then? Maybe, but probably not. I know of several other books on this subject that have accurately watched trends and foretold of our current state of affairs that too few people read. But now that we're right in the midst of the economic madness, Robinson offers insight into various aspects of what is affecting our national and global financial issues including world banking, oil, the bailout, and historical perspective. This section is necessary so that we may be aware of trends and how history repeats itself. However, if the reader would only take note of the 12 key strategies the author presents to protect and build the reader's financial state, that would be worth picking up this book. Free online resources, sound Biblical advice and timeless quotes from admirable sources round out the text.


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Surrounded by a host of political and social problems, America stands at the crossroads of a devastating economic crisis - the size and scope of which demands immediate action, while instability and debt loom over the future. America is the greatest debtor nation in history. The value of the dollar is at tremendous risk. Inflation is about to become a huge reality. Crippled by personal debt, local and state governments facing revenue losses, and the federal government struggling to bail out segments of the economy, many Americans are suddenly afraid and uncertain of what the future may bring. Many worry if the United States can even recover from this crisis. Will you and your family financially survive and even thrive during this turbulent time? Bankruptcy of Our Nation gives you vital insight, historical and future perspective, revealing how America got into this mess, and how you can make informed decisions to weather this economic crisis. Don't rely on the government to secure your future - empower yourself with sound economic strategies, solutions, and godly principles today!

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The Wit and Wisdom of Will Rogers: An A-to-Z Compendium of Quotes from America's Best-Loved Humorist Review

The Wit and Wisdom of Will Rogers: An A-to-Z Compendium of Quotes from America's Best-Loved Humorist
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This book is clearly the best one that Alex Ayres has written and compiled. My brother gave me this book in December 1993, and it has been with me ever since then. The bibliography listing is first rate as well, since they list the authors in alphabetical order. This way, the reader can track down a book that is related so that they can check it out.
Make no mistake, this book is jam-packed with more than 2,000 quotations from the Cowboy Philosopher. Readers will definitely get their mileage worth with this book--plenty of quotations to read, a timeline of events, and an excellent bibliography listing (3 pages long), with a total of 43 books listed, and 8 pages of additional subject references for the quotations that are listed in each category. 5 of the books in the bibliography are from Bryan/Frances Sterling
This is not a bad assortment of quotations from a multi-talented cowboy from Claremore--however, the book overlooked one main event: 4 years after the plane crash in Alaska, a statue was unveiled in the nation's capitol (Washington D.C.), on June 6, 1939. The statue is located next to the entrance of Statuary Hall.
The quotation that I really liked was the one on dogs. (as in "I love dogs", "He does nothing for political reasons"). In this book, I came across lots of quotations and even uncovered a book in the bibliography section that I plan to check out this weekend.
I can clearly see exactly why that if it hadn't been for the Cowboy Philosopher, there would have been no way that Americans would have been able to get through the New Deal/Depression 30s without a good laugh--and to look on the bright side for a silver lining during the New Deal/Depression era. A solid accomplishment for a multi-talented cowboy that made the transition from Wild West Shows to Vaudeville to the Ziefgield Follies--and then, eventually, film (71 films in a 17 year career)--from 1918-35.
As I have said before, check this book out--it's a book worth looking into from Alex Ayres with the spotlight on the Cowboy Philosopher. Worth reading--and worth checking out from Amazon.com online.
From cover to cover, you get an excellent introduction, more than 2,000 quotations, a bibliogrpahy, and additional subject references in addition to a chronology of events. This book is clearly worth the wait--and it's worth checking out!

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A collection of sayings, organized alphabetically by subject, reveals the wit and wisdom of one of the most beloved figures of his day and features biographical information on Rogers.

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Great Quotes from Great Sports Heroes Review

Great Quotes from Great Sports Heroes
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From Mark Twain's humor,
"There is no use in your walking five miles to fish when you can depend on being as unsuccessful near home."
To David Faherty's inspiration,
"It's how you deal with failure that determines how you achieve success."
To Proclamations of love for the game by Pete Rose,
"I'd go through hell in a gasoline suit to play baseball."
This book has something for any mood that you can possibly be in, simultaneously delivers inspiration and humor and is a must for any sports fan (even if your sport happens to be the game of life). It features quotes from famous writers, as well as athletes such as Michael Jordan and Muhammad Ali.
I recommend it for the office or the bookshelf at home.


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America's greatest sports personalities have often provided the most enjoyable, witty, and insightful thoughts about life. Now you can savor the words of Arthur Ashe, Billie Jean King, Muhammad Ali, Michael Jordan, and many others, and share them with fellow fans.

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