Showing posts with label politics. Show all posts
Showing posts with label politics. Show all posts

An Hour Before Daylight : Memories of a Rural Boyhood Review

An Hour Before Daylight : Memories of a Rural Boyhood
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I never really knew the president until I read the book. It provided insight and valuable understanding into the development of his ideals and lifelong commitment to community. Every night as I tucked my three darling sons into bed, we would cast aside Harry Potter for Hour Before Daylight. What a wonderful way to share our history with the family.

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Behind the Mule: Race and Class in African-American Politics Review

Behind the Mule: Race and Class in African-American Politics
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This is a very important work in black politics and an interesting if complexing read. Check it out if interested in black political behavior...

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Political scientists and social choice theorists often assume that economic diversification within a group produces divergent political beliefs and behaviors. Michael Dawson demonstrates, however, that the growth of a black middle class has left race as the dominant influence on African- American politics. Why have African Americans remained so united in most of their political attitudes? To account for this phenomenon, Dawson develops a new theory of group interests that emphasizes perceptions of "linked fates" and black economic subordination.


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Wheels of Fortune: The History of Speculation from Scandal to Respectability Review

Wheels of Fortune: The History of Speculation from Scandal to Respectability
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This book is a history of the futures and derivatives markets from the 1850s to the present. It painstakingly traces the history of the markets as they developed in Chicago and later in New York. What I liked was that the author mixed a good amount of the institutional history with stories about trading scandals to keep the reader interested and entertained. The markets showed that they were always two-faced -- dealing with the public and also for themselves. They got more mature after futures and options were introduced in the 1970's but were still seeing scandal until the late 1990s when the narrative ends. The book also discusses the battle between the markets and the government along the way and it is an interesting part of the story. Makes you wonder whether Enron would have happened if there had been stronger regulators in place. A highly recommended book since it is the first history that I know of that covers this material. Seems a vital part of American history that has been overlooked until now.

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An intriguing history of the futures market and speculationFrom Jay Gould's attempt to corner the gold market in the 1860s to the Hunt brothers' scandalous efforts to control the silver market in the 1980s, Wheels of Fortune traces the rich, colorful history of the futures market on its quest for respectability and profit. This comprehensive account shows readers why the markets have been grabbing headlines for over 100 years as both respectable economic institutions and hotbeds of gambling activity and scandal. Charles Geisst brings the personalities and strategies behind the futures market and speculation in general to life, against a backdrop of American life that begins prior to the Civil War.

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Alchemists of Loss: How modern finance and government intervention crashed the financial system Review

Alchemists of Loss: How modern finance and government intervention crashed the financial system
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I wanted to like this book. And I did in many ways. But not enough to give it a higher rating. I appreciated the detailed discussion of "Modern Finance". I appreciated the discussions of the various transgressions of financial institutions without blaming "the free market". The discussion of managerial capitalism was fascinating. Nuggets such as the impact of the estate tax on corporate structure were also illuminating. There is also an interesting and fresh discussion on how Greenspan's policies evolving over his term.
I did find some chapters were so dense with mathematical analysis that I mostly skimmed them. (To the authors' credit, they acknowledge such at the beginning of chapter 15 by suggesting that it could be optional for some readers.)
The broad recommendations of stricter monetary controls, reduction in the scope of deposit insurance, and restrictions on future bailouts of financial institutions seemed quite sound. The overall tone that our financial systems would be better served with less government actions and less regulation was also compelling to me (acknowledging my own confirmation bias.)
I did find chapter 16 to be a little muddy. The authors suggest various reforms of corporate governance while seemingly ignoring how these reforms might be implemented without additional government interventions. To my eyes, the authors fell into the trap that all we need is better regulations of financial institutions and corporations without acknowledging the incentives that governments and legislatures have when crafting such regulations.
For US readers, keep in mind that the book is mostly written from a UK perspective. Not completely, for sure, but enough that I was forced to pause regularly to make sure I understood what was being presented.

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ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism Review

ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism
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I've written quite a bit about the financial crisis, and God knows I've read nearly every book on the subject, and I have no hesitation in saying that if there is one book that gets it whole, and gets it right, and is THE book for the intelligent, thoughtful reader to turn to, it is ECONNED. This is not an anecdotal recitation of deal gossip (like, for example, Sorkin's book); it's not "source-based" journalism reflective of the way certain participants in the dire events that unfolded in 2007-2009 wish themselves to be seen. It lays out, in what is easily as clear, as direct, as smart and with as much force of fact as any financial writing today how exactly the fun and games that have nearly wrecked our economy and the lives of so many of us went down. Yves Smith is, unlike so many other writers feeding off the crisis, writing about it from the inside: with an unfailing grasp of where the details (where the devil lurks) fit into the larger pattern of financial perfidy and destruction, in this Doomsday Machine that Wall Street put together. The intelligent reader will understand that if you want to know why you're suffering from acute ptomaine, you have to understand what went into the sausage you got it from. And then you have to be made to see plain the kind of restaurant or market that serves up this toxic offal. And then the regulatory failures that allow such places to be licensed. We have undergone one of the great crises in this nation's history. It needs to be seen plain and understood. Deadline-driven blahblahblah won't get the job done. But ECONNED does. I cannot recommend it highly enough.

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Congo-Paris: Transnational Traders on the Margins of the Law (African Issues) Review

Congo-Paris: Transnational Traders on the Margins of the Law (African Issues)
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"Congo-Paris" is a fine example of the recent trend in anthropology away from the localized study of communities and towards analysis that transcends geographic boundaries. Not that this study is "multi-sited" (to use the dominant buzzword): MacGaffey and Bazenguissa conducted their fieldwork for the book entirely in Paris, interviewing dozens of subjects from both Congo-Brazzaville and Congo-Kinshasa. But Paris is just one venue in these transnational subjects' life histories as they range back and forth across national, legal, commercial, and cultural frontiers.
While the authors set out to validate the Congolese quest for relief from political and economic hardship at home, the image they present of this loosely-defined community of traders will do nothing for its image abroad. These individuals define themselves through the act of quietly circumventing the rules (particularly import duties and immigration laws), resisting governmental authority without manifesting any visible signs of dissent. This is understandable, given the corrupt and authoritarian Congolese regimes of recent decades. But the transnational traders' ethos of stealthy noncompliance extends to their overseas existence as well, with the result in these Parisian cases being a gamut of criminal activity from smuggling and apartment squatting to drug dealing and theft. "Model immigrants" they are not, regardless of whether their behavior represents a survival strategy. One wonders just how representative this underworld is of the larger community of Congolese living in Paris, and whether those Congolese living more lawful existences there object to being tarred with this brush of illegality.
Such moral qualms aside, I give "Congo-Paris" high marks for its thorough and penetrating analysis of its subjects, a very difficult group to interview given its members' legal status and clandestine activities. No doubt its success owes much to the collaboration between MacGaffey (British) and Bazenguissa (Congolese). The book also skillfully negotiates the difficult and shifting theoretical territory of anthropology to bring outside perspectives to bear on its subjects. Finally, it makes a strong case for redefining anthropology in the context of ongoing processes of globalization. I suspect that we will be seeing a good many more studies like this one in the future.

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