Review of Defensive Racism: An Unapologetic Examination of Racial Differences (Hardcover)

Having read a number of books on the racial problems in the US including "Paved with Good Intentions", "The Dispossessed Majority" and "My Awakening", I was expecting a book which would be both lengthy and difficult to read.Instead, lawyer Edgar Steele's book "Defensive Racism" is both entertaining and easy to read.Mr. Steele's exposition of the racial situation is laid out for the reader in a simple, logical style which takes the reader on a survey of the racial questions which are current in America.The first thing the book takes on is race: is it real, is it OK to recognize that racial differences exist?The conclusion is that race does exist, the evidence is overwhelming and that it is OK to see that this is true.There are differences in skin color which aren't really very important but which are obviously inherited.There are differences in intellectual capacity which are much more important and are inherited.Most important of all, there are differences in character which are inherited.To Mr. Steele, these are the most important differences because they determine how we interact with the people around us.Steele discusses how animal breeders select for character in their dogs, in their horses, how the breeding for character and personality has a long history in the selection of domestic animals.He then shows research to support the contention that human character is also inherited and has been selected in different populations and, to use that word, races.Unlike other books on these topics, Mr. Steele's writing style is light and entertaining, yet very to the point.I was surprised to see my teenage daughter reading the book at a friend's house and complaining because we didn't have a copy so she could finish reading it.Now that's an endorsement of an engaging writing style! Unlike a lot of books on the racial problems in America, "Defensive Racism" isn't just about race.The book also discusses related national problems such as the true cost of unrestricted third world immigration, our current middle eastern wars and why we are there (Israel figures large in this discussion), a history of past wars with an explanation of the motives behind those wars (it wasn't just because we we were good and the other guys were bad), a chapter on economics that even a teenager can understand along with a prediction of an economic meltdown as the costs of racial problems overwhelm our ability to pay. The book ends with a discussion for "New America" one based on facts rather than racial fantasy.This is not a book about racial intolerance but rather a plea for racial understanding, a realistic look at race and what we need to do to make our country better.I can see why lawyer Steele was so successful in the courtroom, he is very understandable and very persuasive.I highly recommend this book.



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Review of The Encyclopedia of Housing (Hardcover)

The essence of every encyclopedia is to cover the largest number of topics (entries) pertinent to the field in study. Although Housing is a vast term and can encompass many things, this book has clearly missed a huge number. If my memory serves me right there is no mention about neighborhood concept, very little on new urbanism, nothing on smart growth, ecological villages and sustainable communities...there is much more missing, this is only a part. As I said it is tough to include all, but take a note of the upcoming Encyclopedia of the City from Routledge (editor Professor Roger Caves from San Diego) and you will see what an encyclopedia means. This book needs a 2nd heavily revised edition. I don't envy the editors at all, it is a horrible task to do something like this.



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Review of Grow Your Money!: 101 Easy Tips to Plan, Save, and Invest (Hardcover)

This is a wonderful educational book on numerous areas of personal finance.It includes topics such as:

Buying and Maintaining a Home
Profiting from a Fabulous Career
Reducing Taxes
Investing in Stocks, Bonds and Real Estate
Retirement Planning
Estate Planning and Insurance
Educating Children about Money and Personal Finance

This is the most comprehensive finance book I've read and it's easy to read with some humor thrown in here and there.The author uses numerous detailed examples to illustrate his points which really help the reader understand the ideas.The book also has a companion website where the reader can go for more information or more up-to-date information as this book ages.

This is not a book that has to be read cover-to-cover.I did that, but if you want to find topics relevant to you, the author includes an age-based checklist in the front.I also really like that the end of the book includes a checklist by month of the things you should be doing throughout the year.It makes keeping up with your finances look less daunting!

The author made it easy for me to come away from the book with my own "To-Do" list, so I definitely got something out of reading this book!I also gained some new perspectives on certain areas - for example, it's a good idea to plan for early retirement because some people plan to retire later, but end up having to retire early.(You don't want to run out of money)I think the author has good insight and great ideas and I agree with his financial strategies.

Great book for all to read!



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Review of Predicting the Markets of Tomorrow: A Contrarian Investment Strategy for the Next Twenty Years (Hardcover)

In Predicting the Markets of Tomorrow author James O'Shaughnessy offers his ideas on the investment environment we are likely to encounter over the 20 years from 2006 through 2026. He selected twenty years as this time horizon based on extensive analysis of market behavior over approximately the last 200 years. His logic goes something like this:

1.When calculating returns from any investment strategy, it is essential to focus on the real return, after accounting for inflation.
2.Approximately two hundred years of stock market data (1809-2004) show that real returns have been highly erratic, especially when analyzed over periods of a few years or less.
3.However, when one calculates returns using overlapping periods of 20 years, they become much smoother. Stocks have rarely lost value over a 20 year period.
4.There are probably some underlying factors that cause returns to be smoother over 20 years. O'Shaughnessy suggests two. First, many investors don't really get started saving and investing until their mid 40s, giving than about 20 years to accumulate assets before retiring. Second, retirement at 65 together with a life expectancy of 85 suggests retirements (and asset depletion cycles) that last about 20 years.
5.If one decomposes the 20 year average returns of the S&P into the returns of the growth and the value stocks that comprise the S&P, these two groups have tended to move out of cycle with each other. Growth stocks occasionally have produced the higher return, as they did in the 1980s and 1990s. More often, value stocks have outperformed value stocks.
6.The returns of these three groups (S&P, Growth, and Value) all seem to revert to their mean rates of return. Any group that has outperformed in a 20 year interval is likely to underperform in the next 20 year period.
7.Since growth stocks outperformed in the 1980s and 90s, it's now their turn to underperform while value stocks outperform.
8.One can also segment the market by the capitalization (the total value of all the shares of a company). This analysis suggests that small cap stocks are likely to outperform large cap stocks over the next 20 years.
9.The average 20 year real returns /standard deviations of the key market groups between 1947 and 2004 have been:

Large Cap Growth: 6.26%/3.83%
S&P 500:7.30%/3.76%
Large Cap Value: 10.32%/3.42%
Small Cap: 10.42%/2.94%

10.As seen in the figures above, Large Cap Value and Small Cap stocks have higher returns with lower standard deviations. When you add on the fact that these two groups have underperformed over the last 20 years, O'Shaughnessy appears to have a compelling argument for focusing on these two groups. To hedge his bets slightly, he recommends a preferred portfolio allocation of 50% large cap value, 35% small cap growth, and 15% large cap growth.
11.Fixed income securities, even inflation protected treasuries (TIPS) are currently producing returns that, at best, break even. They are "Return-free risks, not risk-free returns".Avoid them except as a place to park cash they you will need in the next few years.

Reviewer's Comments: I agree with O'Shaughnessy's approach and conclusions but would have liked a better justification for using 20 year average returns. One could argue that generations are separated by about 25 years which might make that figure the logical interval for averaging. Perhaps someone has (or should) compare the results of averaging over different periods such as 10, 15, 20, 25 and 30 years. Or, even better, use a Fast Fourier Transform to determine the power spectral density of each time series.




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Review of The Big Payoff: 8 Steps Couples Can Take to Make the Most of Their Money--and Live Richly Ever After (Hardcover)

I'm not married with children and planning for their college savings or a well-off magazine editor engaged to an equally-fabulous investment banker, but I can still benefit from the financial lessons in The Big Payoff: 8 Steps Couple Can Take to Make The Most of Their Money - and Live Richly Ever After, the first book written by CNBC personal finance correspondent Sharon Epperson.

The Big Payoff is billed as a resource for middle-class couples, but as a single, young professional, I found the information in the book relevant to my life and circumstances. I viewed the book as a way to prepare for my future as it gave me advice and real steps I could take to build a solid financial base to support me now and for years to come.

Epperson wrote an easy-to-understand book that's broken down into eight action steps any individual or couple can follow. The steps are divided into chapters that cover topics such as buying a house, emergency planning, college savings and estate planning. The Big Payoff can benefit all people too - from the working poor trying to learn ways to maximize their dollars and build a legacy of financial literacy to pass down to their children, to the middle-class trying to stretch their earnings and provide a comfortable lifestyle for their families. Everyone needs to know about savings plans, budgeting and saving for college and retirement.

Epperson's book makes complex topics palatable and helps people introduce financial literacy into their every day lives and practices. I'm living, breathing proof that the Big Payoff works. One of the best features of the book is the exercises and worksheets that accompany most of the chapters. One of the first things I did after reading the Big Payoff was to write out my short- and long-term financial goals. Then, I drafted a personal budget. The budgeting process is probably one of the hardest, most honest exercises a person or couple must face. It makes you accountable for yourself and your spending habits. Even harder than that, is sticking to your budget. I'll admit, even after a week, there were a couple times when I just didn't feel like keeping track of my receipts. But, I did. Now, I am able to put into perspective my actual needs versus my wants and I've been able to save more money and feel good about the prospects for my future. Sure, I'm at the baby-step phase in this process, but it's a personal triumph for me to at least have taken steps to do something about planning for my future.

The Big Payoff is a plan to help people of all ages get their financial lives back on track or help others take the right path from the beginning.



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Review of Death by Leisure: A Cautionary Tale (Hardcover)

Chris Ayres the LA correspondent for The Times (London) has certainly lived an interesting life in this his second book he details his move to LA and the way he was swept along with the lifestyle and the creative mortgage broker who got him finance for his house. If you buy this book you need to get War Reporting for Cowards as well as they go well together and both are very enjoyable. How many journalists have been sent to LA and Iraq by their employer and then meets his wife via Craiglist while selling a sofa. If you like books and have a sense of humour then get this book.



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Review of Sell the Brand First: How to Sell Your Brand and Create Lasting Customer Loyalty (Hardcover)

Many organizations struggle to improve their sales through incremental changes in selling strategies.They are missing the biggest thing they can do which is sell the brand first.This book outlines a clear cut strategy to improve your sales by selling what you already own, your brand.

I would recommend this book to anyone who wishes to improve their sales force and leverage their brand.



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Review of When Growth Stalls: How It Happens, Why You're Stuck, and What to Do About It (Hardcover)

I recently read when growth stalls...and found it to be very useful. I've shared excerpts with my senior management team to help them understand that NOW is the time to invest in marketing, not the time to cut it. It's a good mix of reinforcing stuff you should already know and providing valuable insights on stuff you didn't. I'd highly recommend this book.



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Review of Hospitality Financial Accounting (Hardcover)

I received this book in no time, excellent conditions and very good price. This book explain very easy the accounting process.



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Review of Of Permanent Value: The Story of Warren Buffett/2008 Cosmic Edition/2 volumes (Hardcover)

In my opinion, Of Permanent Value 2008 Cosmic Edition by Andy Kilpatrick is the best book about Warren Buffett and Berkshire Hathaway (which I also believe it is the thickest book about Warren/Berkhire, and for the better). It also covers important people around/related to Warren Buffett.Simply, this book is a must read for all Warren Buffett fans and all value investor.

First, eventhough this book is very abundant in information (i.e. thick), it is not boring to read. One of the reason is that the chapters are mostly short (and getting directly to the point). If you don't feel like reading the whole book, you can always pick the chapters that interest you. Kudos to Andy Kilpatrick for putting this book together and continue to update the story about the greatest value investor of our time. I also appreciate Andy Kilpatrick's (and Warren Buffett's) sense of humor.

Secondly, this 2008 Cosmic Edition contains several important improvements/updates. Some of the example:
1. Lots of awesome color photos (page 1117-1190, etc)
2. Updates on Warren Buffett/Berkshire Hathaway activity during the year 2007 and early 2008 (Business update, 2007 Annual Shareholder Meeting, Berkshire 60% purchase of $7B business/Marmon Holdings, Warren business trip to Canada, China, South Korea, etc)
3. A photo index on page 1813 (with 1,400+ photos, it is really nice to have an index for the photos)

I hope you enjoy this book as much as I do. I have read this book more than once (including the previous versions). I learn so much from Of Permanent Value, and I learn something new everytime I read it.

Below I added more detail review about the content of the book.

Sincerely,

Sidarta Tanu

=============================================================
Now about the content of the book. You will learn a lot about Warren Buffett and his life, and not only investing topic (investing decisions that he made throughout his career) but his life principles, family, and business in general as well. You will learn about his first job delivering papers when he was 13 (he filed income tax and deducted the bike as business cost), and how he build his first business (pinball machine business), created Buffett partnership, break it up (liquidate), acquire berkshire mills, creating Berkshire Hathaway as investment vehicle, and many other great investment decision/story that he made (Geico, See's Candies, Dairy Queen, General Re, Coca Cola, Salomon, Washington Post, Gillette etc)

Buffett concrete rules for investing are:
1. Never lose money
2. Never forget rule #1

I know it's easier said (what he say above about to never lose money) than done based on my 10 years of invesitng experience , but then again I'm no Warren Buffett.

In my opinion, here are the 5 strategy/skills that Warren Buffett uses (Mr. Buffett, please correct me if I'm wrong):
1. Intrinsic Value
2. Margin of Safety
3. Temperament (discipline and understanding Mr.Market)
4. Circle of Competence (knowing what your circle of competence)
5. Common Sense (which I think is the most important factor and encapsulate everything about Warren Buffett.)

You will learn that Warren is very good with numbers (calculating in his head) and memorizing so many facts and numbers. You will also learn that Warren is a man with a very good sense of humor.

There are so many things/chapters that I like on this book. Let me try to mention three of my favorite sections.

One is when Warren need to make a decision who would run Salomon ($150B institution with 8000 employees) within 2 days during their first crisis. There are 12 top-level managers that he interviewed. "This was the most important hire of my life", said Warren to the Columbia business students. The chapter explain his thought process of this candidate selection in detail. Warren mentioned that the good news (for the students and the candidate) is that he didn't ask what their grades were (laughter). Warren also said, "Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence and energy. and if they don't have the first, the other two will kill you. if you think about it, it's true, if you hire somebody without integrity, you want them to be dumb and lazy" (laughter). And he conclude the topic with this statement which I think is very powerful: "Pick the kind of person to work for you that you want to marry your son or daughter. You won't go wrong". By the way, he picked Deryck Maughan by the way for his integrity.

Another chapter that I really like is how Warren put the audience (of more than 2000 people) through Business School in an electrifying two minutes (The chapter about "Generics"). See how Warren answer the question of "Will developments in the generic brand area hurt coca-cola?" which is a very important questions. I'll try not to spill too much and take the joy of reading this chapter yourself but he basically explains in a nutshell (with all the details and numbers) how business and competition works (and using several other example like Gilette, Marlboro, Sam Cola etc) and how he convinced the audience (and me as a reader) that coca cola is considered immune to generics. He explains how one can save $500 for smoking generic brand (vs Marlboro) which is a lot of money. While a man will probably will only save $11 per year by not using Gilette Sensor and probably leave band-aids on his face and an uncomfotable experience for opting for generics/lower quality blades. And for coca cola, the net profit margin is only 1 cents per serving (can) while a lot of the ingredients cost (such as the aluminium close to 6 cents a can, sugar 1.3 ounce per can or 1.75 cents etc) the same regardless for coke or other cola company.

The third chapter that I like is when Warren is being questioned by CEOs about what is his best advice for CEOs/leaders.. expecting to get some standard answers like honesty and loyalty.. Warren actually didn't even touch those areas (which I'm sure Warren do think those are also important).. but what Warren actually said is, "Set your expectation low, and you will rarely get dissapointed".

I'll stop here before it's getting too long. In summary, If you are a Warren Buffett fans, then this book is for you. If you are uncertain, you can get other books first (potentially less thick book), like "Warren Buffet Way" or maybe "Buffettology", and if you like them (Warren) or want to know more about Warren then get this book. I personally don't like it at the beginning but as time goes by (and after I re-read the book/chapters), I changed my mind, this book is a masterpiece.

As a Berkshire shareholder, I want to encourage all berkshire shareholders (and potential/future shareholders) to read this book to know more about the person in charge of your berkshire investment. I also want to encourage all shareholders to go to the annual shareholder meeting while Mr. Buffett is still in charge.

Last but not least, if I have to sum this book up in a word or two, I would use the word "WISDOM" to describe this book, though I have a strong feeling that Warren will disagree with me and think that the more suitable phrase is "COMMON SENSE"
=================================================================



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Review of Navigating the Financial Blogosphere: How to Benefit from Free Information on the Internet (Hardcover)

This was a nice little book written by a young professional who works as a wealth manager. It's a personal finance or young person's financial planning book. I liked the way the book presented the material in clear and digestible snippets. I read a book not too long ago that was similar in format. See Blogging and Podcasting (ISBN: 1419584359). In both books the authors promote themselves through blogging. And instead of writing their books as a separate and distinct activity as compared to their blogs, they lift a lot of their content from their blogs and spruce it up a little before calling it a book.

This book has 27 chapters divided up into the following four sections:

1. First perspectives on money (chapters 1-5)
2. Building wealth requires planing (chapters 6-13)
3. Living in a financial world (chapters 14-21)
4. Think long-term about money management (chapters 22-27)

The chapters are short which is why I equate them to spruced-up blog entries. And the number of chapters is large, another reason this book has the feel of a blog rather than something that was put together originally as a book.

The book is well-written and easy to read and follow. It cites much of its content to Web sites and links that can be found online. If you want to learn about some of the things the Internet has to offer regarding personal finance and financial planning, then I highly recommend this book. If you are just wanting to familiarize yourself with personal finance and financial planning, then this would be a nice book to read, too. However, it's not a treatise on the subject. 5 stars!



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Review of Deer Hunting with Jesus: Dispatches from America's Class War (Hardcover)

As a progressive who grew up in exactly the kind of town the author describes, I found "Deer Hunting With Jesus" to be a chilling and dead on accurate account of modern day America.Unless you've had the experience of seeing the house you grew up in only 20 years ago boarded up and sold at a HUD auction, or turned into a crack house as my best friend from high school's house recently was (we were solidly middle class by small town standards), you really can't appreciate what the author is trying to describe.

That said, this is no biased political rant, as the author's staunch defense of gun ownership demonstrates.It is instead a desperate warning to all Americans just how perilously close we are to seeing our way of life destroyed by our own misguided collective actions.The author believes that progressives and the white working class (rednecks as he calls them) ought to be able to find political common ground based upon economic interest.He's also realistic enough to realize that it is unlikely to happen in time to rescue America from the precipice we seemed so determined to fling ourselves over.

Be forewarned, it is depressing as hell and in no way conforms to the Republican OR Democratic narratives of what America needs to do to preserve our way of life.It is the kind of truth-telling book that could only be written by someone who has seen enough of living on both sides of the red-blue divide to truly understand what ails this country.

In all, a perfect antidote to what the author calls the "American Hologram" of our mass media culture.



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Review of Sales Management (Hardcover)

This book provides a wide view of sales management through the eyes of an academic. Very good for students and anyone who wants to know all about sales.

However, this book is nothing more than all-the-theory-in-one-book for a professional.

So:
Good for students
Good for the library
Not really aiming at professionals



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Review of Time-Driven Activity-Based Costing: A Simpler and More Powerful Path to Higher Profits (Hardcover)

Activity-based costing can provide important insights; however, it also can be complex and difficult to implement and sustain. Time-driven activity-based costing more straightforwardly uses time as the primary metric for assessing costs, since almost all costs have a time dimension. Robert S. Kaplan and Steven R. Anderson provide a thorough, if highly technical, introduction to time-driven activity-based costing. Chapter by chapter, they show readers how to estimate process times, calculate capacity cost ratios, and plan and implement a TDABC system. Their detailed case studies illustrate the benefits of this clear, sophisticated tactic for budgeting, cost management, process improvement, benchmarking and acquisition evaluations. getAbstract thinks their book will be important to any executive, manager or academician who must understand operational costs.



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Review of To the Nines (A Stephanie Plum Novel) (Hardcover)

Stephanie Plum is one of my heroes. She has such a cute way about her; loves her job, doesn't really care how she looks most of the time, has a personality and looks that attract the men, and is not wonder woman!Janet Evanovich, author of "To the Nines" has created characters that have me laughing and chuckling to myself. They are so real that I can see them in my mind. I have an image of Lula, the big size ex-ho, turned bonds-woman; Ranger, the ex-Special Forces turned bond enforcement; grandma, the woman who likes wigs and is as crazy as Stephanie-wonder whom Stephanie takes after; and Morelli, the cop, Stephanie's lover.Janet Evanovich has such a wonderful imagination- I want to meet that woman.

Stephanie is in trouble again. She is working with Ranger to find Samuel Singh, a missing computer nerd who is out on bail. Vinnie, Stephanie's boss will lose money if Mr. Singh is not found. Stephanie does all the right things, she looks in all the right places, asks all the right questions, and of course, she is a marked woman. Trouble seems to find her, she is left flowers with a devious message, shot at with a dart, email messages of a dark nature left on her computer.This mystery takes her to Las Vegas and has one of the funniest scenes with Lula I have read.Lula may just be taking some of the best scenes from Stephanie- Stephanie should talk to the author about what is going on:-)
Stephanie's family seems to take front page in this mystery. Her sister Valerie, is pregnant, large as a house and eating as much as she can. He boyfriend wants to marry her, but she isn't quite ready, and Valerie's two children are all living with Stephanie's mom and dad.No one is happy about this, and the house is getting too small, especially since Grand mom lives there also.What a mess.

This novel is one of the better ones. Many readers of Janet Evanovich, complain that her books tend to follow the same format-well, they do, but each one is different and so enjoyable. Ms. Evanovich lives near my hometown- I have to meet this woman who has brought me so much enjoyment, A mystery novel that brings humor to the forefront- what more could one ask? prisrob






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Review of The Prudential Regulation of Banks (Hardcover)

This book is useful both for economic and legal analysis of financial institutions.It provides a plausible model to explain the corporate mechanism of a commercial bank, taking into account shareholders', lenders' (depositors'), and regulators' incentives. Although it does not provide any analysis of statutes or codes of banking laws, the model is simple enough to consider any rules in banking industry, from law and economics point of view, both domestic and international.It also provides brief analysis of specific financial schemes, such as scuritization, market value accounting, and more.Anyone who is interested in banking industry will find it worth spending several hours to at least scan through the content of this book.



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Review of The Oxford Style Manual (Hardcover)

What is not clear from the listing for this book in most of OUP's promotional materials is that THE OXFORD STYLE MANUAL is really TWO books in one: THE OXFORD GUIDE TO STYLE and THE OXFORD DICTIONARY FOR WRITERS AND EDITORS. Even at the combined length of just over 1,000 pages, THE MANUAL is a manageable reference work, no more cumbersome than a standard collegiate dictionary.

Although, as an American, I will continue to use the CHICAGO MANUAL OF STYLE as my arbiter for editorial decisions, I find Oxford's manual an excellent way of distinguishing between British and American styles of English; Part II (the dictionary) is especially thorough in pointing out key differences. Also, beginning on page 244 in Part I is a list of about 500 everyday American words with their British equivalents (tick-tack-toe = noughts and crosses). Although it would be nice to have the same list in reverse (an American's undershirt is a "vest" in UK, and his vest is a "waistcoat", something that is not immediately clear from the way the list is put together), the list is short enough for anyone to read through and become familiar with. (The CHICAGO MANUAL OF STYLE has no equivalent list.)

In short, a good and thorough resource.



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Review of Building a Global Bank: The Transformation of Banco Santander (Hardcover)

It is well written and comprehensive. I have used it as part of a research on global banking. The book is detailed enough and it links very well to theoretical frameworks on global/international banking. It met my expectations.



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Review of Confessions of a Municipal Bond Salesman (Hardcover)

This book is full of wit and humor. The art of sales is universal. Highly recommend for everyone, especially if you want to know more about the municipal bond.



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Review of The New Oxford American Dictionary: Book and CD-ROM package (New Look for Oxford Dictionaries) (Hardcover)

This new American dictionary from Oxford is fantastic. I have the American Hertitage that came out a few years ago and I was pleased with it--it was an up-to-date version of the dictionaries I've always had. But when I received this dictionary I was astounded. For the first time I'm using my dictionary for more than a simple spell check.

First of all, it lists the most common use of the word as the first definition. This seems so logical it's bizarre that other dictionaries don't do it. I no longer have to browse through archaic or niche uses of a word simply because they predate the most common. It creates a whole new level of clarity. On top of this, the pronunciation system is extremely easy to use and the layout is clean and straight forward. It has the feel of a classic (illustrations and drawings only when it informs a word, none of those do-dads, distractions, and unnecessary photos that make other dictionaries look cheap but the makers think will make it look more expensive.) The usage notes are excellent, and there are more new words in it than I've found anywhere else--must be the resources of the OED and Oxford's other power dictionaries that the American lexicographers have drawn on. I actually find myself opening this dictionary and simply browzing.

It's also great with American words. I was afraid that it would be a British dictionary with an American cover wrapped around it, but that's not the case. Look up words like "trunk" and "roundabout" and see what you get.

I do have one criticism, and it's about thumb indexing. I'm not sure other dictionaries have this problem, but the thumb indexing is way off in places because they make the notches equidistant from each other and some letters are larger than others. What's the point of providing a quick finder tool when it's not helpfull

Still, this dictionary is grand. The first American dictionary that has met my needs and made me realize that a good dictionary is the most amazing resource I've ever encountered.



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Review of The BEST Damn Commercial Real Estate Investing Book Ever Written! (Hardcover)

This is my second posting as the first somehow 'magically' disappeared.I have even been in touch w/ the author as a gesture of good faith from someone working in the commercial real estate industry for years.She is now pushing her seminars and offered a discount on now-cancelled classes but declined to approach any practical lending discussions.She trashes several brokers in the book, provides little if any realistic advice nor categorizations of the types of financings, particularly insurance and pension fund lenders which are the most solid in the business.It may be she is collecting monies for investments in properties without a license to do so as solid lenders require 20-30% down sourcing and seasoning the down payments. (Gee, how did we get into a lending crisis for residential ~ sorry but that doesn't play w/ commercial but don't get me started...)

Spend your time elsewhere.The book covers deals that were not completed.It is almost entirely based on two or three transactions which were completed during the height of the R.E. Boom.Neither can one find her supposed television show.It further turns out her condo project is not yet completed though she treats it as a huge success in this book.(No condo financing is happening right now and has turned back to apartment/multi-family).

If you are an absolute novice, youmay learn something in this self-published, agrandizing book.Otherwise, move on and search for the Robert A. Morse guide to commercial real estate investments (quicker read) or practically ANY other book on commercial investing.In all my years of commercial real estate I've never bumped into anyone who has made legitimate money starting from an 'expert' seminar.Stay away from those attempting to parlay a new speaking career particularly similar to this author who has little practical experience!



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Review of Force of Finance: Triumph of the Capital Markets (Hardcover)

Money, capital markets, brain drains, direct democracy, corruption, crime and gold are woven together with skill to produce a stunningly original picture of the world. The argument that society is shaped by the imperative of access to capital, and that when one channel is blocked another opens, is used to explain a wide variety of historical and current events. You can dam the force of finance to change the direction of the river, but sooner or later, one way or another, the water will get to the sea.



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Review of High-Performance Interactive Marketing (Hardcover)

A must read for anyone who either makes or influences marketing decisions. Being a part of an organization that serves both small and medium sized businesses that need integrated marketing solutions, this book is the outline for success. As an avid reader, all too often I see either "Joe Bob's theory on marketing success" or somebody plagiarizing one of the Porter bibles; either way, they're not usable by the average guy. Ryan's book has concise, easy to implement solutions that can be scaled. In today's marketplace where most businesses have between 2 and 10 employee's and make well under a million a year in revenue, business owners need roadmaps that are easy to follow and implementable with the staff that is on hand. Ryan does this well.

Not only would I consider this a must read, I'd say it's one to pick up again and again.



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Review of Where Have All the Leaders Gone? [IMPORT] (Hardcover)

Iacocca comes out with both guns blazing from page one, and never stops til the last page.Iacocca provides readers with a clear, concise summary of our major problems - escalating healthcare costs and deficits, a border that is a sieve, an energy crisis, losing manufacturing to Asia, leadership that doesn't face these key issues (instead the Senate debates flag-burning for three days, while giving no time to Iacocca's concerns), and a President given a free pass to ignore the Constitution and tap our phones after leading us to war on a pack of lies.

Iacocca then goes on to provide clear and credible recommendations for each of these problems, and along the way offers his own framework (eg. curiosity, creative, courage, competent, common sense) for describing/evaluating leadership and then uses that framework to succinctly assess Bush II and the major candidates vying to take his place.

Another major "Where Have All the Leaders Gone?" suggestion is that Congress take a year off and pass no new legislation - instead evaluate programs that already exist.Iacocca points out that the "War on Drugs" has consumed about $1 trillion, while little, if anything has been accomplished.And what has been accomplished, he asks, of maintaining an on-going decades-long feud with Castro?

The "bad news" is that Iacocca once considered running for President, but was talked out of it by then House Speaker (and friend) Tip O'Neill.O'Neill told Iacocca that the job would drive him nuts - too hard to get anything done (basically the same comment President Truman offered then General Eisenhower).Nonetheless, the "good news" is that Iacocca's lessons in leadership skills couldn't help but be invaluable to moving America forward.



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Review of Financial Instruments and Institutions: Accounting and Disclosure Rules (Hardcover)

You are wrong if you think that this is a pure accounting or finance book. I am taking Profoessor Ryan's class of "Finanial Instruments and Financial Institutions" in NYU right now. The stength of Professor Ryan in the book is his in-depth understanding and effective description of economics, finance and accounting issues. So many case studies covered in the book blend with macroeconomic events, financial implication and accounting disclosures. Therefore, you need some background~~ knowledge of accounting and finance to fully take advantage of his insights in the book. This book discusses the yield curve, interest risk, credit and market risks, and fair value accounting for financial instruments. It analyzes the finacial and accounting issues for thrifts, mortgage bank, securitizations, commercial banks, derivatives and hedging, lessors and lease accountings. After reading through the book, you will have clear pictures about each finnancial instruments and institutions.~~ You won't be afraid of these topics any more. This book can be used as an advanced textbook for finance or accouting majors in business school, or a reference book if you are interested in financial and accounting issues of the above topics.~



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Review of The Maisel Report: College Football's Most Overrated and Underrated Players, Coaches, Teams, and Traditions (Hardcover)

I consider Ivan Maisel the best college writer out there today -- and yes, I've one of the many schmucks who has sent Mr. Maisel an e-mail disagreeing with one of his ESPN.com columns. He respectfully wrote back very politely.

He knows his stuff and in turn can turn a phrase with the best of them -- the line about the last time a college team won when Barry Bonds' hat size was smaller just a sample of a great one-liner.

He bashes some long-held myths out there, hits it spot-on, and goes from there. Just a great, fast moving read. Funny how Chris Fowler explains in the forward that college football is about opinion, and Ivan himself goes on further to explain the importance of opinion in college football and one "reviewer" (I use that term lightly) here says there's too much opinion in this book.

Bunk. That's what makes it fun, ratings, rankings, and opinion. Maisel has traversed the country and written millions of words on college football. His opinion is an educated one and an astute one. Plus, he has fun with it, making the book that much better.

If all the no-sense-of-humor college football die-hards can lower their blood pressure for a few hours, pick up this book and have fun. If they can't do that, pick it up anyway, but keep your doctor's number nearby. The book will surely get your blood boiling.

One of the best books ever on college football!



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Review of The Interior Design Business Handbook: A Complete Guide to Profitability (Hardcover)

Clear, well written, with astute comments about the business side of this interesting profession.This lady knows what she is talking about, having been in this area of consulting for many years.You can tell her expertise easily by reading this book!A must for all interior designers.



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Review of The CRB Commodity Yearbook 2006 with CD-ROM (Hardcover)

This book is the single most comprehensive source of commodity and futures market information available.Since 1939 traders, hedgers, portfolio managers, and speculators have relied rely on The CRB Commodity Yearbook to help them navigate the vagaries of the commodity markets.

The Yearbook's depth renders it indispensable.It helps identify changing trends in supply and demand and for projecting important price movements. This edition provides covers more than 100 domestic and international commodities. It includes seasonal patterns and historical data from the past ten years as well as current monthly and annual pricing and trading patterns.

The information is easy to access. Each commodity is introduced by a brief article, recent pricing trends and factors such as droughts, wars, diseases, or politics--that have influenced past prices.Data presented in over 900 tables, graphs, and price charts.They are clear.The companion CD-ROM provides the information in an electronic format.

Some of the biggest stock moves I have had the good fortune to participate in have been leveraged by substantial moves in commodity prices.If we are re-entering that type of market cycle, traders and investors cannot afford to be without this book.



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Review of Simplified Design of HVAC Systems (Hardcover)

The college text book provides the basics of HVAC, with applicable examples, for typical residential and small commercial buildings.The book is a bit light on heat pumps and programmable control systems.



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Review of Random House Webster's College Dictionary (Hardcover)

I write as a hobby and am a reference book addict. I own 10 dictionaries. I've had my copy of RH/Webster's for 3 years and have yet to find a word not listed in stunning detail. Buy this dictionary!



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Review of The American Heritage® College Dictionary, Fourth Edition Deluxe [DELUXE EDITION] (Hardcover)

BACKGROUND
I purchased this dictionary based on my experience with two older H-M dictionaries: the H-M Canadian Dictionary from 1982 and the American Heritage 3rd edition; for the most part I prefer the former.

APPEARANCE
I anticipate that anyone who first holds this beautiful example of book making will be as delighted as I was. From the deep red linen cover with its gold lettering, to layout of the entries, to the crisp resolution of both text and images, this dictionary is drop dead gorgeous. Similarly, its size and weight make it both comfortable and satisfying to hold.

CONTENTS
The amount of words is excellent for its size, thanks to H-M's choice of Minion as the body font (one of my favorites!). The definitions are clear and the etymologies are throrough. Usage notes, synonomy paragraphs and the like all add to the richness of browsing through this dictionary; that combined with the visual presentation of the entries and the addition of photos make this a very pleasant dictionary to browse through. In other words, it invites one to explore its pages, as opposed to just being used as a reference for when you want to look up a word.

EXTRAS
Other nice features which expand on the dictionary's encyclopedic character are the addition of several charts and tables, as well as some fascinating appendicies on the Indo-European roots of English and other languages.

SUMMARY
This is a dictionary for those who love to explore the riches of our language. It has ample entries, whose meanings, pronunciations and etymologies are all clearly articulated, as well as being (arguably) the most beautiful dictionary available today. Highly recommended.



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Review of Mathematics and Mathematica for Economists (Hardcover)

Here is a practical comment for the typical economics graduate student: Buy this book if you want to start using Mathematica!

What does a typical economics graduate student need? First, s/he needs to review her/his knowledge of mathematics. Second, s/he needs to learn how to use the tool (math) to solve an economic problem. Cliff J. Huang and Philip S. Crooke's book is helpful in both respects. While they are introducing the basic language of Mathematica they review most of the undergraduate math. And they teach with a hands-on approach--that is, you solve almost every problem using Mathematica.

Mathematica is a great tool for economics graduate students, it helps you out in understanding the basic intuitions behind mathematical concepts--because you do not have to solve complex problems (Mathematica solves them for you), you just have to understand them. Of course, students are advised to consult their professors to choose the right computer software or programming language. Mathematica can do a lot, but some other software might be much more practical for your PhD thesis project...

[Also consider Differential Equations: An Introduction with Mathematica by Clay C. Ross]



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Review of How to Pick Stocks Like Warren Buffett: Profiting from the Bargain Hunting Strategies of the World's Greatest Value Investor (Hardcover)

First of all, the author does describe early Buffett activities as some sort of shady active trading/arbitrage, i.e. anything but value investing. That is a plus, and Timothy Vick should be credited for honestly admitting that. Reading from page 13, Buffett's estimated net worth in 1969, the year he shut down his speculative Buffett partership, was $20 to $25 million. You can disregard everything else in this book, because once you have made $20 million through active trading/arbitrage, does it really matter what you do for the rest of your life?

If Buffett made his fortune and got his start in investing through active trading, what's the point of extolling buying and holding and value investing?
Let me rephrase the question, can a buy-and-hold value investor make $20 million in 12 years starting with 50K ? Of course not. If you want to get rich, AVOID value investing.

So, once you are as rich as Buffett was in 1969, you can certainly afford to condemn active traders and speculators because A) you don't have to ever work and can live off dividends or interest on Treasuries B) you can settle for 10% or so percent annualized return on your value stocks.

Second, the author lists Buffett's core holdings (AXP, G, KO, WPO, MTB, etc) and claims they have had a fabulous return over the years, and these "value investments" are the reason Berkshire book value was going up 25% or so annually. False and wrong. If you do the math, market price of most of these stocks went up from 5% to 10% annually (one or two exceptions at 18%). So much for fabulous stock picking! So why did Berkshire book value go up so fast? The answer is, probably because Buffett is a great manager and did a good job running his core insurance businesses and managing the cash flow of the companies he acquired and controlled. You have to understand the difference between buying and holding stocks you have no control over (value investing), and successfully running a business you own, taking over and controlling other companies, and awarding yourself compensation exceeding the gains of other shareholders (what Buffett has done throughout most of his career, but not lately). Is running a large insurance company equivalent to value investing? Probably not. There is a big difference between holding a piece of paper and running/cotrolling a business.



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Review of The Secrets of Economic Indicators: Hidden Clues to Future Economic Trends and Investment Opportunities (Hardcover)

On any given weekday, stocks and bonds gyrate in response to some economic announcement.

Bernard Baumohl, a Time magazine economics writer with more than 20 years of experience, has written a guide to these indicators and their importance to the financial markets.

The book promises to become dog-eared quickly.In concise language it explains what Baumohl indicates are the most influential U. S. and International Economic Indicators.Beginning in Chapter 2, the author defines the phrases and concepts essential to an understanding of the indicators.

In Chapter 3 he jumps into the heart of the matter:U. S. economic indicators.Each indicator is evaluated using the following criteria:
*Why is it important?
*How is it computed?
*What does it day about the future?
*How might stocks, bonds and/or currencies react to its announcement?

In Chapter 4, he examines the 10 most influential foreign indicators using the same criteria.

In the final two chapters, Baumohl provides a list of web sites that compile economic data.What in the past costs thousands of dollars is available on the web at no cost.

If any facet of your life is effected by these indicators, you owe it to yourself to keep a copy of this book nearby.




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Review of Step Into the Spotlight!- 'Cause ALL Business is Show Business! (Hardcover)

I've enjoyed flipping through Tsufit's new book. It's not exactly the kind of book you would sit down and read cover-to-cover, but more one that you keep handy for right after a painful conference call or one of those incredibly long work days that seem to stretch as long as an average week. A quick flip will lead you to a little perspective, a fun anecdote or an exercise in figuring out, well, you.

And, all written in the chatty, playful voice of a woman who divides her career among executive coaching, book writing and stand-up comedy.

It's incredibly reminiscent of what Sark did for everyday creativity. Her scribbly journals and stream-of-consciousness creative guides at once elevate playfulness and introspection, seeking to loose a little wild creativity.

Tsufit may be a bit more buttoned up, but you can quickly see that her message isn't the words on the page, it's what she wants to inspire in her reader. A little confident, sassy business savvy that feels like you found it yourself.



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Review of A World of Wealth: How Capitalism Turns Profits into Progress (Hardcover)

I find it very easy to accept the Washington Times review posted here.It is a very good overview of Mr. Donlan's book.Too good, perhaps, as it almost convinced me not to bother writing one of my own, but this book deserves some comments.

Tom Donlan has done an exceptionally good job of describing the capitalist system and its operation in terms that are, at one and the same time, sufficiently sophisticated to attract specialists, yet intelligible to a much broader public.Mr. Donlan's viewpoint is very obvious; he's "pro-capitalism" and not ashamed to say so, yet he does not beat you over the head with it.When discussing climate change, for example, he presents Vice President Gore's viewpoint and his own, but without the overly-emotionally, anti-intellectual verbiage so common these days from both sides of this issue.Rather, he discusses what Gore's conclusions may mean in terms of the capitalist system's response.As he says, "Global warming is not just an environmental problem; it is also an economic problem."Donlan rightly emphasizes a subject that will become increasingly important as we move from debate to action.

"A World of Wealth" is not a polemic so much as it is a patient and intelligent explanation of a system that most of us think we understand, but few of us can explain in any detail.By focusing on how capitalism and free markets work in a straightforward manner, Donlan brings us back to the basics of the system that has provided is with so much wealth to enjoy and to squander.His emotional commitment to capitalism is clear, but it is his plain-spoken analysis that makes this book worth reading by anyone, socialists included.

I enjoy reading books on finance and economics.Books like Mohamed el-Erian's "When Markets Collide," Nicholas Taleb's "Fooled by Randomness," and Robert Shiller's "Irrational Exuberance" inform me and provide deeper insight into important ideas and trends.But I would liken Thomas Donlan's "A World of Wealth" to Fareed Zakaria's "The Post-American World".They stand in a somewhat different class.They are intelligent, thought-provoking, and deal with very important topics, yet they are also eminently readable and understandable by anyone with a decent education, regardless of their technical training.This should be no surprise.Both Zakaria (formerly editor of Foreign Affairs and currently editor of Newsweek International) and Donlan are professional journalists and both have many years of editorial experience for publications that demand excellence.They know how to communicate their thoughts clearly and succinctly on topics of great importance.That is worth the price of a book like "A World of Wealth" in itself.



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Review of Rules to Break and Laws to Follow: How Your Business Can Beat the Crisis of Short-Termism (Microsoft Executive Leadership Series) (Hardcover)

I read all books from Don and Martha. "one to one future" was the first and the best book I've ever read related to CRM. "return on customers" was a first attempt to demonstrate that company value isn't necessarely equal to EBITDA and value of shares. Don and Martha introduced here the concept of long-term view vs short-termism.
With this latest book "rules to break & laws to follow" - I've read it in one day! - they follow their concept of demonstrating what real value to a company means.
I do like especially the introduction of an "employee/empowerment"-dimension which was a little bit missing until now.
Real great book. A must for all leaders and managers.
René F. Lisi



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Review of Do They Walk on Water?: Federal Reserve Chairmen and the Fed (Hardcover)

Economics in general, and the role of the Federal Reserve, has never been so focused upon by the general public as it is in today's deepening economic crisis. That's why "Do They Walk On Water: Federal Reserve Chairmen and the Fed" by Leonard J. Santow (Managing Director of Griggs & Santow Inc. and economic and financial consulting firm in New York City) couldn't be a more timely addition to personal, professional, community, and academic library Economic Studies reference collections and supplemental reading lists. "Do They Walk On Water" presents the Feds' five most recent chairmen beginning with Arthur Burns and G. William Miller, then continuing on with Paul Volcker, Alan Greenspan, and the current chairman, Ben Bernanke. This is a compellingly appropriate read in that the incoming Obama administration has Paul Volcker as one of its principle economic advisors. "Do They Walk On Water" is an analytical and instructional introduction that also provides thoughtful and thought-provoking information on the functions of the Fed, the important differences between monetary policy and fiscal policy, and how the Fed is able to alter the money supply, control inflation, and be utilized as a creative tool in sustaining national prosperity and foster economic opportunity. Also available in an eBook format, "Do They Walk On Water" can be wholeheartedly recommended for both students of economics as well as the non-specialist general reader with an interest in how the Fed has and can continue to affect our national economic recovery.



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Review of Social Ethics in the Making: Interpreting an American Tradition (Hardcover)

It's difficult to be comprehensive on a topic as diverse and ill-defined as social ethics, but Dorrien's effort is at least profoundly inclusive. Reinhold Niebuhr is the crux of the book, receiving more attention than anyone else. Dorrien traces those who followed explicitly in Niebuhr's footsteps, but he also traces divergences, expansions and contentions of the tradition. The book is erudite and accessible. It tells an almost unified story of the tradition as a whole, while also providing a valuable introduction to many individual figures from the tradition. Perhaps most importantly, it makes the reader want to go back to the original sources Dorrien's discussing.



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Review of Surviving the Storm: Investment Strategies That Help You Maximize Profit and Control Risk During the Coming Economic Winter (Hardcover)

Nice to read someone who takes a global view without predicting the end of postive personal investing.
Offers insights into choices you can make now and for some years ahead.
Refreshing to read after listening to the daily hype we're confronted with on TV and newsletters.
Projects a potential scenario going forward without talking down to the reader.
If he is right in some areas then well worth the price.
Insightful,helpful charts,well outlined stratagies



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Review of America's Popular Sayings: Over 1600 Expressions on Topics from Beauty to Money and Everything In Between (Hardcover)

I really like this book.It's full of all of those witty sayings you wish you could come up with in your daily diatribe with co-workers, and debates with friends.But, the appendix is horrible.When trying to find the right saying, it shouldn't solely be based on the keyword of a noun found in the quote itself.It would be nice, rather, if this appendix was based on an idea you want to convey.



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Review of America's Popular Sayings: Over 1600 Expressions on Topics from Beauty to Money and Everything In Between (Hardcover)

I really like this book.It's full of all of those witty sayings you wish you could come up with in your daily diatribe with co-workers, and debates with friends.But, the appendix is horrible.When trying to find the right saying, it shouldn't solely be based on the keyword of a noun found in the quote itself.It would be nice, rather, if this appendix was based on an idea you want to convey.



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Review of Liquidity Risk Measurement and Management: A Practitioner's Guide to Global Best Practices (Wiley Finance) (Hardcover)

Mr. Matz and Mr. Neu provide insights into liquidity planning and management that are of value to bankers and non-bankers alike. While there is sufficient theory to intrigue the conceptual crowd, the book excels at providing "real world" examples and solutions. Non-bankers should strongly consider this book as well:
* bank "best practices" can be adapted and/or adopted for other financial institutions, as well as general corporates
* bank liquidity and illiquidity influences the broader economy.

If you only read one liquidity book in the marketplace, this is the one.



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Review of Covering Globalization: A Handbook for Reporters (Hardcover)

I truly enjoyed this book.It is a clear and concise introduction to financial policies in which developing and industrial countries engage while globalization continues to affect the world.The book truly helps the reporter and layperson understand the world in which we live.



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Review of Managed by the Markets: How Finance Re-Shaped America (Hardcover)

This is hands-down one of the most well written books covering the current economic crisis that I've read to date...and as a college instructor (business) and writer, I've read more than my share. It's intelligent, well organized, clear and right on the mark.

Those that are trying to make sense of what is taking place and why will find the background information easy to understand without insulting ones intelligence...however, unlike the vast majority of writers, the author doesn't stop with the basics. He takes time to explore where we came from, where we are today (as a nation and globally) and where we are likely heading in the future but without giving into the "easy money" hype of trying to forecast the future or make wild claims. Instead, he presents the information in a factual manner that allows the readers to draw their own conclusions and spot opportunity as well as risk inherent in the system itself.

During every major transition there are those that continue to work/invest from the former perspective while others realize that change is taking place. This is not an investment book per se but rather an in-depth exploration of the transition along a likely continuum.

Who Will Like This Book...
-Investors - those that want to understand the investment environment not merely those searching for a 'how to' or checklist.
- Business Owners
- Government Officials
- Political and/or Social Science Buffs
- Anyone seeking to better understand how we got here and were it heads into the future

Plain and simple, this is for those that don't mind to think...and think you will because the information, direction and long term consequences will not be easily digested - or resolved. Inform yourself.



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Review of Riot and Remembrance: The Tulsa Race War and Its Legacy (Hardcover)

I had only heard of the Tulsa race riot of 1921 a few years ago, even though I went to high school in the early 1980s in Bartlesville, OK, 45 miles north of Tulsa (and have driven on the highways that now run through the Greenwood section more times than I can count). I remember the fear that was passed on to me about that section of Tulsa and the dread of facing students from its high school whenever we played them in football, a darker fear than seemed warranted for a city of its size. Now, knowing the history of the race riots and the fears both sides had of sparking another one, I understand why.

Hirsch does an amazing job of piecing together from both "official" and oral history the story of the riot, as well as what led up to it, and the racial climate surrounding the event. While he clearly favors the "black" side of the story, he doesn't give in to the most extreme views, and he does give the "white" views time and space. He also points out the difficult questions of reparations, and why there are no easy answers. Most importantly, "Riot and Remembrance" shows the readers why history can never be neatly tied up and packaged. We will probably never know the details of what happened on the ugly night and day of May 31-June 1, 1921, in Tulsa. We'll never know for sure the death toll, or what exactly was in the hearts of the African-Americans, the "ruffian" white, or the city leaders who coveted the Greenwood land. But at least with Hirsch's book, we have a chance to ponder all sides and draw our own conclusions.

And, by the way, this is one Oklahoman who thinks the state and city SHOULD pay reparations in the form of scholarships and economic development in North Tulsa. I suspect I am in the minority, though!



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Review of Wealth Management: The Financial Advisor's Guide to Investing and Managing Client Assets (Hardcover)

Mr. Evensky's book has had a profound impact on my wealth management philosophy.He is very effective in blending the broad scope of investment management theory with "real world", practical application.I found it particularly useful because it is not a book written by an academic who has never sat across the table from a client and held their hand through the good times and the tough.This is a must read for any serious manager of wealth.

A. Todd Black, CFP



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Review of Fair Lending Compliance: Intelligence and Implications for Credit Risk Management (Wiley and SAS Business Series) (Hardcover)

If the authors were still employed by a financial services organization, their employments would have been in trouble as this book reveals too much insightful information.

Most books of this type are either too high-level or too technically detailed. This book, however, is a rare mix of fine high-level overview and ready-to-use technical methods and specifications.

The book title is appropriate for the book contents. However, the book title is a little too humble in that what are taught in the book are actually 100% applicable to generic enterprise risk management.

Forget about high-priced workshop of enterprise risk management, you will be better off by getting and reading this book.




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Review of Reckless!: How Debt, Deregulation, and Dark Money Nearly Bankrupted America (And How We Can Fix It!) (Hardcover)

Dorgan argues that leaving the free market unchecked is like driving a car without brakes, and asks "if these companies (banks, auto firms, AIG, etc.) are too big to be allowed to fail, why weren't they big enough to be regulated?" Now with the latest takeovers, the U.S. has four banks controlling one-third of all our bank deposits.

By January, 2009, over $8 trillion of taxpayer money had been used to help big financial institutions. During that period some of the same institutions were paying big bonuses - overall, they're year-end results totaled $35 billion of losses, and $18 billion in bonuses.

One of the worst decisions that contributed to today's reckless finance was the 1999 Financial Services Modernization Act that repealed the ban on banks investing in securities and real estate. (Earlier legislation that allowed S&Ls to invest in higher risk real estate brought the 1987 S&L Crisis.) Senator Phil Gramm was the major Congressional force behind the change, but it also was supported by President Clinton (signed it), and made worse by President Bush II's choice of willfully blind regulators and a Federal Reserve Chairman (Alan Greenspan) blinded by the ideal of a self-regulating market. Then in 2004, Henry Paulson, Chairman of Goldman Sachs, helped convince the SEC to allow banks to use greater leverage.

Other problems include "no-doc" and teaser (no payments for up to a year, ARMs, interest-only) loans, brain-dead rating firms, low Federal Reserve interest rates (partly to counteract an earlier recession and the inflationary effect of both an Iraq War and major tax cuts), and remarketing of sub-prime loans that appeared to spin gold out of chaff.

Home-equity helped fuel personal consumption in the middle of the new millennium's first decade - $310 billion/year from 2004-2006. Government borrowing exceeded $2 trillion in 2008, and it's expected to be higher in 2009. Meanwhile, we continue with $700-800 billion in trade deficits as well. Dorgan contends this cannot continue.

Government regulators in the last ten years sat by while Enron, Madoff, Tyco, and the MCI WorldCom scandals blew up. Commodities trading is another scandal waiting to explode - Brian Hunter controlled 70% of natural gas on the NYMEX in 2006, without CFTC awareness. Dorgan also attributes last-year's $147/barrel oil to speculators running amok, but offers no substantiation.

The top 1% of households own 38% of the nation's wealth; the bottom 60% own 4%. Warren Buffett pays 17.7% of his annual income in payroll and income taxes, vs. 32.9% as the average of others in his office. The rich should pay more - per both Buffett and Dorgan.

Corporations, until 2004, bought and leased back municipal assets (eg. sewer systems) to allow them to depreciate the assets and lower their taxes. Corporations now only pay about 10% of federal taxes.

Dorgan says he's thinking about a VAT - the advantage is that it can be eliminated for exported products and would make U.S. companies more competitive. (The bad news is that a VAT is VERY regressive in its impact.)

Dorgan realizes we're in a bit of bind regarding the millions of illegals already in the U.S. Before solving that problem, he believes we need to secure our borders and go after companies that hire illegals. Dorgan has nothing to say about curing our job outsourcing problem - that was covered in his prior book, "Take This Job and Shove It."

My one criticism of "Reckless" is Dorgan's treatment of health care. Dorgan does recognized the need for reform, and suggests greater emphasis on prevention, improved personal responsibility (don't smoke, better diets), lower drug prices (aka other nations), less drug advertising, etc. Dorgan, however, doesn't seem to realize that normal workforce-turnover, coupled with a multi-payer system, undermines financial incentives for prevention. In addition, he doesn't come out for a single-payer system - others claim it would reduce expenditures by about 10% (less overheads), nor does he bring up the enormous regional variation in health care practice that, if reduced, could save billions and billions more.



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Review of America's Undeclared War: What's Killing Our Cities and How We Can Stop It (Hardcover)

Daniel Lazare's excellent book "America's Undeclared War" is a book that I heartily recommend. I was particularly impressed by his unique and intriguing approach to American history, from the point of view of the city.

He traces American history back to the notorious conflicts of Jefferson and Hamilton. One aspect of their feud, should the country develop a southern-agrarian or a northern-urban economy?Jefferson, despite his democratic rhetoric, was a southern slave owner. With his election as president in 1800 his party promoted policies that were anti-urban, anti-federal and jingoistic.

The north was intent on developing industry.It needed a strong infrastructure-roads, canals, and an educational system. All this was opposed by the south. As a result the development of cities, which existed almost entirely in the north, was hampered by a hostile political establishment.

With the coming of the railroad, a major social and economic revolution took place. Before the advent of the railroad, land transportation was so onerous that it was rarely attempted. It cost as much to ship goods 30 miles overland as it did across the Atlantic. The northeast was cut off from the interior--most interior traffic was confined to the Ohio and Mississippi rivers--until the Erie and other canals opened a connecting water route.

The railroad was the technological miracle that caused an expansion of the cities. Shipping costs dropped so much that water transportation, rivers and canals, could no longer compete. Cities grew like weeds. Wherever the trains stopped passenger and freight flowed and new towns and cities grew.

The advent of the Civil War broke the strangle hold that the south had on the country's policies. Laws favorable to industry that had been stymied for decades were now enacted.

But the growth of the cities brought slums, reformers, and radicals that worried the industrialists; and sex, gambling, and drinking that upset the moralists. By the late nineteenth century the middle and upper classes were very concerned. How could these problems be overcome? Disburse the troublesome masses!

Many prominent leaders could be counted on. They ran the gamut from industrialist Henry Ford to urban reformer Jacob Riis. But what could cause a reversal in the growth of the cities?

A new technological upstart. The automobile! This new mode of transportation could dilute the effects of the trains.Mass urban transportation of trains, subways and streetcars was no longer necessary for the working man to get to his job.

With the coming of the New Deal--Roosevelt was another advocate of diluting the city masses--government subsidies provided a major impetus. Changes occurred quite rapidly after World War II.The government took built roads throughout the country; and backed a new type of mortgage--low or no down payment, low interest and long (30 year) terms--a major departure from previous mortgage financing. In addition, there were the tax benefits for home ownership, deductions for real estates taxes and mortgage interest. Business increasingly expanded in the suburbs so that opportunities would increasingly be found there. Suburban living became an irresistible bargain. Accordingly, the suburbs grew and grew and grew.A mass exodus of the middle class from the cities ensued.

The threats that the establishment found in the cities were diminished. Homeowners were too busy paying off their mortgage, their car payments, fixing the house, maintaining the lawn to get involved in the civic, labor or community affairs that had occurred when they lived in the city.

The cities in the meantime being deprived of the government subsidies lavished on the suburbs were left with the poor. The tax base for the support of the cities shrank and the demands on their services grew. But in spite of their difficulties no help was afforded to them. Instead the federal and state governments with able assistance of the media placed the blame on the impoverished. Accordingly the poor lost many of their existing benefits and were victimized by a proliferation of crime that brought on harsh penal laws.

The glowing early promise of the suburbs never materialized. The automobile created sprawl, pollution, traffic congestion, and increased taxes without substantial benefits. Compared to a stimulating city with numerous cultural attractions, life in the suburbs was boring.

I was also impressed by the book because Lazare scattered a few gems through it. Complex issues that he analyzed and distilled so expertly that it was a pleasure to read! As an example--his comparison of the efficient city with the inefficient suburbs.

In the city, necessities and conveniences for every day living are short distances away, within walking distance or by mass transportation. In the suburbs, by contrast, a car trip is necessary for every little need, going to a store, the library, school, the doctor, the post office, the movies. Even minor trips are irritating, taking longer and longer as congestion, pollution, wasted fuel and time are all continually increasing.

If you are interested in history or concerned about the difficulties of everyday living in the suburbs, this is a book you should read.



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