Review of Talking Money: Everything You Need to Know About Your Finances and Your Future (Hardcover)

When I found out that Robert Kiyosaki had good things to say about this author and this book I just had to get it. I didn't want to wait to buy the book so just downloaded the e-book to get started. This book is a winner.

I liked the section on buying cars. Other than Charles Givens, Chatsky is the only financial author that I know of who warns about dealers price (sucker stickers)vs the markup. This piece of information alone can save you thousands.

Also, like Givens, Chatsky recommends buying a 2 year old car vs a new one. The basis for this is that a new car will depreciate by 50% as soon as you drive it off the car lot. Buy your dream car, but 2 years old and put the saving in a good mutual fund.

The money market fund advice was also interesting. Chatsky offers a website to compare rates and shop for the best funds. This makes more sense than depending on your broker.

The investment advice is also right on and one of the only financial authors to explain the best time to be in stocks and bonds. A nice departure from the usual "buy and hold" or "dollar cost averaging" theory.

Chatsky also discusses "power buying" or how to save a bundle on almost everything you'll buy.

The credit card information was pretty basic but informative.

Overall, Talking Money is a winner and will offer you some new insights on how you spend your money and how to invest.

Good, solid advice that really works. I highly recommend this book.



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Review of Profit with Honor: The New Stage of Market Capitalism (The Future of American Democracy Series) (Hardcover)

This book is about ethics and integrity in corporate America. The author discusses the various scandals of the past decade or so, looks at root causes, and proposes a solution.

This book could easily have been a statist prescription for yet more regulation by that whacko entity we call the federal government (which doesn't actually govern), but fortunately it was not. Just as easily, it could have been yet another book used by the author to push the leftist agenda in the rosiest of terms, despite the fact that agenda has always failed and always will. Fortunately, we were spared that reality-challenged view as well. Nor is it another effort to push the "conservative" agenda (basically, a way of diverting money to special interests). In fact, Yankelovich stresses the need to move beyond political "solutions" to problems.

People change careers, and I am one of those people. In my former life as an engineer (in a galaxy far, far away or something to that effect), one of the skills I learned was root cause analysis. This kind of analysis is demonstrably absent in public policy, as is evident from the demonstrable failure of federal policies, federal agencies, federal programs, and just about anything else spewing forth from Washington, DC. I notice that most "experts" have pretty logical-sounding solutions to what ails us, but almost none of them first determines what problem needs solving. They have a hammer (their area of expertise), and the whole world is their nail.

Yankelovich takes a humbler and more rational approach. This book talks about what CEOs and other leaders should do to restore integrity in our corporations, yet in the preface he says he's neither a celebrated CEO nor an expert on the subject. Upon reading the book, I found this worked to his advantage. He's not an armchair general type, either, though. He was on many boards over many years and has seen the workings of the inner sanctum firsthand. His background as a social scientist and researcher is also a critical qualification, because he has an excellent lens through which to observe and analyze.

At 169 pages in paperback format, this book is short. It's not a highly detailed academic treatise on case histories. Yankelovich is certainly capable of producing such an opus. But it would be read by academics rather than CEOs. This book is the perfect size for its primary target audience--the high level corporate executive. It can fit into a briefcase for reading during a return flight or two.

Profit with Honor has ten chapters. The first two give us a clear picture of the problem. In those chapters, Yankelovich also discusses why legal remedies don't work. For example, if you have a law barring a certain behavior, people who believe it's OK to game the system will find and exploit a loophole. To see how this pans out, look no further than our insane, and counterproductive, federal income tax code. He also talks about what happens when a company promises to play nice and then doesn't.

The next two chapters explain why "What's good for GM is good for America" isn't so (not to pick on GM--that was the actual statement, but the sentiment was quickly adopted by other companies). Yankelovich also provides comparisons between the ethics of today (or lack thereof) to the ethics of previous times. This isn't a "sure was great in the good old days" fantasy. Yankelovich bases his analysis on actual research, including a study of the Harvard Business School Class of 1949.

What he has to say about "civil society" in Chapter Five is right on target, and should be required reading for everyone over the age of six. Unfortunately, we have too few adults with the proper training in civility, and we gag on that aftertaste of that every day.

Chapter Six and Chapter Seven provide a good discussion of stewardship ethics, which Yankelovich proposes as the means of getting our corporations back on track.

In Chapter Eight, Yankelovich exposes the fallacy of the "Shareholder Value" philosophy, leaving no doubt for the reader that it has proven to be costly and destructive. Chapter Nine explores the concept of gatekeeper integrity. Our gatekeepers include institutional investors, auditors, business lawyers, investment bankers, business journalists, and educators--and they have profoundly failed us.

The final chapter, Titled "Hummer vs. Hybrid" nicely ties the book's concepts together. What better way to make things clear than to use a common example and figuratively turn it over in your hand so that each edge, nook, and cranny is exposed to sunlight? This example concerns the attitudes of two companies. The first one is GM, which I loathe. The second is Toyota, of which I am a customer and a huge fan.

GM chased short-term profits by producing gas-guzzling Hummers. Thanks to GM lobbyists, the CONgress (which sells legislation to the highest bidder) introduced more distortions into that abomination called "the federal income tax code" to make it advantageous for people to own Hummers rather than a vehicle that makes sense. Hummers tear up our roads (causing us to pay higher road taxes) and consume four times the fuel that a sensible vehicle does (causing gas prices to be higher). So, we all pay for some insecure person to drive around in a Hummer dominating the road while GM managers soak up their bonuses for short-term profits and Middle East terrorists enjoy the funding provided by the additional oil revenue. All perfectly legal.

Toyota, on the other hand, behaved responsibly by producing the fuel-efficient Prius hybrid. It's important to note that this isn't their only fuel-efficient vehicle. My Camry gets nearly 40 MPG on the highway (5-speed manual transmission, good driving habits, synthetic oil, and other things boost its fuel economy past the EPA rating). Some other models of conventially-powered Toyotas, such as the Corolla, do even better.

If we replaced every GM vehicle with a Toyota Camry, America would no longer have an energy problem.

Toyota's venture into the hybrid market came at the cost of short-term losses. This car isn't a cash cow for them, and it isn't causing their executives to go home with multi-million dollar bonuses. It's part of the their long-term strategy to build cars that serve people and society. It's the result of their "continual improvement" ethic.

Yankelovich follows this same ethic in his writing. He isn't proposing a quick fix. He's proposing a change in underlying attitudes and beliefs, and it takes time for those things to produce effects. It's like eating right vs. taking medications. Eating right won't instantly make you healthy, if you are presently not eating right. But it's the only way to be healthy and correcting the effects of wrong behavior takes time.

It's also a monumental task to get all the players on board with such a change. If this book makes its way into boardrooms and executive suites across the country, and if individuals in those boardrooms and executive suites decide to make personal integrity a top priority ala the Class of 1949, that change can and will happen.

If you like the idea of a nation in which corporations are run in an ethical fashion (providing a model the federal "government" might learn from), read this book and then recommend it to others.



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Review of The Intelligent Negotiator: What to Say, What to Do, How to Get What You Want--Every Time (Hardcover)

Charles Craver is the Leroy S. Merrifield Research Professor of Law at George Washington University (Washington, D.C.) where he teaches negotiating. Through his work at the Law School and in workshops throughout the world, Professor Craver estimates that he has taught negotiating skills to some 60,000 attorneys and businesspersons.
The Intelligent Negotiator is a book that fulfills the promise of its title. Craver provides the reader with the techniques and skills to become a true master of the craft.
Unquestionably, The Intelligent Negotiator will prove invaluable for the beginning negotiator and a solid source for refining the skills of the more experienced practitioner. Refreshingly, in a field in which so much has been written and is often unacknowledged, Craver credits and draws upon the research and findings of its authors. Additionally, although he has a preferred approach to negotiations, the author provides a fundamental negotiating skills book that does not rest upon the adoption of a singular negotiating style.
"Don't even try to adopt just one negotiating style or philosophy," Craver tells his reader in the first sentence of his work, "for there is no single approach that can effectively govern all bargaining transactions" (p.3). The intelligent negotiator, in Professor Craver's view, is a person who is comfortable working within a suite of negotiating styles. The reader who understands that premise is on the way to wisdom.
The experienced negotiator knows that no matter what the hopes, not every negotiation expands the pie. Negotiators come in all stripes and are driven by differing motives. Success in negotiations requires that its participants understand and adapt easily to the reality of functioning with an arena encompassing widely disparate styles.
Craver notes three major approaches that the intelligent negotiator must master. The first of these is the Competitive-Adversarial. This is the stuff of win/lose negotiations, the zero sum game in which the pie is presumed to be fixed and one participant wins more if the other loses more. The second he defines as the Cooperative-Problem-Solving approach. In this style, the parties seek to expand the pie through engaging in a joint creative enterprise and thereby enable the participants to realize a win/win outcome. The intelligent negotiator recognizes that this second style has inherent rewards and significant risks of exploitation depending upon the true commitments of the parties at the bargaining table to the cooperative negotiating style.
Both styles remain predominant in negotiating and Craver introduces the reader to some of the research on the effectiveness of practitioners of these two dominant negotiating styles. It is interesting research.
Craver cites a study of the negotiating styles of practicing attorneys conducted by Professor Gerald Williams of Brigham Young University some twenty years ago that may surprise many readers. According to Professor Williams' research, most practicing lawyers do not use an adversarial style in their negotiations. Two thirds of the attorneys, as viewed by their colleagues, used a cooperative approach and only twenty-five percent of the lawyers were seen as practitioners of an adversarial style of negotiations (p.10).
More importantly, peer assessment concluded that cooperative negotiators fared far better than adversarial attorneys in the negotiating arena. Fifty-nine percent of the cooperative style negotiators were viewed as effective negotiators and only a miniscule 3 percent were considered ineffective. Only 25 percent of the adversarial style negotiators were deemed effective by their peers and a staggering 33 percent were judged to be ineffective. A more recent study reported last year by Professor Andrea Kupfer Schneider, found over half of adversarial style negotiators were considered ineffective by their peers (p.10).
There is much that the negotiator can draw from these findings, not the least of which is that the intelligent negotiator must be able to adapt and operate successfully in an arena of diverse approaches. Reliance on a singular style, as Professor Craver well illustrates is a recipe for disaster.
Given this, Craver offers a third style as the best primary style for the intelligent negotiator. The Innovator approach, as the author calls his preferred style, is a hybrid of both of the preeminent negotiating approaches. Its hallmarks are beginning with principled offers, matching one's counterpart on how much and what is disclosed, relying on objective criteria and recognizing that the primary goal of the negotiator is to obtain beneficial results for themselves and secondarily for the opponent.
The core of the book, however, is far from a discourse on a singular approach, but rather the teaching of the underlying fundamental skills and techniques that every negotiator regardless of their approach requires to succeed in practicing the art. The book, therefore, is an intelligent negotiator's guide to the practice of negotiations.
Craver explores the process thoroughly and leads his reader through the tough issues confronting every negotiator with concise and well-reasoned advice. The author shows the reader the importance of setting high goals, even increasing them before negotiations begin. He gives the reader solid advice on how to construct an opening offer and coaches the negotiator on its critical impact on the psychology and course of the negotiations to follow. The reader learns how an opening offer operates as an anchor, its role in bracketing the negotiating settlement range and its use in framing the other party's perception of gain and loss in the potential agreement. If these concepts are not clear to you, they are clearly explained in Craver's work.
There is far more in this volume. You will find strategies for multiple item negotiations, techniques for handling absurd positions, some careful advice on reading body language and a host of topics that the intelligent negotiator must know. You will find it a valuable negotiating skills guide of value for any style of negotiations.
To complete his work, the author turns his attention to some of the more special types of negotiating situations that all readers encounter. You will find some insightful advice in his concluding sections on negotiating employment agreements, automobile purchases and real estate bargaining.
Highly recommended.
John Baker, Ph.D.
Editor, The Negotiator Magazine



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Review of Sex, Drugs and Economics: An Unconventional Introduction to Economics (Hardcover)

If you think economics is really the "dismal science," then Diane Coyle, a Harvard-trained economist who lives and works in London, is out to change your mind. And what a job she does in her new book on the basics of general economics. This work is indeed an easy read on a complex subject but Coyle never insults the intelligence of her readers and fully intends to explain in a readable style exactly what the study of economics is all about.

Right at the beginning, Dr. Coyle tells us precisely what she intends her book to do: "This book aims to demonstrate that economics is essentially a particular way of thinking about the world that can be applied to almost any situation affecting individuals, companies, industries, and governments." Then, to make sure we all understand that the study of economics is not just for the professional or the academic but has a broader horizon, she insists that economics is "the subject for you whatever your interests and concerns" and that her objective is "to provide a new light and refreshing appetizer that might satisfy delicate appetites but also encourage some readers to develop a taste for more."

One of the things that makes this book so appealing is that Dr. Coyle uses our ordinary life experiences to allow us to grasp many of the major concepts of economics. She does discuss sex and illegal drugs and how economics applies to them, but she also has chapters on sports, music, energy, auctions, war games, movies, the Internet, weather, and other common topics with which we are very familiar, all utilized as a means to introduce, explain and describe various technical terms and concepts at different points in the book.

For instance, the first chapter of the book, titled "Sex: Can you have too much of a good thing?," introduces the concepts of "demand" and "supply," as well "inelastic supply of labor" and "product differentiation." Chapter 2, which is about illegal drugs, introduces the concepts of "market," "externality," "price elasticity of demand," and "cost-benefit analysis." A later chapter on sports explains the concept of "economics of scale," while the chapter on music explains the idea of "marginal cost," and the chapter on immigration explains the concept known as the "lump of labor fallacy." Furthermore, she provides an excellent description of the concept of the "public good" in the chapter on disease, and her discussion of this concept will be of particular interest to libertarians and classical liberals.

There are a few things I found particularly helpful during my reading of this book. The most important to me as a general reader was that the major terms and concepts of economics were set in boldface type as they were introduced in the text. This meant I paid particular attention to them as I was reading and realized they were important to understanding what was being said. Next in importance, at the back of the book is an appendix outlining and explaining the "Ten Rules of Economic Thinking," a section I thought helpfully summed up many of the main points expressed in the text. Finally, a glossary is provided which further explains and expands the major terms and concepts used throughout the book. I wish this sort of format was used more often in books on otherwise difficult subjects. And of course the book includes the usual bibliography (with many Internet websites also provided) and a well-organized comprehensive index.



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Review of Panic for Democracy (Hardcover)

This is a great read.Van Schalkwyk has drawn on wealth of research to effectively argue that our politicians and institutions have duped us, as their actions are self serving with total disregard for future generations.A weighty topic like this could easily have been a dull read but the author manages to maintain interest with a broad sprinkling of references ranging from medieval history through to modern fashion trends.If enough people were to read this book and perhaps listen to some of the others voices of reason out there, perhaps there would be chance for change.For all those who prefer to keep their head in the sand, not abook for you!



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Review of Understanding the World Economy (Hardcover)

I rate this book very highly. I was a big fan of the first edition and it proved to be a good servant to many of my students. The new edition is even better and I guess it would be a very useful test for economics and business first years as well as older readers who want to get to grips with economics.



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Review of The Coming Economic Collapse: How You Can Thrive When Oil Costs $200 a Barrel (Hardcover)

I am giving this book a 5 instead of a 3 or 4 because I believe that it does a superb job of laying out some facts that every normal adult needs to understand, and I want to encourage everyone to buy and read this book.

That having been said, I also found it disappointing.The author's main points can be summed up in this review, and take less than an hour to absorb in the actual book:

1)Peak oil and the need for alternative energies are being over-shadowed by myopic media and lack-luster academics that focus on poverty, climate change, terrorism, everything but the core Achilles heel of the Western world, its addiction to cheap oil which is no more.

2)Cheap oil is made possible by blatant political and financial maneuvers that enrich a few and set the rest of us up for life long poverty.Government subsidies and tax breaks purchases by expensive lobbyists giving expensive gifts and cash bribes to our politicians are directly responsible for pre-determined failure of our energy policy and the lack of an energy strategy.

3)The catastrophic nature of the collapse of cheap oil is dramatically enhanced by the combination of the *huge* U.S. deficit and by the increased prospects of war over oil.

The author concludes with some bottom line advice for investors: get out quickly from stocks associated with high oil usage (airlines, autos, chemicals; followed by cosmetics, food requiring processing and transport, and retail dependent on far away factories and raw materials).

I disagree with one key point he makes.He assumes that Wall Street and the media have been ignoring this problem because of "group think."I certainly do agree that the larger mass of the public and the average bureaucrat that do not know any better have fallen prey to unethical propaganda, but I am quite persuaded by Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy; Crossing the Rubicon: The Decline of the American Empire at the End of the Age of Oil; The Long Emergency: Surviving the End of Oil, Climate Change, and Other Converging Catastrophes of the Twenty-First Century and other books that this catastrophe in the making was clearly understood by the White House and the US Senate in 1974-1979, and a very deliberate selfish even treasonous decision was made to profit in silence and let the people fry.

This is a much simpler book than most of the others I have read and recommend, but I give it a solid five stars because if you can only afford to buy and read one book, this is the one that will be easiest and most to the point.

And just to drive the point home, when WIRED had the cover story on alternative energy, Cheney was meeting secretly with Enron and Exxon, and went on to amass 25 documented high crimes, 23 of itemized in my review of this book (Cheney makes Agnew and Johnson look like wall-flowers--this is the guy that put HIGH into "High Crimes."
Vice: Dick Cheney and the Hijacking of the American Presidency



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Review of Stock Market Stratagem: Loss Control and Portfolio Management Enhancement (Hardcover)

I agree with other reviewers that this book deserves 6 stars. Over the last 30 years, I've accumulated a lot of investment books but this is the first I've seen that has a chance of withstanding the test of the many varied business cycles over time. I note that this book has been selected as a text for several "practical" college investment courses.

Here are the specific reasons I like this book:

First, this is a book about lifetime investment principles for the DIY individual investor. Glett's idea is to devise easy-to-use techniques to take advantage of high growth stock market opportunities while minimizing possible losses with "risk control" strategies. Central to both concepts is the notion of diversification, where a portfolio of stocks are developed that maximizes the opportunity of finding a few big winners (doubles and triples), while limiting the number of losers to a tolerable few.

Extensive knowledge of economics or financial analysis is NOT required. Rather Glett advocates letting the market make the key buy/sell decisions. To provide insight, the techniques are explained using paper-and-pencil with public data from the web, but suggestions for simplifying the process using professional computer software are introduced as well.

An actively managed portfolio is advocated, where market conditions dictate what and when to buy and to sell. It is a "contrarian" strategy with a twist. It advocates the selection of low profile stocks in emerging market sectors rather than just the big names. It is also a "momentum based" strategy with a twist. Glett's "Reverse Scale" strategy advocates allowing winners to run, while losers are cut immediately. The twist in each case, however, is that its diversification and loss-control strategies are constructed to reinforce each other to minimize risk as defined by the investor. One of the key outputs of this strategy is the discipline to execute a stop-loss order within minutes after buying the stock to guard against subsequent "unreasonable exuberance."

Glett advocates the use of technical (charting) techniques to determine a stock's trend in order to quickly narrow a list of potentials to a select few. Charting is also useful in determining loss-limits. Financial and fundamental data are then used to gage the trend's sustainability.

And finally, techniques are developed for recognizing the onset of a bear market at which point the portfolio goes into limbo where winners continue to run, but losers are not replaced. A technique for knowing when to safely get back into the market is also presented.




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Review of Financial Armageddon: Protecting Your Future from Four Impending Catastrophes (Hardcover)

Financial Armageddon presents an alarming discussion of the Four Horsemen riding towards the U.S economy. Panzner has turned what might seem dry or inaccessible subjects - i.e derivatives, deficits, pension liabilities - into a tale even the layest of laymen can understand. Some will suggest it goes overboard in it's pessimism (hyper-inflation? widespread beggary and pestilence?) but even if it does it scarcely begins to offset the institutionalised optimism pumped out in the popular media. However the book is not just doom and gloom, it also provides concrete ideas on how individuals can prepare themselves and their investments. If even a fraction of Panzner's predictions come to pass investors will be grateful for the recommendations contained in this book. Read it and come away disturbed, but informed.



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Review of The Irwin Guide to Using The Wall Street Journal, 6th Edition (Hardcover)

This book is a good introduction to the principles of the macro economy.

The author explains the basics of the federal reserve system, monetary policy, the causes and effects of inflation, and various personal investment products such as stocks, mutual funds, commodities, and money market accounts. The basics of each is explained, and the author shows how each is tracked daily in the Wall Street Journal. The purpose is to allow individuals to understand their investments, track their progress, and be able to react to changing market conditions. Its all sounds very axiomatic, but the great thing about this book is that it states basic principles that are often assumed, and thus left unstated.

For example, if the following excerpts are helpful to you, then this would be a great book for you:

Page 15: "The forces of supply and demand condition every business cycle."

Page 25: "Bank lending finances spending, and spending generates inflation. The Fed controls bank lending and can thereby control inflation."

Page 33: "Every commodity has a price; the interest rate is the price of money. As with any commodity, the price fluctuates according the the laws of supply and demand."

Page 165: "Mutual funds are popular with individual investors because they permit diversification in a wide variety of securities with a very small capital outlay."

These are examples of the points covered, and the level at which they are covered. If the above quotes sounded obvious, this book may be below your expertise. But if you finally want to understand the jargon you hear on CNNfn, this book will do the job.

This would be a great book to buy as a graduation gift for a high school senior, or anyone without a background in finance.



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Review of Taming The Sharks (Series on Law, Politics, and Society) (Hardcover)

Taming the Sharks is a masterful combination of academic and common-sense notions that every American capable of introspection should read.Utilizing a continuum of sources ranging from liberal to biblical references Peterson illustrates how our "advanced" society allows far more financial plundering of individuals who do not protect themselves than a multitude of civilizations that preceded us.

Whether the victims ought to protect themselves is irrelevant.The fact is that they do not.Tax payer dollars are then necessary to reconstruct the devastation.

After this fascinating reading any individual who does not directly profit from this industry will agree that the problem is immense based on either consideration for the U.S. economy or a shred of their own moral decency.





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Review of Managerial Economics (Hardcover)

As an undergraduate Economics minor, general manager of a software company, and current MBA candidate, I consider Png's Managerial Economics work an essential addition to any business leader's library -especially anyone required to make key, informed decisions in the presence of scarce resources.

Dr. Png's Managerial Economics is head and shoulders above comparable managerial economics texts due to Png's use of relevant, real-world examples that drive home the course fundamentals.Dr. Png's content combines the science of Economics with the tenets of business strategy, providing the student with the key perspective needed to make intelligent business decisions in today's ever-changing business environment.

Instead of plodding over-explanation or over-simplification like many comparable texts, Dr. Png's work delivers the course concepts with informed clarity.Instead of feeling stupefied or unworthy after reading each chapter of the text, I increasingly gained a sense of knowledge and understanding as I progressed.This is the great difference between Dr. Png's work and the other comparable texts I have used:instead of feeling mystified, I finished the book with a higher degree of workable, usable economic know-how, that I have already incorporated into my every-day decision making

I highly recommend Dr. Png's Managerial Economics (2nd. Ed.) text to any student of business or anyone simply interested in keeping current with cutting-edge economic thought.



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Review of Management Information Systems for the Information Age (Hardcover)

I have used (and continue to use) this text for a college class on MIS.It's among the best textbooks I've ever come across.The book is filled with real world stories of real companies and how they have improved their competitive positions using IT.It also contains numerous 15-25 minute group activities and "On Your Own" assignments.Each chapter ends with a list of Key Terms, as well as several short answer and discussion questions.

Finally, and what I like most about the text, is a section on "Real HOT Group Projects."Many of these require creation of database reports or spread sheet pivot tables.So, you may find yourself diverting some time to teaching spreadsheet and database skills.But how can you teach the application of technology to managing and creating information, without actually using technology to do just that?



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Review of The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash (Hardcover)

This is a great book for those of you like me who are not in the financial services industry but who want to understand why our economy is melting down as we speak. It will also help you understand why this upcoming election is so important: The author describes the seismic ideological shifts over the last 40 years, from the Liberal/Keynsian era that imploded in the late 70s, to the current dying embers of the Chicago-School free market ideology that has held sway from Reagan up to the present moment. The author believes it is time once again for the pendulum to swing in the direction of more activist, socially conscious government intervention. He is not a liberal ideologue but a former banker who comes to his conclusions based on objectivity, knowledge, and lucid thought. The integrity of his thinking shines through every page. This is not always an easy book to read; due to the subject matter it is rife with all sorts of financial industry acronyms and terms like "tranch" and "quant" and "put", but don't let that throw you. Just keep reading with the big picture in mind and it will all come together in the end. It's well worth the effort!



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Review of Empire of Debt: The Rise of an Epic Financial Crisis (Hardcover)

When my grandparents bought their home in the 1930s, they made paying off the mortgage a high priority and celebrated when the house was finally theirs. They worked hard, pinched every penny and took good care of what they had. They kept their house tidy and in good repair; they never used the fireplace because they did not want to get it dirty, and the furniture stayed good as new under its plastic covers. When they died, they were debt free and had money in the bank. It was these virtues--thrift and industry--that built the United States into the most powerful empire the world has ever known, according to Bill Bonner and Addison Wiggin in their new book, Empire of Debt: The Rise of an Epic Financial Crisis.

Bonner and Wiggin view ancient Rome as the classical model of empire. Running an empire was an expensive business; the folks in the homeland needed to be mollified with government handouts (bread and circuses), while a large military had to be maintained in the frontier. Rome used its military power to exact tribute from neighboring states; it was a protection racket, no different from the Mafia. Nevertheless, this scheme generally kept the central state solvent and the territories at peace. The United States is also an empire, Bonner and Wiggin maintain, but it does not follow the classical model. It placates its citizens with massive distributions of government largess while using its powerful military to exert influence and keep peace abroad. However, "[i]nstead of getting paid for providing protection, the United States is on the receiving end of loans from its tributary states and trading partners " (p. 77). This is how the United States became the Empire of Debt.

In Bonner and Wiggin's version of history, the beginning of the American Empire was Wilson's entry of the United States into World War I. Wilson was behaving imperially, according to the authors, because he was using military force in an attempt to influence political events beyond his country's borders. By the Vietnam War, the United States had clearly shifted to imperial mode; although it made no difference to the American homeland who ruled Vietnam, it is nevertheless the role of the empire to "routinely and habitually contest control of periphery areas" (p. 169). Indeed, during the twentieth century the United States got involved in conflict after conflict that was irrelevant to maintaining its security.

What made America a peculiar empire was that it had an agenda for changing the world. It would not play empire by the old rules; instead, it would use its imperial power to remake the world in its own image. Wherever the American empire could exert its influence, it demanded not tribute but rather that its vassal states practice democratic capitalism. At first, this arrangement was profitable to the United States, especially in the case of Western Europe and Japan after World War II. But providing protection is costly, and the homeland, rather than the vassal states, was paying for it. Here the authors also see a parallel between imperial America and that other peculiar empire of the twentieth century, the Soviet Union. They comment that what made the Communists so "obnoxious was not their own goofy creed but their determination to do precisely what [America] wanted to do, remake its adversary into something more like itself" (p. 209). Changing the world is an expensive undertaking, and the Soviet empire was bankrupt before the end of the twentieth century, but was the American empire really in any better financial shape?

Thus is the history of the Western world according to Bonner and Wiggin. But is this interpretation of events reasonable? Is it even plausible? Indeed, there is much to hate about this book. And yet, therein lies its beauty. For Bonner and Wiggin toe no party line; rather, they expose the chicanery and buffoonery of every political persuasion. No matter where you stand on the political spectrum, you are bound to find something in this book to offend you. And this is a good thing, because we all need to be knocked down a peg or two from time to time. Bonner and Wiggin play the role of the little boy in the tale of the emperor's new clothes who is willing to admit that he cannot see the royal robes--the emperor is naked, and the empire is broke.

On page after page, Bonner and Wiggin challenge the conventional wisdom. For example, they dispute the commonly held belief that "democracies are more peaceful than other forms of government" (p. 109). As evidence, the authors point to World War I, which, they insist, "was already a largely democratic war" (p. 112) even before Wilson involved the Unites States in it to make the world safe for democracy. Of the major combatants, only France was officially a republic, but England, Germany, Austria-Hungary and Russia were constitutional monarchies with at least limited popular political participation. Indeed, there is evidence that King George V of England, Kaiser Wilhelm II of Germany and Tsar Nicholas II of Russia, who were all first cousins, worked together to keep their countries out of conflict, but they were overwhelmed by popular sentiment, which "found the prospect of a short, sanitary war charmingly distracting" (p. 115). Furthermore, when the Tsar was deposed in 1917, the democratic Provisional Government kept Russia in the war; it was the autocratic Bolsheviks that withdrew Russia from the conflict. Bonner and Wiggin also challenge the belief that democracy is the best form of government, maintaining that in "a modern democracy, it is relatively easy to stir the masses to absurdity" (p. 164). This is not to say that the authors favor autocratic rule. Rather, they mean that we should think carefully, before imposing democratic institutions on unwilling populations, whether we are really doing them--or us--a favor.

Bonner and Wiggin also see a parallel between the British Empire at the beginning of the twentieth century and the American Empire at the beginning of the twenty-first. A hundred years ago, the British Empire had become moribund and was going increasingly into debt to the then economically vigorous United States, especially to fund its participation in the Great War. (Indeed, the authors suggest that Wilson sided with the British not because they were more democratic but because they owed us more, and Wilson wanted to make sure that debt could be repaid.) Now, the economy of the American Empire has stagnated as it becomes increasing indebted to the new global economic engine, China. There are many reasons why China is growing while America stalls, but one important reason has to do with the fact that "Asian workers are younger and cheaper" (p. 233). As a frequent traveler to China over the last sixteen years, I have witnessed firsthand China's unfolding economic miracle. Its people are young, well-educated and ambitious; they are determined to make themselves wealthy and their country the world's next superpower.

However, the American economy is not simply being bogged down by an aging population; it is also being destroyed by a collective delusion that debt does not matter. As Bonner and Wiggin point out, "America's empire of debt rests on many huge deceptions," such as that "the rest of the world will take American IOUs forever" and that "domestic savings and capital investment are no longer necessary" to maintain the economy (p. 290). Instead of saving, the typical American family takes out home equity loans, thinking that the rising values of their houses means that they are getting richer. Thus, Americans use creative financing and "the savings of poor people in foreign countries" (p. 285) to maintain a standard of living they cannot afford. Nevertheless, this debt will eventually have to be repaid. "For what is a national debt," the authors observe, "but an intergenerational obligation, a burden placed on infants by their parents and grandparents" (p. 200). The revelers may claim that tomorrow will never come, but those who have remained sober (and solvent) can see that there are major problems ahead for the United States.

It may be too late to turn the United States from economic decline; its people seem to lack the willpower and the foresight. However, that does not mean that individual Americans are doomed to financial despondency, as long as they are willing to face certain facts. Bonner and Wiggin emphasize that you always have to work to make money, either by selling your labor or by putting in many hours learning about good companies to invest in wisely. Furthermore, you do not get rich by playing the stock market; instead, the authors argue, "you get rich by buying companies at good prices, holding them for a long time, and not spending your money" (p. 309). This sounds exactly like the kind of advice that my grandparents would have given.




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Review of Eyewitness to Wall Street: 400 Years of Dreamers, Schemers, Busts and Booms (Hardcover)

Editor David Colbert collected a multitude of printed source material - diaries, private letters, memoirs and articles - that spans 400 years, and, as the title promises, provides plenty of accounts from eyewitnesses to Wall Street. Organized chronologically, the book also includes Colbert's timelines and his original introductions for each piece. Divided into sections that reflect every era, the book is an insightful and often hilarious romp through financial history. We [...] recommend this book to all readers - there's something here for everyone, even if you don't think you give a hoot about the stock market. Colbert's collection is a sweeping, unusual look at social, economic, political and cultural history.




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Review of NAFTA'S Second Decade: Assessing Opportunities in the Mexican and Canadian Markets (Hardcover)

The book jacket has a few words by a Mexican consultant who hits it on the head.This is the only serious, even-handed book on this subject.Nevaer shows no political bias; he analysizes and evaluates an emotional and political subject thoroughly without reference to these useless approaches.

Hurrah.

Jamie Stone, Stone & Cia.



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Review of Making Tough Decisions: Tactics for Improving Managerial Decision Making (Jossey Bass Nonprofit & Public Management Series) (Hardcover)

Ok, first let's be honest, this book is very long at 600+ pages, and the copyright is 1989, otherwise this is great. In fact, several chapters are brilliant and timeless. Of course there are a few that put me to sleep, but so what. Whenever you have 600 pages of anything, you're going to have a few of those. If you are looking to do research or drill down into not only what makes a tough decision, but the unique micro-qualifiers that decode decision making around uncertainty and the resultant behavior trends, then you'll love this book.



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Review of Nothing Down for the 2000s: Dynamic New Wealth Strategies in Real Estate (Hardcover)

Buying a property for no or little money down is possible, and this book shows the principals and strategy for making alot of money from the property market using this strategy.It's money well spent in comparison to the Sunday morning info-mercials on this topic.

There is NOT good coverage of the RISKS.Allen is suggesting the most highly leveraged transactions you clould ever enter (short of buying futures on margin).Win, win big.Loose - you are Bankrupt (if your starting with minimum assets).

This is a good way to make money, there are risks and you must understand them.As well as knowing your market.

If you buy with no money down AND the market is going up you can't really loose.The things that spoil this, are:
* Macro economics - interest rates go out of control.
* Local markets.E.g. what is going to happen to the property market in Florida after the sting of hurricans?

The author brings home the power of leverage (this is pivotal to growing your net worth, whatever your strategy).He doesn't cover off the risks so well.Must have for prospective real estate investor; but underplays the downside.

Post Script: Clearly the people who wrote the next couple of reviews really don't like any critique of Allen's work.I wrote this book "UNDERPLAYS" the downside, I didn't argue the book ignores it.For example, the medium and long term impact on Florida's real estate values can't be determined yet - insurance increases and coverage issues wont surface for at least a few months, when they do, it will impact premiums.The damage and loss will also act as a detterant to potential buyers considering a move.

The exit strategies outlined in the book are superficial.Also, in the simplest of terms, getting rid of don't want property in a down market is very hard work (it isn't always possible).

This book addresses the risks of the last property crash quite well, and is not a get rich quick book.It does not, however,(IMHO)address SYSTEMIC or MARKET risk adequately. As pointed out, it was on the NY times best seller list for weeks (btw you can now pick it up really cheaply new or secondhand on Amazon, $8 off list price, cheaper than Barnes & Noble - mine will be listed shortly; this is a great service Amazon provides).

Timing the market is great in theory, but buy high sell higher is very hard work in a crash!!!!!Of course, we aren't heading for one .... there is no need to worry.Buy high sell higher can be fools gold - in particular if the market is a BUBBLE (for a good account of every market bubble since the Sixteenth Century read 'Devil take the hindmost: A history of financial speculation, Edward Chancellor.

I still think this is a good book, but want a better one? My suggestions would be Managing Rental Properties for Maximum Profit, or Investing in Real Estate 4th edition (very good coverage of leverage).I'm looking to buy my second US investment property (my previous realestate experience has been overseas) and I am researching my next steps.

Although this is an interesting and good book, the advice in these alternatives appears much more realistic and sound.



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Review of The Small Manufacturer's Toolkit: A Guide to Selecting the Techniques and Systems to Help You Win (St. Lucie Press Series on Resou) (Hardcover)

The business advice in thisbook applies to manufacturers of all sizes, not just "small" ones. About 4/5ths of this book's information can be also helpful to a host of occupations outside manufacturing: service businesses, creators of intellectual property (I ran a recording studio) any many others.

The price of this book is substantial. Still, it's a lot less then the tens of thousands of dollars it would cost to hire someone to travel around the U.S. Asia and Europe collecting the same competitive intelligence what methods the industry leaders use to improve their operations.



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