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.
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.
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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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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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.
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.
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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