A powerful, maddening account of some of the chief drivers of inequality and immiseration in the world's richest economy.
An examination of the role of private equity companies in gutting large segments of the American economy.
It’s no small irony that the typeface in which federal antitrust investigator and prosecutor Ballou’s book is set is “owned and licensed by a private equity portfolio company.” So is much of the retail and service sector. In one case, the Carlyle Group bought the ManorCare company for $6 billion, which, by the magic of creative accounting, ManorCare had to pay back. Carlyle then sold much of ManorCare’s real estate and forced it to pay rent. In the end, Ballou writes, the resulting insolvency spoke to three facts: Private equity buys for the short term, piles up debt and fees on its acquisitions, and walks away from the wreckage thanks to elaborate protections assured by Congress, which are ensured by endless lobbying. Citing a litany of failures wrought by equity firms—Sears, Radio Shack, Toys “R” Us, Rockport, Neiman Marcus, and more—Ballou notes that the owners make their fortunes on the backs of workers deprived of pension funds and jobs. In 2021, the CEO of one equity firm made more than 10 times the CEO of JP Morgan Chase. The power of equity firms is only growing, in large measure because many municipalities are turning to them to provide and maintain infrastructure as well as “services once provided primarily by the government, including ambulance companies and firefighting departments, 911 dispatch services, and technical colleges”—all funded by taxpayers and ratepayers with no say in the matter. Ballou concludes with a program keyed to federal agencies and departments—e.g., “investigate rollups,” the practice of procuring small firms such as dental practices and merging them into larger companies; and contain the usurious practices of payday lenders, once controlled but then unleashed by Trump-era deregulation.
A powerful, maddening account of some of the chief drivers of inequality and immiseration in the world's richest economy.Pub Date: June 27, 2023
ISBN: 9781541702103
Page Count: 368
Publisher: PublicAffairs
Review Posted Online: March 24, 2023
Kirkus Reviews Issue: April 15, 2023
Cogent, well-timed ideas for meeting today’s biggest challenges.
Helping liberals get out of their own way.
Klein, a New York Times columnist, and Thompson, an Atlantic staffer, lean to the left, but they aren’t interrogating the usual suspects. Aware that many conservatives have no interest in their opinions, the authors target their own side’s “pathologies.” Why do red states greenlight the kind of renewable energy projects that often languish in blue states? Why does liberal California have the nation’s most severe homelessness and housing affordability crises? One big reason: Liberal leadership has ensnared itself in a web of well-intentioned yet often onerous “goals, standards, and rules.” This “procedural kludge,” partially shaped by lawyers who pioneered a “democracy by lawsuit” strategy in the 1960s, threatens to stymie key breakthroughs. Consider the anti-pollution laws passed after World War II. In the decades since, homeowners’ groups in liberal locales have cited such statutes in lawsuits meant to stop new affordable housing. Today, these laws “block the clean energy projects” required to tackle climate change. Nuclear energy is “inarguably safer” than the fossil fuel variety, but because Washington doesn’t always “properly weigh risk,” it almost never builds new reactors. Meanwhile, technologies that may cure disease or slash the carbon footprint of cement production benefit from government support, but too often the grant process “rewards caution and punishes outsider thinking.” The authors call this style of governing “everything-bagel liberalism,” so named because of its many government mandates. Instead, they envision “a politics of abundance” that would remake travel, work, and health. This won’t happen without “changing the processes that make building and inventing so hard.” It’s time, then, to scrutinize everything from municipal zoning regulations to the paperwork requirements for scientists getting federal funding. The authors’ debut as a duo is very smart and eminently useful.
Cogent, well-timed ideas for meeting today’s biggest challenges.Pub Date: March 18, 2025
ISBN: 9781668023488
Page Count: 320
Publisher: Avid Reader Press
Review Posted Online: Jan. 16, 2025
Kirkus Reviews Issue: Feb. 15, 2025
BOOK REVIEW
For Howard Zinn, long-time civil rights and anti-war activist, history and ideology have a lot in common. Since he thinks that everything is in someone's interest, the historian—Zinn posits—has to figure out whose interests he or she is defining/defending/reconstructing (hence one of his previous books, The Politics of History). Zinn has no doubts about where he stands in this "people's history": "it is a history disrespectful of governments and respectful of people's movements of resistance." So what we get here, instead of the usual survey of wars, presidents, and institutions, is a survey of the usual rebellions, strikes, and protest movements. Zinn starts out by depicting the arrival of Columbus in North America from the standpoint of the Indians (which amounts to their standpoint as constructed from the observations of the Europeans); and, after easily establishing the cultural disharmony that ensued, he goes on to the importation of slaves into the colonies. Add the laborers and indentured servants that followed, plus women and later immigrants, and you have Zinn's amorphous constituency. To hear Zinn tell it, all anyone did in America at any time was to oppress or be oppressed; and so he obscures as much as his hated mainstream historical foes do—only in Zinn's case there is that absurd presumption that virtually everything that came to pass was the work of ruling-class planning: this amounts to one great indictment for conspiracy. Despite surface similarities, this is not a social history, since we get no sense of the fabric of life. Instead of negating the one-sided histories he detests, Zinn has merely reversed the image; the distortion remains.
Pub Date: Jan. 1, 1979
ISBN: 0061965588
Page Count: 772
Publisher: Harper & Row
Review Posted Online: May 26, 2012
Kirkus Reviews Issue: Jan. 1, 1979
BOOK REVIEW
BOOK REVIEW
BOOK REVIEW
© Copyright 2025 Kirkus Media LLC. All Rights Reserved.
Follow
Popular in this Genre
We can’t wait for you to join Kirkus!
It’s free and takes less than 10 seconds!
Already have an account? Log in.
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
Welcome Back!
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
