A detailed, dismaying and damning summation of recent Wall Street-Washington collusion—and the recurrent risk of financial...
A stinging indictment of the reckless “new American oligarchy” that led the nation to an economic precipice—and which, because of the government bailout, the authors say, threaten to put U.S. taxpayers on the hook again.
Unlike Andrew Ross Sorkin in his book Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System—and Themselves (2009), economics expert Johnson (Entrepreneurship/MIT Sloan School of Management) and business consultant Kwak prefer long-view analysis to microcosmic narrative. The authors trace suspicion of concentrated banking systems to the beginning of the republic. Jefferson suggested that supporting a federally chartered bank was tantamount to treason. Subsequent tectonic shocks—especially the Panic of 1907 and the Great Depression—led to the financial apparatus of the mid-century—the Federal Reserve, designed to backstop Wall Street in a crisis, and the New Deal, which, by separating commercial and investment banking, protected the ordinary investor from the perils of the system. During the past three decades, however, Republican and Democratic administrations alike have accommodated the CEOs of America’s largest financial institutions as they plunged into new, larger markets. Techniques pioneered or expanded—structured finance, credit default swaps and subprime lending—built a real-estate and financial house of cards. Presidents placed former Wall Street players in senior Treasury and Fed posts because only they, it was felt, could understand this brave new world of modern finance. In this environment of “the soft power of access and ideology,” regulation fell by the wayside, ballooning the industry and compensation. The authors argue convincingly that the philosophy behind the bailout—“too big to fail”—only consolidated more power in fewer firms, solidifying the remaining giants’ influence over legislation and necessitating their breakup into smaller units.
A detailed, dismaying and damning summation of recent Wall Street-Washington collusion—and the recurrent risk of financial folly.Pub Date: April 6, 2010
ISBN: 978-0-307-37905-4
Page Count: 352
Publisher: Pantheon
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: Feb. 15, 2010
BOOK REVIEW
BOOK REVIEW
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
IN THE NEWS
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.
A helpful guide to working effectively with people from other cultures.
“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.Pub Date: May 27, 2014
ISBN: 978-1-61039-250-1
Page Count: 288
Publisher: PublicAffairs
Review Posted Online: April 15, 2014
Kirkus Reviews Issue: May 1, 2014
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