The Forgotten Depression: 1921: The Crash that Cured Itself


James Grant - 2014
    His book appears in the fifth year of a lackluster recovery from the overmedicated downturn of 2007–2009.In 1920–21, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No “stimulus” was administered, and a powerful, job-filled recovery was under way by late in 1921.In 1929, the economy once again slumped—and kept right on slumping as the Hoover administration adopted the very policies that Wilson and Harding had declined to put in place. Grant argues that well-intended federal intervention, notably the White House-led campaign to prop up industrial wages, helped to turn a bad recession into America’s worst depression. He offers the experience of the earlier depression for lessons for today and the future. This is a powerful response to the prevailing notion of how to fight recession. The enterprise system is more resilient than even its friends give it credit for being, Grant demonstrates.

The Creature from Jekyll Island: A Second Look at the Federal Reserve


G. Edward Griffin - 1994
    Cussed and discussed by all from notable politicians to academicians to laypersons. Do you want to know the truth about money? Creature from Jekyll Island will give you the answers to these, and other, questions: Where does money come from? Where does it go? Who makes it? The money magicians' secrets are unveiled. We get a close look at their mirrors and smoke machines, their pulleys, cogs, and wheels that create the grand illusion called money. A dry and boring subject? Just wait! You'll be hooked in five minutes. Creature from Jekyll Island Reads like a detective story which it really is. But it's all true. This book is about the most blatant scam of all history. It's all here: the cause of wars, boom-bust cycles, inflation, depression, prosperity. Creature from Jekyll Island is a "must read." Your world view will definitely change. You'll never trust a politician again or a banker.

The Restless Wave: Good Times, Just Causes, Great Fights and Other Appreciations


John McCain - 2018
    Maybe I’ll have another five years. Maybe, with the advances in oncology, they’ll find new treatments for my cancer that will extend my life. Maybe I’ll be gone before you read this. My predicament is, well, rather unpredictable. But I’m prepared for either contingency, or at least I’m getting prepared. I have some things I’d like to take care of first, some work that needs finishing, and some people I need to see. And I want to talk to my fellow Americans a little more if I may.So writes John McCain in this inspiring, moving, frank, and deeply personal memoir. Written while confronting a mortal illness, McCain looks back with appreciation on his years in the Senate, his historic 2008 campaign for the presidency against Barack Obama, and his crusades on behalf of democracy and human rights in Eastern Europe and the Middle East.Always the fighter, McCain attacks the “spurious nationalism” and political polarization afflicting American policy. He makes an impassioned case for democratic internationalism and bi-partisanship. He tells stories of his most satisfying moments of public service, including his work with another giant of the Senate, Edward M. Kennedy. Senator McCain recalls his disagreements with several presidents, and minces no words in his objections to some of President Trump’s statements and policies. At the same time, he offers a positive vision of America that looks beyond the Trump presidency.The Restless Wave is John McCain at his best.

The Red and the Blue: The 1990s and the Birth of Political Tribalism


Steve Kornacki - 2018
    For Clinton, that meant contorting himself around the various factions of the Democratic party to win the presidency. Gingrich employed a scorched-earth strategy to upend the permanent Republican minority in the House, making him Speaker. The Clinton/Gingrich battles were bare-knuckled brawls that brought about massive policy shifts and high-stakes showdowns—their collisions had far-reaching political consequences. But the ’90s were not just about them.  Kornacki writes about Mario Cuomo’s stubborn presence around Clinton’s 1992 campaign; Hillary Clinton’s star turn during the 1998 midterms, seeding the idea for her own candidacy; Ross Perot’s wild run in 1992 that inspired him to launch the Reform Party, giving Donald Trump his first taste of electoral politics in 1999; and many others. With novelistic prose and a clear sense of history, Steve Kornacki masterfully weaves together the various elements of this rambunctious and hugely impactful era in American history, whose effects set the stage for our current political landscape.

The Unwinding: An Inner History of the New America


George Packer - 2013
    Seismic shifts during a single generation have created a country of winners and losers, allowing unprecedented freedom while rending the social contract, driving the political system to the verge of breakdown, and setting citizens adrift to find new paths forward. In The Unwinding, George Packer, author of The Assassins' Gate: America in Iraq, tells the story of the United States over the past three decades in an utterly original way, with his characteristically sharp eye for detail and gift for weaving together complex narratives.The Unwinding journeys through the lives of several Americans, including Dean Price, the son of tobacco farmers, who becomes an evangelist for a new economy in the rural South; Tammy Thomas, a factory worker in the Rust Belt trying to survive the collapse of her city; Jeff Connaughton, a Washington insider oscillating between political idealism and the lure of organized money; and Peter Thiel, a Silicon Valley billionaire who questions the Internet's significance and arrives at a radical vision of the future. Packer interweaves these intimate stories with biographical sketches of the era's leading public figures, from Newt Gingrich to Jay-Z, and collages made from newspaper headlines, advertising slogans, and song lyrics that capture the flow of events and their undercurrents.The Unwinding portrays a superpower in danger of coming apart at the seams, its elites no longer elite, its institutions no longer working, its ordinary people left to improvise their own schemes for success and salvation. Packer's novelistic and kaleidoscopic history of the new America is his most ambitious work to date.One of the iTunes Bookstore's "Ten Books You Must Read This Summer"

The Man Who Knew: The Life and Times of Alan Greenspan


Sebastian Mallaby - 2016
    To understand Greenspan's story is to see the economic and political landscape of the last 30 years--and the presidency from Reagan to George W. Bush--in a whole new light. As the most influential economic statesman of his age, Greenspan spent a lifetime grappling with a momentous shift: the transformation of finance from the fixed and regulated system of the post-war era to the free-for-all of the past quarter century. The story of Greenspan is also the story of the making of modern finance, for good and for ill.    Greenspan's life is a quintessential American success story: raised by a single mother in the Jewish émigré community of Washington Heights, he was a math prodigy who found a niche as a stats-crunching consultant. A master at explaining the economic weather to captains of industry, he translated that skill into advising Richard Nixon in his 1968 campaign. This led to a perch on the White House Council of Economic Advisers, and then to a dazzling array of business and government roles, from which the path to the Fed was relatively clear. A fire-breathing libertarian and disciple of Ayn Rand in his youth who once called the Fed's creation a historic mistake, Mallaby shows how Greenspan reinvented himself as a pragmatist once in power. In his analysis, and in his core mission of keeping inflation in check, he was a maestro indeed, and hailed as such. At his retirement in 2006, he was lauded as the age's necessary man, the veritable God in the machine, the global economy's avatar. His memoirs sold for record sums to publishers around the world.   But then came 2008. Mallaby's story lands with both feet on the great crash which did so much to damage Alan Greenspan's reputation. Mallaby argues that the conventional wisdom is off base: Greenspan wasn't a naïve ideologue who believed greater regulation was unnecessary. He had pressed for greater regulation of some key areas of finance over the years, and had gotten nowhere. To argue that he didn't know the risks in irrational markets is to miss the point. He knew more than almost anyone; the question is why he didn't act, and whether anyone else could or would have. A close reading of Greenspan's life provides fascinating answers to these questions, answers whose lessons we would do well to heed. Because perhaps Mallaby's greatest lesson is that economic statesmanship, like political statesmanship, is the art of the possible. The Man Who Knew is a searching reckoning with what exactly comprised the art, and the possible, in the career of Alan Greenspan.

War is a Racket


Smedley D. Butler - 1935
    Butler was a military hero of the first rank, the winner of two Medals of Honour, a true 'fighting marine' whose courage and patriotism could not be doubted. Yet he came to believe that the wars in which he and his men had fought and bled and died were all pre-planned conflicts, designed not so much to defend America as to bloat the balance sheets of US banks and corporations.War Is a Racket is the title of two works, a speech and a booklet, by retired United States Marine Corps Major General and two time Medal of Honor recipient Smedley D. Butler. In them, Butler frankly discusses from his experience as a career military officer how business interests commercially benefit from warfare.After his retirement from the Marine Corps, Gen. Butler made a nationwide tour in the early 1930s giving his speech "War is a Racket". The speech was so well received that he wrote a longer version as a small book with the same title that was published in 1935 by Round Table Press, Inc., of New York. The booklet was also condensed in Reader's Digest as a book supplement which helped popularize his message. In an introduction to the Reader's Digest version, Lowell Thomas, the "as told to" author of Butler's oral autobiographical adventures, praised Butler's "moral as well as physical courage".

The Man Who Ran Washington: The Life and Times of James A. Baker III


Peter Baker - 2020
    Baker III, the man who ran Washington when Washington ran the world.In the latter half of the twentieth century, no Republican won the presidency without his help, and the men he counseled in the Oval Office--Gerald R. Ford, Ronald Reagan, George H.W. Bush, and George W. Bush--defined more than one generation of American life. Campaign manager, chief of staff, treasury secretary, and ultimately secretary of state, James A. Baker III understood better than anyone how to make Washington work and how to pull the levers of power at home and abroad. A suave and profane Texas Democrat, Baker worked as a wealthy Houston lawyer until his best friend, George H. W. Bush, drew him into Republican politics. His first dramatic win was in 1976 as the delegate hunter who secured the Republican nomination for Ford against a challenge from Ronald Reagan. His next job, as Bush's campaign manager four years later, maneuvered Bush onto the ticket with Reagan and Baker into the most powerful office in Washington other than the Oval Office: White House chief of staff. In his years in the White House and in the cabinet, Baker was the avatar of a style of politics and governance that valued pragmatism and deal making over purity. He went from win to win--reforming the tax code, negotiating the first Middle East peace talks, managing the dissolution of the Soviet Union--until his capstone victory, as field marshal for the younger Bush's Florida recount battle, helped divide the country forever. In today's era of gridlock, The Man Who Ran Washington is an electrifying escape.

Amazon Unbound: Jeff Bezos and the Invention of a Global Empire


Brad Stone - 2021
    Since then, Amazon has expanded exponentially, inventing novel products like Alexa and disrupting countless industries, while its workforce has quintupled in size and its valuation has soared to well over a trillion dollars. Jeff Bezos’s empire, once housed in a garage, now spans the globe. Between services like Whole Foods, Prime Video, and Amazon’s cloud computing unit, AWS, plus Bezos’s ownership of The Washington Post, it’s impossible to go a day without encountering its impact. We live in a world run, supplied, and controlled by Amazon and its iconoclast founder.In Amazon Unbound, Brad Stone presents a deeply reported, vividly drawn portrait of how a retail upstart became one of the most powerful and feared entities in the global economy. Stone also probes the evolution of Bezos himself—who started as a geeky technologist totally devoted to building Amazon, but who transformed to become a fit, disciplined billionaire with global ambitions; who ruled Amazon with an iron fist, even as he found his personal life splashed over the tabloids.

Barbarians at the Gate: The Fall of RJR Nabisco


Bryan Burrough - 1989
    An enduring masterpiece of investigative journalism by Bryan Burrough and John Helyar, it includes a new afterword by the authors that brings this remarkable story of greed and double-dealings up to date twenty years after the famed deal. The Los Angeles Times calls Barbarians at the Gate, “Superlative.” The Chicago Tribune raves, “It’s hard to imagine a better story...and it’s hard to imagine a better account.” And in an era of spectacular business crashes and federal bailouts, it still stands as a valuable cautionary tale that must be heeded.

Go Down Together: The True, Untold Story of Bonnie and Clyde


Jeff Guinn - 2009
    Previous books and films, including the brilliant 1967 movie starring Warren Beatty and Faye Dunaway, have emphasized the supposed glamour of America's most notorious criminal couple, thus contributing to ongoing mythology. The real story is completely different -- and far more fascinating.In Go Down Together: The True, Untold Story of Bonnie and Clyde, bestselling author Jeff Guinn combines exhaustive research with surprising, newly discovered material to tell the real tale of two kids from a filthy Dallas slum who fell in love and then willingly traded their lives for a brief interlude of excitement and, more important, fame. Their timing could not have been better -- the Barrow Gang pulled its first heist in 1932 when most Americans, reeling from the Great Depression, were desperate for escapist entertainment. Thanks to newsreels, true crime magazines, and new-fangled wire services that transmitted scandalous photos of Bonnie smoking a cigar to every newspaper in the nation, the Barrow Gang members almost instantly became household names on a par with Charles Lindbergh, Jack Dempsey, and Babe Ruth. In the minds of the public, they were cool, calculating bandits who robbed banks and killed cops with equal impunity.Nothing could have been further from the truth. Clyde and Bonnie were perhaps the most inept crooks ever, and their two-year crime spree was as much a reign of error as it was of terror. Lacking the sophistication to plot robberies of big-city banks, the Barrow Gang preyed mostly on small mom-and-pop groceries and service stations. Even at that, they often came up empty-handed and were reduced to breaking into gum machines for meal money. Both were crippled, Clyde from cutting off two of his toes while in prison and Bonnie from a terrible car crash caused by Clyde's reckless driving. Constantly on the run from the law, they lived like animals, camping out in their latest stolen car, bathing in creeks, and dining on cans of cold beans and Vienna sausages. Yet theirs was a genuine love story. Their devotion to each other was as real as their overblown reputation as criminal masterminds was not.Go Down Together has it all -- true romance, rebellion against authority, bullets flying, cars crashing, and, in the end, a dramatic death at the hands of a celebrity lawman hired to hunt them down. Thanks in great part to surviving Barrow and Parker family members and collectors of criminal memorabilia who provided Jeff Guinn with access to never-before-published material, we finally have the real story of Bonnie and Clyde and their troubled times, delivered with cinematic sweep and unprecedented insight by a masterful storyteller.

John Quincy Adams


Harlow Giles Unger - 2012
    He negotiated an end to the War of 1812, engineered the annexation of Florida, and won the Supreme Court decision that freed the African captives of The Amistad. He served his nation as minister to six countries, secretary of state, senator, congressman, and president. John Quincy Adams was all of these things and more. In this masterful biography, award winning author Harlow Giles Unger reveals Quincy Adams as a towering figure in the nation's formative years and one of the most courageous figures in American history, which is why he ranked first in John F. Kennedy's Pulitzer Prize-winning Profiles in Courage. A magisterial biography and a sweeping panorama of American history from the Washington to Lincoln eras, Unger's John Quincy Adams follows one of America's most important yet least-known figures.

Flash Crash: A Trading Savant, a Global Manhunt, and the Most Mysterious Market Crash in History


Liam Vaughan - 2020
    In the span of five minutes, a trillion dollars of valuation was lost. The Flash Crash, as it became known, represented the fastest drop in market history. When share values rebounded less than half an hour later, experts around the globe were left perplexed. What had they just witnessed?Navinder Singh Sarao hardly seemed like a man who would shake the world's financial markets to their core. Raised in a working-class neighborhood in West London, Nav was a preternaturally gifted trader who played the markets like a computer game. By the age of thirty, he had left behind London's "trading arcades," working instead out of his childhood home. For years the money poured in. But when lightning-fast electronic traders infiltrated markets and started eating into his profits, Nav built a system of his own to fight back. It worked--until 2015, when the FBI arrived at his door. Depending on whom you ask, Sarao was a scourge, a symbol of a financial system run horribly amok, or a folk hero who took on the tyranny of Wall Street and the high-frequency traders.A real-life financial thriller, Flash Crash uncovers the remarkable, behind-the-scenes narrative of a mystifying market crash, a globe-spanning investigation into international fraud, and the man at the center of them both.

Destiny of the Republic: A Tale of Madness, Medicine and the Murder of a President


Candice Millard - 2011
    Garfield was one of the most extraordinary men ever elected president. Born into abject poverty, he rose to become a wunderkind scholar, a Civil War hero, and a renowned and admired reformist congressman. Nominated for president against his will, he engaged in a fierce battle with the corrupt political establishment. But four months after his inauguration, a deranged office seeker tracked Garfield down and shot him in the back. But the shot didn’t kill Garfield. The drama of what hap­pened subsequently is a powerful story of a nation in tur­moil. The unhinged assassin’s half-delivered strike shattered the fragile national mood of a country so recently fractured by civil war, and left the wounded president as the object of a bitter behind-the-scenes struggle for power—over his administration, over the nation’s future, and, hauntingly, over his medical care. A team of physicians administered shockingly archaic treatments, to disastrous effect. As his con­dition worsened, Garfield received help: Alexander Graham Bell, the inventor of the telephone, worked around the clock to invent a new device capable of finding the bullet. Meticulously researched, epic in scope, and pulsating with an intimate human focus and high-velocity narrative drive, The Destiny of the Republic will stand alongside The Devil in the White City and The Professor and the Madman as a classic of narrative history.

Crashed: How a Decade of Financial Crises Changed the World


Adam Tooze - 2018
    In fact it was a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. In the United States and Europe, it caused a fundamental reconsideration of capitalist democracy, eventually leading to the war in the Ukraine, the chaos of Greece, Brexit, and Trump.It was the greatest crisis to have struck Western societies since the end of the Cold War, but was it inevitable? And is it over? Crashed is a dramatic new narrative resting on original themes: the haphazard nature of economic development and the erratic path of debt around the world; the unseen way individual countries and regions are linked together in deeply unequal relationships through financial interdependence, investment, politics, and force; the ways the financial crisis interacted with the spectacular rise of social media, the crisis of middle-class America, the rise of China, and global struggles over fossil fuels.Finally, Tooze asks, given this history, what now are the prospects for a liberal, stable, and coherent world order?