All the Devils are Here: The Hidden History of the Financial Crisis


Bethany McLean - 2010
    Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers?According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together.All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.Among the devils you'll meet in vivid detail:• Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the masses, only to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending.• Roland Arnall, a respected philanthropist and diplomat, who made his fortune building Ameriquest, a subprime lending empire that relied on blatantly deceptive lending practices.• Hank Greenberg, who built AIG into a Rube Goldberg contraption with an undeserved triple-A rating, and who ran it so tightly that he was the only one who knew where all the bodies were buried.• Stan O'Neal of Merrill Lynch, aloof and suspicious, who suffered from "Goldman envy" and drove a proud old firm into the ground by promoting cronies and pushing out his smartest lieutenants.• Lloyd Blankfein, who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line.• Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his firm drift away from its original, noble mission.• Brian Clarkson of Moody's, who aggressively pushed to increase his rating agency's market share and stock price, at the cost of its integrity.• Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street-and inflicted enormous pain on the country.Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the meltdown and its consequences.

The Revolution Will Not Be Funded: Beyond the Non-Profit Industrial Complex


Incite! Women of Color Against ViolencePaula X. Rojas - 2007
    From art museums and university hospitals to think tanks and church charities, over 1.5 million organizations of staggering diversity share the tax-exempt 501(c)(3) designation, if little else. Many social justice organizations have joined this world, often blunting political goals to satisfy government and foundation mandates. But even as funding shrinks and government surveillance rises, many activists often find it difficult to imagine movement-building outside the nonprofit model. The Revolution Will Not Be Funded gathers original essays by radical activists from around the globe who are critically rethinking the long-term consequences of this investment. Together with educators and nonprofit staff they finally name the “nonprofit industrial complex” and ask hard questions: How did politics shape the birth of the nonprofit model? How does 501(c)(3) status allow the state to co-opt political movements? Activists--or careerists? How do we fund the movement outside this complex? Urgent and visionary, The Revolution Will Not Be Funded is an unbeholden exposé of the “nonprofit industrial complex” and its quietly devastating role in managing dissent.

The Sum of Us: What Racism Costs Everyone and How We Can Prosper Together


Heather McGhee - 2021
    From the financial crisis to rising student debt to collapsing public infrastructure, she found a common root problem: racism. But not just in the most obvious indignities for people of color. Racism has costs for white people, too. It is the common denominator of our most vexing public problems, the core dysfunction of our democracy and constitutive of the spiritual and moral crises that grip us all. But how did this happen? And is there a way out?McGhee embarks on a deeply personal journey across the country from Maine to Mississippi to California, tallying what we lose when we buy into the zero-sum paradigm--the idea that progress for some of us must come at the expense of others. Along the way, she meets white people who confide in her about losing their homes, their dreams, and their shot at better jobs to the toxic mix of American racism and greed. This is the story of how public goods in this country--from parks and pools to functioning schools--have become private luxuries; of how unions collapsed, wages stagnated, and inequality increased; and of how this country, unique among the world's advanced economies, has thwarted universal healthcare.But in unlikely places of worship and work, McGhee finds proof of what she calls the Solidarity Dividend: gains that come when people come together across race, to accomplish what we simply can't do on our own.McGhee marshals economic and sociological research to paint a story of racism's costs, but at the heart of the book are the humble stories of people yearning to be part of a better America, including white supremacy's collateral victims: white people themselves. With startling empathy, this heartfelt message from a Black woman to a multiracial America leaves us with a new vision for a future in which we finally realize that life can be more than a zero-sum game.

Teeth: Beauty, Inequality, and the Struggle for Oral Health in America


Mary Otto - 2017
    Otto’s subjects include the pioneering dentist who made Shirley Temple and Judy Garland’s teeth sparkle on the silver screen and helped create the all-American image of “pearly whites”; Deamonte Driver, the young Maryland boy whose tragic death from an abscessed tooth sparked congressional hearings; and a marketing guru who offers advice to dentists on how to push new and expensive treatments and how to keep Medicaid patients at bay.In one of its most disturbing findings, Teeth reveals that toothaches are not an occasional inconvenience, but rather a chronic reality for millions of people, including disproportionate numbers of the elderly and people of color. Many people, Otto reveals, resort to prayer to counteract the uniquely devastating effects of dental pain.Otto also goes back in time to understand the roots of our predicament in the history of dentistry, showing how it became separated from mainstream medicine, despite a century of growing evidence that oral health and general bodily health are closely related.Muckraking and paradigm-shifting, Teeth exposes for the first time the extent and meaning of our oral health crisis. It joins the small shelf of books that change the way we view society and ourselves—and will spark an urgent conversation about why our teeth matter.This is an alternate cover edition of ISBN 9781620971444.

How I Resist: Activism and Hope for a New Generation


Maureen JohnsonSabaa Tahir - 2018
    They're ready to stand up and be heard - but with much to shout about, where they do they begin? What can I do? How can I help? How I Resist is the response, and a way to start the conversation. To show readers that they are not helpless, and that anyone can be the change. A collection of essays, songs, illustrations, and interviews about activism and hope, How I Resist features an all-star group of contributors, including John Paul Brammer, Libba Bray, Lauren Duca, Modern Family's Jesse Tyler Ferguson and his husband Justin Mikita, Alex Gino, Hebh Jamal, Malinda Lo, Dylan Marron, Hamilton star Javier Muñoz, Rosie O'Donnell, Junauda Petrus, Jodi Picoult, Jason Reynolds, Karuna Riazi, Maya Rupert, Dana Schwartz, Dan Sinker, Ali Stroker, Jonny Sun (aka @jonnysun), Sabaa Tahir, Shaina Taub, Daniel Watts, Jennifer Weiner, Jacqueline Woodson, and more, all edited and compiled by New York Times bestselling author Maureen Johnson. In How I Resist, readers will find hope and support through voices that are at turns personal, funny, irreverent, and instructive. Not just for a young adult audience, this incredibly impactful collection will appeal to readers of all ages who are feeling adrift and looking for guidance. How I Resist is the kind of book people will be discussing for years to come and a staple on bookshelves for generations.

The Idealist: Jeffrey Sachs and the Quest to End Poverty


Nina Munk - 2013
    Jeffrey Sachs—celebrated economist, special advisor to the Secretary General of the United Nations, and author of the influential bestseller The End of Poverty—disagrees.  In his view, poverty is a problem that can be solved. With single-minded determination he has attempted to put into practice his theories about ending extreme poverty, to prove that the world's most destitute people can be lifted onto "the ladder of development." In 2006, Sachs launched the Millennium Villages Project, a daring five-year experiment designed to test his theories in Africa. The first Millennium village was in Sauri, a remote cluster of farming communities in western Kenya. The initial results were encouraging. With his first taste of success, and backed by one hundred twenty million dollars from George Soros and other likeminded donors, Sachs rolled out a dozen model villages in ten sub-Saharan countries. Once his approach was validated it would be scaled up across the entire continent. At least that was the idea. For the past six years, Nina Munk has reported deeply on the Millennium Villages Project, accompanying Sachs on his official trips to Africa and listening in on conversations with heads-of-state, humanitarian organizations, rival economists, and development experts. She has immersed herself in the lives of people in two Millennium villages: Ruhiira, in southwest Uganda, and Dertu, in the arid borderland between Kenya and Somalia. Accepting the hospitality of camel herders and small-hold farmers, and witnessing their struggle to survive, Munk came to understand the real-life issues that challenge Sachs's formula for ending global poverty.  The Idealist is the profound and moving story of what happens when the abstract theories of a brilliant, driven man meet the reality of human life.

The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else


Hernando de Soto - 2000
    Every developed nation in the world at one time went through the transformation from predominantly informal, extralegal ownership to a formal, unified legal property system. In the West we've forgotten that creating this system is also what allowed people everywhere to leverage property into wealth. This persuasive book will revolutionize our understanding of capital and point the way to a major transformation of the world economy.

Pathologies of Power: Health, Human Rights and the New War on the Poor


Paul Farmer - 2003
    Paul Farmer, a physician and anthropologist with twenty years of experience working in Haiti, Peru, and Russia, argues that promoting the social and economic rights of the world’s poor is the most important human rights struggle of our times. With passionate eyewitness accounts from the prisons of Russia and the beleaguered villages of Haiti and Chiapas, this book links the lived experiences of individual victims to a broader analysis of structural violence. Farmer challenges conventional thinking within human rights circles and exposes the relationships between political and economic injustice, on one hand, and the suffering and illness of the powerless, on the other.Farmer shows that the same social forces that give rise to epidemic diseases such as HIV and tuberculosis also sculpt risk for human rights violations. He illustrates the ways that racism and gender inequality in the United States are embodied as disease and death. Yet this book is far from a hopeless inventory of abuse. Farmer’s disturbing examples are linked to a guarded optimism that new medical and social technologies will develop in tandem with a more informed sense of social justice. Otherwise, he concludes, we will be guilty of managing social inequality rather than addressing structural violence. Farmer’s urgent plea to think about human rights in the context of global public health and to consider critical issues of quality and access for the world’s poor should be of fundamental concern to a world characterized by the bizarre proximity of surfeit and suffering.

Golden Gates: Fighting for Housing in America


Conor Dougherty - 2020
    Today, however, punishing rents and the increasingly prohibitive cost of ownership have turned housing into the foremost symbol of inequality and an economy gone wrong. Nowhere is this more visible than in the San Francisco Bay Area, where fleets of private buses ferry software engineers past the tarp-and-plywood shanties where the homeless make their homes. The adage that California is a glimpse of the nation's future has become a cautionary tale.With propulsive storytelling and ground-level reporting, New York Times journalist Conor Dougherty chronicles America's housing crisis from its West Coast epicenter, peeling back the decades of history and economic forces that brought us here and taking readers inside the activist uprisings that have risen in tandem with housing costs. To tell this new story of housing, Dougherty follows a struggling math teacher who builds a political movement dedicated to ending single-family-house neighborhoods. A teenaged girl who leads her apartment complex against their rent-raising landlord. A nun who tries to outmaneuver private equity investors by amassing a multimillion-dollar portfolio of affordable homes. A suburban bureaucrat who roguishly embraces density in response to the threat of climate change. A developer who manufactures homeless housing on an assembly line.Sweeping in scope and intimate in detail, Golden Gates definitively captures a fundamental political realignment in America as it plays out during a moment of rapid technological and social change.

Another Day in the Death of America: A Chronicle of Ten Short Lives


Gary Younge - 2016
    In Another Day in the Death of America, award-winning journalist Gary Younge tells the stories of the lives lost during one such day. It could have been any day, but he chose November 23, 2013. Black, white, and Latino, aged nine to nineteen, they fell at sleepovers, on street corners, in stairwells, and on their own doorsteps. From the rural Midwest to the barrios of Texas, the narrative crisscrosses the country over a period of twenty-four hours to reveal the full human stories behind the gun-violence statistics and the brief mentions in local papers of lives lost.This powerful and moving work puts a human face—a child’s face—on the “collateral damage” of gun deaths across the country. This is not a book about gun control, but about what happens in a country where it does not exist. What emerges in these pages is a searing and urgent portrait of youth, family, and firearms in America today.

Capital City: Gentrification and the Real Estate State


Samuel Stein - 2019
    Around the world, more and more money is being invested in buildings and land. Real estate is now a $217 trillion dollar industry, worth thirty-six times the value of all the gold ever mined. It forms sixty percent of global assets, and one of the most powerful people in the world—the president of the United States—made his name as a landlord and developer.Samuel Stein shows that this explosive transformation of urban life and politics has been driven not only by the tastes of wealthy newcomers, but by the state-led process of urban planning. Planning agencies provide a unique window into the ways the state uses and is used by capital, and the means by which urban renovations are translated into rising real estate values and rising rents.Capital City explains the role of planners in the real estate state, as well as the remarkable power of planning to reclaim urban life.

Rape is Rape: How Denial, Distortion, and Victim Blaming are Fueling a Hidden Acquaintance Rape Crisis


Jody Raphael - 2013
    As author Jody Raphael reveals in Rape Is Rape, the more acquaintance rape is reported and taken seriously by prosecutors, judges, and juries, the louder the clamor of rape denial becomes.Through firsthand interviews with victims, medical and judicial records, social media analysis, and statistics from government agencies, Rape Is Rape exposes the tactics used by the deniers, a group that includes conservatives and right-wing Christians as well as some controversial feminists. The personal stories of young acquaintance rape victims whom Raphael interviewed demonstrate how assaults on their credibility, buttressed by claims of low prevalence, prevent many from holding their rapists accountable, enabling them to rape others with impunity.Rape Is Rape is an exposé of those using rape denial to further their political agendas, and it is a call to action to protect the rights of women and girls, making it safe for victims to come forward, and end the acquaintance rape crisis. A resources section is included for those seeking help, advice, or hoping to get involved.

Them: Why We Hate Each Other - and How to Heal


Ben Sasse - 2018
    We all know it.American life expectancy is declining for a third straight year. Birth rates are dropping. Nearly half of us think the other political party isn’t just wrong; they’re evil. We’re the richest country in history, but we’ve never been more pessimistic. What’s causing the despair?In Them, bestselling author and U.S. Senator Ben Sasse argues that, contrary to conventional wisdom, our crisis isn’t really about politics. It’s that we’re so lonely we can’t see straight—and it bubbles out as anger. Local communities are collapsing. Across the nation, little leagues are disappearing, Rotary clubs are dwindling, and in all likelihood, we don’t know the neighbor two doors down. Work isn’t what we’d hoped: less certainty, few lifelong coworkers, shallow purpose. Stable families and enduring friendships—life’s fundamental pillars—are in statistical freefall. As traditional tribes of place evaporate, we rally against common enemies so we can feel part of on a team. No institutions command widespread public trust, enabling foreign intelligence agencies to use technology to pick the scabs on our toxic divisions. We’re in danger of half of us believing different facts than the other half, and the digital revolution throws gas on the fire. There’s a path forward—but reversing our decline requires something radical: a rediscovery of real places and real human-to-human relationships. Even as technology nudges us to become rootless, Sasse shows how only a recovery of rootedness can heal our lonely souls.America wants you to be happy, but more urgently, America needs you to love your neighbor. Fixing what’s wrong with the country depends on you rebuilding right where you’re planted.

Narrative Economics: How Stories Go Viral and Drive Major Economic Events


Robert J. Shiller - 2019
    Using a rich array of historical examples and data, Shiller argues that studying popular stories that affect individual and collective economic behavior--what he calls narrative economics--has the potential to vastly improve our ability to predict, prepare for, and lessen the damage of financial crises, recessions, depressions, and other major economic events.Spread through the public in the form of popular stories, ideas can go viral and move markets--whether it's the belief that tech stocks can only go up, that housing prices never fall, or that some firms are too big to fail. Whether true or false, stories like these--transmitted by word of mouth, by the news media, and increasingly by social media--drive the economy by driving our decisions about how and where to invest, how much to spend and save, and more. But despite the obvious importance of such stories, most economists have paid little attention to them. Narrative Economics sets out to change that by laying the foundation for a way of understanding how stories help propel economic events that have had led to war, mass unemployment, and increased inequality.The stories people tell--about economic confidence or panic, housing booms, the American dream, or Bitcoin--affect economic outcomes. Narrative Economics explains how we can begin to take these stories seriously. It may be Robert Shiller's most important book to date.

How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy


Mehrsa Baradaran - 2015
    Mehrsa Baradaran examines how a significant portion of the population, deserted by banks, is forced to wander through a Wild West of payday lenders and check-cashing services to cover emergency expenses and pay for necessities all thanks to deregulation that began in the 1970s and continues decades later.In an age of corporate megabanks with trillions of dollars in assets, it is easy to forget that America s banking system was originally created as a public service. Banks have always relied on credit from the federal government, provided on favorable terms so that they could issue low-interest loans. But as banks grew in size and political influence, they shed their social contract with the American people, demanding to be treated as a private industry free from any public-serving responsibility. They abandoned less profitable, low-income customers in favor of wealthier clients and high-yield investments. Fringe lenders stepped in to fill the void. This two-tier banking system has become even more unequal since the 2008 financial crisis.Baradaran proposes a solution: reenlisting the U.S. Post Office in its historic function of providing bank services. The post office played an important but largely forgotten role in the creation of American democracy, and it could be deployed again to level the field of financial opportunity."