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Markets And Minorities Paper by Thomas Sowell


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13 Bankers: The Wall Street Takeover and the Next Financial Meltdown


Simon Johnson - 2010
    Anchored by six megabanks—Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley—which together control assets amounting, astonishingly, to more than 60 percent of the country’s gross domestic product, these financial institutions (now more emphatically “too big to fail”) continue to hold the global economy hostage, threatening yet another financial meltdown with their excessive risk-taking and toxic “business as usual” practices. How did this come to be—and what is to be done? These are the central concerns of 13 Bankers, a brilliant, historically informed account of our troubled political economy. In 13 Bankers, Simon Johnson—one of the most prominent and frequently cited economists in America (former chief economist of the International Monetary Fund, Professor of Entrepreneurship at MIT, and author of the controversial “The Quiet Coup” in The Atlantic)—and James Kwak give a wide-ranging, meticulous, and bracing account of recent U.S. financial history within the context of previous showdowns between American democracy and Big Finance: from Thomas Jefferson to Andrew Jackson, from Theodore Roosevelt to Franklin Delano Roosevelt. They convincingly show why our future is imperiled by the ideology of finance (finance is good, unregulated finance is better, unfettered finance run amok is best) and by Wall Street’s political control of government policy pertaining to it. As the authors insist, the choice that America faces is stark: whether Washington will accede to the vested interests of an unbridled financial sector that runs up profits in good years and dumps its losses on taxpayers in lean years, or reform through stringent regulation the banking system as first and foremost an engine of economic growth. To restore health and balance to our economy, Johnson and Kwak make a radical yet feasible and focused proposal: reconfigure the megabanks to be “small enough to fail.” Lucid, authoritative, crucial for its timeliness, 13 Bankers is certain to be one of the most discussed and debated books of 2010.

Full Circle: A memoir of leaning in too far and the journey back


Erin Callan Montella - 2016
    Erin recounts her path of achievement starting as a promising young student and athlete and, ultimately, how she allowed her career and its demands to become the center of her life. She sacrificed all other priorities and relationships along the way, throwing work-life balance to the wind. The story reveals the subtleties of the everyday decisions that led collectively to a work-centric existence over a twenty-year career. Set against the backdrop of the dramatic circumstances at Lehman Brothers in 2008, Erin discloses her own struggle as events spiraled out of control. Ultimately, her resignation from her executive role prior to the Lehman bankruptcy resulted in a devastating personal crisis as her career crumbled revealing no foundation beneath it. We learn of the journey back to change her life with a semblance of present day peace and happiness. Full Circle provides a unique inside and emotional perspective of the sacrifices Erin made to achieve extreme career success and the self-awareness required to return to being the fundamentally grounded person she was as a child.

Broke, USA: From Pawnshops to Poverty, Inc. - How the Working Poor Became Big Business


Gary Rivlin - 2010
    Broke, USA is a Fast Food Nation for the “poverty industry” that will also appeal to readers of Barbara Ehrenreich (Nickel and Dimed) and David Shipler (The Working Poor).

Feardom: How Politicians Exploit Your Emotions and What You Can Do to Stop Them


Connor Boyack - 2014
    Sometimes the fear derives from a pre-existing threat. At other times, crises are created or intensified to invoke a sense of panic and anxiety where none previously existed.This pattern is as predictable as it is destructive. The end result is the same: a loss of liberty. Policies that are costly, oppressive, and harmful are supported by people who abandon any interest in freedom or personal responsibility in hopes of feeling safe.Manufactured fear, with its negative impact on liberty, is a societal plague. There have been widespread casualties. We need an antidote. Feardom offers its readers a much-needed immunization.

Makers and Takers: The Rise of Finance and the Fall of American Business


Rana Foroohar - 2016
    Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate ALL American businesses,  putting us on a collision course for another cataclysmic meltdown. Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the “financialization of America” - the trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street's reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream. Policy makers get caught up in the details of regulating “Too Big To Fail” banks, but the problems in our market system go much broader and deeper than that. Consider that: · Thanks to 40 years of policy changes and bad decisions, only about 15 % of all the money in our market system actually ends up in the real economy – the rest stays within the closed loop of finance itself. · The financial sector takes a quarter of all corporate profits in this country while creating only 4 % of American jobs. · The tax code continues to favor debt over equity, making it easier for companies to hoard cash overseas rather than reinvest it on our shores. · Our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation. · And, still, the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the country’s wealthiest financiers.       Exploring these forces, which have have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society, and why reversing this trend is of grave importance to us all. Through colorful stories of both "Takers” and "Makers,” she’ll reveal how we change the system for a better and more sustainable shared economic future.

Launching The Innovation Renaissance: A New Path to Bring Smart Ideas to Market Fast


Alex Tabarrok - 2011
    The recession, however, is just the tip of iceberg. We have deeper problems. Most importantly, the rate of innovation is down. Patents, which were designed to promote the progress of science and the useful arts, have instead become weapons in a war for competitive advantage with innovation as collateral damage. College,once a foundation for innovation, has been oversold. We have more students in college than ever before, for example, but fewer science majors. Regulations, passed with the best of intentions, have spread like kudzu and now impede progress to everyone's detriment. "Launching the Innovation Renaissance" is a fast-paced look at how we can accelerate innovation and build a solid 21st-century economy.*****"This is a great book. It’s fast-paced, fun to read, informative as hell, and it gets everything right. It’s the kind of book that made me wish I’d written it — until I realized that I could never have written it half so well. I wish everyone in the world would read this book. It only takes a couple of hours, and it is by far the best introduction I know of to the topic that towers above all others in its importance for the happiness of human beings everywhere, now and in the future, namely how to foster and accelerate the kinds of innovation that lead to economic growth. It will, I hope and expect, make you an enlightened advocate for enlightened policies. And it will arm you with a bundle of fun facts and anecdotes to share with your friends. This book might turn you into a proselytizer, but it will surely not turn you into a bore."Steven Landsburg, author of 'The Armchair Economist,' 'More Sex is Safe Sex,' 'The Big Questions' and regular contributor to Slate, Forbes, The Wall Street Journal. If you're interested in innovation like I am, you need to read 'Launching the Innovation Renaissance.' Alex poses thought experiments from patents to prizes, from health to education to immigration. He skewers Soviet-style employment bargains and offers insightful alternatives to improve our educational system. Alex is occasionally snarky, often witty, always incisive. Read this on your next flight. "- Tom Vander Ark, CEO of Open Education Solutions. Previously he served as president of the X PRIZE Foundation and was the Executive Director of Education for the Bill & Melinda Gates Foundation. "Progress comes from improvements in both our technologies and our rules. Alex Tabarrok makes a compelling case that in the United States, our rules on patents, education, and immigration are holding us back. If you want to think clearly about policies that matter for growth, turn off the TV, stop surfing the web, and read this book!" - Paul Romer, New York University Stern School of Business."Alex Tabarrok reveals the hidden roadblocks to innovation in the American economy, and shows us persuasively -- and concisely -- how to fix them. Launching the Innovation Renaissance should be read by everyone interested in innovation and America's future."- Michael Heller, professor at Columbia Law School and author of 'The Gridlock Economy.'

The Great Divide: Unequal Societies and What We Can Do About Them


Joseph E. Stiglitz - 2015
    Stiglitz has time and again diagnosed America’s greatest economic challenges, from the Great Recession and its feeble recovery to the yawning gap between the rich and the poor. The Great Divide gathers his most provocative reflections to date on the subject of inequality. As Stiglitz ably argues, a healthy economy and a fairer democracy are within our grasp if we can put aside misguided interests and ideologies and abandon failed policies. Opening with the essay that gave the Occupy Movement its slogan, “We are the 99%,” later essays in The Great Divide reveal equality of opportunity as a national myth, show that today’s outsized inequality is a matter of choice, and explain reforms that would spur higher growth, more opportunity, and greater equality.

The Bern Identity: A Search for Bernie Sanders and the New American Dream (Kindle Single)


Will Bunch - 2015
    How did Bernie Sanders make it out of the backwoods of Vermont – where he lived for a time in a ramshackle off-road “sugar shack” with no electricity, and where he never got more than 6 percent of the vote in a string of doomed, fringe far-left campaigns in the 1970s – to become a leading contender in the 2016 race for the White House? And perhaps more importantly for author Will Bunch, how did this gruff and sometimes didactic gray-haired political survivor make it out of the 1960s and ‘70s to become the last torch-bearer of the youthful idealism of that nearly lost “Age of Aquarius” – The One who didn’t drop out, sell out…or simply give up? In the fall of 2015, Bunch – with the voices of the late Hunter S. Thompson and the other iconic “New Journalists” of that lost era ringing in his ears – set out on a road trip that took him from the battlefields of northern Virginia to the salty air of backwater Boston to the neon sky of the Las Vegas Strip, all to get to the bottom of “The Bern Identity.” He follows the long strange trip of Bernie Sanders – a kid from a cramped Brooklyn flat who couldn’t tell a lie in school, who mourned the migration of his beloved Dodgers and was shaken up by “Death of a Salesman,” who became a campus radical, a dreamer of revolutions, and then almost disappeared before his improbable election of mayor of Burlington in 1981. Sanders’ remarkable bio is interspersed with the tale of the true believers who packed hockey rinks and concrete convention floors in crowds of 20,000 or more, who tweeted incessantly and posted memes of Sanders flying in coach class, and who exploded with excitement at their hero’s call for a “political revolution” to raise the beleaguered middle class. In a time of rampant cynicism about American politics, “The Bern Identity” turns into something most unlikely – a love story, between the long-distance runner who never gave up his fantasy of real social change, and the dreamers and the radicals and the formerly hopeless who were waiting for him at the finish line.THE AUTHOR Will Bunch is senior writer for the Philadelphia Daily News – where he writes the popular political blog Attytood – and also shared the 1992 Pulitzer Prize for spot news reporting in 1992 when he was at New York Newsday. He is the author of two other Kindle Singles: October 1, 2011: The Battle of the Brooklyn Bridge, about the Occupy Wall Street movement, and Give It To Steve!, about the 1948 Philadelphia Eagles winning the NFL title during a raging blizzard. His full-length books include The Backlash: Right-Wing Radicals, High-Def Hucksters and Paranoid Politics in the Age of Obama, and Tear Down This Myth: The Right-Wing Distortion of the Reagan Legacy. His articles have also appeared in the New York Times Magazine, The Washington Post, Mother Jones, The Los Angeles Times, American Prospect, American Journalism Review, and elsewhere. He lives in the Philadelphia suburbs with his family.

Crunch: If the Economy's Doing So Well, Why Do I Feel So Squeezed? (BK Currents)


Jared Bernstein - 2008
    In "Crunch" he answers these as well as dozens of others he has fielded from working Americans by email, on blogs, and at events where he speaks. Chances are if there's a stumper you've always wanted to ask an economist, it's solved in this book.

The Chickenshit Club: Why the Justice Department Fails to Prosecute Executives


Jesse Eisinger - 2017
    The Chickenshit Club—an inside reference to prosecutors too scared of failure and too daunted by legal impediments to do their jobs—explains why in “an absorbing financial history, a monumental work of journalism…a first-rate study of the federal bureaucracy” (Bloomberg Businessweek).Jesse Eisigner begins the story in the 1970s, when the government pioneered the notion that top corporate executives, not just seedy crooks, could commit heinous crimes and go to prison. He brings us to trading desks on Wall Street, to corporate boardrooms and the offices of prosecutors and FBI agents. These revealing looks provide context for the evolution of the Justice Department’s approach to pursuing corporate criminals through the early 2000s and into the Justice Department’s approach to pursuing corporate criminals through the early 2000s and into the Justice Department of today, including the prosecutorial fiascos, corporate lobbying, trial losses, and culture shifts that have stripped the government of the will and ability to prosecute top corporate executives.“Brave and elegant….a fearless reporter…Eisinger’s important and profound book takes no prisoners (The Washington Post). Exposing one of the most important scandals of our time, The Chickenshit Club provides a clear, detailed explanation as to how our Justice Department has come to avoid, bungle, and mismanage the fight to bring these alleged criminals to justice. “This book is a wakeup call…a chilling read, and a needed one” (NPR.org).

What Has Government Done to Our Money?


Murray N. Rothbard - 1963
    Rothbard explains how money was originally developed, and why gold was chosen as the preferred commodity to use as money. The author also explains how the gold standard makes money a commodity, and how market forces create a stable economy. Rothbard shows that many European governments went bankrupt due to World War I and left the gold standard in order to try to solve their financial issues, which was not the right solution. He also argues that this strategy was partially responsible for World War II and led to economic problems throughout the world.

The End of Poverty


Jeffrey D. Sachs - 2005
    Sachs is renowned for his work around the globe advising economies in crisis. Now a classic of its genre, The End of Poverty distills more than thirty years of experience to offer a uniquely informed vision of the steps that can transform impoverished countries into prosperous ones. Marrying vivid storytelling with rigorous analysis, Sachs lays out a clear conceptual map of the world economy. Explaining his own work in Bolivia, Russia, India, China, and Africa, he offers an integrated set of solutions to the interwoven economic, political, environmental, and social problems that challenge the world's poorest countries.   Ten years after its initial publication, The End of Poverty remains an indispensible and influential work. In this 10th anniversary edition, Sachs presents an extensive new foreword assessing the progress of the past decade, the work that remains to be done, and how each of us can help. He also looks ahead across the next fifteen years to 2030, the United Nations' target date for ending extreme poverty, offering new insights and recommendations.

The Fatal Conceit: The Errors of Socialism


Friedrich A. Hayek - 1988
    He labels as the "fatal conceit" the idea that "man is able to shape the world around him according to his wishes.""The achievement of The Fatal Conceit is that it freshly shows why socialism must be refuted rather than merely dismissed—then refutes it again."—David R. Henderson, Fortune."Fascinating. . . . The energy and precision with which Mr. Hayek sweeps away his opposition is impressive."—Edward H. Crane, Wall Street JournalF. A. Hayek is considered a pioneer in monetary theory, the preeminent proponent of the libertarian philosophy, and the ideological mentor of the Reagan and Thatcher "revolutions."

Fox Nation vs. Reality: The Fox News Cult of Ignorance


Mark Howard - 2012
    Its Internet community web site, Fox Nation, serves as the online gathering place for Fox viewers to absorb and spread the aggregated disinformation and conspiracy theories hatched by Fox News.Two years ago the first volume of Fox Nation vs. Reality was published revealing an Internet operation that was dedicated to fiercely partisan, right-wing distortions of the truth. Its mission was, and remains, to construct a safe haven for the broader Fox News community to reinforce their preferred fantasies and unfounded preconceptions. Since then Fox Nation has evolved into an even more sheltered environment that has taken on many characteristics of culthood. It is a pattern they adopted from their parent, Fox News, where the slogan “fair and balanced” was an implicit condemnation of all other news sources as being neither. Recognizing that the prime directive of a cult is to convince your followers that your version of reality is the only true version and that all others are agents of deception, Fox segregated their disciples to prevent them from being contaminated by impure thoughts, otherwise known as facts.In Fox Nation vs. Reality you will find a compilation of articles originally published on the media analysis web site News Corpse. They provide an eye-opening look into the lengths that committed propagandists will go in order to fabricate an alternative political reality. And remember that Fox Nation is not some remote outpost on the Internet Superhighway. It is an integral part of Fox News whose executives are wholly responsible for the stain it produces on journalism.

From Freedom To Slavery: The Rebirth of Tyranny in America


Gerry Spence - 1993
    In this underground bestseller, which has come to define Spence's political philosophy, he speaks out against the destructive forces in America today-forces of government and corporate tyranny that are robbing us of our freedom-and he warns us that time is running out.In a dramatic new chapter, presented for the first time in a trade paperback edition, Spence recounts in astonishing detail the government shoot-out at Ruby Ridge and the resulting trial of separatist Randy Weaver, revealing the important lessons we must learn from this tragic case.Finally, Spence makes the eloquent case that we, as Americans, have delivered our freedoms to new masters: corporate and governmental conglomerates, our biased court system, and the censored media. From Freedom to Slavery is an urgent work that urges us to resist this tyranny, a book that must be read and discussed by all concerned citizens of our troubled land.