Book picks similar to
The Money Men: Capitalism, Democracy, and the Hundred Years' War Over the American Dollar by H.W. Brands
history
economics
non-fiction
business
Killing England: The Brutal Struggle for American Independence
Bill O'Reilly - 2017
What started as protest and unrest in the colonies soon escalated to a world war with devastating casualties. O’Reilly and Dugard recreate the war’s landmark battles, including Bunker Hill, Long Island, Saratoga, and Yorktown, revealing the savagery of hand-to-hand combat and the often brutal conditions under which these brave American soldiers lived and fought. Also here is the reckless treachery of Benedict Arnold and the daring guerilla tactics of the “Swamp Fox” Frances Marion.
Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
Kevin Phillips - 2008
financial sector has hijacked our economy and put America's global future at riskIn American Theocracy, Kevin Phillips warned us of the perilous interaction of debt, financial recklessness, and the increasing cost of scarce oil. The current housing and mortgage debacle is proof once more of Phillips's prescience, and only the first harbinger of a national crisis. In Bad Money, Phillips describes the consequences of our misguided economic policies, our mounting debt, our collapsing housing market, our threatened oil, and the end of American domination of world markets. America's current challenges (and failures) run striking parallels to the decline of previous leading world economic powers; especially the Dutch and British. Global overreach, worn-out politics, excessive debt, and exhausted energy regimes are all chilling signals that the United States is crumbling as the world superpower. "Bad Money" refers to a new phenomenon in wayward megafinance – the emergence of a U.S. economy that is globally dependent and dominated by hubris-driven financial services. Also "bad" are the risk miscalculations and strategic abuses of new multitrillion-dollar products such as asset-backed securities and the lure of buccaneering vehicles like hedge funds. Finally, the U.S. dollar has been turned into bad money as it has weakened and become vulnerable to the world's other currencies. In all these ways, "bad" finance has failed the American people and pointed U.S. capitalism toward a global crisis. Bad Money is the perfect follow- up to Phillips's last book, whose dire warnings are now proving frighteningly accurate.
New Deal or Raw Deal?: How FDR's Economic Legacy Has Damaged America
Burton W. Folsom Jr. - 2008
New Deal or Raw Deal?: How FDR's Economic Legacy Has Damaged America
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.
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".
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.
Blood, Class and Empire: The Enduring Anglo-American Relationship
Christopher Hitchens - 1990
But as events have shown, especially in the wake of 9/11, the political and cultural ties between America and Britain have grown stronger. Blood, Class and Empire examines the dynamics of this relationship, its many cultural manifestations -- the James Bond series, PBS "brit Kitsch," Rudyard Kipling -- and explains why it still persists. Contrarian, essayist and polemicist Christopher Hitchens notes that while the relationship is usually presented as a matter of tradition, manners, and common culture, sanctified by wartime alliance, the special ingredient is empire; transmitted from an ancien regime that has tried to preserve and renew itself thereby. England has attempted to play Greece to the American Rome, but ironically having encouraged the United States to become an equal partner in the business of empire, Britain found itself supplanted.
As Texas Goes...: How the Lone Star State Hijacked the American Agenda
Gail Collins - 2012
“How long had this been going on?” she wondered, on behalf of the rest of the nation. “Was it something that we said?”The more she looked at Texas, the more she realized it was at the heart of the American political story. The Tea Party had Texas roots, with its passion for states’ rights and sense of persecution by an overreaching Washington. But Texas also seemed to be running the federal government it despised. Through its vigorous support of banking deregulation, which began with the savings and loan crisis of the 1980s and ended calamitously with the Wall Street crash of 2008, Texas’s boot prints were deep. In education, Texas had managed both to be the model for the wildly influential No Child Left Behind law and to provide some of the loudest political voices calling for the law to be trashed. In energy, Texas was the heart of the drill-baby-drill movement and the war against the whole concept of global warming.Collins brilliantly frames this national movement through the outsized behavior and inimitable swagger of some of Texas’s most colorful and influential political figures, from former House of Representatives Majority Leader Tom DeLay, who got into politics when the EPA banned his favorite fire ant repellent, to Perry himself, who when confronted with the fact that his state had the country’s third-highest teen pregnancy rate, defended its abstinence-only sex education policy by doggedly asserting, “I’m just going to tell you from my own personal life. Abstinence works.”Digging beneath the veneer of cowboy hats, oil derricks, and Alamo cries, Collins has produced a profoundly original work demonstrating that much of what ails America was first birthed in Texas. Like it or not, as Texas goes, so goes the nation.
Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America
Matt Taibbi - 2010
The stunning rise, fall, and rescue of Wall Street in the bubble-and-bailout era was the coming-out party for the network of looters who sit at the nexus of American political and economic power. The grifter class—made up of the largest players in the financial industry and the politicians who do their bidding—has been growing in power for a generation, transferring wealth upward through increasingly complex financial mechanisms and political maneuvers. The crisis was only one terrifying manifestation of how they’ve hijacked America’s political and economic life.Rolling Stone’s Matt Taibbi here unravels the whole fiendish story, digging beyond the headlines to get into the deeper roots and wider implications of the rise of the grifters. He traces the movement’s origins to the cult of Ayn Rand and her most influential—and possibly weirdest—acolyte, Alan Greenspan, and offers fresh reporting on the backroom deals that decided the winners and losers in the government bailouts. He uncovers the hidden commodities bubble that transferred billions of dollars to Wall Street while creating food shortages around the world, and he shows how finance dominates politics, from the story of investment bankers auctioning off America’s infrastructure to an inside account of the high-stakes battle for health-care reform—a battle the true reformers lost. Finally, he tells the story of Goldman Sachs, the “vampire squid wrapped around the face of humanity.” Taibbi has combined deep sources, trailblazing reportage, and provocative analysis to create the most lucid, emotionally galvanizing, and scathingly funny account yet written of the ongoing political and financial crisis in America. This is essential reading for anyone who wants to understand the labyrinthine inner workings of politics and finance in this country, and the profound consequences for us all.
Power Failure: The Inside Story of the Collapse of Enron
Mimi Swartz - 2003
. . It quoted [CFO] Jeff McMahon addressing the company’s creditors and cautioning them against a rash judgment. “Don’t assume that there is a smoking gun.”Sherron knew Enron well enough to know that the company was in extreme spin mode…Power Failure is the electrifying behind-the-scenes story of the collapse of Enron, the high-flying gas and energy company touted as the poster child of the New Economy that, in its hubris, had aspired to be “The World’s Leading Company,” and had briefly been the seventh largest corporation in America.Written by prizewinning journalist Mimi Swartz, and substantially based on the never-before-published revelations of former Enron vice-president Sherron Watkins, as well as hundreds of other interviews, Power Failure shows the human face beyond the greed, arrogance, and raw ambition that fueled the company’s meteoric rise in the late 1990s. At the dawn of the new century, Ken Lay’s and Jeff Skilling's faces graced the covers of business magazines, and Enron’s money oiled the political machinery behind George W. Bush’s election campaign. But as Wall Street analysts sang Enron’s praises, and its stock spiraled dizzyingly into the stratosphere, the company’s leaders were madly scrambling to manufacture illusory profits, hide its ballooning debt, and bully Wall Street into buying its fictional accounting and off-balance-sheet investment vehicles. The story of Enron’s fall is a morality tale writ large, performed on a stage with an unforgettable array of props and side plots, from parking lots overflowing with Boxsters and BMWs to hot-house office affairs and executive tantrums. Among the cast of characters Mimi Swartz and Sherron Watkins observe with shrewd Texas eyes and an insider’s perspective are: CEO Ken Lay, Enron’s “outside face,” who was more interested in playing diplomat and paving the road to a political career than in managing Enron’s high-testosterone, anything-goes culture; Jeff Skilling, the mastermind behind Enron’s mercenary trading culture, who transformed himself from a nerdy executive into the personification of millennial cool; Rebecca Mark, the savvy and seductive head of Enron’s international division, who was Skilling’s sole rival to take over the company; and Andy Fastow, whose childish pranks early in his career gave way to something far more destructive. Desperate to be a player in Enron’s deal-making, trader-oriented culture, Fastow transformed Enron’s finance department into a “profit center,” creating a honeycomb of financial entities to bolster Enron’s “profits,” while diverting tens of millions of dollars into his own pocketsAn unprecedented chronicle of Enron’s shocking collapse, Power Failure should take its place alongside the classics of previous decades – Barbarians at the Gate and Liar’s Poker – as one of the cautionary tales of our times.From the Hardcover edition.
The Hour of Fate: Theodore Roosevelt, J.P. Morgan, and the Battle to Transform American Capitalism
Susan Berfield - 2020
Morgan's drive to power. In the summer of 1901, the financier was assembling his next mega-deal: Northern Securities, a scheme that would give him mastery of railroads throughout the vast American West-and their vast profits. Then, a bullet from an anarchist's gun put an end to the business-friendly McKinley presidency. A new chief executive bounded into office: Theodore Roosevelt. He was convinced that as big business got bigger, the government had to check the power and privilege of the rich-or the country would inch ever closer to collapse. By March 1902, battle lines were drawn: the government sued Northern Securities for antitrust violations. But as the case ramped up, the coal miners' union went on strike and the anthracite pits that fueled Morgan's trains and heated the homes of Roosevelt's citizens went silent. With millions of dollars on the line, winter bearing down, and revolution in the air, it was a crisis that neither man alone could solve.Richly detailed and propulsively told, The Hour of Fate is the gripping story of a banker and a president thrown together in the crucible of national emergency even as they fought in court. The outcome of the strike and the case would change the course of our history. Today, as the country again asks whether saving democracy means taming capital, the lessons of Roosevelt and Morgan's time are more urgent than ever.
The Price of Politics
Bob Woodward - 2012
Congress tried, and failed, to restore the American economy and set it on a course to fiscal stability. Woodward pierces the secretive world of Washington policymaking once again, with a close-up story crafted from meeting notes, documents, working papers, and interviews with key players, including President Obama and House Speaker John Boehner. Woodward lays bare the broken relationship between President Obama and the Congress.In a new afterword, What Is Really Happening in Washington’s Economic Wars, Woodward details the further negotiations after Obama’s reelection, when he and Congress faced the fiscal cliff only to end in a perilous stalemate.
The Curse of Bigness: Antitrust in the New Gilded Age
Tim Wu - 2018
But concern over what Louis Brandeis called the "curse of bigness" can no longer remain the province of specialist lawyers and economists, for it has spilled over into policy and politics, even threatening democracy itself. History suggests that tolerance of inequality and failing to control excessive corporate power may prompt the rise of populism, nationalism, extremist politicians, and fascist regimes. In short, as Wu warns, we are in grave danger of repeating the signature errors of the twentieth century.In The Curse of Bigness, Columbia professor Tim Wu tells of how figures like Brandeis and Theodore Roosevelt first confronted the democratic threats posed by the great trusts of the Gilded Age--but the lessons of the Progressive Era were forgotten in the last 40 years. He calls for recovering the lost tenets of the trustbusting age as part of a broader revival of American progressive ideas as we confront the fallout of persistent and extreme economic inequality.
Camelot's Court: Inside the Kennedy White House
Robert Dallek - 2013
Kennedy's assassination comes this riveting, authoritative portrait of this president and his inner circle of advisers-their rivalries, their personality clashes, their political battles-from one of our most distinguished presidential historiansIn his critically acclaimed biography An Unfinished Life, Robert Dallek revealed John F. Kennedy, the man and the leader, as never before. In Camelot's Court, he takes an insider's look at the brain trust whose contributions to the successes and failures of Kennedy's administration-including the Bay of Pigs, civil rights, the Cuban Missile Crisis, and Vietnam-were indelible.Kennedy purposefully put together a dynamic team of advisers noted for their brilliance and acumen, including Attorney General Robert Kennedy, JFK's "adviser-in-chief"; Secretary of Defense Robert McNamara; Secretary of State Dean Rusk; National Security Adviser McGeorge Bundy; and trusted aides Ted Sorensen and Arthur Schlesinger. Yet the very traits these men shared also created sharp divisions. Far from unified, JFK's brain trust was an uneasy band of rivals whose personal ambitions and clashing beliefs ignited fiery debates behind closed doors. With skill and balance, Dallek illuminates a president deeply determined to surround himself with the best and the brightest, yet who often found himself disappointed with their recommendations. The result is a striking portrait of a leader whose wise resistance to pressure and adherence to personal principles, particularly in matters of foreign affairs, offers a cautionary tale for our own time.Meticulously researched and masterfully written, Camelot's Court is an intimate tour of a tumultuous White House and a new portrait of the men whose powerful influence shaped the Kennedy legacy.
Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right
Jane Mayer - 2016
But as Jane Mayer shows in this powerful, meticulously reported history, a network of exceedingly wealthy people with extreme libertarian views bankrolled a systematic, step-by-step plan to fundamentally alter the American political system.The network has brought together some of the richest people on the planet. Their core beliefs—that taxes are a form of tyranny; that government oversight of business is an assault on freedom—are sincerely held. But these beliefs also advance their personal and corporate interests: Many of their companies have run afoul of federal pollution, worker safety, securities, and tax laws.The chief figures in the network are Charles and David Koch, whose father made his fortune in part by building oil refineries in Stalin’s Russia and Hitler’s Germany. The patriarch later was a founding member of the John Birch Society, whose politics were so radical it believed Dwight Eisenhower was a communist. The brothers were schooled in a political philosophy that asserted the only role of government is to provide security and to enforce property rights.When libertarian ideas proved decidedly unpopular with voters, the Koch brothers and their allies chose another path. If they pooled their vast resources, they could fund an interlocking array of organizations that could work in tandem to influence and ultimately control academic institutions, think tanks, the courts, statehouses, Congress, and, they hoped, the presidency. Richard Mellon Scaife, the mercurial heir to banking and oil fortunes, had the brilliant insight that most of their political activities could be written off as tax-deductible “philanthropy.”These organizations were given innocuous names such as Americans for Prosperity. Funding sources were hidden whenever possible. This process reached its apotheosis with the allegedly populist Tea Party movement, abetted mightily by the Citizens United decision—a case conceived of by legal advocates funded by the network.The political operatives the network employs are disciplined, smart, and at times ruthless. Mayer documents instances in which people affiliated with these groups hired private detectives to impugn whistle-blowers, journalists, and even government investigators. And their efforts have been remarkably successful. Libertarian views on taxes and regulation, once far outside the mainstream and still rejected by most Americans, are ascendant in the majority of state governments, the Supreme Court, and Congress. Meaningful environmental, labor, finance, and tax reforms have been stymied.Jane Mayer spent five years conducting hundreds of interviews-including with several sources within the network-and scoured public records, private papers, and court proceedings in reporting this book. In a taut and utterly convincing narrative, she traces the byzantine trail of the billions of dollars spent by the network and provides vivid portraits of the colorful figures behind the new American oligarchy.Dark Money is a book that must be read by anyone who cares about the future of American democracy.