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 Fourth Turning: What the Cycles of History Tell Us about America's Next Rendezvous with Destiny


William Strauss - 1996
    With blazing originality, The Fourth Turning illuminates the past, explains the present, and reimagines the future. Most remarkably, it offers an utterly persuasive prophecy about how America's past will predict its future.Strauss and Howe base this vision on a provocative theory of American history. The authors look back five hundred years and uncover a distinct pattern: Modern history moves in cycles, each one lasting about the length of a long human life, each composed of four eras--or turnings--that last about twenty years and that always arrive in the same order. In The Fourth Turning, the authors illustrate these cycles using a brilliant analysis of the post-World War II period.First comes a High, a period of confident expansion as a new order takes root after the old has been swept away. Next comes an Awakening, a time of spiritual exploration and rebellion against the now-established order. Then comes an Unraveling, an increasingly troubled era in which individualism triumphs over crumbling institutions. Last comes a Crisis--the Fourth Turning--when society passes through a great and perilous gate in history. Together, the four turnings comprise history's seasonal rhythm of growth, maturation, entropy, and rebirth.The Fourth Turning offers bold predictions about how all of us can prepare, individually and collectively, for America's next rendezvous with destiny.

We the Corporations: How American Businesses Won Their Civil Rights


Adam Winkler - 2018
    Hardly oppressed like women and minorities, business corporations, too, have fought since the nation’s earliest days to gain equal rights under the Constitution—and today have nearly all the same rights as ordinary people.Exposing the historical origins of Citizens United and Hobby Lobby, Adam Winkler explains how those controversial Supreme Court decisions extending free speech and religious liberty to corporations were the capstone of a centuries-long struggle over corporate personhood and constitutional protections for business. Beginning his account in the colonial era, Winkler reveals the profound influence corporations had on the birth of democracy and on the shape of the Constitution itself. Once the Constitution was ratified, corporations quickly sought to gain the rights it guaranteed. The first Supreme Court case on the rights of corporations was decided in 1809, a half-century before the first comparable cases on the rights of African Americans or women. Ever since corporations have waged a persistent and remarkably fruitful campaign to win an ever-greater share of individual rights.Although corporations never marched on Washington, they employed many of the same strategies of more familiar civil rights struggles: civil disobedience, test cases, and novel legal claims made in a purposeful effort to reshape the law. Indeed, corporations have often been unheralded innovators in constitutional law, and several of the individual rights Americans hold most dear were first secured in lawsuits brought by businesses.Winkler enlivens his narrative with a flair for storytelling and a colorful cast of characters: among others, Daniel Webster, America’s greatest advocate, who argued some of the earliest corporate rights cases on behalf of his business clients; Roger Taney, the reviled Chief Justice, who surprisingly fought to limit protections for corporations—in part to protect slavery; and Roscoe Conkling, a renowned politician who deceived the Supreme Court in a brazen effort to win for corporations the rights added to the Constitution for the freed slaves. Alexander Hamilton, Teddy Roosevelt, Huey Long, Ralph Nader, Louis Brandeis, and even Thurgood Marshall all played starring roles in the story of the corporate rights movement.In this heated political age, nothing can be timelier than Winkler’s tour de force, which shows how America’s most powerful corporations won our most fundamental rights and turned the Constitution into a weapon to impede the regulation of big business.

Inside Scientology: The Story of America's Most Secretive Religion


Janet Reitman - 2011
    Ron Hubbard, claims to be the world’s fastest growing religion, with millions of members and huge financial holdings. Celebrity believers keep its profile high. Teams of volunteer ministers offer aid at disaster sites like Haiti and the World Trade Center. But Scientology is also a very closed faith, harassing journalists and others thru litigation & intimidation, even infiltrating high levels of the government to further its goals. Its attacks on psychiatry & its requirement that believers pay as much as tens, even hundreds of thousands of dollars for salvation have drawn scrutiny and skepticism. Ex-members use the Internet to share stories of harassment and abuse. Reitman offers the first full journalistic history of the Church of Scientology, in an evenhanded account that establishes the truth about the controversial religion. She traces Scientology’s development from the birth of Dianetics to today, following its metamorphosis from a pseudoscientific self-help group to a global spiritual corporation with profound control over its followers and ex-followers. Based on five years of research, unprecedented access to Church officials, confidential documents and extensive interviews with current and former members, this is a defining book about a little-known world.

Dying of Whiteness: How the Politics of Racial Resentment Is Killing America's Heartland


Jonathan M. Metzl - 2019
    In the era of Donald Trump, many lower- and middle-class white Americans are drawn to politicians who pledge to make their lives great again. But as Dying of Whiteness shows, the policies that result actually place white Americans at ever-greater risk of sickness and death.Physician Jonathan M. Metzl's quest to understand the health implications of "backlash governance" leads him across America's heartland. Interviewing a range of everyday Americans, he examines how racial resentment has fueled pro-gun laws in Missouri, resistance to the Affordable Care Act in Tennessee, and cuts to schools and social services in Kansas. And he shows these policies' costs: increasing deaths by gun suicide, rising dropout rates, and falling life expectancies. White Americans, Metzl argues, must reject the racial hierarchies that promise to aid them but in fact lead our nation to demise.

One Summer: America, 1927


Bill Bryson - 2013
    Meanwhile, the titanically talented Babe Ruth was beginning his assault on the home run record, which would culminate on September 30 with his sixtieth blast, one of the most resonant and durable records in sports history. In between those dates a Queens housewife named Ruth Snyder and her corset-salesman lover garroted her husband, leading to a murder trial that became a huge tabloid sensation. Alvin “Shipwreck” Kelly sat atop a flagpole in Newark, New Jersey, for twelve days—a new record. The American South was clobbered by unprecedented rain and by flooding of the Mississippi basin, a great human disaster, the relief efforts for which were guided by the uncannily able and insufferably pompous Herbert Hoover. Calvin Coolidge interrupted an already leisurely presidency for an even more relaxing three-month vacation in the Black Hills of South Dakota. The gangster Al Capone tightened his grip on the illegal booze business through a gaudy and murderous reign of terror and municipal corruption. The first true “talking picture,” Al Jolson’s The Jazz Singer, was filmed and forever changed the motion picture industry. The four most powerful central bankers on earth met in secret session on a Long Island estate and made a fateful decision that virtually guaranteed a future crash and depression.     All this and much, much more transpired in that epochal summer of 1927, and Bill Bryson captures its outsized personalities, exciting events, and occasional just plain weirdness with his trademark vividness, eye for telling detail, and delicious humor. In that year America stepped out onto the world stage as the main event, and One Summer transforms it all into narrative nonfiction of the highest order.

The Tipping Point: How Little Things Can Make a Big Difference


Malcolm Gladwell - 2000
    Just as a single sick person can start an epidemic of the flu, so too can a small but precisely targeted push cause a fashion trend, the popularity of a new product, or a drop in the crime rate. This widely acclaimed bestseller, in which Malcolm Gladwell explores and brilliantly illuminates the tipping point phenomenon, is already changing the way people throughout the world think about selling products and disseminating ideas.Gladwell introduces us to the particular personality types who are natural pollinators of new ideas and trends, the people who create the phenomenon of word of mouth. He analyzes fashion trends, smoking, children's television, direct mail, and the early days of the American Revolution for clues about making ideas infectious, and visits a religious commune, a successful high-tech company, and one of the world's greatest salesmen to show how to start and sustain social epidemics.

The Politically Incorrect Guide to American History


Thomas E. Woods Jr. - 2001
    Woods   Most Americans trust that their history professors and high school teachers will give students honest and accurate information.   The Politically Incorrect Guide to American History  makes it quite clear that liberal professors have misinformed our children for generations. Professor Thomas E. Woods, Jr. takes on the most controversial moments of American history and exposes how history books are merely a series of clichés drafted by academics who are heavily biased against God, democracy, patriotism, capitalism and most American family values.   Woods reveals the truth behind many of today's prominent myths.... MYTH:  The First Amendment prohibits school prayer MYTH: The New Deal created great prosperity MYTH:  What the Supreme Court says, goes From the real American “revolutionaries” to the reality of labor unions,  The Politically Incorrect Guide to American History  is all you need for the truth about America—objective and unvarnished.

Spying on the South: Travels with Frederick Law Olmsted in a Fractured Land


Tony Horwitz - 2019
    Identified in the paper as "Yeoman," to protect his identity, the writer roamed eleven states and six thousand miles, jolting the nation with his dispatches about slavery and the extremism of its defenders.This extraordinary journey would also re-shape the nation's landscape, driving "Yeoman"--real name Frederick Law Olmsted--to embark on his career as America's first and foremost architect of urban parks and other public spaces.Over a century and half later, there are echoes of the pre-Civil War in the angry ferment and fracturing of our own time. Is America still one country? Tony Horwitz, like Olmsted a Yankee and roving scribe, sets forth to find out by retracing Yeoman's journey through the South. Following his route and whenever possible his mode of transport--rail, riverboats, in the saddle--Horwitz travels Appalachia, down the Ohio and Mississippi, through Kentucky, Tennessee, Louisiana, and across Texas to the Rio Grande. Venturing, as Olmsted did, far off the beaten paths, Horwitz discovers colorful traces of an old weird America, shocking vestiges of the Cotton Kingdom, and strange new mutations that have sprung from its roots.The result is a masterpiece in the tradition of Great Plains, Bad Land, and the author's own classic, Confederates in the Attic. Spying on the South is an intrepid, wise, and frequently hilarious expedition through an outsized landscape and its equally outsized state of mind. It is also a probing and poignant study of the young Olmsted, whose own life, and thinking about landscape and society, would be forever altered by his Southern odyssey.

The Forgotten Man: A New History of the Great Depression


Amity Shlaes - 2007
    She shows how both Presidents Hoover and Roosevelt failed to understand the prosperity of the 1920s and heaped massive burdens on the country that more than offset the benefit of New Deal programs.

Woke Racism: How a New Religion Has Betrayed Black America


John McWhorter - 2021
    We want to speak up but fear we'll be seen as unwoke, or worse, labeled a racist. According to John McWhorter, the problem is that a well-meaning but pernicious form of antiracism has become, not a progressive ideology, but a religion--and one that's illogical, unreachable, and unintentionally neoracist.In Woke Racism, McWhorter reveals the workings of this new religion, from the original sin of "white privilege" and the weaponization of cancel culture to ban heretics, to the evangelical fervor of the "woke mob." He shows how this religion that claims to "dismantle racist structures" is actually harming his fellow Black Americans by infantilizing Black people, setting Black students up for failure, and passing policies that disproportionately damage Black communities. The new religion might be called "antiracism," but it features a racial essentialism that's barely distinguishable from racist arguments of the past.Fortunately for Black America, and for all of us, it's not too late to push back against woke racism. McWhorter shares scripts and encouragement with those trying to deprogram friends and family. And most importantly, he offers a roadmap to justice that actually will help, not hurt, Black America.

Alexander Hamilton


Ron Chernow - 2004
    According to historian Joseph Ellis, Alexander Hamilton is “a robust full-length portrait, in my view the best ever written, of the most brilliant, charismatic and dangerous founder of them all.”Few figures in American history have been more hotly debated or more grossly misunderstood than Alexander Hamilton. Chernow’s biography gives Hamilton his due and sets the record straight, deftly illustrating that the political and economic greatness of today’s America is the result of Hamilton’s countless sacrifices to champion ideas that were often wildly disputed during his time. “To repudiate his legacy,” Chernow writes, “is, in many ways, to repudiate the modern world.” Chernow here recounts Hamilton’s turbulent life: an illegitimate, largely self-taught orphan from the Caribbean, he came out of nowhere to take America by storm, rising to become George Washington’s aide-de-camp in the Continental Army, coauthoring The Federalist Papers, founding the Bank of New York, leading the Federalist Party, and becoming the first Treasury Secretary of the United States.Historians have long told the story of America’s birth as the triumph of Jefferson’s democratic ideals over the aristocratic intentions of Hamilton. Chernow presents an entirely different man, whose legendary ambitions were motivated not merely by self-interest but by passionate patriotism and a stubborn will to build the foundations of American prosperity and power. His is a Hamilton far more human than we’ve encountered before—from his shame about his birth to his fiery aspirations, from his intimate relationships with childhood friends to his titanic feuds with Jefferson, Madison, Adams, Monroe, and Burr, and from his highly public affair with Maria Reynolds to his loving marriage to his loyal wife Eliza. And never before has there been a more vivid account of Hamilton’s famous and mysterious death in a duel with Aaron Burr in July of 1804.Chernow’s biography is not just a portrait of Hamilton, but the story of America’s birth seen through its most central figure. At a critical time to look back to our roots, Alexander Hamilton will remind readers of the purpose of our institutions and our heritage as Americans.

Apocalypse Never: Why Environmental Alarmism Hurts Us All


Michael Shellenberger - 2020
    He helped save the world’s last unprotected redwoods. He co-created the predecessor to today’s Green New Deal. And he led a successful effort by climate scientists and activists to keep nuclear plants operating, preventing a spike of emissions.But in 2019, as some claimed “billions of people are going to die,” contributing to rising anxiety, including among adolescents, Shellenberger decided that, as a lifelong environmental activist, leading energy expert, and father of a teenage daughter, he needed to speak out to separate science from fiction.Despite decades of news media attention, many remain ignorant of basic facts. Carbon emissions peaked and have been declining in most developed nations for over a decade. Deaths from extreme weather, even in poor nations, declined 80 percent over the last four decades. And the risk of Earth warming to very high temperatures is increasingly unlikely thanks to slowing population growth and abundant natural gas.Curiously, the people who are the most alarmist about the problems also tend to oppose the obvious solutions.What’s really behind the rise of apocalyptic environmentalism? There are powerful financial interests. There are desires for status and power. But most of all there is a desire among supposedly secular people for transcendence. This spiritual impulse can be natural and healthy. But in preaching fear without love, and guilt without redemption, the new religion is failing to satisfy our deepest psychological and existential needs.

Devil's Bargain: Steve Bannon, Donald Trump, and the Storming of the Presidency


Joshua Green - 2017
    Based on dozens of interviews conducted over six years, Green spins the master narrative of the 2016 campaign from its origins in the far fringes of right-wing politics and reality television to its culmination inside Trump’s penthouse on election night. The shocking elevation of Bannon to head Trump’s flagging presidential campaign on August 17, 2016, hit political Washington like a thunderclap and seemed to signal the meltdown of the Republican Party. Bannon was a bomb-throwing pugilist who’d never run a campaign and was despised by Democrats and Republicans alike.  Yet Bannon’s hard-edged ethno-nationalism and his elaborate, years-long plot to destroy Hillary Clinton paved the way for Trump’s unlikely victory. Trump became the avatar of a dark but powerful worldview that dominated the airwaves and spoke to voters whom others couldn’t see. Trump’s campaign was the final phase of a populist insurgency that had been building up in America for years, and Bannon, its inscrutable mastermind, believed it was the culmination of a hard-right global uprising that would change the world. Any study of Trump’s rise to the presidency is unavoidably a study of Bannon. Devil’s Bargain is a tour-de-force telling of the remarkable confluence of circumstances that decided the election, many of them orchestrated by Bannon and his allies, who really did plot a vast, right-wing conspiracy to stop Clinton. To understand Trump's extraordinary rise and Clinton’s fall, you have to weave Trump’s story together with Bannon’s, or else it doesn't make sense.

Identity: The Demand for Dignity and the Politics of Resentment


Francis Fukuyama - 2018
    Two years later, his predictions were borne out by the rise to power of a series of political outsiders whose economic nationalism and authoritarian tendencies threatened to destabilize the entire international order. These populist nationalists seek direct charismatic connection to "the people," who are usually defined in narrow identity terms that offer an irresistible call to an in-group and exclude large parts of the population as a whole.Demand for recognition of one's identity is a master concept that unifies much of what is going on in world politics today. The universal recognition on which liberal democracy is based has been increasingly challenged by narrower forms of recognition based on nation, religion, sect, race, ethnicity, or gender, which have resulted in anti-immigrant populism, the upsurge of politicized Islam, the fractious "identity liberalism" of college campuses, and the emergence of white nationalism. Populist nationalism, said to be rooted in economic motivation, actually springs from the demand for recognition and therefore cannot simply be satisfied by economic means. The demand for identity cannot be transcended; we must begin to shape identity in a way that supports rather than undermines democracy.Identity is an urgent and necessary book--a sharp warning that unless we forge a universal understanding of human dignity, we will doom ourselves to continuing conflict.