Gambling with Other People’s Money: How Perverse Incentives Caused the Financial Crisis


Russ Roberts - 2019
    Russ Roberts argues that the true underlying cause of the mess was the past bailouts of large financial institutions that allowed these institutions to gamble carelessly because they were effectively using other people’s money. The author warns that despite the passage of Dodd-Frank, it is widely believed that we have done nothing to eliminate ‘Too Big to Fail.’ That perception allows the largest financial institutions to continue to gamble with taxpayer money.

A Generation of Sociopaths: How the Baby Boomers Betrayed America


Bruce Cannon Gibney - 2017
    In A Generation of Sociopaths, Gibney examines the disastrous policies of the most powerful generation in modern history, showing how the Boomers ruthlessly enriched themselves at the expense of future generations.Acting without empathy, prudence, or respect for facts--acting, in other words, as sociopaths--the Boomers turned American dynamism into stagnation, inequality, and bipartisan fiasco. The Boomers have set a time bomb for the 2030s, when damage to Social Security, public finances, and the environment will become catastrophic and possibly irreversible--and when, not coincidentally, Boomers will be dying off. Gibney argues that younger generations have a fleeting window to hold the Boomers accountable and begin restoring America.

The End of Faith: Religion, Terror, and the Future of Reason


Sam Harris - 2004
    He offers a vivid, historical tour of our willingness to suspend reason in favor of religious beliefs—even when these beliefs inspire the worst human atrocities. While warning against the encroachment of organized religion into world politics, Harris draws on insights from neuroscience, philosophy, and Eastern mysticism to deliver a call for a truly modern foundation for ethics and spirituality that is both secular and humanistic.Winner of the 2005 PEN/Martha Albrand Award for Nonfiction.

Free to Choose: A Personal Statement


Milton Friedman - 1980
    In this classic discussion, Milton and Rose Friedman explain how our freedom has been eroded and our affluence undermined through the explosion of laws, regulations, agencies, and spending in Washington. This important analysis reveals what has gone wrong in America in the past and what is necessary for our economic health to flourish.

Jackpot: How the Super-Rich Really Live—and How Their Wealth Harms Us All


Michael Mechanic - 2021
    Striking it rich is among the most resilient of American fantasies, surviving war and peace, expansions and recessions, economic meltdowns and global pandemics. We dream of the jackpot, the big exit, the life-altering payday, in whatever form that takes. (Americans spent $81 billion on lottery tickets in 2019, more than the GDPs of most nations.) We would escape “essential” day jobs and cramped living spaces, bury our debts, buy that sweet spread, and bail out struggling friends and relations. But rarely do we follow the fantasy to its conclusion—to ponder the social, psychological, and societal downsides of great affluence and the fact that so few possess it.What is it actually like to be blessed with riches in an era of plagues, political rancor, and near-Dickensian economic differences? How mind-boggling are the opportunities and access, how problematic the downsides? Does the experience differ depending on whether the money is earned or unearned, where it comes from, and whether you are male or female, white or black? Finally, how does our collective lust for affluence, and our stubborn belief in social mobility, explain how we got to the point where forty percent of Americans have literally no wealth at all?These are all questions that Jackpot sets out to explore. The result of deep reporting and dozens of interviews with fortunate citizens—company founders and executives, superstar coders, investors, inheritors, lottery winners, lobbyists, lawmakers, academics, sports agents, wealth and philanthropy professionals, concierges, luxury realtors, Bentley dealers, and even a woman who trains billionaires’ nannies in physical combat, Jackpot is a compassionate, character-rich, perversely humorous, and ultimately troubling journey into the American wealth fantasy and where it has taken us.

Living Large: From SUVs to Double Ds---Why Going Bigger Isn't Going Better


Sarah Z. Wexler - 2010
    We have XXL cars, homes, and waistlines. We built the world’s tallest monument. We get the largest breast implants. We’re home to the world’s largest retailer, sports stadiums, and office building. But with a deep recession and our nation’s leaders urging us to reassess the impact of our daily lives, it has become impossible to ignore the effects—on our environment, finances, communities, and psyches—of going ever-bigger. By turns funny and incisive, Living Large is a nation-spanning journey into the world of “extreme big,” from North Way Christian Community Church in Wexford, Pennsylvania (one of the 1,300 American megachurches), to Bloomington, Minnesota’s, Mall of America (4.2 million square feet in size); from the Tiffany flagship store in Manhattan (where in the past two decades the average engagement ring diamond has nearly doubled in size), to Whittier, California (home of America's largest landfill).  Wexler’s firsthand reports on going for a breast enlargement consultation, trying to lift the world’s largest ball of twine, getting lost in the country’s largest hotel, talking shop with members of the Hummer Club of America are complemented by interviews with researchers, economists, business owners, critics, and consumers. Living Large offers a fascinating, thought-provoking look at a nation that’s been supersizing for centuries but is only now coming to terms with its appetite for more.

No Apology: The Case for American Greatness


Mitt Romney - 2010
    On his first presidential visit to address the European nations, President Obama felt it necessary to apologize for America’s international power.  He repeated that apology when visiting Latin America, and again to Muslims worldwide in an interview broadcast on Al-Arabiya television.In No Apology, Mitt Romney asserts that American strength is essential—not just for our own well-being, but for the world’s.  Governments such as China and a newly-robust Russia threaten to overtake us on many fronts, and Islam continues its dangerous rise.  Drawing on history for lessons on how great powers collapse, Romney shows how and why our national advantages have eroded.  From the long-term decline of our manufacturing base, our laggard educational system that has left us without enough engineers, scientists, and other skilled professionals, our corrupted financial practices that led to the current crisis, and the crushing impact of entitlements on our future obligations, America is in debt, overtaxed, and unprepared for the challenges it must face.We need renewal: fresh ideas to cut through complicated problems and restore our strength.  Creative and bold, Romney proposes simple solutions to rebuild industry, create good jobs, reduce out of control spending on entitlements and healthcare, dramatically improve education, and restore a military battered by eight years of war.  Most important, he calls for a new commitment to citizenship, a common cause we all share, rather than a laundry list of individual demands.  Many of his solutions oppose President Obama’s policies, many also run counter to Republican thinking, but all have one strategic aim: to move America back to political and economic strength. Personal and dynamically-argued, No Apology is a call to action by a man who cares deeply about America’s history, its promise, and its future.

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.

Merchants of Doubt: How a Handful of Scientists Obscured the Truth on Issues from Tobacco Smoke to Global Warming


Naomi Oreskes - 2010
    scientific community has long led the world in research on such areas as public health, environmental science, and issues affecting quality of life. Our scientists have produced landmark studies on the dangers of DDT, tobacco smoke, acid rain, and global warming. But at the same time, a small yet potent subset of this community leads the world in vehement denial of these dangers.Merchants of Doubt tells the story of how a loose-knit group of high-level scientists and scientific advisers, with deep connections in politics and industry, ran effective campaigns to mislead the public and deny well-established scientific knowledge over four decades. Remarkably, the same individuals surface repeatedly—some of the same figures who have claimed that the science of global warming is "not settled" denied the truth of studies linking smoking to lung cancer, coal smoke to acid rain, and CFCs to the ozone hole. "Doubt is our product," wrote one tobacco executive. These "experts" supplied it.Naomi Oreskes and Erik M. Conway, historians of science, roll back the rug on this dark corner of the American scientific community, showing how ideology and corporate interests, aided by a too-compliant media, have skewed public understanding of some of the most pressing issues of our era.

Fentanyl, Inc.: How Rogue Chemists Are Creating the Deadliest Wave of the Opioid Epidemic


Ben Westhoff - 2019
    is the first deep-dive investigation of a hazardous and illicit industry that has created a worldwide epidemic, ravaging communities and overwhelming and confounding government agencies that are challenged to combat it. "A whole new crop of chemicals is radically changing the recreational drug landscape," writes Ben Westhoff. "These are known as Novel Psychoactive Substances (NPS) and they include replacements for known drugs like heroin, cocaine, ecstasy, and marijuana. They are synthetic, made in a laboratory, and are much more potent than traditional drugs"--and all-too-often tragically lethal. Drugs like fentanyl, K2, and Spice--and those with arcane acronyms like 25i-NBOMe-- were all originally conceived in legitimate laboratories for proper scientific and medicinal purposes. Their formulas were then hijacked and manufactured by rogue chemists, largely in China, who change their molecular structures to stay ahead of the law, making the drugs' effects impossible to predict. Westhoff has infiltrated this shadowy world, becoming the first journalist to report from inside an illicit Chinese fentanyls lab and providing startling and original reporting on how China's vast chemical industry operates, and how the Chinese government subsidizes it. He tracks down the little-known scientists who invented these drugs and inadvertently killed thousands, as well as a mysterious drug baron who turned the law upside down in his home country of New Zealand. Poignantly, Westhoff chronicles the lives of addicted users and dealers, families of victims, law enforcement officers, and underground drug awareness organizers in the U.S. and Europe. Together they represent the shocking and riveting full anatomy of a calamity we are just beginning to understand. From its depths, as Westhoff relates, are emerging new strategies that may provide essential long-term solutions to the drug crisis that has affected so many.

The Confidence Game: Why We Fall for It . . . Every Time


Maria Konnikova - 2015
    How do they do it? Why are they successful? And what keeps us falling for it, over and over again? These are the questions that journalist and psychologist Maria Konnikova tackles in her mesmerizing new book.   From multimillion-dollar Ponzi schemes to small-time frauds, Konnikova pulls together a selection of fascinating stories to demonstrate what all cons share in common, drawing on scientific, dramatic, and psychological perspectives. Insightful and gripping, the book brings readers into the world of the con, examining the relationship between artist and victim. The Confidence Game asks not only why we believe con artists, but also examines the very act of believing and how our sense of truth can be manipulated by those around us.

America's Bitter Pill: Money, Politics, Backroom Deals, and the Fight to Fix Our Broken Healthcare System


Steven Brill - 2015
    It’s a fly-on-the-wall account of the titanic fight to pass a 961-page law aimed at fixing America’s largest, most dysfunctional industry. It’s a penetrating chronicle of how the profiteering that Brill first identified in his trailblazing Time magazine cover story continues, despite Obamacare. And it is the first complete, inside account of how President Obama persevered to push through the law, but then failed to deal with the staff incompetence and turf wars that crippled its implementation.   But by chance America’s Bitter Pill ends up being much more—because as Brill was completing this book, he had to undergo urgent open-heart surgery. Thus, this also becomes the story of how one patient who thinks he knows everything about healthcare “policy” rethinks it from a hospital gurney—and combines that insight with his brilliant reporting. The result: a surprising new vision of how we can fix American healthcare so that it stops draining the bank accounts of our families and our businesses, and the federal treasury. Praise for America’s Bitter Pill   “A tour de force . . . a comprehensive and suitably furious guide to the political landscape of American healthcare . . . persuasive, shocking.”—The New York Times   “An energetic, picaresque, narrative explanation of much of what has happened in the last seven years of health policy . . . [Brill] has pulled off something extraordinary.” —The New York Times Book Review   “A thunderous indictment of what Brill refers to as the ‘toxicity of our profiteer-dominated healthcare system.’ ”—Los Angeles Times  “A sweeping and spirited new book [that] chronicles the surprisingly juicy tale of reform.”—The Daily Beast  “One of the most important books of our time.”—Walter Isaacson   “Superb . . . Brill has achieved the seemingly impossible—written an exciting book about the American health system.”—The New York Review of Books

Economix: How and Why Our Economy Works (and Doesn't Work), in Words and Pictures


Michael Goodwin - 2012
    . . worldwideEverybody's talking about the economy, but how can we, the people, understand what Wall Street or Washington knows--or say they know? Read "Economix."With clear, witty writing and quirky, accessible art, this important and timely graphic novel transforms "the dismal science" of economics into a fun, fact-filled story about human nature and our attempts to make the most of what we've got . . . and sometimes what our neighbors have got. "Economix "explains it all, from the beginning of Western economic thought, to markets free and otherwise, to economic failures, successes, limitations, and future possibilities. It's the essential, accessible guide to understanding the economy and economic practices. A must-read for every citizen and every voter.PRAISE FOR "ECONOMIX""It's simply phenomenal. You could read ten books on the subject and not glean as much information."-- David Bach founder of FinishRich Media; author of nine "New York Times" bestsellers, including "Debt Free for Life" and "The Automatic Millionaire" "Goodwin has done the seemingly impossible--he has made economics comprehensible "and" funny."-- Joel Bakan, author of "The Corporation" "The Pathological Pursuit of Profit and Power" "An amazing lesson in true-world economics Delightfully presented, powerful, insightful, and important information What a fun way to fathom a deep and often dark subject "-- John Perkins, author of "Hoodwinked" and the "New York Times" bestseller "Confessions of an Economic Hit Man" "Smart, insightful, clear, and as close to the truth as economics can get. The bonus: Who would have guessed that economics could be fun, and--here's the joy--really accessible? Goodwin roots us in history and fills us with common sense understanding. As he puts it early on, economics seems horribly complicated mostly because we're looking at it all at once. Broken down into its component pieces, it's relatively easy to understand. And a good understanding of economics is critical to maneuvering in the world today. If I were compiling a list of the 100 most important books you can read in a lifetime, this would be on it."--Stephen Petranek, editor-in-chief, Weider History magazines, former editor-in-chief of "Discover" magazine "Through a potent mix of comics and punchy, concise, accessible prose, Goodwin takes us on a provocative, exhaustively researched, and exceedingly engaging trip through our history and present day, creating an alternately hilarious and scary picture of where we are today as an economy-- and what it all means. More than that, Goodwin makes the arcane, understandable. If your mind either spins or slumbers at the thought of economics, read Goodwin's "Economix" and all will become clear. --Nomi Prins, author of "It Takes a Pillage: An Epic Tale of Power, Deceit, and Untold Trillions" ""Economix" is a lively, cheerfully opinionated romp through the historical and intellectual foundations of our current economy and our current economic problems. Goodwin has a knack for distilling complex ideas and events in ways that invite the reader to follow the big picture without losing track of what actually happened. Any reader wondering how our economy got to where it is today will find this a refreshing overview."--Timothy W. Guinnane, Philip Golden Bartlett Professor of Economic History, Yale University

Banker to the Poor: Micro-Lending and the Battle Against World Poverty


Muhammad Yunus - 1991
    His dream is the total eradication of poverty from the world. In 1983, against the advice of banking and government officials, Yunus established Grameen, a bank devoted to providing the poorest of Bangladesh with minuscule loans. Grameen Bank, based on the belief that credit is a basic human right, not the privilege of a fortunate few, now provides over 2.5 billion dollars of micro-loans to more than two million families in rural Bangladesh. Ninety-four percent of Yunus's clients are women, and repayment rates are near 100 percent. Around the world, micro-lending programs inspired by Grameen are blossoming, with more than three hundred programs established in the United States alone. Banker to the Poor is Muhammad Yunus's memoir of how he decided to change his life in order to help the world's poor. In it he traces the intellectual and spiritual journey that led him to fundamentally rethink the economic relationship between rich and poor, and the challenges he and his colleagues faced in founding Grameen. He also provides wise, hopeful guidance for anyone who would like to join him in "putting homelessness and destitution in a museum so that one day our children will visit it and ask how we could have allowed such a terrible thing to go on for so long." The definitive history of micro-credit direct from the man that conceived of it, Banker to the Poor is necessary and inspirational reading for anyone interested in economics, public policy, philanthropy, social history, and business. Muhammad Yunus was born in Bangladesh and earned his Ph.D. in economics in the United States at Vanderbilt University, where he was deeply influenced by the civil rights movement. He still lives in Bangladesh, and travels widely around the world on behalf of Grameen Bank and the concept of micro-credit.

World Order


Henry Kissinger - 2014
    Drawing on his experience as one of the foremost statesmen of the modern era—advising presidents, traveling the world, observing and shaping the central foreign policy events of recent decades—Kissinger now reveals his analysis of the ultimate challenge for the twenty-first century: how to build a shared international order in a world of divergent historical perspectives, violent conflict, proliferating technology, and ideological extremism.There has never been a true “world order,” Kissinger observes. For most of history, civilizations defined their own concepts of order. Each considered itself the center of the world and envisioned its distinct principles as universally relevant. China conceived of a global cultural hierarchy with the Emperor at its pinnacle. In Europe, Rome imagined itself surrounded by barbarians; when Rome fragmented, European peoples refined a concept of an equilibrium of sovereign states and sought to export it across the world. Islam, in its early centuries, considered itself the world’s sole legitimate political unit, destined to expand indefinitely until the world was brought into harmony by religious principles. The United States was born of a conviction about the universal applicability of democracy—a conviction that has guided its policies ever since.Now international affairs take place on a global basis, and these historical concepts of world order are meeting. Every region participates in questions of high policy in every other, often instantaneously. Yet there is no consensus among the major actors about the rules and limits guiding this process, or its ultimate destination. The result is mounting tension.Grounded in Kissinger’s deep study of history and his experience as National Security Advisor and Secretary of State, World Order guides readers through crucial episodes in recent world history. Kissinger offers a unique glimpse into the inner deliberations of the Nixon administration’s negotiations with Hanoi over the end of the Vietnam War, as well as Ronald Reagan’s tense debates with Soviet Premier Gorbachev in Reykjavík. He offers compelling insights into the future of U.S.–China relations and the evolution of the European Union, and examines lessons of the conflicts in Iraq and Afghanistan. Taking readers from his analysis of nuclear negotiations with Iran through the West’s response to the Arab Spring and tensions with Russia over Ukraine, World Order anchors Kissinger’s historical analysis in the decisive events of our time.Provocative and articulate, blending historical insight with geopolitical prognostication, World Order is a unique work that could come only from a lifelong policymaker and diplomat.