3 comments about The Turnaround Kid: What I Learned Rescuing America's Most Troubled Companies.

1. I suspect most people will buy this book for Miller's inside stories of salvaging (or attempting to salvage) value from failed companies from Chysler to Delco. They'll get their money's worth, there are concise, well-written accounts of the projects, including information that had not been previously reported.
   
   Aside from the business, Miller has opened up about some aspects of his life more deeply than most business autobiographers. In particular, his complex and unusual relationship to his wife Maggie (who dies in the book, Miller has since remarried) is described in sharply-etched stories that will leave readers puzzling long after the book is finished.
   
   There is also plenty of grist for Millerphiles and Millerphobes. You can see the career arc from the guy who wouldn't even mention the word "bankruptcy" at Chrysler in the late 1970s, to the guy who used bankruptcy like a rapier in the 1990s and 2000s (including becoming the poster child for rich retention agreements as he filed for Delco just before a legal change that would have restricted such "golden handcuff" payments). His fresh openness with the press was a major asset at Chrysler, by the end of the book he is refusing to comment to the press at all. Either Miller got tougher or the world did. But like him or hate him, I think he was the only person in Detroit with honesty and credibility to make everyone face some harsh reality, and he deserves a good share of the credit for the positive steps in management/labor relations of the past couple of years. If you want to hate him anyway, you can hate him for appearing to enjoy himself while forcing painful adjustments on everyone.
   
   However, the best reason to read this book is something I never expected to find. I've always wondered why anyone with alternatives even bothered with these distressed companies. You'd think shareholders would sell, managers and workers would find better places to work, customers would take their business elsewhere; and let the opportunists fight the hopeless for any remaining crumbs. Miller has an appreciation for corporate greatness. He starts each account with the former glories of the company, not just in terms of outside accomplishments, but how many people gave it their working lives, and were rewarded with financial security and genuine pride. This is not a guy working only for shareholders or creditors or management (and certainly not only for workers or customers). This is a guy who expects all those groups to sacrifice so corporate greatness can be restored. Right or wrong, he's not a liquidator or union-buster or deadbeat, he tries to be a turnaround kid.



2. Steve Miller is credited with turnaround a number of companies in different industries. "The Turnaround Kid" purports to present important lessons learned in the process.
   
   Unfortunately, Mr. Miller fails to present either a structured generalized approach to improving stressed companies, or a specific "how-I-done-it" for the firms involved. This severely limits the value of the book.
   
   Two other major problems: 1)Miller's frequent diversion into memorializing his first (deceased) wife, and 2)The embarrassing fact that the book was published prior to completing the Delphi auto parts turnaround - his supposed greatest accomplishment. (Worse yet for Miller, "The Turnaround Kid" also contains derogatory remarks about the UAW's head (Delphi's labor union) and G.M. (Delphi's major customer). And then there's the problem of Waste Management's falling back after Miller left as CEO, and Federal-Mogul's descent into bankruptcy despite bringing Miller back. (Federal-Mogul's bankruptcy was caused by a late 1998 acquisition of T&L PLC and associated asbestos liabilities. Miller was a Director, starting in 1993, and recruited the errant CEO. Then, when brought back, Miller made the FATAL error of turning down a settlement offer.)
   
   Readers also learn of Miller's stumbling over giving large raises to Delphi executives while asking workers to sacrifice as much as 60% of their pay and benefits (Iaccoca's example at Chrysler should have taught Miller better), his failure to improve the O&Y real estate empire, and the ease of improving the Detroit Symphony - merge with the group controlling the 1919 Orchestra Hall, and get donations from large companies.
   
   Miller's basic approach is to use bankruptcy laws to shed debt, and reverse years of a corporate welfare approach to labor that is no longer tenable under today's globalization. Wages, health care and pension benefits, work rules, and job classifications are all substantially reduced. Ergo, if standards of living are to have any hope of preservation, government must step in to provide health care, and workers must take greater responsibility for their own retirement (eg. defined contribution plans replacing defined benefit plans).
   
   Miller's emphasis on reducing costs is sensible. However, it's long-term success is questionable given that Chinese workers earn about $2/hour, vs. a range of $14 to $18.50 at Delphi, down from much higher prior levels.



3. This is a thoroughly enjoyable autobiography of Steve Miller, a rising Ford executive who became the go to guy for companies in crisis over more than two decades. At Chrysler, the Detroit Symphony Orchestra, Olympia & York, Morrison Knudsen, Federal Mogul, Waste Management, Reliance Group Holdings, Bethlehem Steel, Aetna and Delphi, he parachuted into companies on the brink of failure and tried to come up with the best solution. Sometimes the outcome is a roaring success, other times he has to settle for the best of a series of unpleasant choices, and other times he is ineffective.
   
   This book is more Miller's autobiography than a how-to guide to fixing broken companies. The book is only 230 pages long and each company's situation is only covered at a high level. Miller's strength as a businessman is his ability to take a fresh, hard look at the companies, face up to the cold reality and work with all parties to come up with the best possible solution. His book has many on the same strengths; he offers what appears to be an honest (sometimes brutally so) assessment of his own successes and failures, as well as those of the other parties in the drama.
   
   What emerges is the story of a leader who enjoys the excitement of trying to solve complex problems while trying, and succeeding, to do the right thing for his family and the people and companies that depend on him.

5 comments about The Warren Buffett Way, Second Edition.

1. I would recommend an abridged audio CD or Cassette instead of a printed version of this book. The printed version is quite lengthy and is mainly based on the Buffet's letters to shareholders, freely available.
   
   The abridged audio version exposes all the key aspects of Buffet's investment principles, for example: is the company in an industry with good economics, i.e., not an industry competing on price; is the debt-to-equity ratio low or is the earnings-to-debt ratio high, i.e. can the company repay debt even in years when earnings are lower than average; does the company have high and consistent Returns on Invested Capital; does the company retain earnings for growth; is the company free to adjust prices for inflation; and so on.
   
   There is another, better book on this topic: "Buffetology" by Mary Buffett (former daughter-in-law of Warren Buffet). It not only addresses the questions above mentioned, but examines in details additional issues, like: a consumer monopoly vs a commodity; does the company have a consumer monopoly or brand name that commands loyalty; can any company with an abundance of resources compete successfully with the company; which formulas to use to differentiate a potential good investment based on projected compounded future earnings; and so on.



2. Clearly, Warren Buffet has a gift for picking great stocks! If it was easy, we'd all be rich! This book is a great way to understand what Buffet looks for when he's buying. But, as Buffet is never interviewed for the book, (although he did read it before publishing, apparently), one has to wonder how accurate a depiction it is. That being said, if you're looking to learn from a master, this is a must read!



3. Possibly the best Buffet book ever written. If you only have two investment books, this should be one and the Intelligent Investor the second. Mr. Hagstrom covers several famous Buffet transaction's. The basis of Buffet's investment philosophies and several relatively easy examples of how to judge a company. A novice book but a fun read for experienced professionals.



4. I like the cover of this book. The phrase, "The Way",
   appears in Red Letters: Whereas 'Warren Buffett' appears
   in white.
   
   I think this book is the best book ever written on investing,
   not counting any book written by Buffett or Charles T. Munger.
   It makes more sense than the writings of Benjamin Graham.
   What I learned reading Graham was that just because equipment
   is worth $$$ on paper, it may go for significantly less at a
   garage sale, because not everybody wants a widget. This book
   considers how valuable intangibles are, such as brand names,
   or mindshare. It stands as a contrast to Ben Graham's approach,
   but there are similarities. Namely, what you want to do is
   find investment opportunities which can be characterized as
   follows: LOW RISK, HIGH YIELD. I guess that is another way of
   saying, "choose your battles carefully". Another thing this
   book emphasizes is the "buy and hold" approach to maximize your
   AFTER_TAX rate of return. (You avoid paying income taxes when
   you choose not to sell your stocks.)
   
   Some people like to use slogans such as "Equal pay for work of
   equal value" but if you try to think about what those slogans mean,
   they make very little sense, and are almost hypnotic. PAY EQUITY
   is not the same thing as WORK EQUITY. Are not most if not all
   coal miners paid the same? Yet, if you ask those guys I think
   they would much rather work in air-conditioned "office-like"
   environments. Most office workers are female. Most coal miners
   are male. Some choose to work out of necessity rather than
   preference. For some, choices are limited. Buffett likes to say,
   PRICE IS WHAT YOU PAY, VALUE IS WHAT YOU GET. And
   that is not a slogan, it is a truth.
   
   Do not confuse willingness to pay with ability to pay. Money is a
   virtual concept: What you call a "penny" is a piece of metal.
   Some, have lots of food stamps but contribute little to "society" in
   terms of products and services. Why is that?
   
   Hagstrom's book is the best book on what Buffett does, and
   how he does it, not counting Buffett's own writings, such
   as those found in Berkshire Hathaway's annual reports.
   Buffett has also given interviews for magazines such as
   Forbes and Fortune. Aside from this book, if you want
   another, go with a book Buffett himself has written.



5. es uno de los peores libros que he leido, no esta ni cerca de ser interesante, de hecho lei 10 libros desde que empece a leer este y aun no lo termino. Si necesitan saber algo mas de Warren busquen otras opciones.

5 comments about Banker To The Poor: Micro-Lending and the Battle Against World Poverty.

1. As with many people who review the poverty issue, Dr. Yunus has some great ideas. His microfinance ideas are very useful and should be part of aid packages and promoted by the World Bank.
   
   However, it is not the panacea that he sees to ameliorate the world's poverty. This winter's Wilson Quarterly showed that a large part of the microloans made go not toward business but towards home improvement and schooling. Yunus' Grameen Bank has addressed this through creating special loan packages for these purposes. Yet the availability of credit to the poorest of the poor is a great innovation that must be recognized.
   
   Yunus does fall into the usual trap of specialists where their specialty is all we should pay attention to. Hernando de Soto is the same with his opening the bell jar of property, and Sachs argues for spending in his own pet projects.
   
   Additionally, Yunus is quite full of himself. his detracts from the quality of the book as well. However, it is a good read and will make you want to put micro finance on the list of options: 3 and a half stars.



2. One of the most inspiring books I've ever read, and certainly the most eye-openning about how REAL change can be made in the world, on the grand scale--and not through the way that I would think change such as ending world poverty, could come about (through philanthropists, donations, taking care of the poor's needs for them)...but instead through a radically new economic/business model, that simply replaces "doing good" with "making profit" in the traditional capitalist way.
   
   This is clearly written, extremely engaging and down to earth--no lofty economic theories here. These are all the details by the man who has proven simple empowerment of the poor through microcredit is the catalyst needed for widesweeping social change.



3. Banker to the Poor, is by written Nobel peace prize reciepent, Muhammad Yunus. As a professor in Bangladesh, Yunus, with just twenty-seven dollars of his own money, was the "mid-wife" to micro-lending movement. He parlayed his success into remarkable achievements which have bettered the lives of millions.
   
   It wasn't always easy, and his telling of the story, is inspirational, if somewhat repetitive. You can easily imagine the tears of joy of villagers, who with micro-lending, are able to rise above mere substience living.
   
   He makes the case that much misery is alleviated when micro-lending is available to the poor in the Third World. While Yunus does not say so directly it is easy to extrapolate, that poor people leading better lives do not take up violence. America would be a lot more secure if it took a few millions from "military assistance" and instead invested it in micro-lending.
   
   However, Yunus claims, "everyone" benefits when trade barriers are dropped. Trade barriers have largely been lifted in the apparel industry Consequently, the textile industry in the US employs a mere fraction of workers than it used to. Guess "everyone" doesn't include the tens of thousands of former American texitle workers.
   
   There must be a way, to support the developement of the Third World, without America losing jobs. While Yunus doesn't answer that question, he does have a lot of answers. A five-star book.
   



4. Yunus with his Grameen Bank initiative has brought a new notion that the bank can be truly too at the total dedication to the poor not just the rich one. Rural poor women are changing the face of the family situation through this initiative of Grameen Bank that not only bring micro-credit to poor people but also keep introducing new opportunities and creative assets for quenching poverty.



5. 
   There is no doubt that the author seems to have done a lot of hopeless people a great service. However, this book really struck me as being more about him, why he is so amazing, and how he repeatedly overcame odds dealing with short-sighted, ignorant, selfish bankers doing things the traditional way. The book would have appealed to me a lot more if he had gone further in explaining why traditional methods failed but were maintained. Also, there was very little frank discussion of the strengths and weaknesses of microfinance. Sounds like maybe I should have read the Wilson Quarterly article instead.
   
   The book was a repetitive sales pitch and could have been a lot more.

5 comments about The Secret History of the American Empire: The Truth About Economic Hit Men, Jackals, and How to Change the World.

1. Anyone who wants a glimpse of the tactics used to control other countries needs to read this book. The methods reveal the depths to which the power structure will go to acquire whatever resources they want. The CIA works for Wall Street and the multinational corporations. This is a part of the dark side of US foreign policy. It's difficult to support this kind of activity.



2. The Secret History of the American Empire: The Truth About Economic Hit Men, Jackals, and How to Change the World
   In the post-1984 world of doublethink press (Wikipedia-To tell deliberate lies while genuinely believing in them), the only way we have of knowing what our military, our government, and the very large segment of our society living as camp followers around the world are doing, is to hear from disaffected career professionals who choose to come out of the closet and share the dark side of their career work. John Perkins, who began his career in the Peace Corps, and went on to be tempted by the lush lifestyle as an agent for the IMF-Worldbank / corporate engineering collusion indenturing a long list of trusting 3rd world countries trying to rise out of colonialism, has now come full circle to work connecting awakening Americans with indigenous peoples who are now finding creative new ways of responding to the pressures of US global hegemony, through his Dream Change Coalition. For those of us who believe in the US Constitutional declarations of liberty, this is a must read.



3. Funny how all the deniers and thos who rate this author's books as "impossible" or "a fabrication" do so, I am willing to bet, from the comfort of having never left their own zip code. How can it be, if their scred "free market" and the government are forces of "freedom and justice"???
   
   As a fomer officer of the Guatemalan Army, charged at one time with guarding those "advisers" and "experts" recommended by the US Embassy, witnessing the granting of unfathomable amounts of money and visas to the US for ministers and their families, as rewards for granting this or that contract to a selected few companies, I can assure you everything Perkins says is true. For those who ask for ironclad proof, it should be an invitation to get off their behinds and do some research of their own, the facts are out there but that would be too much to ask. There is a saying in Guatemala: No hay peor ciego que el que no quiere ver. "The worst kind of blindness is the one that refuses to see"
   I really despair when I see the situation the country and the world are in nowadays and still there are those who claim it's all good. But as far as these books, they are an eye opener to how business is REALLY done outside the golf and country clubs of the US.



4. I just finished this book after having previously read "Confessions of an Economic Hitman". Perkins does a good job of relating his personal experience and opens the door to a world that most people don't know exist.
   
   When I read "Confessions of and Economic Hitman", I went away hungry for more information and details. This made me really look forward to reading this book. "The Secret History of the American Empire" builds on "Confessions" in narrative form. It is footnoted, but does not rely heavily on outside sources to substantiate the author's perspective. This is "Secret History's" drawback. Still, John Perkins never claims in either of this book or "Confessions" that his intention is to extensively back his experience with outside sources. He simply tells his story from his perspective and recommends a path forward.
   
   It tells a shocking story in a very sincere way, but, for greater understanding of the subject matter, I would recommend a book with a more academic approach. Regardless, this book is a great starting point for those seeking to better understand the world.



5. John Perkins was a Economic Hitman for many years. He was one of the bad guys who quit to expose the problems. It's the answers to all the questions you've had about why the world hates the USA.
   Read and empower yourself with the truth.

4 comments about Bringing Home the Birkin: My Life in Hot Pursuit of the World's Most Coveted Handbag.

1. This book is the equivalent of all those mountain climbing, desert marching, storm sailing adventure books out there, but in this case the sport is shopping. (A sport I like to participate in myself, but my level is junior amateur in comparison.) It is also very similar to chick lit except that in this case instead of the typical spunky, unlucky in love, career, etc waiting for the big break heroine, this hero(ine?) is an openly gay man. who manages to turn a love and a knack for shopping into a business as well as quite a nice life for himself.
   
   The book is subtitled My Life in Hot Pursuit of the World's Most Coveted Handbag. That handbag being the Hermes Birkin. I have heard a few stories of the famous Birkin waitlist and there was even an episode of "Sex and the City" that featured the same. I have only seen a few Birkins in person on the arms of clearly wealthy women, but they are distinct enough to be instantly recognizable. They are the ultimate elite status symbol.
   
   Mr. Tonello's business involved luxurious travel to major European destinations to purchase Birkins from Hermes shops and then re-selling them on E-Bay from his envy-inspiring apartment in Barcelona. His trials and triumphs are amusing and the hotels and dining he describes could serve as a travel guide. The story works because the author never takes himself to seriously or fails to realize what a charmed life he's leading. Mr. Tonello has an amazing positive attitude self described as "Always half-full, that glass, always." Which is from a section describing a stay in a hospital where he was treated for severe anemia.
   
   A family tragedy brings about the eventual end of his Birkin hunting in the way that kind of thing can do by making you take a look at what you're actually spending your time doing. He could no longer deal with "people who lacked for nothing, but who longed for more" and got himself out before he became that way himself.
   
   So, if you're in the mood for a light-hearted romp through the luxurious side of Europe I think you'll enjoy this one. I definitely did.



2. Mr. Tonello indeed is living proof that ANYONE these days can get a book deal. His book is full of half truths at best. Mr. Tonello details the trials and tribulations of acquiring a birkin from Heres. When the story begins we find him making a living as an amateur Hermes scarf seller. A lucky break in the form of a good contact results in him becoming the ultimate Hermes scarf reseller. At least according to HIM. Eventually he segues into selling birkins, but his beginning in that area is more than a little rocky. Throughout all of this he details the aspects of his blooming romance. I will admit the writing is somewhat amusing, how ever I hope everyone takes this stuff with a grain of salt. Mr. Tonello, sorry to say, has not cracked any "code" when it comes to Hermes. Please do not waste your money on this book. You can find information on the birkin on line simply by googling.



3. Some books are candy-like in terms of nutrition. We buy them because they have a decent hook, we read them quickly and five days later barely recall the characters or their exploits. I assure you, Bringing Home The Birkin is not one of those books.
   
   This is a wonderful, wild ride that spans years, continents and exchange rates; and most important, teaches us that absolutely anything is possible. You do not have to be confined to the state or the country in which you were born. You do not have to kowtow to the buying "rules" of a fashion empire, even one that makes over two billion dollars a year. Therein lies the hook. Michael Tonello finds out the Waiting List for the elusive Birkin bag is camouflage. An interesting invention of Hermes, the prestigious, privately held company that handcrafts these goods. When he discovers he can get Birkins, he becomes a sort of Robin Hood, allowing people around the globe to purchase them. But this book is more than the sum of its hook, it's an enlightening, hilarious read. Everything is described in a manner that literally make you want to pack your bags for Spain, France and Beyond to experience the food, wine and sights he recounts.
   
   Recently my two nieces came to my apartment for a sleepover. As usual, I try to introduce them to new things to even out the fast food, pop music, reality TV, Reality of Teenage Life. We ate sushi (which they now love.) Cognizant of college looming, I talked about finding a job that you love, thinking outside the box, and being open to new places and people. (Okay I don't see them much so I'm guilty of trying to cram a lot into one visit.) When they were wary of my speech, we talked books and I told them about Bringing Home The Birkin. I explained that it's a true story about a hair and make-up artist that did a job in Spain, realized he wanted to live there and moved. He didn't ponder over the negatives to the point of distraction or let people stop him. I told them he didn't speak Spanish and didn't know what a Birkin was but he educated himself and suddenly became a seller of all things Hermes. Not only did he make money, travel and find the love of his life but he Wrote A Book About It. I think they listened. It was hard to tell. At that point, we were walking by a clothing store and the music was blaring so whatever I said literally fell on deaf ears (why do stores have speakers that face outward nowadays?)
   
   The next morning I dropped the college future/career goals and dreams talk. I laid out breakfast, put on the TV and there, on the CBS Early Show, was Mr. Tonello being interviewed about his book! My nieces looked from the TV screen to the book on the table and suddenly everything I spoke of was real to them. If he could do it, why couldn't they do whatever `it' was they wanted to do?
   
   I thought Bringing Home The Birkin was an absolute inspiration. It made me laugh my face off. It educated me about food, wine and travel. It demystified the mystical Birkin Bag. It is making me seriously consider a move abroad, and it has already opened the minds of my nieces who haven't even read it yet!
   
   What more could I ask for?



4. I read this on a flight earlier in the week and finished the book that evening in our hotel room. On the return flight home my husband read the book and just finished it last night. Both of us (he was skeptical when i handed him the book) laughed out loud throughout the book and enjoyed the travel and food chapters (along the lines of "A Year in Provence") as well as the author's social commentary (the salesclerks are hysterically funny). I'm sending the book to my daughter in NYC to read on her subway commute (she loves those Shopaholic books). Easy, breazy, like a giant box of bonbons, you just don't want to stop reading and it's great fun all the way through to end. Highly recommended! (and Michael, if you read this, I'd love to have dinner with you in Barcelona)

5 comments about Liar's Poker: Rising Through the Wreckage on Wall Street.

1. When I bought the book, I expected it to be a funny narration of the wall street life in 80s. And the first 70-80 pages kept me quite entertained. Well written and funny ! Its the second half of the book which becomes more rhetorical with a dull narration of the events and developments on the Wall street. Perhaps my expectations from the book were unrealistic. I would recommend Monkey Business if someone wants to have a real laugh at the wall street world.



2. Much of what Lewis' writes about is true. Particularly as a trainee investment banker you are thrown in and expected to know how financial markets work. I have been a banker for 20 years and can only now confidently say I know half of what I am talking about. Mind you most clients I talk to really don't have a clue - another anecdote that Lewis brings to life. This is a great read for those with insight or interest in the Wall Street set, fast paced and so funny because its true. On top of it all, it offers great insight into an interesting part of financial history, much of which has parallels to the 2007 Credit Crisis - happy reading



3. I thought this would be more interesting. I still haven't finished the book and I bought it over 6 months ago. It's just dry. If you've ever worked on the floor of an actual exchange this is like kissing your sister. I have a totally different view of trading in the 80's and institutional trading isn't it



4. This is a great book. I mean, everyone else says so, so they can't be wrong. Yes, I want a job on wall street.



5. OUTSTANDING!! This is the single best book I've ever read for learning the basics of life in a Wall St. investment bank. Very accessible and humorous, yet informative as well.

5 comments about The Age of Turbulence: Adventures in a New World.

1. This book is well worth reading. It is the easiest read for an important nonfiction work that I can ever remember reading. It is difficult to put this book down. The first part of the book is an autobiography/History of Economics In Greenspan's lifetime. The last chapter contains his predictions.
   
   The autobiographical part is well presented and interesting. Mr. Greenspan seems neither especially modest nor especially self-serving. But he doesn't seem to bare his soul, unless he is quite a simple man. Which may be true. He portrays for the reader a man who is a mathematician. A mathematician who diligently works to master Economics with statistics. He doesn't ever seem to really believe that Economics is at its core, a social science and not a hard science.
   
   You should not mistake simplicity for shallowness however, there can be great depth in simplicity. Mr. Greenspan presents complicated ideas in a simple, straightforward way that makes them clear although fairly devoid of emotion or social context. The question one is left with is if he has been so powerful and durable in our country's upper crust because he is the reliable, guileless expert economist or if he is indeed a more subtle, politically aware expert who knows how to present everything in such a neutral manner that no one can object.
   
   One example of this is the so-called surplus that happened at the end of Clinton's term of office. The Federal Government borrowed more money than it needed to balance the budget (from the Social Security trust fund) and named the excess borrowed money a surplus. Purists would argue that borrowing more money than you need, naming it a surplus, and spending it is absurd twisting of words and financially short sighted. Mr.Greenspan holds that the SS trust fund is in reality not a trust fund, that it is just another tax revenue stream for Congress to do with as it will. From the simplest practical viewpoint this is true. Congress has taken the Social Security fund moneys and spent them on whatever occurred to them for decades. From an unemotional, mathematical point of view there is no trust fund because no one treats it as such. For a political realist, words on paper mean nothing when preempted by the reality of unalterable government actions. So is he dispassionately describing the current situation or is Mr.Greenspan the savvy politician, knowing that both the Republicans and Democrats would like to claim they were responsible for the surplus and it would not do to publicly puncture both their balloons? He has stripped away any (politically charged) description of our current process and talks of possibilities for now that are devoid of any history or reason for how we arrived at now. No one in power will be offended or feel the need to defend themselves by his writing. No one will find any insight into avoiding the current financial ills of our country either.
   
   In the last chapter Mr. Greenspan presents his predictions. His knowledge and expertise and style make very good reading again. Mr. Greenspan very neatly identifies the important forces acting on our future. Even if you know nothing of Economics you will be well prepared to understand this chapter after reading his book up to here. He also demonstrates the truism that if you laid all the world's economists end to end, they still would not reach a conclusion. He in fact has no conclusion, merely possibilities. He does mention, but glosses over the greatest weakness in America's economic future in such a way that you may not even notice it. It may be that it is no coincidence that it is a process that is not easily understood using statistics nor one that is correctable without actually identifying the groups that are causing the problem. The first is his only tool, while the second he can't bring himself to do.
   
   This neutrality is really the weakness of this very interesting book and of his closing predictions. The Oracle of Delphi once told Croesus, a powerful king, that if he invaded his neighbor a great empire would be destroyed. She just left out whose empire would be destroyed. Croesus made the obvious error of misinterpretation. Mr. Greenspan's neutrality leaves the reader with no more information then that king whose ambition blinded him to the different interpretations possible for that vague prediction.
   
   In a way the book helps you see the mindset that no one is ever responsible, no decision is ever faulty, there is only the "What are we going to do now?" that weakens the modern American scene. The parties and groups in Government and business vie to be the next great answer to our problems without ever acknowledging their part in their creation.
   
   So readable, so engrossing, don't miss this book.



2. This book is a mixture of autobiography, economic history, and future prognostication. (In the final chapter of the book, the author forecasts what the world economy will look like in 2030---a daunting task even for the likes of Alan Greenspan.)
   
   Alan Greenspan traces the course of his life from his teenage years (he originally wanted to be a jazz musician) to his chairmanship of the Board of Governors of the Federal Reserve. He also covers his years as a private consultant.
   
   What will be of more interest to most readers is Greenspan's extensive experience with so many presidents. (According to the ex-Fed chairman, our two most cerebral presidents of recent decades were Richard Nixon and Bill Clinton.)
   
   Greenspan is a libertarian Republican, but he has plenty of criticism for current GOP economic policies. Like many Americans, Greenspan laments the swelling of the deficit under George W. Bush.
   
   A few other points and observations from the book:
   
   Greenspan is an advocate of free trade orthodoxy. Like many in this camp, he glosses over the fact that free trade in the context of China means that American workers compete with Communist prison labor, and state-subsidized enterprises that are not subject to any environmental or workplace safety regulations. His assessment of free trade is textbook Adam Smith/Ricardo theory. (Free trade is beneficial, of course---provided that there is a truly level playing field, which is not the case at present.)
   
   Greenspan says we should pay math teachers more. Since mathematics teachers have more opportunities in the private sector (compared to English literature teacher, for example), schools should pay them higher salaries. This makes sense to me.
   
   Monetary authorities should hold down inflation despite political pressures. Once again, I agree with Greenspan. During economic slowdowns, the Fed is often pressured to pump more cash into the economy through monetary policy. The overuse of this technique is a major factor behind the hyperinflation of economies in the developing world. To support this argument, Greenspan discusses the history of Paul Volcker's inflationary restraints during the Reagan years. Volcker tamed inflation---but it cost us a recession in the early 1980s.
   
   If you have an interest in economics, U.S. history, or Alan Greenspan, then you will enjoy this book. Although I don't agree with every one of his positions, Alan Greenspan is a brilliant man. Almost anyone can learn something from The Age of Turbulence.



3. The first half (more or less) is mostly autobiographical and extremely interesting. Greenspan is able to provide the reader with many insights on a plethora of economic events and world leaders. The second half (again, more or less), is Greespan's take on many contemporary economic phenomena. Overall, Age of Turbulence is written clearly and succinctly and is a must read for anyone interested in the world economy.



4. Greenspan's memoir is surprisingly readable, applicable, and enjoyable, even for someone with only an undergrad course in economics. This book is a great way to learn how the Fed works, as well as the motives behind major decisions made by Greenspan and other politicians during his career.
   Highly recommended!



5. Too much of the criticism and accolades for Alan Greenspan's THE AGE OF TURBULENCE smell of political inflexibility. For those that don't like his negative comments regarding our current president, there seems to be a propensity to disregard 500 pages of historical economic perspective because one page doesn't read exactly how they would like. Others have claimed that Greenspan was only capable of considering conservative perspectives. As far as being self-serving - it is an autobiography. The reality is that there is a lot of useful and interesting information presented in this book. I would highly recommend this book, and ask that the reader leave their political presuppositions behind.

5 comments about The Millionaire Next Door.

1. I had always heard about this book and was eager to finally read it. Unfortunately it was somewhat disappointing. The data is getting dated. The message, while sound, is so oft repeated that it gets a little boring. However, I enjoyed very much the passages dealing with how to (or more accurately - how not to) handle wealth issues and transfers with children. Overall it is a book everyone should read, but I wish they would release a newer edition with more recent data, etc.



2. This book was written based from research that was conducted through the usage of surveys that were taken in 1995. They basically accumulated information from 1000 american millionaires regarding their methods of house-hold finance, behavior, spending habits etc. Simply an analysis of the American millionaire demograhpic in the year 1995. No practical wisdom. Useless info in becoming wealthy.
   
   The whole book could've been summed up to: "be modest, cheap, and save as much as possible".
   
   IN CONCLUSION: If you're looking to learn to make more income, save your money and time, this one sucked. If you want a lesson in history, go right ahead.



3. Financial books providing insight into the attitudes and mannerisms required to accumulate wealth generally focus on a lot of theory. The Millionaire Next Door presents a straight forward account based on research and feedback from qualified millionaires.
   
   The information presented in this book focuses on the habits that create millionaires from ordinary people who often have ordinary incomes. The authors show that to be wealthy, you do not necessarily require extraordinary skills or require ardent pep talks; you just need financial discipline and a willingness to live within your means and avoid certain amounts of debt.
   
   The information in the book is substantiated with a number of graphs, charts, and summations of data that will limit one's ability to push through the information quickly. The content of the book is very reliable and will be eye opening for many readers. There is no doubt this book presents a very formidable foundation for wealth that anyone with grand financial aspirations should be aware of, making this book rather worthwhile



4. A Great book with expert advice- too many charts, but the case histories were great and wonderful advice for parents tempted to spoil their children by financing their lives after they are finished with their education. Married children get to living way beyond their means and then resent it when parents stop paying 10 to 20 thousand a month for them. It is clear that those who succeed do it better when they are responsible for their OWN finances and learn to live within their budget.



5. I wish everyone would read this book. You assume someone to be rich because of their car, or clothes. That just proves that they waste more money and probably go into debt for it.
   
   I spent time as a financial analyst for a commercial lending department. Part of my job was to go through people's personal financial statements. My boss, a CPA, recommended this book to me. On of our wealthiest, millionare clients wore sweat pants, had a mullet, and drove an old beat up vehicle. We had another client who was always sporting the latest fashions and drove a Porsche, but was broker than broke and always pleading with us to not return her checks.
   
   The key is to have the self confidence to not spend the money to fix the way people judge you. Would you rather have 10 million dollars and look like crap or be on the edge of bankruptcy and look like a million bucks? I refuse to spend that kind of money to impress someone I probably don't even like or people I don't even know.
   
   Read this book, it will shed some clarity!

5 comments about Confessions of an Economic Hit Man.

1. I bought this book in hardcover a few years ago, and only read it recently after I started looking into why globalization has so many critics (despite its inevitability, and the fact that the IMF and the World Bank are benevolent organizations). I came away with the conclusion that Perkins is an utter charlatan.
   
   Put aside the big whoppers (that Perkins was secretly working for the NSA because he once interviewed there, that the CIA killed two Latin American leaders within a three-month period recently, or that the U.S. had no evidence against Manuel Noriega, who was tried and convicted in a public trial in Miami.) It is the small fibs that give him away.
   
   Perkins claims that he went to Brown on an athletic scholarship. This would make him the only person who has ever received an athletic scholarship from any Ivy League college, in history. OK?
   
   What does the U.S. hope to obtain when it coerces third world countries into signing crushing loan agreements that will bankrupt them with debt? To Perkins, it is leverage to obtain these countries' votes at the U.N. Huh? Since when does the U.N. vote on something in which the U.S. depends on the individual votes of Latin American and African countries? It's not like the U.N. enacts legislation that the U.S. is pushing. Perhaps Perkins was referring to the U.N. Security Council, where any member country can veto a proposal. Problem is, the third world countries he discusses are never on the Security Council.
   
   How about this one: the reason American economics professors do not teach the truth about what the U.S. does in the developing world is because American colleges are run by multinational companies, and these professors would be fired if they taught the truth. Seriously, I am not making this stuff up. Has Perkins ever heard of tenure? How does he explain Noam Chomsky or Howard Zinn?
   
   In the course of "Confessions," Perkins is visited in a dream by Jesus, who is actually a South American peasant. Shortly after 9/11, Perkins has a mysterious conversation with a Afghani pedestrian near Ground Zero in New York, and he explains the truth about American peridy.
   
   This is an utterly goofy book. I suppose it is what one would expect from someone who thinks that illiterate cultures can teach us how to travel through time. (My one star reflects that fact that I found myself engaged as I noted how many unbelievable claims leaped off the pages.) In the preface, Perkins described how one publisher recommended that he publish this as a novel. Any doubt why?



2. Thank you for talking John.
   
   Turn off your desperate housewives, and American idol long enough to see what is really going on in our world.
   
   Wake up people!



3. This was my first introduction to the dark side of globalization, so I was fascinated with the stories despite the author's obvious love affair with himself. I have read some of the other reviews attacking the book's credibility, but I believe that the despicable interventions into developing economies to make a quick buck are real. Why wouldn't they be? We see that sort of slash-and-burn capitalism rewarded every day in the US. Companies are bought, sold, and merged with no regard for peoples' jobs or local economies. Shareholders and CEOs are the only concern. I started with Perkins' other book on the topic, The Secret History of the American Empire, which is more of the same.
   
   That said, it is really important for smart people to start reading credible accounts of the failure of Chicago School economics, which will be revealed as one of the biggest frauds of our day and a true threat to democracy. Selfishness wins in the short term, but true self interest dictates that we invest in fair play, sharing resources, and placing justice above all. In the long run, the success of the community benefits the individual the most. Market forces do not naturally tend toward peace and equal rights, which people universally demand and deserve. Sorry to ruin the frat party.



4. I picked up the book in Abu Dhabi, where it was prominently displayed in that corpotacracy Western cultural imperialist bastion the "Virgin Megastore"... in Abu Dhabi Mall (built by Australian imperialist construction firms!!!)
   
   While I found part of the book interesting (he is a good storyteller, and his accounts of Trujillo in Panama in particular are fascinating) the book was incredibly disappointing as a whole.
   
   This is due primarily to:
   
   1. The lack of any substantive facts about his "EHM" work or the results of it, for which we are left to simply take him at his word;
   2. His deeply self-centered and dangerously oversimplified notions of how the world economy works, colored with further personal narratives of dubious factual quality and very weak sourcing; and
   3. The relentless self-aggrandizing and redemption-seeking that just kills the style and completely erodes his credibility.
   
   As a memoir naturally whole book is about the author, John Perkins, but this does not keep him from including an additional 4-page timeline of his life and his achievements, and 3 more pages about... himself. I mean, this guy has such an ego I am certain having lunch with him would be a nightmare, just from reading the book.
   
   
   Throughout the whole book, Perkins dubiously links himself to major world events, another reflection of his pathologically self centered world-view.
   
   In the chapter "Pimping and Financing Osama bin Laden", he somehow links his brief and negligible work in Saudi arranging an escort for an unnamed member of the royal family to Osama bin Laden.
   
   He links himself an his work to Osama via... a US News and World Report article and another article in Vanity Fair - which he probably picked up at a supermarket check-out isle.
   
   Overall the book weaves a decent story and provides an interesting look at some of the many evils of US foreign policy - but it is by no means credible, and by no means well balanced or complete.
   
   Perkins, based on his numerous other titles on Amazonian spirituality et al, may have had a bit much ayahuasca to remember all of the events clearly enough and as such, his book makes for a bit of a waste of time compared to the many other titles on the subject.



5. The British wore their empire proudly, we as Americans try to deny our dark side. Whether you finally choose to play down this dark side or come to the conclusion that things must change, you should at least read this insider's story and weigh his conclusions.
   
   What this story reveals is painful at times, but Perkins writes with an engaging and deeply personal style. What some reviewers are interpreting as egoistic actually is breaking new ground. His work is a twist on the traditional Calvinistic "confessional" tract: a call for a secular spirituality that can embrace and make demands on capitalism for the sake of democracy.
   
   It is hard not to feel jealous of Perkins, however, as he travels the globe with all his power, money, and privilege. It is as if he is a successful Faust: he made his bargain with the devil and yet has never had to pay his pound of flesh.
   
   Perhaps he has now made a bargain with the Light Side to speak and write and lead us all to find a better way. He's got his work cut out for him, since most of us participate in some way in the present system. We all need conversions. I basically trust the guy, but each reader must reach his/her own very personal judgments about his story.
   
   The way to read his story is with an open mind and heart: does what he is saying help to explain things you have read and seen? What defensive reactions are you experiencing and why? What inner work do you need to do to free yourself from the mentalities of empire? Or would you rather go on denying, willing to make the compromises of a hitman even though the world has had enough of that game?
   
   Or, perhaps, his piece of the puzzle is too dark, too one-sided, or not exactly what we need as a world right now? Is the truth too hard to stomach, or can it motivate us to change? Those who disagree with Perkin's call to change need to come up with their own way to understand the failures of the West in our engagements around the world. The statistics of failure are too stark. The cries of anger and pain are too clear.
   
   Just as our international corporations have pillaged other countries, this same corporations-government has blatantly pillaged us in Iraq. I was deeply offended as an American citizen by the irresponsible "use" of money. Their(our) behavior made it clear to me before I even read this book that this was business as usual for them, so I was not surprised by John's confession. Much of what John reveals is actually crying out in the newspapers and around us day after day.
   
   Ultimately, this is a book about spirituality. If we reflect deeply on what each of us have experienced, read, seen, and know about the present state of our society, and our corporate, governmental, and institutional culture, we have to admit that we have slid down the wrong track over the last decades and need to embrace change with courage, a clean heart, and a new commitment to our deepest principles and values.

5 comments about The Bin Ladens: An Arabian Family in the American Century.

1. I enjoyed this book a lot - It's a fascinating history of a family's rise from nothing to high influence in Saudi Arabia. Steve Coll and his team have researched this very well and provide a high resolution story of the Bin Laden family. By their close association to the Royal Family, we find out about the secretive ways in which decisions are/were made.
   
   The middle east is a vastly different place from any other on earth - here's a great insight into a very different culture. If you're into the history of interesting places that influence your every day life, this will not disappoint.
   
   Not sure why a previous reviewer felt compelled to review his life in Saudi instead of the book, but for sure the book is more interesting than his life.



2. Here are 671 well written pages about the family we wish we did not know. Unfortunately, the American (and World) public know of the evil Osama even if none of the other family members rest in our memories.
   
   Steve Coll gives us more insight into that family than we really need, but, we are craving to know. He does it so well that it does not take as long to read over 600 pages than one might think.
   
   The reader will be "pleased" when it is revealed that Osama's father died in a plane crash in 1988.
   
   Author of Mr. NewHeart (New Heart): Heart Attack to Transplant and Beyond
   
   
   I also recommend A Step of Faith - an inspiring story to help get you through the month.



3. What a tale. Except it is all true. Whereas Mike Moore threw out facts without much context, Coll provides well-researched history and explanations, making our weird relationship with The House of Saud that much more clear. And Murky.
   
   The Bin Laden Family is far more complex and interesting than I would have thought possible, and as alien and strange, when compared to western society, as you could imagine.
   
   This is an important book, one that provide the curious with information, background, and a glimmer of understanding as to how Osama became who he was, and how his family life, Muslim marital and divorce practices, and the strange, complex, and bizarre entity we know as the Bin Laden family came to be.
   
   The only thing worse than learning how US policies led to 9/11 is seeing how we have coddled and knowingly supported one of the most corrupt family dictatorships in the world - the Sauds. Eye-opening, fascinating and hard to put down. I highly recommend this book.



4. a must-read for those who missed the connections- or- those who want a insightful review of the rise to power of the el Sauds and the Bin Ladens in the Arabian peninsula in the last century



5. I think this is an incredibly well-written and well-researched book. Difficult to put down. The story of money, religion, politics, and history. Mostly though, it is the story of the "American Dream", Saudi-style: the success of one man's sojourn in search of a better economic opportunity.