5 comments about Rethinking the Great Depression (American Ways Series).

1. Based on new theories, Smiley has re-examined and re-assessed the forces that led to and prolonged the Great Depression. In clear non-technical prose, he shows what happened and why.

   This short book (163 pages plus sources and index) is divided into five chapters. Chapter 1 gives a brief overview of how the worldwide depression began and how it created a domino effect throughout Europe and the U.S. Nothing new here-- in fact, this is basic stuff any high schooler should know.

   Chapter 2 is a more detailed examination of the economic crisis and the forces which led to it. Smiley explains the situation in basic terms that anyone can understand, allowing us to see the tragedy unfolding step by step.

   Chapters 3 and 4 show how President Roosevelt (who had little knowledge or experience of economics) attempted to pull the country out of this deep economic slump. Though some programs were successful, some were not, and only serve to create a depression within a depression in the mid-30s.

   Chapter 5 examines the legacy of the governmental response, and how economic policies initiated during this period has affected this country for decades afterward, and how certain government programs still exist long after their usefulness has passed. An examination of post-war analysis shows how Keynesian economic theory and government studies have misinterpreted the factors which brought this country back to recovery. He also examines the question of whether such an event can happen again, concluding that-- based on subsequent economic downturns-- it probably won't, though it can happen again should future leaders ignore the warning signs and lessons of the past.

   A fascinating and rewarding book, even for those who have little or no knowledge of economics.




2. Smiley has done a fantastic job with this book. It is well organized and very easy to read. He makes a statement and then follows up with the data and information necessary to support that statement. The second chapter on the cause of the great depression is my favorite and after finishing the book I went through that chapter again to really drill the information in. This book should be required reading for all college students. I normally give books away after reading them but I won't be giving this one away.



3. This is a brief and relatively easy to read monetarist review of 'the great depression'. It is unclear to what the title calls 'rethinking' might refer. My guess is that the author is rethinking Keynes, but it might be FDR. Since the difference between Keynes and monetarists is subtle to all but Keynesians and monetarists, I wouldn't recommend this as a introduction to the subject, nor as a survey.
   
   The text presents a matter of fact narrative, starting in 1929 and ending with the war efforts of 1940. The author find the source of economic contractions (recessions and depressions) in monetary policy established on a country by country basis. These contractions were caused by a shrinking money supply which could be correlated to effort to maintain a fixed relationship between gold and the national currency. Unaware of the relationship between money supply and economic goals (full employment, growth, etc), both Hoover and FDR made the necessary economic correction prolonged and painful. According to the author, the misguided new deal programs started by FDR have taken on a life of their own. The problems posed by 'New Deal' government programs consumes most of the concluding remarks. To end the book, Smiley writes "What failed in the 1930s were governments, in their eagerness to direct activity to achieve political ends... Attempts to stop international financial markets from working through the gold standard brough on the depression. Government efforts to combat the depression ... made the depression much longer and more severe in the United States. Governemnt attempts to reshape American society ... helped create a depression with the depression.'
   
   Though one might think this come across as a polemic against FDR and what the author calls 'socialism', the author takes pains to show that everyone, including all the economists, misunderstood the 'depression'. Despite his confident narrative, the author doesn't exclude himself in this assessment. In a telling comment near the end of the book, Smiley states 'Still, our continued inability to develop econometric models that can accurately predict contractions means that we will not be free of them.' In other words, argues that no one knows what caused the depression. All he can do is point out the errors of various theories.



4. This book is simple, clear and accurate. I've turned to it over and over again and can't recommend it too highly. Smiley is especially good when he gets to the second half of the 1930s. I have one copy at the office, one copy at home and carry one around in my backpack when there's room. Also great: Jim Powell's "FDR's Folly," "The Great Depression" by Thomas E Hall and J David Ferguson, Allan Meltzer, and of course Friedman and Schwartz. Superb but hard to get: Lester V Chandler.



5. Considering the current economic environment, this book should be read by anyone who wants to understand the differences between what really happened during a very, very difficult time in history vs. the odious comparisons some have made to it in an attempt to describe our present crisis. I found this book by reading Amity Schlaes very good book, "The Forgotten Man." Her book drew some very interesting contrasts to Conrad Black's epic biography of FDR.
   
   Although an academic, Smiley writes so clearly and picks his themes so wisely that, like Amity's telling book, I now understand the Depression to have been unnecessarily prolonged by government intrusion and the unwise application of high taxes and tariffs.
   
   The book is brief enough and well researched so that I can hardly add more here other than to highly recommend it.

5 comments about Capitalism: The Unknown Ideal.

1. I find it strange that a reviewer would post that "Capitalism is Wrong" while typing it on a computer and sending it across an Internet to a website that is built on the back of that "evil" word. Do you see the contradiction?
   
   Those that actually read the book would have grasped the essential statement she made which was that she was not primarily an advocate of Capitalism, but of reason. Capitalism was just the natural conclusion.
   
   In any case, the collection of essays presented here are an excellent example of historical evidence as well as philosophical reasoning behind the idea that Capitalism is the only moral political system in existence.
   
   That may shock many potential buyers of the book, but Rand et al present a series of compelling arguments backed up with historical evidence that spans the nation's history to prove their point: Never, not once in America's history, did free enterprise capitalism ever cause ANY of the economic problems that have plagued this country. From the railroads, to the child labor laws, to antitrust regulations...all were caused by Government regulation and interference in the free market. It is a conclusion that one must read and study to believe.



2. This book contains an excellent collection of essays on the political branch of Ayn Rand's philosophy of Objectivism and is appropriate for anyone seeking to obtain a deeper understanding of her political philosophy beyond reading her novels. A few of my favorite essays contained within include:
   
   * What is Capitalism? -- Ayn Rand's delineation of Capitalism as a political system where individuals live according to the Trader Principle and have a minimal, but central government to prevent the initiation of physical force and fraud.
   
   * Antitrust -- Alan Greenspan's excellent essay that attacks Antitrust legislation as subjective, harmful and immoral.
   
   * Gold and Economic Freedom -- Alan Greenspan's essay on the need for objective currency. In particular, he suggests a return to a 100% gold standard.
   
   * Patents and Copyrights -- Ayn Rand's views on the necessity and morality of intellectual property rights.
   
   * Theory and Practice -- Ayn Rand's views on the invalidity of the "Mind-Body Dichotomy", which is also known as the "Theory-Practice Dichotomy" or the "Thought-Action Dichotomy".
   
   * The Wreckage of the Consensus -- Ayn Rand's views on the debacle that was the war in Vietnam. In my opinion, reading this essay really suggests how she would view the current war in Iraq.
   
   * Man's Rights -- in this essay, Ayn Rand discusses what individual rights are and where they come from. Specifically, she argues that rights come from the nature of man (not from divine origin, society or law) and what they mean in practice.
   
   * The Nature of Government -- this essay contains Ayn Rand's view on government's as an agency of force, how the only proper purpose for a government is to safeguard the rights of men, how the only legitimate functions of government are those necessary to preserve individual rights (i.e., police force, army and a court system) and the necessity for a strong, central government to serve as a final arbiter on the use of retaliatory force. This last point is in stark contrast to various anarcho-capitalists such as David Friedman and Murray Rothbard.



3. Ayn Rand, best known for her best selling fictional works outlining her own philosophy of Objectivism, presents a collection of thoughts on economics that provides one of the best explanations of laissez-faire capitalism available. Capitalism: The Unknown Ideal was my introduction to the Austrian economic school of thought and to this day, after considerable research on the subject, I cannot think of a better introduction.
   
   Rand, in combination with Nathaniel Branden, Alan Greenspan, and Robert Hessen, provides an admirable compilation of thought portraying the very essence of laissez-faire capitalism. The book is based on the founding principals of America and an understanding that "America's abundance was not created by public sacrifices to the `common good', but by the productive genius of free men who pursued their own personal interests and the making of their own private fortunes."
   
   If you resent the fact that your life is your own responsibility and no one else's, then you will not like this book. This will account for the less than perfect overall rating this book inevitably will acquire as there are many among the masses who just cannot accept that they might have to be accountable for their own decisions. Such thoughts clearly do not speak to the quality of the book, rather frustration with the ideals; an understandable and anticipated response to a book of this nature.
   
   Anyone seeking to understand the logical and objective ideals of laissez faire capitalists will discover all they are searching for with this book and I highly recommended this to readers and critical thinkers of all views of economic thought.



4. In my view, Ayn Rand's popularity during her heyday had much less to do with the quality of her writing or her thinking than the fact that the demand for writing in support of capitalism and individual liberty was much greater than the supply. She was born in Russia and was 12 when Lenin became the Soviet dictator and her father lost her pharmacy. When she finally arrived in 1926, she stayed and got some work in Hollywood as an extra and a script reader. She wrote some scripts and published her famous novella "Anthem" in 1938. By mid century she published the best selling books "The Fountainhead" (1943), which became a movie with Gary Cooper and Patricia Neal in 1949, and "Atlas Shrugged" (1957). She attracted a great deal of attention from the public and gathered some talented disciples.
   
   This book is a collection of essays by Rand as well a few of her more compelling disciples such as Alan Greenspan (yes, that Alan Greenspan), Nathaniel Branden, and Robert Hessen. The focus of this book is on the morality of Capitalism and, in my view is a mixed bag. Of course, I think that of all of Rand's writing. She is a compelling polemicist when attacking collectivism and on the righteousness of economic freedom and political liberty. When she extends her thinking to matters such as religion, altruism, copyrights, and patents things get much weaker. In other words, she is compelling the first few steps in arguing for capitalism, but when trying to use her ideas to create a society she becomes to narrow in her views. Her "objectivism" and focus on self becomes a hammer she uses to hit everything else as if it were a nail.
   
   Rand is still influential and controversies still surround her life and thought. For many people, she is a phase they go through when first coming to understanding their rights as individuals and free economic beings. However, few stay with her thinking for a long period of time. Some do, but most do not. I don't think you can recognize the Alan Greenspan in these pages with the policies he espoused as Chairman of the Fed (regardless of how you regard his tenure).
   
   If you are interested in Rand's political writing, this is a decent read, but I advise you to bring more than a pinch of salt as you read it. While some of her writing is powerful and persuasive, make sure you consider its implications before you jump on her bandwagon.
   
   Personally, I much prefer the conservatism of William F. Buckley Jr., Russell Kirk, and Whittaker Chambers, to name just a Conservatives who did battle with her during her period of greatest fame. Do NOT let anyone try to hang her around your neck as a foundational conservative thinker. She is not. She considered herself her own school (and her claims to being the greatest philosopher of all time have only become more laughable as the decades pass) and is not part of the conservative mainstream in American political thought. Reagan came out of Kirk and Buckley much more than out of Rand.
   
   Reviewed by Craig Matteson, Ann Arbor, MI



5. She certainly makes the case in a true poetic fashion. This collection of essays shows how brilliant of a thinker and writer Ayn Rand was. How she is able to expose the moral fallacies behind the current altruistic/collectivist philosophy is amazing. She puts into words the many things I believe many of us feel inside but don't really know how to express in words, or have been conditioned to suppress by our culture and schooling.
   This is quite an educational piece of literature. All to often, free-market and freedom advocates fail to make the moral case. They make the mistake of defending freedom and Capitalism from an altruistic perspective- it is the best economic system for the common good. But this is a mistake, as Ayn Rand points out, while that fact is ture, it alone is secondary to the fact that Capitalism is the only political/economic system that is compatible with individual rights. That is its true moral virtue.
   The Amazon editorial review is a disgrace! It is not an objective review, but a personal ideological attack. The statements made in that review are baseless and no attempt is made to justify them. Amazon should be ashamed!

5 comments about The Bible of Options Strategies: The Definitive Guide for Practical Trading Strategies.

1. I have several books on options, but this is the one book that I keep on using. Most option books spend too much time on how to price an option. Unless you are active in thinly traded options, the market will dictate the current market price. This book gets right into why you are interested in options. Each option situation is broken down so anybody with a basic understanding will understand. For each situation, he discusses the Greeks (the new hip way of talking about options), risks, pros and cons, as well as an example. The only subject this book seems to fall short is what to do when your position is not going your way and how to minimize your loss.
   
   I have a coworker that is interested in options and this was the only book I suggested he read.



2. This is the sixth book I have read on Options Strategies and by far it is the best I have read. Guy walks you through the construction an unraveling of strategies in a down to earth approach. First he explains how to build your strategies from a single option trade, and then to more complex strategies one leg at a time; to improve profits and reduce costs. He then explains how to monitor the strategy and best of all how to exit the strategy when it is doing well, and if not so good. I love his continual reminders of "don't be greedy". He does a very nice job explaining which strikes to pick for the strategy and why. Guy does a great job explaining the Greeks and how each Greek affects each strategy. This book is an absolute keeper for any options library.



3. This book lives up to its billing. It methodically explains and evaluates the gamut of options techniques from most simple to most complex. In doing so, it explains the rationale for using the strategy, the risks and rewards,how to set it up and how to unwind it. It provides useful examples and good common sense advice. Best book on options trading I have ever seen.



4. I started studying options about 2 months ago and this was one of the first books I purchased and it has barely left my side since.
   I have been searching the net endlessly for information on options and am still yet to come across an option strategy that is not in this book.
   It starts with a well planned contents section, allowing you to look up your strategy based on Skill level, direction and volatility among others. the 60+ strategies follow a well laid out, easy to follow structure, making even the more advanced strategies relatively easy to understand. Each Strategy shows the Risk, Advantages/Disadvantages as well as a step by step guide on exactly how to place the trade.
   While the greeks can be one of the more difficult part of understanding options the charts and explanations of the greeks accompanying each strategy are set out in a way so that even a beginner will find them not overly intimidating.
   While Im sure advanced traders may be able to point out features lacking its a cover to cover read for beginners(with a general understanding of Options Basics) and definately a handy go-to book for intermediates.



5. This hardcover should not be your first reading about options. It assumes that you are already familiar with options trading, and just want a reference book at hand.
   
   For each strategy, e.g. "Short Iron Butterfly", there is a description, context (outlook, rationale, net position, effect of time decay, appropriate time period to trade, ways of selecting the stock and options), risk profile, Greeks, advantages and disadvantages, ways of exiting the trade, and an example.
   
   However, the ways to select an option are not always adequately covered. For example, in the "short (naked) put" strategy, the author simply writes "Give yourself as little time to be wrong". The concept of Annualized Premium is not covered, there is no method given to select the best option from different strike prices and expiration dates. If you are interested in this technique, you can find it in "Options as a Strategic Investment" by Lawrence McMillan, chapter 19, or there is a special book "Using Options to Buy Stocks" by Dennis Eisen.
   
   You may keep this book as a quick reference, but if you didn't read anything about options yet, I have some recommendations. If you are not quite familiar with the stock market, I would suggest "The Options Course" by George Fontanills and Richard Cawood. If you did buy stocks already, then skim through Trading Options For Dummies by George A. Fontanills; or Options Made Easy by the same author as of the reviewed book.

5 comments about Stan Weinstein's Secrets For Profiting in Bull and Bear Markets.

1. This is an old book that was hard to find (I had a photocopied version). It has sompe personal experiences in stock trading. I was pleased to find it on Amazon.



2. This book educated me on understanding how a stock moves. There is healthy movement, and there is UNhealthy movement. Stan teaches you to buy stocks that will move higher. I can't stress enough that you SHOULD READ THIS BOOK. I learned a lot, and "YES" I do consistently make money in the market using what I learned from this book. I have read lots of other investing books, and for me, this was the book that put me on the path to making money.



3. Weinstein deals with breakout, realtive strenght and volume, has good suggestions for longterm / shortterm stop movement, while he is not interested in the quality of the company, it is a worthwhile read also because of his stock stages description that is also important for industry groups or the market in general.
   If you want to make it much easier finding stocks that might advance big time I would suggest to also read O'Neils "How to make money in stocks..." and focus on top notch stocks. But the stock stages focus of Weinstein is great, as mentioned in O`Neils book on when to sell, the quality of the stock -e.g. stellar growth outlook- is not important only price/volume action - a hint for DISTRIBUTION, in the stock market the future is now



4. While this book is insightful to individuals who have never utilized technicals for investing it is somewhat dated. Adjustments to the moving averages and use of various time frames would enhance its value.



5. We are in deep crisis mode now. And when you read a book, what was written just after 1987 black Monday crash, and understand, that author has survived, and more importantly - predicted most of the crashes - and now listen - also the start of the bull markets, this book turns out to be invaluable.
   And don't trust the reviews who say, it is outdated. Those are eternal truth and classics, that never will change.
   Now, why you would this book especially now? First of all, you would not lost anything, if you would use the authors system - you would be out of market already in september 2008.
   And more - now, once I am writing this, we are in stage 4, and the stage 1 is to come - I know 100 % - i will know exactly when is the time to buy, and there will be no emotions, or catching the falling knives - Weinstein tells it's all with a graphs, and easy examples.
   After all - you will at least stop loose the money, if not earn, after you walk away with this book. A must read

5 comments about No Logo: No Space, No Choice, No Jobs.

1. This book is extremely useful and important and has a lot of thing to do with society.



2. In mid-nineteenth century England, poet William Blake indignantly portrayed poor children sneaking a peek from the windows of the factories where they slaved fifteen hours a day, to watch the rich and beautiful cavort in the meadows with their hounds and horses. In the United States of the 1920's, Socialists reveled in contrasting the plight of the downtrodden workers with the opulence of the Robber Barons who lived off their labor. Today, to someone sensitive to the plight of the world's poor, little could be more repugnant than the contrast between the vulgar consumerism of the masses in the advanced capitalist economies and the lowly condition of the destitute third world workers who sew their clothes and craft their sports gear.
   
   Naomi Klein is a prominent spokesperson for those disgusted with this contrast between rich masses in the developed countries and poor masses in the backward countries, the former benefitting obscenely from the low wages and poor working conditions of the latter who work sweatshops on their behalf. Klein wrote in a period when Nike, Wal-Mart, and other mega-corporations were under severe attack for oppressing their domestic and foreign workers. She and fellow activists had hoped this anti-corporate upsurge might turn into a full-fledged revolt that would dramatically improve the lot of low wage workers around the world.
   
   In the second edition of No Logo, which appeared in 2002, she notes that "These struggles may seem slight in retrospect, but you can hardly blame us media merchants for believing that we were engaged in a crucial battle on behalf of oppressed people everywhere: every step we took sparked a new wave of apocalyptic panic from our conservative foes." (p. 110) This movement has now subsided, and much of No Logo is an analysis of what went wrong.
   
   Klein's main argument is that modern advertising is so powerful that it is capable of co-opting the anti-corporate movement and turning the aspirations of its supporters to it own advantage.
   
   "Our sworn enemies in the `mainstream'---to us a giant monolithic blob outside of our known university-affiliated enclaves--didn't fear and loathe us, but actual thought we were sort of interesting. Once we'd embarked on a search for new wells of cutting-edge imagery, our insistence on extreme sexual and racial identities make for great brand-content and niche- marketing strategies. (p. 111) Culture jamming, the attack on corporate logos in massive demonstrations of disaffected youth, enjoyed a vigorous presence in this period, Klein notes (p. 287), but its major themes were quickly adopted by the advertisers to sell more stuff. (p. 297). Nothing, it would seem, can dent the sophisticated façade of the taste-makers.
   
   Naomi Klein is a fine writer with a real social conscience. While she wears this conscience on her sleeve, she never lapses into a strident or sanctimonious style. She hasn't a clue to the real nature of the phenomena with which she is dealing, however. Her major thesis lacks even prima facie plausibility.
   
   This thesis starts with the important insight that the success of the modern consumer goods corporation depends on its brand name reputation and sales, and hence can leave the actual production of consumer goods to a myriad of out-sourced factories and workshops. "Successful corporations," Klein writes, "must primarily produce brands, as opposed to products." (p. 3) The reason such firms as Nike and Wal-Mart locate production in low-wage third-world sites is, to quote: "When the actual manufacturing process is so devalued, it stands to reason that the people doing the work of production are likely to be treated like detritus---the stuff left behind." (p. 197)
   
   There is little plausibility to this argument. Is it not reasonable that in earlier times firms produced goods in the home country because they had great regard for their workers. They did so because home-country workers provided lower unit labor costs. Contemporary firms locate internationally when they think they can make higher profits that way, not when they lose respect and regard for their domestic work force. Moreover, aside from a fringe of activists, consumers are generally not willing to pay significantly higher prices for goods in order to benefit third world factory workers. This is not because people are selfish, but rather because the low-wage workers who produce their clothes and shoes have little impact on the daily lives of consumers, and only the most concentrated political agitation can raise this impact, and then only for a short period of time.
   
   It is also doubtlessly true that even a sustained effort to raise the wages of sweatshop workers would have little effect on the rate of poverty in third-world countries. More effective by far would be by the World Trade Organization succeeding in lowering tariff barriers against the import of third-world agricultural products, and by socially progressive groups and governments subsidizing third-world movements for democracy, representative government, civil liberties, the right to unionize. Klein correctly notes in regard to her study of the struggle of Philippine workers: "Because the Workers' Assistance Center's chief mission is to empower workers to stand up for their rights, WAC organizers don't much like the idea of Westerners sweeping into the zone brandishing codes of conduct, with teams of well-meaning monitors trailing behind." (p. 439).
   
   Like many progressive supporters of the third world poor, Klein's instincts are anti-globalization and even anti-market. Commenting on a picture of economist Milton Friedman being assaulted by pie-wielding demonstrators, Klein identifies Friedman as "architect of the global corporate takeover," and asserts that he is getting "his just deserts." (260) Friedman's strident free-market rhetoric is of course quite over the top, but in fact, third world countries that have attempted to compete in the world market place rather than shelter themselves from it have done quite well, and the recipes of Klein et al. are, conversely, doomed to impotence and failure. The idea of offering sweatshop workers decent wages is a wonderful one, but suggesting that this might be a way to improve the lot of the poor in the world economy is ludicrous. Perhaps a country with mountainous oil revenues can play at sounding anti-capitalist (e.g., contemporary Venezuela), but the future of prosperity in virtually all poor countries depends on developing markets and state institutions that support markets in a synergistic and democratic manner. It is up to us to help them attain this, rather than feeling good about ourselves because we pay an extra few cents for "fair trade certified" coffee beans.



3. No Logo is a well researched book that documents many of the things that are wrong with our consumer culture. While "No Logo" is definatly worth your time Klein's argument has one reoccuring flaw. She draws links between different phenomenon without showing how they relate to each other.
   
   According to Klein the switch from advertisements focused on quality to appeals to emotion made the brand more important than the product. In order to more effectivly manage the brand companies began outsourcing the task of actually creating the product, often overseas.
   
   This is where Klein's argument comes apart due to causal relationships that are not satisfying. She blames the poor working conditions found in many third world factories on the culture of brand awareness itself. Rather than focusing on the very real economic and legal issues at play Klein chooses to focus on describing how people have attacked advertisements and other symbols.
   
   While individuals should be encouraged to be active in righting wrongs Klein's idea of constructive actions are laughable at best. Drawing mustaches on advertisements or bloacking traffic with impromptu street parties do nothing to help the plight of workers in the third world. Klein's prescriptions for change are perfect for those who want to feel as if they are making a difference without making actual sacrifices.



4. Great book,just loved how it made me see the things that were so much part of my life and that I wouldn't question.
   
   Now my views are different, I catch the logos, I catch the subtle messages, I catch the hidden messages that drive me into the consumer that I am, and understand better why, how and who is behind all of it.
   
   This book is well researched, and even if written almost ten years ago, not much has changed in the world of marketing and how we are tricked into buying the things we don't need from across the world.
   
   A great read.



5. I found this to be somewhat of a depressing book. I never really understood the full concept and ramifications of "branding." What you may think is a tiring sequence of commercials and have a more nefarious background. Naomi Klein paints a rather bad image of the corporations on how they exploit third world nations to their own gain. Free Enterprise zones sounds really good but usually end up being a place where corporations can skirt laws about unionizing, worker safty, and the environment.
   
   I remember reading the issues of the garmet industry 100 years ago and yet many of the same tactics are in play today. What is sad is the fact it can go on because the people wish to have their trinkets and cloths for the cheapest rate possible.
   
   I thought was interesting is the effort of branding and I don't know if it was a factor but to develop and defend a brand; it would make sense to shed production to "free enterprise zones" to where you can reduce your labor costs to .23 an hour. The savings allows for further marketing efforts.
   
   One thing that disappointed me was the truth of the efforts of the Kenyan marathon runners attempting cross country skiing. Rather then being people who thought "I would like to try this" it turns out to be nothing more then a marketing stunt by Nike.
   
   Much of the book delves into Nike and Phil Knight. Basically he can be labeled as the poster child for sweat shops and branding.
   
   A surprising revelation was Kathie Lee Gifford and her act of contrition over the fiasco of her clothing line using sweat shops. She actively tried to to change things while the saintly Michael Jordan simply shrugged and said his job was shooting hopes and not politics when confronted with Nike's actions.
   
   I found the section about Shaq and Nike interesting. I remember when Shaq entered the scene and many thought he was the successor of Jordan for Nike. It turns out Shaq decided to develop his own brand and studied a little marketing and when Nike found he wasn't going to fall in line, they decided against him.
   
   I have often heard and argument in defense of sweat shops. Basically, they improve peoples lives by giving them options they would not have. After reading Klein's descriptions of "free enterprise zones" I don't understand how indentured poverty is better then poverty.
   
   The final chapter on culture jamming and the efforts of people to show the seedy sides of corporations was interesting and it gave a small sense of hope after reading the doom and gloom of the previous chapters. I used to think the WTO protesters were nothing more then anarchists who were just want to trash the area where ever they went. However, through Ms. Klein I have a different view point.
   
   All too often the phrase of power and corruption comes into to play. When great money is at hand the "moral" system changes to suit the needs of money. Often you hear the free market argument of if you don't like what the company does, go to the competitor. The problem is they are doing the same thing. When Nike fell from grace, the competitors rose to take it's place in the same actions.
   
   The chapter does make the case that the best way to make a company act in a "moral" standing they often like to portray is to bring attention and educate people to the ramifications of their purchases. It can be a powerful weapon as a quote in the book pointed out "It can take 100 years to build up a brand and 30 days to knock it down."
   
   There are many defenders for corporations but people should think about a comment in the book where it was said Nike thinks you are worthy to purchase their shoes but you are not worthy to make them.
   
   All in all this book is a "must read" no matter what side of the argument you stand. It is a well thought out and provocative to read.

5 comments about The Price of Everything: A Parable of Possibility and Prosperity.

1. Though presented as fiction, this is the best (and most painless) primer on free-market economics I have ever read, and have been recommending it my friends to help them understand free-market thinking. It is very well plotted, flowed seamlessly and was a joy to read (and re-read). The protagonist is a Stanford economics professor named Ruth Lieber and the novel recounts her discussions with students both in her seminar and beyond.
   
   The very best characteristic of this novel is that most of the characters who are at least initially unsympathetic to Prof. Lieber's free-market viewpoints are treated fairly, and presented as honorable persons of intelligence, passion and compassion. This stands out in our otherwise horribly fractured society in which so many, on all sides, labor mightily to demonize and excoriate anyone daring to adopt contrary points of view. It is possible, even likely, that an advocate of the students' positions could have put more persuasive or poignant arguments in the mouths of their fictional proxies. The simple fact that the author tried and succeeded in making their viewpoints seem plausible and honorable demonstrates that he respects his adversaries and their views, even though he disagrees with them. Do you remember when adversaries could politely disagree, without resorting to distortion and vitriol?
   
   I tend to dog-ear pages that contain points worth pondering, writing worth remembering, and for easy access to useful examples that I might wish to revisit in a subsequent session. In my library, the average book has three or four pages so marked. I found that I had dog-eared so many pages in this gem that it is the untouched pages that now are easier to find in the book, if only because there were so very few of them.



2. I was really hoping to enjoy this book, but when I actually began reading it, I understood all over again why Didactic Novels (novels written to teach) are never good novels.
   
   There was an additional irritation: all of the basic economic facts were taught "Socratically" as if the student were a small child. But the student in this "novel" is the child of an emigre Cuban, currently attending Stanford. It seems almost unbelievable that the Great Economics Teacher should need to explain to her "student" that Cuba is, to put it mildly, not working very well. Even worse, the Great Teacher pretends not to know whether the Cuban failure is due to Castro and his tyranny, or the totally ineffective US embargo. (Cubans buy anything they want from Mexico, duh).
   
   A much more interesting read is "The Best Book on the Market." It's just better in every way. It's probably better, even for children, who hate being talked down to.



3. This book exceeded my expectations. It gave me a few key points to make when the topic of "price-gouging" comes up around here (it always does.) I did not find it too preachy or obtrusive, I thought the story was coherent, and the characters likeable. I liked the questioning style. And really, any novel where Castro dies is going to get an above-average rating from me.



4. Excellent book! Want to have an understanding of economics beyond "those darn oil companies are price gouging" AND be entertained with an engaging story? Then read this book!



5. The story builds itself around the ongoing dialog between an economics professor Ruth Lieber and Ramon Fernandez, a Stanford student of Cuban origin. Observing a large corporate (aptly named Big Box) jacking up prices of necessities after an earthquake Ramon turns sympathetic to labor activists. Ruth explains to him wisely, compassionately, and in detail that there are many more factors (and results) that are in play behind the incident.
   
   The author as he evinces in the book's afterwords is an admirer of the economist Friedrich Hayek and of emergent systems. Ruth's words to Ramon are basically descriptions of the intricacies and the beauty of emergent systems.
   
   While I can claim that I've learned how to appreciate emergent systems better, I can't really say that I enjoyed how the author delivered his story. I felt the book wasn't really a piece of fine literature as the praises on the back cover of the book claimed it to be (and there were many, from luminaries Paul Romer, Vernon Smith, Nassim Taleb, and Deirdre McCloskey).

5 comments about Competitive Strategy: Techniques for Analyzing Industries and Competitors.

1. I recommand south asian to refrain from ordering books through amazon because u will never receive the order.
   
   I placed order for this book in the beginning of November now more than a month still i didnt receive the book



2. As one of my University of Minnesota-Carlson School of Management professors once stated, "Every marketer must read at least one of Michael Porter's books." Once school was out that summer, I took my professor's advice, I read "Competitive Strategy" and continuously find myself referring back to it over and over again. It is a truly timeless wonder on competitive strategy. I recommend it as a must read by every b-school student, business owner, c-level executive, and marketing professional.



3. When I first read the book in spanish it was like a guide to follow. After 12 years of practice in business consulting. Re-reading it in English was enjoyable because, apart from its examples. My internal dialogue was bringing to my mind my own examples. Aditionally, it was fantactic to discover how much the corporations cited in the book has evolved after 28 years.



4. This is a great tool for people in the industry, graduate students, anyone wanting to climb the corporate ladder. Read it times over and you'll find interesting points, applicable to personal career as well as corporate strategy. Straight forwward analytical set of tools.



5. It is nice when you see a book that takes the word "strategy" seriously these days.
   
   Although written a while ago, the reader finds it talking about what we see today. Understood and applicable by both layman as well as specialists without over-simplification of the framework-based books we find today and without the complexity of others of larger than life strategists.
   
   Although written a while ago, we still see it being referenced everywhere, and deservedly so.
   
   It is a nice read.

1 comments about The Forever Portfolio: How to Pick Stocks That You Can Hold for the Long Run.

1. How often do you laugh out loud reading a finance or business book? Not often? Then, you should give this book a read, and I don't mean that in a pejorative way.
   
   In one of the last chapters Altucher writes about the potential for a TV channel that exclusively covers people getting tasered. Once you read this book, Altuchers' description of this idea under the context of that particular chapter might have you laughing to. I found a couple of other instance to chuckle at throughout the book. But, on a more serious note, the book contains some good ideas.
   
   Not only does Altucher write about some long term stocks and industries that have demographic tailwinds, but he also brings home the point that, while the world can be a dirty, unethical and tragic place, one cannot let those negatives swamp the positives, particularly with investment ideas.
   
   World running out of fresh water have you worried? Instead of worry about the problem, why not just invest in companies that deliver and produce clean water? Not only might you make some money, but you'll also be providing capital to companies who might successfully address the very issues that have you concerned.
   
   Worried about cyber attacks or getting into a car accident? Well, don't let your intellect get in the way of making money for yourself. Why not invest in companies that thwart attacks or recover totaled autos? These companies have businesses that will survive well into the future.
   
   Altucher also writes some about closed end bond funds and dividend yielding stocks as being solid long term investments and also mentions the benefits of knowing what companies super investors and activist are accumulating positions in.
   
   The one thing I was not really persuaded by in the book was the idea of investing in companies that are trying to develop vaccines. Sometimes vaccines end up being bought exclusively by governments, which isn't always the best customer for a business to have. Cancer vaccines: so much effort over the years and still so few results. I would prefer genetic testing companies. Find a company with lots of IP protection that will be the first to sequence your genome for a moderate fee; that would be a real winner.
   
   It was an enjoyable book to read and I would recommend it.

5 comments about Empire of Debt: The Rise of an Epic Financial Crisis.

1. I love this book. I must have read it thru ten times already.
   
   Don't let the title scare you. Bonner and Wiggin bring a dull subject to life with an irreverent but refreshing take on history.
   
   "Would the nation be better off if Lincoln had not slaughtered so many Southerners?" they ask. "Would world history have been worse if Wilson had not meddled in World War 1."
   
   Political correctness is cast aside. Party propaganda is ignored. National heroes get skewered. "The most popular American presidents were those who stole most beautifully," they intone, describing the logic of democratic larceny. These guys love to poke fun at pompous politicians.
   
   The authors do get serious. After relating the rise and demise of past empires, they report that America is headed for the same fate. She has moved away from her founding principles, away from the freedoms of republic and into the clutches of empire.
   
   With the inexorable rise of the state come delusions of grandeur and pseudo patriotism. Government intrusion crowds out free enterprise. Civil liberties are tossed in favor of fast money. Original thought gives way to corporate cool. History is relegated to the dustbin.
   
   We are consumed with the running of empire. We mind everyone's business but our own. We shred the Constitution for wars without end.
   
   Wave good-bye to the American Republic. Say hello to the Empire of Debt.



2. I just finished the book in time to turn on the news that my bank, WaMu, has been seized and sold in one motion. Now the boys in Washington are telling us that they were caught by surprise and have to craft a solution that needs to be passed in days if not hours. President George "Chicken Little" Bush has appeared to tell us that we will face the fires of hell if we don't pass his (and his cronies) best guesses at a solution. Hmmm, WMDs anyone?
   
   Bonner and Wiggin predicted the whole thing well in advance and since I don't subscribe to the divine revelation theory of economic analysis it is clear to me that the situation was clear to others as well. Evidently none of those people were at the SEC or in goverment until yesterday. Glad they could show up but I am seriously frightened by what they might do now that they are belly up to the bar.
   
   We, as a people, have got to get educated and yesterday would have been a good day to start. This book is an example of the information that is available. It is up to us to begin to us it.
   
   Bonner and Wiggin recommend gold but that is clearly indicated to be a strategy available to the less connected and less sophisticated investor. For the savvy folks who are in Martha Stewarts phone tree, they recommend investments in companys in contrast to stocks. The company performance is the criteria, not the stock and they require different approaches that are explained in the book. The basic difference is the amount of effort and the methodology for investment. Personally that phone tree looks pretty good to me...
   
   Good luck everyone.



3. Bonner can turn a phrase but his arguments get old after about half way through. The book is also dated. Instead of this one, try "Mobs, Messiahs, and Markets," where he has an outstanding writing partner in libertarian journalist Lila Rajiva. It is much better written on every level (especially if you like savage humor) and speaks to the current crisis in a very sophisticated but accessible way.



4. A prognosis most Americans have not wanted to hear for decades (until now when sadly the disease can no longer be ignored). Philosophical but easy to read for anyone willing to expend a little thought/effort, and read with an open mind. Almost everone who reads it will find something offensive to their perceptions of the world we live in, but that's the point. Some might see this as gloom & doom but it's excellent at cutting through perceptions to expose realities; and perhaps more important how reality and perceptions so easily and stealthily diverged from one another.
   
   I don't agree with every cause and effect or conclusion but overall Bonner is spot on. As a treatise to show the ill effects of blind trust, overreaching government, misleading press, ignoring history and human frailities - this would make excellent reading in HS or at least college where we want to teach that it's not just OK to challenge conventional wisdom and leaders, but that our long term freedoms rely on us doing so.



5. Unlike other doom and gloom books on American economy including "the Demise of the dollar","The Collapse of the Dollar and How to Profit from It", "The Bust Ahead", or "America's Financial Apocalypse", this book provides more indepth analysis and commentary about American economy, consumerism culture, and politics from a historical perspective. It's a 384 pages book, if you have plenty time and enjoy reading about economy and history like myself, you will enjoy this well researched and written book.
   
   There's no specific investment advice in this volume, but you do find gems and wisdoms about investing here and there. The major theme and idea of this book are succinctly summarized in much less pages in the newly released book and documentary/DVD "I.O.U.S.A."

5 comments about Emerging Real Estate Markets: How to Find and Profit from Up-and-Coming Areas.

1. Awesome! Wish I had read and applied this book 2 years ago...before the market started its crash. As the owner (once proud) of 45 homes...some appreciated 100% in 2 years -- but due to market cycles -- now I am wishing I had a crystal ball. Well Dave gives you the understanding to have your own crystal ball!



2. This book is the BEST I have read in a very long time regarding market timing entrance and exit based on US geography. Dave is an "expert" investor that speaks with authority on the subject. As I read along I realized all the mistakes I have made over the years. If I only had this book 5 years ago! Great job Dave!



3. Several years ago David Lindahl was a eager young student of Marc Garrison the author of "Unlimited Real Estate Profit". David even appears on Marc's 21 DVD course. What David has done with his new book is to rip off Marc's work on emerging absorption markets. You should go to Marc's website narei.com to find out more. I would encourage you to read his website selection "The Fifth Migration" and "The Garrison Cycle". Marc started investing in 1978. His profit from his real estate paid for 2 undergraduate degrees, an MBA, then he started work on a Ph.D. in real estate economics. That academic study led him to an understanding of which markets to invest in, which ones to hold in, and which ones to sell in.
   
   I met Marc on one of his BuyingTours. Talk about fantastic. For the past 22 years Marc has knocked home run after home run in 18 new absorption markets. In July of 08 he will open up his 19th emerging absorption market. If you want to be sold / telemarketed contact David Lindahl.
   
   I far prefer Garrison's style - when you call you can talk with Marc if he is not busy. But, if he is busy he will personally call you back as soon as he can. I have studied under 7 or 8 Gurus to date. Marc is the only one that I have ever been able to personally talk with. Marc is a breath of fresh air in the sweat shop hard core telemarketed snake oil sales routine.



4. My god...I read entirely too much!! Now, I'm not going to lie to you and say that Dave doesn't plug his bootcamps and stuff however, I can honestly say he is the real deal. The dude knows his stuff!! I think the title, "Understanding Real Estate Market Cycles and How To Profit From Them", would have been a little better though.(but what do I know)
   Nonetheless, it's a great book and a good introduction to Dave and his methodology.
   Can you read his book and then go out there and do it? It depends truthfully. Are you the type of person that needs someone to hold their hand and walk them around the block to show them the scary spots....or are you the type that can realisticlly pull themselves up by their own bootstraps and is willing to stumble a little?
   Personally, I'm an active real estate investor in both SFR and multi-family units (duplex, tri, quads) and I still go to seminars and learn the ropes before venturing too far out.
   Hey...in a nutshell...BUY THE BOOK READ IT DO IT!! Geez, it's only $20 bucks.



5. Reviewed by Carol Hoyer for Reader Views (10/08)
   
   While "Emerging Real Estate Markets" is a very informative book, the reviewer did not find anything different than most books like this she has read. Mr. Lindahl has a very straightforward approach that leaves no questions. However, the one concern is that many first-time investors will not have the income or desire to purchase multi-apartment units.
   
   The author takes a potential investor through four phases of the buyers' market, from oversupply of properties to the selling of your properties. He gives examples of how to do this, as well as what to avoid. One chapter discusses red flags of property management companies. Examples of this include higher than average vacancy; increase in notice to vacate and not completing deferred maintenance.
   
   Chapter 8 discusses the 10 biggest mistakes investors make and how to avoid them. This was interesting, but the reviewer felt it was pretty much common sense. Overall, I felt the book was an interesting read; there were many points that were quite valid. However, several times readers were referred back to his website to obtain more materials. I think a good self-help book like "Emerging Real Estate Markets" by David Lindahl would give you all the information you would need to have a basic knowledge.