5 comments about Paying with Plastic: The Digital Revolution in Buying and Borrowing.

1. In this history of payment cards, David S. Evans and Richard Schmalensee provide an amazingly lucid account of a couple of unusual business models: the "two-sided platform," which in the use of payment cards means walking a tightrope between the interests of merchants and consumers; and the "co-opetitive," in which the bank members of MasterCard and Visa cooperate in developing industry practices while competing for business. The authors, who are both former Visa consultants, sound like your favorite college professors - up to date and extremely sophisticated, yet friendly and anecdotal (at one point, they describe a Shell gas station near MIT to make a point about competition among cards). They typically begin chapters with easily understood notions from which they methodically build complex structures of ideas and information. Another virtue of the book is its concreteness - although that occasionally devolves into repetitiveness - starting with an explanation involving electronic signals and following the paper path of what happens when you hand your credit, debit or charge card to a cashier. The authors even consider the design and manufacture of the cards themselves. We recommend this book as essential reading for those in the banking or payment card industries; and it's not a bad idea for card users to read it - which these days means you...and just about everyone else.



2. It is a very difficult and ambitious task to write a book about an industry combining indispensable facts and history, fundamental business aspects and subtle economic insights. Yet this is precisely what the authors have done for credit cards, the digital quantum leap in the evolution of payment instruments. It is a very rewarding and fun read, providing the equivalent of a comprehensive 3D animated view of the organization of credit card companies (not-for-profit associations like Visa or for-profit firms like American Express) and of the complex ecosystem that surrounds them: banks, merchants, cardholders, regulators, ATM networks, etc.
   And the "lens" of "multi-sided platforms" that Evans and Schmalensee use to conduct their analysis turns out to be so appealing and insightful that one wonders how economists, policy-makers, business people and even casual observers managed to make any sense of this industry before.



3. Paying with Plastic first edition has been revamped, rewritten and repositioned here with edition number two.
   
   Most important, Paying with Plastic "2.0" addresses new developments of online payment processing. The authors correctly begin to question the requirement of a merchant set top box for reading "antiquated magnetic stripes".
   
   "Old is new" item #1. Frank McNamara's Diners Club platform would cost about $50,000 to set up today. What's the next mutiny of merchants?
   
   Old is new item #2. Sears starting up Discover and getting to more merchants tha American Express -all within 2 years. Moore's law (doubling within time) would suggest the next Discover would ramp up in less time.
   
   Old is new #3. Industries in decline, lobby best. The payment industry's recently raised interchange rates. Does technology cost more?! No, but growth is stagnant.
   
   Old is new #4. Whoops, John Reed (ex-ceo of Citibank) pulled their Visa membership (p14) and moved the Mastercard logo to the back. Why?! Pull the entire Citi into a closed loop - Citi wanted to be like Amex and Discover. There will be more banks doing this like Chase (Octogon) or MBNA (PayPass).
   
   Old is new #5. Wal-mart as a bank. See Sears above in #2. Wal-marts pays fees to V/MC/D/Amex but they'd rather charge fees and lend money. Why just make $2.00 on the VCR when you can make $10 on the financing. By the way, I like the payment system name, "Wallycard"... just kidding.



4. I loved this book and how the author talks about the fine points of credit cards and how American consumers got hooked into it. A terrific read and it is money well spent, although FREE shipping would have been nice!



5. If you work in the payments, credit card or finance industry this book is great. It has a very easy to read history about credit cards, who knew Diners Club invented the category in the 50's. But more importantly is how the industry is moving forward and progressing.
   
   Overall, this is a book you read if you need to, but I can't imagine anyone outside the industry reading it. You would have to be the most intellecually curious person in the world if you read this cause you were interested in how credit cards work.

5 comments about How to Attract Money.

1. I really enjoyed reading this book, because it taught me how to attract money through spiritual means. The author includes helpful examples and practical exercises which will teach you how to reprogram your subconscious mind to attract more prosperity into your life. This book is especially helpful if you seem baffled by the lack of money in your life, for the answer often lies in your subconscious beliefs. Robert shows you in very simply, easy-to-understand manner how to change these beleifs and change your relationship with money. Highly recommended!



2. thoroughly enjoyed this tape don't any more money, but have some great new money making ideas



3. If you've read The Secret this book is a smart one to choose next. You can attract money or whatever it is you want/need to be happy. Teaches you how to visualize. An excellent read.



4. I've read so many books on spiritual ways to attract money, affirmations, etc. This one is poor in comparison. The title drew me in, but it talks more about everything else rather than how to attract money. i think this is an example of a book where the publisher changed the title to get more sales. The author doesnt even practice what he preaches, he even adds plenty of limiting beliefs when he teaches you how to invest (like the real estate market is not as great as it used to be. WRONG there are still plenty of people making tons of money in RE all over the country), He shouldn't be talking about investments in the first place because he doesn't seem to have a firm grasp on the subject. This book is really all over the place, it did not help me to focus at all because it was itself a mess.



5. Your mind can be a powerful wealth-building ally, especially in this negative economy. In his classic book How To Attract Money, Robert Griswold shows us how the mind is truly a moneymaking wealth building machine. This book is about more than positive thinking; it's about positive doing!
   
   Written fifteen years ago the information is as valuable (if not more valuable) today. In my opinion, a wealthy mindset is vital to acquiring abundance and wealth. How To Attract Money by Robert Griswold shows us how to use the creative powers of our mind to make more money. Acquiring and keeping wealth is a blend of belief, mindset and consistent positive action. This book shows how to put all these wealth-building pieces together.
   
   Robert Griswold gives us a thorough and hands-on approach for attracting money. How To Attract Money is about taking control of your moneymaking mindset. Sitting around thinking positive thoughts is nice BUT they won't make a wealthy difference in your life without the second component - taking consistent positive action.
   
   In my opinion, How To Attract Money is especially useful because of the in depth hands-on activities. If you're serious about using the power of your mind to change your financial life, you'll have to commit time to working the activities. This book is only as valuable as the time you're willing to put into it. You control your financial future by the emotional and physical actions you're willing to take.
   
   Robert takes us step-by-step to help reprogram the emotional and often unconscious negative prosperity tapes that limit our ability to become more prosperous, rich and successful. In order to appreciate the full value of this program you should plan on committing time to work each chapter. You'll find affirmation, visualization, self-image and goal setting activities. It's filled with positive and powerful information but it will take time to put them into everyday practice.
   
   The quote from the back cover says it all, "You can eliminate the roadblocks to prosperity. Create your own luck. Free yourself from financial limitations. Maintain your wealth and live a happier life."
   
   In a nutshell, it's up to you to take the action that will make your life financially secure. There are no magic bullets. There are though, resources to provide you with guidance and options. It's your choice to decide what works best for your life. I've heard it said many times before, change your thoughts and you'll change your life.

5 comments about Managing Credit Risk: The Next Great Financial Challenge (Frontiers in Finance Series).

1. The authors make for a particularly impressive team of credit risk experts and Professor Altman in particular is a global authority on the subject. The book does not disappoint, and provides a first-rate overview of the field as it is currently emerging. Of particular interest to this reviewer were the chapters on the new credit risk models such as CreditMetrics, KMV and their brethren. There are also some informative chapters on default and recovery analysis and credit migration. However, like so many financial books on the market these days, there is little guidance on the practical implementation of the various approaches described in the text. Overall, "Managing Credit Risk" is a very useful work but for this kind of money I would have expected more than just a foot in the door!



2. This book popularises the new portfolio management approach to managing loan portfolios.The attempt is to mark the value of loans to market. This assumes a vibrant market for securitised loans , strips etc.It is a very good introductory book an the subject which is now evolving.It should be read by regulators and those who have supervisory roles.It is easy reading not much encumbered by obscure mathematical equations
   This is good value for money and should be on every credit administrator's bookshelf



3. While the recent comment "Comprehensive Resource on Credit Risk Management" is very good in many ways, I wish it explains more in the low yielding instruments, like the wit it shows in the treatment of high yield.



4. This book is good overview on current status of the credit risk management. I recommend it to those who need to get quick overview on what it takes. It compares classic credit analysis with new approaches, explains the credit culture etc. However this can not be used as a single source of information. You will need additional books. Do not expect to get mathematical formulas in this book. There is only very few of them, which is benefitial here, because the book is easy to understand. What you will get is a vision on how the credit risk should be managed. If you seek specific advices on how to manage credit risk than there are better books like Managing Bank Risk: An Introduction to Broad-Base Credit Engineering from Morton Glanz.



5. This is a good book for those who want to have quick and easy introduction to credit risk measurement and management. It not only introduce different theories of credit risk approaches but simplifies many concepts that are being used as buzz words on resumes. Best part is it is written in simple format that can let reader read from cover to cover. Hope this review helps

1 comments about Toward a New International Financial Architecture: A Practical Post-Asia Agenda.

1. Eichengreen clearly demonstrates a comprehensive understanding of the international financial structure. He provides conservative and realistic criticisms for the reformation of the IMF. The Institute for International Economics should be proud of his nonpartisan attempt to quantify economic and financial theory into reliable, real life circumstances. This publication, like many other publications by the institute, is overtly academic and may not represent the best option for readers with no formal backqround in economics or finance. It is perhaps most relevant for government and corporate policy makers, academics, and those with a serious interest in international finance.

No comments about American Credit Repair: Everything U Need to Know About Raising Your Credit Score (American Real Estate).

No comments about Optimal Monetary Policy Under Uncertainty.

No comments about From Gold to Euro: On Monetary Theory and the History of Currency Systems.

2 comments about Getting Paid: How to Collect from Bankrupt Debtors.

1. Overall it is a very informative book. However, I wish it would expand on how to file adversary complaint and other more aggrssive approach from getting pay by the bankrupt Debtor if they fall under some of nondischargeable terms.



2. This book was intended to help the professional learn how to collect from bankrupt debtors. A review of current bankruptcy law that is applicable to this area is included. Some collection law is included also but the reader has to be knowledgable of collections laws for local, state, and federal to be able to collect from the debtor without violating the law. Ability to evaluate the value of an asset is needed as well as legal procedures to be able to utilize this book's information. The actual collection methods used are the same as are included in other collections books.

No comments about The Year of the Euro: The Cultural, Social, And Political Import of Europe's Common Currency (Contemporary European Politics and Society).

5 comments about A Term at the Fed: An Insider's View.

1. If you are looking for a tell-all confessional about the wild coke-filled parties that take place before meetings of the FOMC, this book will be sorely disappointing to you. But if you want to be reassured about the level of economic discourse at the meetings of the FOMC, you will also be disappointed. More than one academic economist has commented on the low level of economic discourse in Washington (see, for example, 'Peddling Prosperity' by Paul Krugman or 'The Roaring Nineties' by Joe Stiglitz). This book will do little to disabuse readers of the notion that most economic policy is made with a good deal of intuitive guesswork (e.g., about where the NAIRU is in this case) and great uncertainty about even the current economic situation (e.g., the lack of evidence on productivity growth until years after the Fed was being forced to make decisions). While hardly reassuring, this probably gives a pretty good idea of how most policy is made!
   
   The book has some interesting parts (e.g., the power of Mr Greenspan, the importance of consensus, the lack of internal discussion outside of the meetings, and the great uncertainty about even short-term policy making). But it is very slow--no revelations about the personalities involved (including Mr Greenspan) or the internal politics of the Fed. Moreover, if you have been reading the popular press over the past decade (e.g., The Economist or Business Week), most of the economic discussion (e.g., over productivity growth) will be old news. So should you buy it? If you want a primer on how the Fed works, this is probably a good place to start. Just drink lots of coffee before attempting to read it!



2. Productivity is the measure of the economic well being of society. Productivity is the maximum sustainable level of output of an economy without lowering the unemployment rate and triggering inflation. Leaps in productivity will raise wages in the long run, but not initially. This means that it is possible to have steady inflation at a lower unemployment rate. As a result in the short term increased productivity tends to lower the cost per unit of output and generally push prices down. Once wages begin to rise in response to increased productivity acceleration and if the unemployment rate remained low, inflation would begin to rise.
   
   In the 90s, Greenspan feared an ever-tightening labor market and the possibility the market would ignite overheating and higher inflation and the fed recognized this possibility with new technologies and a new economy.
   
   The economy seemed to be growing without high inflation. New technologies had the potential too be introduced into the market before it reached the top. Technology developments such as massive parallel computers, personal robotic, biotech, & communications).
   
   Inflation was at 2 1/2 percent and would remain that way until 2005. Inflation had anchored. GDP shifted from manufacturing output to service output. Inflation violatility and output volitility standard deviations were low through out the world. The economy looked health and would recovered from shocks with a soft landing. Irrational exuberance seemed more speculative than real.
   
   Market experts were not in consensus that technology had reached neither market output limits, nor that the consumer buying behavior had collapsed, or that growth was slowing.
   
   Greenspan seemed to be talked about a potential risk management policy rather than a reality. Greenspan made a policy statement with his irrational exuberance remark shocked the market, suggesting the Fed would step in and increase interest rates. Was there really any rational reason not to believe productivity would not remain strong in the 90s? It is not irrational to invest in companies that will grow, position themselves in the market long term, and bring innovative products and services too market; this is the benefit of capitalism.
   
   However, Greenspan thought he saw consensus that the market was over-hyped, speculation was overvaluing stocks, and the Venture Capitalist were dissatisfied with their investments. Greenspan characterized the era of growth as "irrational exuberance". Greenspan believed productivity would climb "higher" but never verbalized how high. Greenspan had limits. The market reacted negatively too Greenspan's remarks but reversed and marched to higher stock prices. The market continued to drive one of the longest bull markets in history. The bulls were running Wall Street.
   
   Stevenson said, "There are limits. They may not be the old limits that disciplined policy in the past. But even if the limits are new, they must be respected. Overheating is a natural product of expansion that over-taxed these limits. Good policy must therefore balance regularities and possibilities."
   
   Technology increases manufacturing productivity. In the 1990s productivity growth was at 3%. In the 1990s capital was deepening per employee and the capital and labor equated to quantifiable increases in productivity. The increases in employee productivity were long-term and permanent.
   
   2002 through 2003 the growth of the economy reached 5%, the fastest in 40 years. The higher the GDP, the more improvement in labor conditions emerged. Productivity continued to climb through the recession of 2001, accompanied by a decline in inflation. The Fed wondered if rising productivity and declining unemployment would trigger inflation. The Fed wondered if power dis-inflationary effects created by higher productivity could be used as justification delaying tightening of money supply. The Fed wondered about the affect on real interest rates and the need to tighten money supply. The Fed's policy was positioned to slow the growth trend and avoid the possibility of overheating at the risk of causing a massive depression. During these two years, the DOW had risen 25% and the Nasdaq risen 50%. Productivity had stimulated the demand side of the economy. The fed was measuring productivity, aggregate demand, and employment. The reasoned the economy looked health, inflation was below the target and fed rate increases could be delayed. The Fed did not fear immediate deflation and it reasoned that if deflation was a result of positive supply shock then growth most likely would continue.
   
   $890 billion of debt is the "irrational exuberance" and has become the nexus for the Fed raising rates. Government spending gain power and increased debt in historically unachieved amounts. However, Inflation and productivity arguments do not hold up for reasons for raising the Fed rate and slow down growth; it was the potential inflation of Taylors equation that cause the rate increases.



3. A must for anyone interested in monetary policy. It stimulates an intense interest in the subject.



4. On Money and Markets: A Wall Street Memoir; The Age of Turbulence: Adventures in a New World; In an Uncertain World: Tough Choices from Wall Street to Washington; What A President Should Know: An Insider's View on How to Succeed in the Oval Office
   "A Term at The Fed" by Laurence H. Meyer is a very educational and thought provoking book regarding the decision making processes at the Fed. Meyer readily admits that his thoughts did not always agree with thoughts of the other Fed Governors. The book also gives some detail regarding the Fed staff support information to which Fed Governors have access. One sobering realization is that the Federal Reserve Governors and staff DO NOT KNOW THE CORRECT ANSWER BEF0RE MAKING A DECISION!! However they probably make the best decisions possible based on the available information at the time of the decisions. This book would be of value to persons managing a business and to individuals self-managing personal assets and personal pensions, as well as to commercial and investment bankers. Some talking-heads in the media might be enlightened also.



5. I have just finished reading A Term at the Fed: An Insider's View by Laurence A. Meyer, first published in 2004. There is not much to say about this book that other reviewers have not already said. I found it to be enjoyable and educational, though perhaps a little dry at times. Meyer is not a titan like Alan Greenspan, but more of a regular guy. He was a professor for almost 30 years in St. Louis before working as a Fed governor, and gives the point of view of a Washington outsider.
   
   I did not know much about the Federal Reserve Board before reading this book, and now I feel that I have a better grasp on the operations there in deciding monetary policy. The Fed is truly powerful, and the governors have a heavy burden of responsibility and stewardship. The Chairman steers the course and is probably more important that all other members of the committee combined. However the Chairman could not exist without the committee. I do not believe markets would react well to one man alone setting monetary policy.
   
   Meyer also details his constant struggle to be correctly interpreted by the media. As a relative newcomer to Washington and being covered by the press, he believes actually might at sometime be portrayed accurately. More experienced people recognize this as futile. For a Fed governor, it is probably better to just remain silent. It's a hard load to bear, and after six years, Meyer is only too happy to leave the Fed.
   
   I half-heartedly recommend this book.