Darby didn’t read 75 books in 2006, but his blog post about them shouldn’t be missed.
Every time the stock market crashes, someone gets famous for having predicted it. Though some will argue that there’s always somebody arguing that armageddon is right around the corner (and that even a stopped clock is right twice a day), one of the voices who predicted our current economic crisis – banker and economic historian Charles R. Morris – is getting quite a bit of praise on Wall Street and his recently released book, The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash, is selling like hotcakes.Thanks to our 24-hour news cycle, newsworthy events (9/11, Katrina, elections, the Red Sox winning the World Series, etc.) often spawn books that are rushed into print so that they can be in front of readers before the next headline has taken the spotlight. Morris’ book is unique in that it’s not a rush job, he began formulating the ideas behind it back in 2005, basing his pessimistic view on the activities of hedge funds and other Wall Street firms. As a recent NPR interview put it, “He ran a company that created the software investment banks and hedge funds use to build these new, exotic credit instruments. And he saw how they used his software, and thought, ‘This is crazy,’ he says. ‘I was sure that people weren’t keeping track of the trends so they had proper margins and collateral and so forth.'”For those interested in the topic, the NPR interview linked above is good, as is The Economist’s review, which explains just how far back the roots of the crisis go, in Morris’ estimation, “Mr Morris deftly joins the dots between the Keynesian liberalism of the 1960s, the crippling stagflation of the 1970s and the free-market experimentation of the 1980s and 1990s, before entering the world of ultra-cheap money and financial innovation gone mad.”At Foreign Policy Morris has offered up an 8-step explanation for what exactly went wrong and gives some insight into what happens next. Despite some technical terminology, this article should prove quite illuminating for those bewildered by our current economic crisis.
It’s as though the New York Times was using this blog to decide what to write articles about: check out this review of Joseph Roth’s newly released collection of essays, Report from a Parisian Paradise: Essays from France, 1925-1939.
Today, while I was driving, I caught a review of Triangle: The Fire That Changed America by David Von Drehle on Fresh Air. It was a very favorable review (in fact the book has been getting great reviews in most places). I would love to read the book and comment on it here, but I can’t forsee myself getting to it any time soon. And therefore, I won’t get to talk about it here. The stack of books is just too high. Yet I happen to have an advance copy of Triangle, and I hate to see it gather dust. So here is my idea: whoever among you would like to read this book and put together a little review or comment or whatever on it for this site, email me and I will send you the book. Then I was thinking, I am lucky enough to have access to advance copies of books from time to time, and wouldn’t it be great if I could pass them along to people so they can write a little something which I can then post on The Millions. It sounds like good fun to me. So… if you would like to review Triangle for The Millions email me and I will send you the book. (By the way Triangle is about the Triangle Shirtwaist fire, an unconscionable tragedy that proved to be a watershed event in improving working conditions [and especially working conditions for women] in America.) As I get other new books, I will offer them up for review as well. Also, if you happen to have access to review copies of books, and would like to help stock my guest review program, well, that would be really sweet.
Hello! I’m back, this time reporting from Chicago, IL. Without further ado, I’ll move on to what I have been reading lately. The first book I picked up since my last post was Asne Seierstad’s A Hundred and One Days: A Baghdad Journal. I was longing for some non-fiction and Seierstad’s memoirs of her visit to Baghdad three years ago seemed like a good choice (I have been meaning to read it for the past two years). Seierstad is a Norwegian freelance journalist that covered the wars in Kosovo and Afghanistan prior to her trip to Baghdad. She arrived in Baghdad roughly 80 days before the war started and began reporting. Seierstad organizes her book in three parts: Before, During, and After. In these simply, yet carefully, organized sections Seierstad conveys her observations of the Iraqi society under Saddam Hussein, during the initial stages of the war, and after the capture of Baghdad. Seierstad has a very personable voice that almost embeds the reader alongside her. She provides good eyes and ears in a society that, under Saddam, became introverted and isolated. One learns about the difficulties of finding out about the regime, the spy network, the reluctance of locals to talk with foreigners, and how Iraqis perceived the brewing US attack on their country.Throughout the whole affair Seierstad also shows the bureaucratic network in Iraq, explains how she had to bribe officials to remain in, and once to re-enter, the country, and draws a unique portrait of Uday, Saddam’s most feared son. Seierstad also communicates to the reader the difficulties endured by average Iraqis, both under Saddam and in face of advancing US troops. Civilian casualties inflicted by “smart bombs,” the lack of resources in hospitals, and the fear of the emerging power vacuum each represent a part of the untold story, particularly during the initial stages of the war. Seierstad also mentions (or maybe even predicts) the emerging power struggle between Shiites and Sunnis as early as April 2003, a month after the war started. A Hundred and One Days is a very insightful and well written piece of work. Some of the stories are heart wrenching and leave one wondering how the great powers, and their leaders, could not foresee all the misery that would follow the war. If you are curious about the mood in Iraq, and mostly in Baghdad, at the onset of the war, I suggest that you get your hands on Seierstad’s brilliant memoirs. (See Andrew’s review of A Hundred and One Days)Next I turned to Irvine Welsh’s Marabou Stork Nightmares, which had been sitting on my shelves for the past four years. My brilliant friend Mitch had bestowed the book upon me during our final year of college, telling me that it was the best written novel he ever read. Now, that’s a pretty strong statement but I have to agree with Mr. Maddox that Welsh’s narrative in Marabou Stork Nightmares is smart, innovative, and fluent.The protagonist Roy Strang is in a coma when the reader first meets him. The narrative moves between Strang’s perceptions of things happening around him (such as visits from parents, friends, nurses, doctors, and unrecognized people), to Strang’s fantasy world (set in South Africa, where he and Sandy Jamieson are trying to hunt the leader of the Marabou Storks, who are dominating and ruining the wildlife) and Strang’s autobiography. The three worlds intertwine as Welsh brings the reader to the current day, sheds light on the demise of Roy Strang, connects his fantasy world with the real, and presents a grand finale at the hospital where the protagonist is stranded. This quite awesome story is further enhanced by Welsh’s portrayal of Scots living in “schemes” (i.e. projects) outside Edinburgh and the personal anxieties he created for each character. Child abuse, gay tendencies, rape fantasies, a retarded sibling, a dysfunctional family, and hooligans all add new dimensions to the great story that Welsh devised. If you are a fan of Trainspotting and/or The Acid House, want a good laugh, and can stomach some disturbing moments, you should definitely pick up Welsh’s Marabou Stork Nightmares.See Also: Part 2
Even a New Yorker obsessive like me was surprised to find just how many notable works of fiction and non-fiction made their first appearance in the venerable magazine. Emdashes and her readers have gone to the effort of collecting a list of many such works. It’s worth a look as a potential reading list and also just for the “wow factor.” Don’t forget to check the comments.
The holidays are upon us, and I suspect that many of the folks reading this will be cutting out early this week. I think I’ll do the same, so don’t expect much in this space until 2005. I’m glad everyone seemed to enjoy the year end extravaganza. It was great fun seeing what everyone read this year. I’ll leave you with a couple of late additions and addenda before sending you off to your holiday jollification.Dan Wickett, proprietor of the Emerging Writers Network, previously gave us his Emerging Best of 2004, but he recently wrote in with some more of his personal favorites from this year. Novel: Steve Yarbrough – Prisoners of War; George Garrett – Double VisionShort Story Collections: Aaron Gwyn – Dog on the Cross; Percival Everett – Damned If I DoPoetry Collections: Beth Ann Fennelly – Tender Hooks; David Huddle – GrayscaleNon-Fiction: Steve Almond – Candyfreak: A Journey Through the Chocolate Underbelly of America; Owen Gingerich – The Book Nobody Read: Chasing the Revolutions of Nicolaus CopernicusAnd last week, Brian shared with us his thoughts on a couple of books he enjoyed this year, but he couldn’t let me close things out without posting this:Chronicles, Vol. 1 by Bob Dylan: I lived in mortal fear that the genius of Bob Dylan – lyrically, melodically, and just plain cool-as-a-motherfuckerally – wouldn’t translate to prose. Naw, nothing to worry about. His book reads like nothing else: a smashed-up collage of history, (auto)biography, anecdote, music criticism, politics, fiction, lies, truth, and more. Dylan hangs with Chinese philosophers, New York playwrights, John Wilkes Booth(!!!), Tiny Tim, John Wayne, Gorgeous George, Bono, and, in my favorite scene in the book, during an early 60’s freezing cold NYC day, within the confines of a friend’s crash-pad, a teenaged Dylan skims through a wall of books and loses himself in ancient Greece, the Napoleonic wars, the Civil War, etc… a badass rootin-tootin’ tale of America(na) told through the eyes of one of its greatest (and most eccentric) poets.Now that sounds pretty good! Enjoy the holiday everyone. Coming after the break: a new installment from Millions contributor Andrew, the introduction of two brand new Millions contributors, my year in reading, and, yes, much, much more.