Book Review: Fool’s Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe: Gillian Tett: Books
Book Review: Fool’s Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe: Gillian Tett: Books
Excellent,
By MaduraiGirl (Saratoga, CA United States) -
I just listened to the author on NPR today afternoon. What a dynamic lady and what a book!!!
Very well written and pinpoints where exactly things went downhill in 2007. Great read and there’s a lesson to be learned from this. Apart from the big lesson of course.. She says that non bankers should keep bankers in check and there should be transparency in banking. Opaque muddy views of the banking industry is what caused the juggernaut to obliviate the large excesses of the past 2 decades…
Good read…
profitandentropy.com,
By Doctor Richard “Richard” (Newton,, MA, United States) -
I also just listened to the Terri Gross NPR interview, and hope that her book reveals how she knew so much that the experts could not know. Our thesis is that economists are not scientifically educated enough even to the level of a “physics for poets” course to realize that what they study is subject to the 2nd law of thermodynamics, just as is the rest of reality. The equilibrium of supply and demand central to economic theory mimics the Newtonian balance of action-and-reaction, a model that we show is inadequate to explain economics. [...] offers a paper that teaches enough thermodynamics to argue that profit in an economic system is analogous to increasing entropy in a thermodynamic system - and explains that increasing entropy is more like waste than like fuel. The expanding economy driven by value-less profit sent the system into thermo-economic equilibrium. I hope that interested readers will visit us.
What Happened?,
By F. Hollister (Big Island of Alameda) -
The author is being interviewed by Terry Gross on “Fresh Air” as I write this review.
She is a remarkably articulate, knowledgable, and able to explain complex financial matters. This certainly sounds like an insightful, interesting book that every shell-shocked investor should read.
How in the world did we get into today’s financial mess?
If this sounds a great deal like my review of “Street Fighters,” it is. Over the years I’ve learned that if one is interested in a particular period of history or a factual situation such as today’s financial debacle, it is an excellent idea to read two books on the subject (back-to-back, if you will) and not just one.
I am looking forward to reading both “Fool’s Gold” and “Street Fighters.”
And to listening to more Terry Gross interviews!
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