Diana B. Henriques

Taming the Street by Diana B Henriques is a thoroughly researched account of FDR trying to reign in a destructive (to democracy anyway) capitalism that is also a page-turner.

We're talking Wall Street, the Securities Exchange Commission, and the government, not usually topics that just make me think I'm going to enjoy reading the book, even if I want to read it to learn about an important historical moment. Yet this book was indeed an enjoyable read. I think, in addition to the relevance to our contemporary situation, the reason this is actually a good read is because we are dealing with the people involved, not just the concepts. This is a human drama, personal in the case of those involved with supporting or opposing the SEC but also personal in what it means for so many regular citizens and their ability to confidently participate in the country's capitalism.

While certainly enjoyable as a history book, it is important because of the cautionary tale it offers us today in trying to wrest control of government back from big business and the cronies willing to sell the populace down the river to line their pockets and pretend they are in power, when in fact they are puppets of the ultra rich.

While I would definitely recommend this to those with an interest in US history, particularly mid 20th century, I think anyone concerned about the growing disparity in income and wealth can learn a lot about what they're fighting against as well as some tactics that worked in the past. We can all learn some valuable lessons here, about our past, our present, and what our future could hold.

Reviewed from a copy made available by the publisher via NetGalley.… (meer)

Having recently read an equally riveting and well written account of greedy rich people, The Empire of Pain, it was interesting to compare the Madoffs to the Sacklers. I ended up feeling sorry for the Madoffs who, if not having paid for the misery of their victims, did pay in full in their family—the son who killed himself, the other son who died prematurely of cancer, the wife who was dispossessed of everything. And the three of them were bystanders to Bernie’s crime. And Bernie himself was hapless, self-deluded, in over his head. His 150 year prison sentence was just and deserved. But the Sacklers—oh my, they are still out there slithering around protecting their assets.… (meer)

A first-class book on the flash crash of 1987, which didn't happen nor recover quite as quickly as everyone remembers. Extensively well-researched, the author takes pains to lay out the likely causes and impetuses for the big day without seeming to lay the blame unfairly on any given sector. I was pleased that she drew connections to both the modern day and more modern crashes (2008) without swamping the rest of the work. It's a little dry, sure, but given the subject matter I'd say it actually overachieves with regard to readability. An excellent retelling of this chapter of financial history.… (meer)