Strategic Vision: America and the Crisis of Global Power - America and the Crisis of Global Power

Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes--from medieval currency debasements to today's subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much--or how little--we have learned.

Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts--as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur.

An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps.

WINNER OF THE NATIONAL BOOK CRITICS CIRCLE AWARD, THE LOS ANGELES TIMES BOOK PRIZE, THE MARK LYNTON HISTORY PRIZE, THE AMERICAN HISTORY BOOK PRIZE

NAMED BY THE NEW YORK TIMES ONE OF THE TEN BEST BOOKS OF THE YEAR
NAMED ONE OF THE BEST BOOKS OF THE YEAR BY The Economist * Time * Newsweek * Foreign Policy * Business Week * The Week * The Christian Science Monitor *Newsday

By the two-time Pulitzer Prize-winning author of The Power Broker.

Book Four of Robert A. Caro’s monumental The Years of Lyndon Johnson displays all the narrative energy and illuminating insight that led the Times of London to acclaim it as “one of the truly great political biographies of the modern age. A masterpiece.”
 
The Passage of Power follows Lyndon Johnson through both the most frustrating and the most triumphant periods of his career—1958 to1964. It is a time that would see him trade the extraordinary power he had created for himself as Senate Majority Leader for what became the wretched powerlessness of a Vice President in an administration that disdained and distrusted him. Yet it was, as well, the time in which the presidency, the goal he had always pursued, would be thrust upon him in the moment it took an assassin’s bullet to reach its mark.

By 1958, as Johnson began to maneuver for the presidency, he was known as one of the most brilliant politicians of his time, the greatest Senate Leader in our history. But the 1960 nomination would go to the young senator from Massachusetts, John F. Kennedy. Caro gives us an unparalleled account of the machinations behind both the nomination and Kennedy’s decision to offer Johnson the vice presidency, revealing the extent of Robert Kennedy’s efforts to force Johnson off the ticket. With the consummate skill of a master storyteller, he exposes the savage animosity between Johnson and Kennedy’s younger brother, portraying one of America’s great political feuds. Yet Robert Kennedy’s overt contempt for Johnson was only part of the burden of humiliation and isolation he bore as Vice President. With a singular understanding of Johnson’s heart and mind, Caro describes what it was like for this mighty politician to find himself altogether powerless in a world in which power is the crucial commodity. 

For the first time, in Caro’s breathtakingly vivid narrative, we see the Kennedy assassination through Lyndon Johnson’s eyes. We watch Johnson step into the presidency, inheriting a staff fiercely loyal to his slain predecessor; a Congress determined to retain its power over the executive branch; and a nation in shock and mourning. We see how within weeks—grasping the reins of the presidency with supreme mastery—he propels through Congress essential legislation that at the time of Kennedy’s death seemed hopelessly logjammed and seizes on a dormant Kennedy program to create the revolutionary War on Poverty. Caro makes clear how the political genius with which Johnson had ruled the Senate now enabled him to make the presidency wholly his own. This was without doubt Johnson’s finest hour, before his aspirations and accomplishments were overshadowed and eroded by the trap of Vietnam.

In its exploration of this pivotal period in Johnson’s life—and in the life of the nation—The Passage of Power is not only the story of how he surmounted unprecedented obstacles in order to fulfill the highest purpose of the presidency but is, as well, a revelation of both the pragmatic potential in the presidency and what can be accomplished when the chief executive has the vision and determination to move beyond the pragmatic and initiate programs designed to transform a nation. It is an epic story told with a depth of detail possible only through the peerless research that forms the foundation of Robert Caro’s work, confirming Nicholas von Hoffman’s verdict that “Caro has changed the art of political biography.”

Jack Kennedy said the reason people read biography is to answer that basic question.

With the verve of a novelist, Chris Matthews gives us just that. We see this most beloved president in the company of friends. We see and feel him close-up, having fun and giving off that restlessness of his. We watch him navigate his life from privileged, rebellious youth to gutsy American president. We witness his bravery in war and selfless rescue of his PT boat crew. We watch JFK as a young politician learning to play hardball and watch him grow into the leader who averts a nuclear war.

What was he like, this person whose own wife called him “that elusive, unforgettable man”? The Jack Kennedy you discover here wanted never to be alone, never to be bored. He loved courage, hated war, lived each day as if it were his last.

A Washington Post Notable Nonfiction Book for 2011
One of The Economist’s 2011 Books of the Year

The New York Times's Pulitzer Prize-winning columnist reveals how the financial meltdown emerged from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders

In Reckless Endangerment, Gretchen Morgenson, the star business columnist of The New York Times, exposes how the watchdogs who were supposed to protect the country from financial harm were actually complicit in the actions that finally blew up the American economy.

Drawing on previously untapped sources and building on original research from coauthor Joshua Rosner—who himself raised early warnings with the public and investors, and kept detailed records—Morgenson connects the dots that led to this fiasco.

Morgenson and Rosner draw back the curtain on Fannie Mae, the mortgage-finance giant that grew, with the support of the Clinton administration, through the 1990s, becoming a major opponent of government oversight even as it was benefiting from public subsidies. They expose the role played not only by Fannie Mae executives but also by enablers at Countrywide Financial, Goldman Sachs, the Federal Reserve, HUD, Congress, the FDIC, and the biggest players on Wall Street, to show how greed, aggression, and fear led countless officials to ignore warning signs of an imminent disaster.

Character-rich and definitive in its analysis, this is the one account of the financial crisis you must read.