Book Reviews: Reckless Endangerment, Operation Narcissus

Reckless Endangerment  Morgenson, Gretchen and Joshua Rosner, Times Books, Henry Holt & Co, 2011

Jan 2014 This is a detailed and sad chronicle of avarice, malfeasance, “me first” management, “old-boy-net” interdependent thievery, and political manipulation for personal gain, at the worldwide expense of ordinary people and duped investors.  It is a fish-eye into the financial industry, the Fed, and captive regulators.  It is the true story of the people who wrecked the world’s economy and were never brought to justice.  Don’t read it unless you want to know just how badly taxpayers and investors got screwed by a cadre of political and financial industry jerks whose work goes on unhindered to this day.  Don’t read it unless you want to be able to say you are paying attention.  Read it.

Operation Narcissus   Col. Barney Oldfield, Pandick Press, 1978

Jan 2014 An engaging slice of World War II life in England and France, complete with intrigue, bravery, love and dedication.  This is an intricate fiction in which several sub-plots are maintained during the time immediately preceding and after the Normandy invasion.  It is a long book, 429 pages of fine print.  The story comes gracefully to its WW II-era dénouement.  If you’ve got the time, it’s worth the climb.          

Simple Confusion

            There is evidently confusion about what constitutes a “free market.”  If a market commodity’s quantity of production is restricted by regulations and/or if that quantity of production is influenced by tax policies, it is not a free market.  If measures are put into place to “stabilize prices” either by a trade group or a government, it is not a free market.  If government trade policy prevents competitive imports and/or if producers are subsidized in hedging against production failure, it is not a free market.

            The most recent confusion was exhibited by someone talking about government intervention in the dairy industry.  The speaker said he wanted the free dairy market to be unhindered by too much government control.  The dairy industry is not a free market industry.  It is a managed market industry.  Anyone who says it is a free market endeavor is simply confused. 

When you hear the hue and cry for government to leave dairy farmers alone to function in a free market, they are not talking about subsidies and tax breaks and price fixing.  Nobody in the industry (and perhaps nobody who consumes dairy products) wants those to go away.  That part of the managed market is OK.

Congress, assuming they can function, will patch it together in the farm bill.  Meanwhile around here, we think American industry spokespeople should up the integrity with which they represent hard working producers.  Stop waving the “free market” flag and tell it like it really is, or talk about something else.

Barking at the Light

            There is a light shining in the hearts of Americans.  It is seen whenever tragedy tries to steal its glow by blowing or burning or flooding away the things, and sometimes the loved ones, of our lives.  As survivors begin picking up pieces, Americans everywhere generously give time and money to help, and the light shines brightly indeed.  Kansas or Missouri, Texas or New Jersey, Carolina or Illinois, and even in faraway lands.

            This light of human compassion emanates from our conviction of shared responsibility for each other’s well being.  It is the light that embarrasses our tolerance of hunger and poverty in our midst.  It burns brightly in each of us individually, and is darkened sometimes when we act in groups and fall victim to fear and selfishness.  Then the story is unimaginatively, monotonously familiar:  we must sacrifice the well being of others for the sake of our future and that of our children and grand children.  Let the poor suffer for their own bad choices, and let the hungry eat cake.  Two simplistic, historically tragic ideas, comprising a valueless choice.  It is a reality-free proposal, as pointless as dogs worriedly woofing when the window shades are opened and the bewildering outside world sets them off.

            Around here, whether it’s food stamps, unemployment insurance, or other helpful programs, we too often suffer the selfishness of privileged people who, like little yapping dogs barking at the light, proclaim all the things we should not do for those in need.