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I did my dissertation on the Scopes Trial and if you are interested in doing anything with the case or its still vibrant issues, this book contains your primary documentation. Do not get caught up with what people SAY about the trial, READ the transcript. Many history books confuse the "Inherit the Wind" version of what happened with the real trial (most importantly, Bryan volunteered the idea the days of Genesis were not literally twenty-four hour periods, he was not cornered into the admit ion). This trial is as fascinating today as it was 75 years ago.
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The authors do an excellent job of developing the characters by telling how they rose to their respective positions at this focal point, and telling the story as it unfolds.
It is like all of the worst traits of humanity - greed, ego, pride, vanity, a hunger for power and conquest and victory - are played out in this true story of the LBO (Leveraged BuyOut) of RJR Nabisco. Companies being tossed around like commodities, while the little guy who works hard to make a living suffers.
This is the only book I have read on this subject to date. Some of the other reviewers have suggested other titles, and many of them are probably worth reading as well.
Five stars.
If you are interested in this topic then I would suggest you also read "Den of Thieves" and "Predator's Ball", both of which cover the 80's M&A and Junk Bond world. To get a better understanding of KKR, I would suggest "Masters of Debit" and if you are looking for more info on this particular deal I would suggest "True Greed".
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To preclude a person access to natural justice and the due process of law because a brief is filed a day late is bureaucracy at its worst.The allocation of defence councel with no real experience in capital murder, the apparent "botched" investigation, the zealous pursuit to execute Roger Coleman at all cost is a sad indictment of the American Judicial System.
The book did not change my views on the death penalty. I believe that unprovoked murder is a capital crime and the appropriate penalty is death. However I kept hoping as I turned the pages that a miracle was going to occur, sadly it was not to be and it would appear an innocent man was executed.
Capital punishment is bound to get people riled up on both sides of the issue. Try and leave your political leanings aside as you read this. Focus only on the case and how it's handled. Similar to "Mean Justice" (very good as well), I was more struck by the mistakes that happen early on in a trial that ultimately take you to the unfortunate conclusion. Things spiral out of control and good people can't make the difference.
I recommend this book highly. It's a troubling but necessary tale to tell.
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The perennial features are these. Some seemingly new and desirable artifact or development captures the financial imagination of a large number of people (say, group 1). The arrival of tulips in Western Europe, gold in Louisiana, the advent of joint-stock companies (corporations), real estate in Florida, or the economic designs of Reagan are all examples. The price of the object of speculation goes up. The object when bought today is worth more tomorrow. This attracts new buyers and assures a further price increase. Those in group 1 are persuaded that the new price-enhancing circumstance is under control, and expect the market to stay up and go up, perhaps indefinitely. The individual or institution that discovered the novelty (in group 2) is thought to be ahead of the mob. Fewer in number, individuals of group 2 perceive the speculative mood of the moment, try to get the maximum reward from the increase as it continues, and plan to be out before the eventual crash. The affluence of group 2 is wrongly associated, by group 1, with a miraculous financial genius. When something triggers the ultimate reversal, group 2 decides now is time to get out. Group 1 finds its illusion abruptly destroyed. Both groups sell or try to sell. The market collapses.
Galbraith observes that, in this process, 'speculation buys up the intelligence of those involved'. The crowd converts the individual in group 1 from possessing reasonable good sense to stupidity. Those in group 2 also make errors of vanity by thinking they will beat the speculative game. It seems that 'all people are most credulous when they are most happy'. Reputable public and financial opinion reinforces euphoria by condemning those who express doubt or dissent by warning of a crash. The celebrated Yale economist Irving Fisher, for instance, spoke out sharply against Roger Babson, who foresaw the crash of 1929. But the critic must wait until after the crash for any approval, Galbraith laments.
Despite the fact that common features in speculative episodes recur, history counts little because a financial disaster is quickly forgotten by a new, self-confident generation. Something is perceived as a financial novelty merely because the financial memory is short: 'financial operations do not lend themselves to innovation'. Insightfully, Galbraith notices that all financial innovation involves the creation of debt leveraged against more limited assets. This is the case of banks, whose debt is leveraged on a given volume of hard cash. This is also the case of the holding companies created in the 1920s, whose stockholders issued bonds and preferred stock to buy other stocks. And this is the case, too, of the junk bonds of the mergers-and-acquisitions mania in the 1980s, when high-risk, higher-interest bonds were issued in greater volume against the credit of the companies being taken over. As Galbraith puts it: 'the world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version'.
However a crisis may strike at any moment whenever a debt is perceived to become dangerously out of scale in relation to the underlying means of payment. After the crash, group 1 expresses anger against the 'financial genius' of group 2. 'Financial genius is before the fall', Galbraith prophesies. Group 1 finally realizes that having more money may mean that a person in group 2 is indifferent to moral constraints. Group 2 could have even gone beyond the law, as far as leverage is concerned. Incarceration of some individuals of group 2 may follow. Leverage is seen as morally disputable at last.
Talks of regulation and reform follow. However, the speculation itself or the aberrant optimism that lay behind it will not be discussed. 'Nothing is more remarkable than this: in the aftermath of speculation, the reality will be all but ignored.' Why? Because it is easier for group 1 to blame one individual or a few individuals in group 2 than to take responsibility for its own widespread naivety. And also because there is a need to find a cause for the crash that is external to the market itself. After all, the market is believed to be 'a neutral and accurate reflection of external influences; it is not supposed to be subject to an inherent and internal dynamic of error'. The deficit in the federal budget was, for instance, blamed for the 1987 crash. Another anecdotal account of Black Monday has been that the crash was caused by portfolio insurance computer programs which sold stocks as the market went lower.
Galbraith's book is compulsory reading for economists, especially those working on behavioural finance or econophysics. Being an antidote to illusory financial euphoria, the book is thus of interest to the general public as well. Galbraith's own sense of déjà vu towards speculative financial bubbles enabled him to predict the crash of 19 October 1987. People really seem to be intrinsically unable to prevent getting stuck in the error-prone dynamics of bull markets, as in his 'bubble story'. But perhaps they have already learned some minor lessons on how to better protect themselves in the aftermath of crashes. Indeed despite the fact that the Black Monday crash was nearly twice as severe as the stock market collapse of 1929, it did not trigger a depression. Likewise the internet-bubble burst of 2000 had a surprisingly modest effect on wealth. Will we finally learn to learn from history?
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I have great respect for these men in this book for they are our future. Chicago, my home, is a better please because of these talented men...Continue to speak with your mighty voices.
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While most people see setbacks as a negative, Dr. Maxwell points out that there is an important lesson that we can use to accomplish more in the future. Building on that appropriate and valuable perspective, Failing Forward postulates 15 principles that can help you apply the lesson.
Each chapter covers a separate principle and is filled with self-diagnostic questions, as well as heart-warming examples of how people went from apparent failure towards great success.
The work is very consistent with the philosophy of Anthony Robbins. If you are a Robbins fan, you will find this book to be a good complement to Unleash the Power Within.
I strongly recommend that you read this book, and reread it the next time you are feeling sorry for yourself or have a setback. If you care about others, be prepared to loan your copy to the next person who looks morose after having a problem.
Dr. Maxwell also offers a self-diagnostic test on the book's Web site (www.failingforward.com). I took that test and found it helpful to cement my understanding of the book. I recommend that you do this as well.
Unlike most books about self-improvement that are scaled to a level of sophistication, this book should appeal both to those with lots of experience and education as well as those who have yet to develop those perspectives.
The only people who will be confused will be those who have yet to experience any significant setbacks. They will wonder what all the fuss is about. To fill in that point, progress is seldom smooth. It usually looks more like 1 or 2 steps forward, and them some backward. In essence, we are talking about a zig-zag, even when things go well. At other times, the zig-zag can be downward.
This books provide us with 15 steps to failing forward. You are going to overcome adversity and maximize your potential if you follow these steps.
Moreover, Maxwell gives readers a lot of real life experience examples to demonstrate how successful people response to adversity and handle it.
This book is highly recommended.
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The reader is not biased by the narrator's point of view. Anne Rice's "Interview with a Vampire" is told from Louis' perspective. That very story is given a different spin from Lestat in "The Vampire Lestat". With Dracula, all players are backing up everyone elses story. The chilling effect, is that it seems true. I was very pleased that a hundred year old story could hold such a grip on me. Actually, it was I that had the grip, a tight fisted one, on the book until I finished.
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An entertaining tale about a bored homicide detective (Keegan) that craves a little excitement in his ever-growing dull life. Both in his personal life as well as on the job.
Finally, one day, the detective's prayer gets answered when a high profile case is thrown in his lap.
Software giant Ronald Mullens has been murdered and detective Keegan's life both on a personal leval as well as on the job shifts into high gear as he tries to contend with his over-zealous partner, fight off the media, and confront corruption which seems to not only know no end but it seems to go all the way to the top of the totempole.
"Soft Case" is no far-fetched detective story by any means it is fast-paced both in plot as well as dialogue and the characters are great, easy for the reader to relate to!
In my opinion, Mr. Misak has a real winner on his hands. A story that offers the reader thrilling suspense, a great plot and a ... fun way to spend an evening.
All I can say is, if you like to be entertained, teased, and kept at the edge of your seat, Soft Case is for you. I can't wait until John Misak's next book, Time Stand Still, is released