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This book reads like a collection of magazine articles. The chapters focus on different personalities or events that shaped (or epitomized) Wall Street over the last two centuries. While there are some attempts to link subjects to their past (notably in the development of rules and regulations), the book reads more like a collection from various time periods rather than a synthesized whole.
What the reader gets are interesting snapshots. And Gordon does make them interesting. Always an engaging writer, he mixes the right amount of fact and commentary to keep a credible story moving along at a nice pace. The author does justice to many fascinating personalities (Hamilton, Fisk, Gould, Vanderbilt, Morgan, Greene, Kennedy, Milkin and Boesky), and events (panics, depression, corners, theft, corruption, manipulation) that have shaped the American financial system since the dawn of our Republic. The chapters are just long enough to gain an appreciation for the subject at hand, but not too long as to bore.
This book is not a study or treatise on financial products or their development. These are mentioned in passing so as to give familiarity to the reader. But, do not expect to learn about how stocks, derivatives or mutual funds (etc., etc.) work in detail here.
While this is not an in depth study of the Street, it is an excellent and engaging survey that will interest the general reader.
Some of the unique things you will learn include
1. Who invented modern capitalism (hint: Tulips, 1700th century)? 2. The establishment of our federal tax system 3. What structure made NY city the US's largest city 4. Wall Street's first and greatest speculators 5. The creation of the Federal Reserve System
Gordon does a great job of introducing us to the most powerful people the world may have ever known. The most notable include JP Morgan, arguably the world's greatest banker; Hetty Green, the richest (and most paranoid) woman in the world; Charles Merrill, the man who brought Wall Street to Main Street; and Michael Milliken, the world's most famous Wall Street villain to wear a toupee.
The story of Wall Street is truly extraordinary. Its history is littered with courage, greed, jealousy, genius and lots of stupidity! John Steele Gordon does an admirable job of hitting all the salient points while making the journey enjoyable and memorable. Buy this book and read it!
Mr. Gordon covers 350 years of history in just 300 pages, however, don't let the title fool you, it really only covers Wall Street until about 1995, not 2000 (a minor quibble). The book contains many interesting stories along the way such as how Chase Manhattan started off as a water company and why Merrill Lynch was named after two brokers, not one (I didn't realize that).
As always no book on the history of Wall Street would be complete without the Erie Railroad, the "Scarlet Women of Wall Street." Mr. Gordon relives the Erie tale with relish! I could almost see Daniel Drew laughing as he printed additional shares of Erie stock as fast as Commodore Vanderbilt could buy them. The rest of the players of Wall Street take their turn in the book, including J.P. Morgan, Fisk and Gould, Joe Kennedy, Alexander Hamilton, and a few women such as Hetty Green also appear.
Gordon takes time to explain many concepts about how the stock market came to be today including stories on the first corner in Wall Street history to the most recent, the Hunt's brothers attempt to corner the silver market in 1980. Mr. Gordon also explains that each time a player uses the market to their advantage, the invisible hand of Adam Smith pushes the market to correct the "wrongs."
Though it is not one of Mr. Gordon's main points in the book, he does point out throughout the book that the "Robber Barons" of old had many friends/allies in government that turned a blind eye to their schemes.
This book is filled with the history of people of Wall Street, not numbers! Pick it up, you'll find that Mr. Gordon's cornered the market on the history of Wall Street!
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The novel is the story of a priest in Mexico in a state which has outlawed Christianity. The priest is trying to get out of the state and away from the athiestic lieutenant who's attempting to capture him, but the priest's Christian duty keeps calling him back into the state and into danger. The priest is also waging a war within himself. He is a good man but definitely a sinner, and he struggles to cure himself of his vices and struggles to believe that he can gain salvation.
The Power and the Glory assaults the reader on all levels. Greene explores so many aspects and paradoxes of Christianity. He looks at the great beauty that can be found in sin. He looks at how love and hate can be so similar. Greene reveals how the priest's life has had great meaning even thought the priest may not realize it. Greene reveals man as living in a "Wasteland," and he also reveals the way to find meaning in it. The characterizations of all of the characters really carry the novel. There are so many insights that can be gained from reading about the priest, the lieutenant, and the mestizo. The Power and the Glory is truly a magnificent novel which should be taught and studied everywhere.
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The value in this book is its capability to trace a concept historically, and provide us with a valuable and critical perspective of our strategic strength. Consequently we are able to analyze something transcending the, "Our ship is better than their ship," manner of thought.
So a framework of strategic thought, within which technological capability relative to others is essential for analysis, gives us insight into future needs. Whether their conclusions are valid are certainly open to debate; the approach, however, is certainly valuable.
Like, 'The Coming War With Japan,' this book is able to use multiple levels of understanding to present their arguments.......... the importance of the Friedmans' work is growing everyday. Worth the read.
This book made a clearly argued case for American Dominance, but it does not help us to see the political/moral future. But within its parameters, its an "eye-opener."
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This book devotes too much to VB, not enough to Excel specific functions. Or the Excel part is way out of proportion. Many chapters may be removed to make it concise: chapter 1, 5, 6, 25 - 28, and any references to Lotus1-2-3, Quattro Pro, XLM macro. Replace Part VII by how to interface to 300+ Excel functions.
On software reuse, one should always use those tools that are available (and tested). The author seems to favor duplicating Excel functions in VB. On page 293, he wrote on sorting an array, " workaround is to transfer your array to a worksheet range, sort it using Excel's commands, and then return the result to your array. But if speed is essential, it's better to write a sorting routine in VBA."
First, I doubt about the speed claim. Second, even if the speed gain were true, taking the time to write a new (and reliable) sorting routine is hardly justified in practice. Third, what about the other Excel functions you have to use tomorrow ?
As with his other books, his style is clear and precise, and the text is arranged in a simple-to-reference way. The page layout is excellent, giving easy-on-the-eye icon notes, references and tips. Even so, as with 'Excel 2000 Formulas' I quickly found myself in charge of a colored highlighter picking out the bits that were important to me. The author also has a flowing style of writing so you don't feel you're working through a manual, It's more like a fun day out, with new discoveries on every page.
VBA had always remained something of a mystery to me until I got stuck into 'Power Programming'. Now (still with a bit of prompting) I'm really getting the hang of it, and finding, again, that I can streamline my workbooks and impress my colleagues.
If you're already a professional developer, then I seriously doubt you'll like the book because it devotes a lot of space to the fundamentals of VBA and programming.