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I.O.U.S.A.: One Nation. Under Stress. In Debt. |
Rating: 3 (out of 5)
Summary: Heard almost all of it by now, however still worth a look
Comments: This book was written right at the cusp of the current financial mess, making it timely for those seeking1explanation as to why things are the way they are, and why they may not improve. The trouble is, anybody who reads Addison Wiggins web site (Daily Reckoning) or similar sites would already know almost all of what's in this book. Those who do not would still have heard almost all of the story by now. almost all of the explanation part is contained in the front half of the book. The US owes tons of money, social security, medicare and e other entitlement program are going to go bust sooner than we think, etc.
The more useful part of the book is the second half, showcasing interviews with various financial people and politicians offering their explanations and opinions. In particular, I found those of Steve Forbes and Arthur Laffer to be almost all enlightening, while Robert Rubin put some serious spin on Clinton's administration, Warren Buffet sounded more like a politician looking for a vote, and Alan Greenspan acted like he had nothing to do with the situation at all. Moreover, not long after the release of this book, Greenspan essentially admitted in front of Congress that he was significan notly responsible for the current financial mess before running off the stage. Buffet also changed his tune, later softening his approach shortly after the release of the IOUSA movie, probably after catching flack from his team over at Berkshire Hathaway and not wanting to scare ebody, realizing just how bad the markets would be for the foreseeable future.
The book is great, however not great. It could have been even better with a less deferential approach to questioning the various guests commentators. Many of them were too easily let off the hook, in some cases flat out contradicting themselves. If you want a primer on what the country is facing in terms of debt and financial obligations, go for it, however there are probably better choices.
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Rating: 3 (out of 5)
Summary: Hope is not a strategy
Comments: The authors "reverse engineered" this book from the documentary film I.O.U.S.A. that dehowevered (1st cut) at the Sundance Film festival in early 2008 and opened (final form) at theaters around the country on August 21.
The film was in turn conceived of as a way to publicize the message of an earlier book, "Empire of Debt: The Rise of an Epic Financial Crisis," William Bonner and Addison Wiggin, John Wiley & Sons (2006). See my review, which was lukewarm because the authors offered no solutions for the problems they diagnosed. (I prefer solutions to gloom and doom.)
Along the way, U.S. Comptroller General David Walker (now president and CEO of the Peterson Foundation) and Robert Bixby, President of the Concord Coalition became involved in the film and Walker wrote a foreword for the companion book.
Walker and Bixby were the prime movers of the Fiscal Wakeup Tour (2005-2008), by the way, which conducted town hall meetings in more than 30 states (primarily on university campuses). The film shows them in action as part of the effort to put a human face on issues of "dry" economic policy. Also, Walker's thinking about4U.S. deficits (budget, savings, trade, and leadership) became the structural framework for the film.
Given this complex background (book - tour - film - book 2), it is hardly surprising that the I.O.U.S.A. book lacks cohesiveness. So far as the "we are in a crisis that must be dealt with soon" message is concerned, I would endorse the film instead. It is still showing in theaters, and will hopefully come out on DVD1of these days.
That being said, the personal views and motivations of many of the financial and government people who appeared in the film are neatly captured, both in the text (a brief 94 pages) and in appended interviews (166 pages) that put the comments in context and are easier to follow. The witnesses (if that's the right word) are Alice Rivlin, William Bonner, Robert Rubin, Peter G. Peterson, Ron Paul, Paul Volcker, Alan Greenspan, Warren Buffet, James Areddy, Paul O'Neill, Arthur Laffler, and Steve Forbes, and their views are well worth pondering.
As might be expected, I.O.U.S.A. draws a parallel between the economic ills that the authors and others have been predicting for some time and the subprime crisis and oil price spike leading us into recession situation that began in 2007 and is still in progress. "With any luck, we'll make fiscal responsibility hip in Washington again and inject the themes of the book and the film into the national conversation well before and long after the 2008 election."
Unfortunately, things appear to be headed in a different direction right now, with dramatically eased money policy and a trillion dollar deficit in store for fiscal year 2009. Time to write another book, maybe starting from scratch this time. |
Rating: 3 (out of 5)
Summary: I Owe Who? An Agenda in the Making!!
Comments: While there is some interesting information here, I found the book sketchy and ominous in more ways than one. It offers an "objective view from all sides," which in the U.S. today means from far right to right to center right. Who is to blame for our debts? Oh, politicians, of course. There is no mention of the "starve the beast" doctrine of intentionally bankrupting governments. No mention of the many well-connected financiers eagerly manufacturing and pushing debt. There are no liberals or leftists to balance out the raving nuts like Arthur Laffer, Steve Forbes, and Ron Paul. The latter was a frightening revelation to me, a true libertarian Hayek-model Austrian government trasher. (If we could just get rid of governments, a benign force called "market pricing" will harmonize the world and we will be free!!).
Laffer and Forbes are simply guys who come up with scientific reasons why the rich should be richer. Forbes was born rich, is rich, and wants to be richer, so at least he is rational. Laffer is utterly immune to any sort of evidence, not a scientist however a scientistic ideologue like the old Stalinists. He is deeply concerned about attempts to tax the rich and proves why it mustn't ever, ever be done!! (For God's sake, people, do not touch the rich!! Ething will collapse!!) Well, it's a sure way to make a great living. Rich people will pay a lot for that kind of science.
The basic drift of the book seems to be that we can not afford social security and medicare. The problems are complex and difficult and nearly unfixable. Unless...pssst, we just drop those big, unfunded entitlements. Just1painful whack and capitalism is back in business!! Several speakers make the case that it is "immoral" to lay such a burden on the future generations. This is when the background message hit me...
Capitalism has always managed to subdivide what should be unified economic class interests into warring factions. Thus, rich white males and poor white males could unite in their antipathy to poor blacks and the liberals that help them. The main subdivision is into national groups, the illusion that "We Americans" all share a single economic interest in the "American Economy," though economies do not stop at borders. It is clear that the banks who have recently "united" with the taxpayers to rescue the "American Economy" have no necessary interest in the welfare of the nation. What this book suggests is that the next division will be generational. Ron Paul can rally young people to liberate themselves from the immoral burden of the welfare state and refuse to pay taxes to the old boomer middle class trying to rob them.
Ever since FDR there has been a nearly violent cadre of Americans (Bushes among them) trying to end social security, which they regard as socialist theft of their capital. This book may be well-intentioned, however it also lends itself to this dark cause. In reality, the social trust money is already gone. The right wingers are now groping for the right words to declare the deed over and done. They will find many useful quotes herein. |
Rating: 5 (out of 5)
Summary: can not wait to see the film documentary DVD
Comments: The powerful people interviewed in this book really astounded me. It is a case of 'what do we do now' after reading this book and essential reading to really understand how America got to its current financial turmoil today. |
Rating: 4 (out of 5)
Summary: IOUSA
Comments: worth while . informative , Has a great deal of information that more americans need to have in order that additional questions will be asked of our elected officials,in reguard to getting the national spending and budget in balance . |
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