Editorial Review

Over the past seven years, in a highly unstable global economy, Cisco doubled revenue, tripled profits, and quadrupled earnings per share. How? By Doing Both. When companies face key strategic decisions, they often take one path and abandon the other. They focus on innovation and new business at the expense of core businesses or vice versa. They stress discipline and sacrifice flexibility. They focus on customers and ignore partners. And they struggle. Cisco believes there is a better way: Doing Both.

Doing Both means approaching every decision as an opportunity to seize, not a sacrifice to endure. It means avoiding false choices, reduced expectations, and weak compromises. It means finding ways to make each option benefit and mutually reinforce the other. In this book, Cisco Senior Vice President Inder Sidhu explains why “doing both” is today’s best strategy. Then, drawing on Cisco’s hardwon insights and the experiences of companies like Procter & Gamble, Whirlpool, and Harley-Davidson, Inder presents a complete blueprint for “doing both” in your organization, too.

Win by Doing Both!

• Sustaining and Disruptive Innovation

• Existing and New Business Models

• Optimization and Reinvention

• Satisfied Customers and Gratified Partners

• Established and Emerging Countries

• Doing Things Right and Doing What Matters

• Superstar Performers and Winning Teams

• Authoritative Leadership and Democratic Decision Making

Reviews

A Living Example of why "Both-And" wins over "Either-Or"
There is evidence showing up everywhere that the "both-and" theory is not only real, but far more powerful than the limiting "either-or" postulate. "Doing Both," by Inder Sidhu is not only strong evidence that it works, but a wider, broader scope for its use.

We've seen parts of the both-and theory at work in business through co-opetition. However, simple collaboration habits often times do not include the factors that influence business success. Some people might think that today's collaborator would more likely be a new college graduate who works for a start-up technology company who uses a BlackBerry to increase personal productivity.

But, there is more to it than that. Both-and is allowing product innovation and the balancing of many seemingly conflicting goals to be maintained within an organization. Profitability is enabled by balancing seemingly conflicting purposes, not by choosing one or the other.

Inder Sidhu addresses multi-evolutionary product development agendas with a very elegant way of "Doing Both" things. Cisco has become a role model of sorts, where workers are empowered with personalized services, choice, and work-life balance in a human network to get their work done and make organizations thrive. The opening analogy on doing both form and function with the Golden Gate Bridge Bridge is very powerful as it became the symbol for Cisco.

Hopefully their example will inspire you to influence your current environment with the expectation that cultural factors influencing collaboration will include role modeling by senior leaders, a formal collaboration process, tools, training and rewards that will work for you.

"Doing Both" provides insight that will help ease the transition from the old management style to this new more profitable one. This book earns 5 stars because it is inspiring, insightful, and most importantly, practical. It is very well written and is fluid as well as engaging. It very proactively makes the both-and theory come across as quite believable and doable.

This book represents some fresh thinking to current business challenges. Definitely worthwhile spending some serious focus time on.

Let me also tell you about another new business challenge that I believe would be just as important spending some good focus time on...it is proactive managing your online reputation. In addition to "Doing Both" I would highly recommend getting Wild West 2.0: How to Protect and Restore Your Reputation on the Untamed Social Frontier.

Even though Cisco is a great company, it still has customer problems ... and you will to. It is inevitable that you will get some bad product reviews, or even worse, revengeful customers who will try to ruin your company's online reputation. Wild West 2.0 tells you exactly where to look for reputation problems and then how to repair them. Internet Reputation Management should not be delegated to your webmaster. From my experience it is now a critical management and marketing issue that concerns everyone from the CEO on down.

Interesting and inspiring


Inder begins with sharing how Cisco's TelePresence video conferencing technology has enabled him to see, hear and almost feel his mother's presence who is 8,000 miles away back home in India. The intro is touching and a friendly reminder of how technology has changed our lives in many ways and most importantly how we stay in touch and always connected.

Inder takes you through the various steps that Cisco has taken to grow to a $40 billion dollar company with over 60,000 employees. Its an interesting read as Inder walks through the history and the strategic decisions made to remain competitive through innovation and bold moves. Inspired by the stories of the background of the leaders chosen, the difficult questions and challenges faced and their paths take to success.

Doing Both is an interesting and inspiring read.

Business wisdom not to be missed
This book hones in on the point that optimal business decisions are not necessarily trade-offs between two choices but usually involve doing both. Written in an engaging, easy-to-read, story-telling style, the book offers numerous examples of how Cisco has been "doing both" to enable its success from multiple angles: technology innovation, market segmentation, supply chain management, organizational design, and more. Inder Sidhu's examples from his personal life are moving and help to make the book quite inspirational. A joy to read.

Unique Insights and Lessons Not To Be Missed
Business books are a "dime a dozen". Fortunately, this book is one that stands apart from the pack. Insightful, thoughtful, compelling and thought provoking, "Doing Both: How Cisco Captures Today's Profits and Drives Tomorrow's Growth" takes the reader on a dynamic journey into the inner workings of Cisco and it's remarkable transformation. Inder SIdhu's storytelling is highly entertaining and provides unique insights that today's business leaders must not miss. This book will be one that I highly recommend to my friends and colleagues.

Organizational transformation is not -- repeat not - a zero-sum game

One of the most self-defeating mindsets is suggested by the admonition, "You can't have your cake and eat it too." Obviously there are situations when there are two options that are mutually-exclusive. However, most of the time, when facing a choice, it is a mistake to select only one and dismiss all others. Inder Sidhu does not advocate "a balanced compromise between two objectives, but a mutually reinforcing multiplier in which each side makes the other better." He cites comments included in Built to Last (1994) co-authored by Jim Collins and Jerry Porras when discussing a highly visionary company "that doesn't want to blend yin and yang into a gray indistinguishable circle that is neither highly yin nor highly yang; it aims to be distinctly yin and distinctly yang - both at the same time, all the time. Irrational? Perhaps. Rare? Yes. Difficult? Absolutely."

Sidhu devotes the bulk of his lively narrative to explaining how exemplar companies such as Apple, BYD, Cisco, GE, Google, IBM, and Procter & Gamble achieve these strategic objectives:

o Improving the core business while conducting disruptive innovation
o Strengthening current account relationships while adding new ones
o Fine-tuning what is done well while transforming or eliminating what isn't
o Creating customer evangelists while creating steadfast partners
o Thriving on "Main Street" while exploring "the road less traveled"
o Doing it right and doing what is right (i.e. what matters)

Obviously, doing both (of whatever) is not always possible or, when possible, advisable. Also, any lessons learned from the exemplar companies such as those Sidhu examines (especially Cisco) must be modified to accommodate the specific needs and resources of much smaller organizations.

With all due respect to the value of these lessons, I think the single greatest benefit of this book is the mindset it can help its reader to develop. Although Sidhu does not cite them and their books, he has clearly been influenced (albeit indirectly) by business thinkers such as Henry Chesbrough (Open Innovation and Open Business Models) and Roger Martin (The Opposable Mind) as well as Venkat Ramaswamy and Francis Gouilllart (The Power of Co-Creation). Their major recommendations track almost seamlessly with Sudhu's own:

1. Be open-minded to possibilities, whenever/wherever they occur
2. Respect and examine those that are plausible, especially if unorthodox
3. Seek out collaborations that are mutually-beneficial
4. Welcome each "failure" as a precious learning opportunity
5. Juxtapose (for rigorous scrutiny) contradictory ideas and options
6. Embrace change as an ally, not as a threat
7. Achieve constant improvement with a discovery-driven process
8. Welcome and support principled dissent
9. Cultivate and nourish an insatiable appetite for learning
10. Challenge what James O'Toole characterizes as "the ideology of comfort and the tyranny of custom"

Congratulations to Inder Sidhu on a brilliant achievement.

Insightful Premise
Mr. Sidhu effectively presents the issues faced by Cisco in balancing its interests in maintaining current products, services and markets, and expanding into very different ones. He outlines how Cisco has dealt with avoiding the complacency and inflexibility in maintaining current products, services and markets by expanding into new areas, but simultaneously, avoiding overextending the company.

I thought the anecdotes from the experiences of other businesses were instructive, especially for us non IT types. The example of the building of the Golden Gate Bridge was especially helpful.

The concepts outlined in the book would be helpful to the owner of any business, from a local sole proprietorship to a company such as Cisco.

I higly recommend this book.

... Read more

Editorial Review

This is the eBook version of the printed book.

Praise for The Truth About Getting the Best from People

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"Finally, a no-nonsense primer for leaders on how to build...and keep...extraordinary talent. This book should be in the briefcase of every exec in the world and should be pulled out every day for a refresher on how to be a real leader."

Dan Walker, Former Chief Talent Officer for Apple, Inc.

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"A fun and easy-to-read blueprint on understanding and creating engagement within a team. No high falootin' business jargon here--Martha Finney tells it like it is. She helps supervisors and managers uncover the secrets of employee engagement through behavioral examples, successes at top companies, and her charming storytelling."

Kirsten Clark, Senior Director, Organizational Capability Group, Starwood Hotels and Resorts

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"Martha succeeds in reducing one of the business world's most sought-after but amorphous concepts--employee engagement--into 49 digestible truths."

Christopher Rice, President and CEO, BlessingWhite

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"A must-read for new supervisors and managers, with lots of essential lessons and tips."

Tom Mathews, Senior Vice President, Human Resources, Time Warner Cable

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"Easy-to-read stories and useful truths about leading. I wish I had this book when I first became a manager. I had to learn some of these truths the hard way!"

Scott Shute, Senior Director, Xilinx

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"The book is outstanding! Very easy to read....great examples, great advice, and the corporate world would be a better place if just 50 percent of the managers would follow your advice!"

Peg Wynn, Former SVP/HR, Adobe

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"I started reading and found myself grabbing for a highlighter. I got to the following line 'Getting the best is about building a culture of trust, connection, growth, and service.' I had to drop a box around that one."

Tiane Mitchell Gordon, Senior Vice President, Office of Diversity and Inclusion, AOL

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"Finney has gifted us an important compendium of accessible and eminently actionable insights about employee engagement. Using 'The Truths' as a guide, generations of managers will find infinite opportunities to unleash, inspire, and leverage the inherent talent in their people. My advice? Seize it! It will enable you to dramatically affect the future of your team, your organization, and your own career."

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Jane Creech, Founder and Principal, Strategic Business Systems (Organization Consulting & Leadership Coaching), Former Sr. Director, OD, eBay

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"If you are looking for a great way to deliver Management 101, just distribute this book. It has everything that someone new to management needs to know. Savvy, and sassy, and smart, this is an easy but important read!"

Beverly Kaye, Coauthor,Love 'Em or Lose 'Em

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"Just when I thought one truth was as good as it could get, the rest lived up to it! I loved the anecdotes and the final truth, 'You're still the Boss.'"

Ed Martin<... ... Read more

Reviews

Concise 'How To' with advice for managers at all levels
Concise, positive, practical and insightful...all are apt adjectives for Finney's book. Having been a Fortune 1000 product manager and program manager for many years, I was forever nodding my head in agreement, yet finding plenty of meaty content. Unlike so much management prose that can only be described as repetitious drivel, the 'truths' provide solid how to advice that assumes the reader already has a brain and a conscience. Further, the organization is excellent for the time-crunched. Each 'truth' gets 2-3 pages of intense discussion, allowing for on-the-go reading. Recommended!

I AM CONSTANTLY REFERRING TO THIS BOOK!
As an executive coach and employee engagement expert, I help professionals motivate their teams to greater productivity. This book has been so useful to me by providing relevant information, great examples and applicable strategies to - as the title aptly states - get the best from people. I reach for GETTING THE BEST FROM PEOPLE - every single day and highly recommend it to anyone who has to manage anyone!

Libby Gill, author of Traveling Hopefully: How to Lose Your Baggage and Jumpstart Your Life

A finely written leadership guide
How do you get the best out of your workers, their A-Game? "The Truth About Getting the Best From People" is a guide for managers and leaders on just that. With advice on keeping their workplace positive and dedicated to the company's goals, motivation facts and myths, and general leadership advice to bring the best out of oneself above all else, "The Truth About Getting the Best From People" is a finely written leadership guide, highly recommended to community library business collections. ... Read more

Editorial Review

In his first book, Tony Hsieh - the hip, iconoclastic, and widely-admired CEO of Zappos, the online shoe retailer - - explains how he created a corporate culture with a commitment to service that aims to improve the lives of its employees, customers, vendors, and backers. Using anecdotes and stories from his own life experiences, and from other companies, Hsieh provides concrete ways that companies can achieve unprecedented success.He details many of the unique practices at Zappos, such as their philosophy of allocating marketing money into the customer experience, the importance of Zappos's Core Values ("Deliver WOW through Service"), and the reason why Zappos's number one priority is company culture and his belief that once you get the culture right, everything else - great customer service, long-term branding - will happen on its own. Finally, Delivering Happiness explains how Zappos employees actually apply the Core Values to improving their lives outside of work, proving that creating happiness and record results go hand-in-hand. ... Read more

Reviews

YOUR PATHWAY TO CUSTOMER HAPPINESS...which is your ultimate success
I've read about and followed Tony Hsieh for a long time...I think he is brilliant. He helped a lot of people who worked along side of him in his business to learn how to solve problems and make people happy. Whether you were close to him or you observed from afar, you had to be touched by him in some way. And now that we have his book, he is definitely making a bigger impact...and I see that as a very good thing during a recession.

If you are wondering if you should get this book, let me say that it is a delightful book, easy to read and his stories will make you smile. However, I see a bigger reason, because if you want to succeed in business (or in life for that matter) you will need to know how to solve problems and make people happy. In fact, solving problems and delivering happiness is at the core of every successful business person.

I've also been so inspired by Serendipitously Rich: How to Get Delightfully, Delectably, Deliciously Rich (or Anything Else You Want) in 7 Ridiculously Easy Steps, which was written by Madeleine Kay, along with a foreword by Joe Vitale. This book gives you that same delightful feeling of power and success as it moves you positively on a path of change. It teaches you how to make decisions that serendipitously bring you success. It also gives you practical steps that deliver happiness into your own life, which will make your business a better place to work.

A must-read for inspiration ... plus two other suggested titles for practical implementation
There has been quite a crop of customer service related books recently, as well as the classics in the field. They each have their own angle, and I'm going to use this brief review as a chance to summarize where Delivering Happiness falls in this group as well as how to complement it with a couple of other books with different approaches that make for a very well-rounded outlook in tandem.

As far as [[Delivering Happiness: A Path to Profits, Passion, and Purpose:]]
I was privileged to get a galley of this much-anticipated title. It's the story of an entrepreneur and the different paths he took (or twists in the one path, depending on how you look at it). A fascinating story, and not just because of the bezillion dollars he got selling the company to amazon. (And: how can you not like a guy who calls his warehouse WHISKY (WareHouse Inventory and Supply in Kentucky -- Page 118)? Heavy emphasis on his pursuit of happiness for himself and his staff -- very admirable and inspiring.

If you're looking to directly transform your customer service/customer experience, you may want to add to Tony's inspiring autobiography some directly actionable books to help you turn his ideas into techniques you can put into practice right away -- and that are highly consonant with Tony's pro-employee, pro-customer, outlook -- I suggest two books --one a classic, one that's new this Spring -- that can take care of this for you.

1. Exceptional Service, Exceptional Profit: The Secrets of Building a Five-Star Customer Service Organization
This, like Tony Hsieh's book, is a new title this Spring. Practical, useful insights from the insiders who created high-tech startups and The Ritz-Carlton. Contains specific prescriptions for how to handle many different customer situations like they're handled at the companies profiled inside (incl: Zappos, Ritz-Carlton, Netflix, Charlie Trotter's, Lexus,), appendices with scripts you can use right away, etc.

2. [[Customers For Life: How To Turn That One-Time Buyer Into a Lifetime Customer]]
This is an older title, and a classic: how a texas cadillac dealer, of all people, mastered great customer service. Extremely simple, but never simplistic. Has inspired many business leaders since it was written. Many pages have usable, actionable insights. If you don't have this in your library (and in your psyche) yet, why not? You can probably grab it used for next to nothing, and the wisdom is timeless enough that you hardly need the "latest revised edition" if you need to save a few dollars.

A businessman's career journey
//Delivering Happiness: A Path to Profits, Passion, and Purpose// is written by Tony Hsieh (pronounced Shay), CEO of Zappos.com Inc. His story begins by endearing the reader to who Tony Hsieh is, decisions he made along his life's path, and how he got to where he is now as a self-made, successful businessman. It ends with sound, common-sense advice with business seminar-style training and education. Hsieh takes you on a step-by-step tour through his successes and failures to convey the ebb-and-flow challenges of starting and running a successful start-up company. His humorous, witty, satirical antidotes allow the reader to take a peek into the dynamics of his company's culture with actual emails, blogs and employee comments on working at Zappos. Corporate lingo is minimally used; when it does appear, Hsieh rightly defines the meanings as if you were sitting down with him enjoying a cup of coffee and just picking his brain about his experiences. He gives business strategies for thinking outside the box, trying new, yet at times risky, tactics to get the results he envisions.

//Delivering Happiness// is one of the best business strategy books written in a long while. Hsieh inspires drive without pretense or unattainable grandeur.

Reviewed by M. Chris Johnson

good read right on
I read the book in 1 night! very interesting, he has some very good insight into customer happiness!

Inspiring Book
A good portion of the beginning of the book is setting up the direction of Tony's thought process. It reminded me a lot of myself growing up (except somewhere along the line he took a right turn and I took a left). There are some brilliant moves he took to get to where he is today. I found the book very inspiring. As an eCommerce Director myself, Tony has given me inspiration to reach for the stars! ... Read more

Editorial Review

 
A black swan is an event, positive or negative, that is deemed improbable yet causes massive consequences. In this groundbreaking and prophetic book, Taleb shows in a playful way that Black Swan events explain almost everything about our world, and yet we—especially the experts—are blind to them. In this second edition, Taleb has added a new essay, On Robustness and Fragility, which offers tools to navigate and exploit a Black Swan world.



*2nd Edition, With a new essay: "On Robustness and Fragility" ... Read more

Reviews

Lost in Extremistan with nothing but a Bell Curve
If, as Socrates would have it, the only true knowledge is knowledge of one's own ignorance, then Nassim Nicholas Taleb is the world's greatest living teacher. In The Black Swan, Taleb's second book for laypeople, he gives a full treatment to concepts briefly explored in his first book "Fooled by Randomness." The Black Swan is basically a sequel to that book, but much more focused, detailed and scholarly. This is a book of serious philosophy that reads like a stand-up comedy routine. (Think Larry David...)

The Black Swan is probably the strongest statement of enlightened empiricism since Ernst Mach refused to acknowledge the existence of the atom. Of course, in theory, everyone today is supposed to be an empiricist - all right-thinking intellectuals claim to base their views solely on positive scientific observation. But very few sincerely confront the implications of rigorous empiricism. Specifically, few confront "the problem of induction," illustrated here by the story of the black swan.

Briefly: observing an event once does not predict it will occur again in the future. This remains true regardless of the number of observations one adds to the pile. Or, as Taleb, recapitulating David Hume, has it: the observation of even a million white swans does not justify the statement "all swans are white." There is no way to know that somewhere out there a black swan is not hiding, disproving the rule and nullifying our "knowledge" of swans. The problem of induction tells us that we cannot really learn from our experiences. It makes knowledge very problematic, if not impossible. And yet, humans do behave -almost without exception- as though they believe that experience teaches us lessons. This is forgivable; there is no better path to knowledge. But before proceeding, one must account for the limits that the problem of induction places on our claims to knowledge. And humans seem, at every turn, to lack this critical self-awareness.

In one of the many humorous anecdotes that seem to comprise this entire book, Taleb recounts how he learned his extreme skepticism from his first boss, a French gentleman trader who insisted that he should not worry about the fluctuating values of economic indicators. (Indeed, Taleb proudly declares that, to this day, he remains blissfully ignorant of supposedly crucial "indicators" like housing starts and consumer spending. This is a shocking statement from a guy whose day job is managing a hedge fund.) Even if these "common knowledge" indicators are predictive of anything (dubious - see above), they are useless to you because everyone else is already accounting for them. They are "white swans," or common sense. Regardless of their magnitude, white swans are basically irrelevant to the trader - they have already been impounded into the market. In this environment, one can only profitably concern oneself with those bets which others are systematically ignoring - bets on those highly unlikely, but highly consequential events that utterly defy the conventional wisdom. What Taleb ought to worry about, the Frenchman warned, was not the prospect of a quarter-percent rise in interest rates, but a plane hitting the World Trade Center!

Yep, the precise facts of 9-11 were actually presaged by this French gentlemen, as a rogue wave that just might be lurking over the horizon. And, to the contemporary American mind, this is THE quintessential Black Swan. Of course, the Frenchman's insight was just a coincidence - the thing with Black Swans is that they cannot be foreseen.

Taleb explains that conventional social scientists use induction to collect data, which is then plotted on the good old Gaussian bellcurve. With characteristic silliness, Taleb dubs the land of the bellcurve "Mediocristan" - and informs us that it is the natural habitat of the white swan. He contrasts Mediocristan with "Extremistan" - where chaos reigns, the wholly unexpected happens, power laws and fractal geometry apply and the bellcurve does not. Taleb's fictional/metaphorical 'stans' share something with the 'stans' of the real world: very ill-defined borders. Indeed, one can never tell whether one is in the relatively safe territory of Mediocristan or if one has wandered into the lawless tribal regions of Extremistan. The bellcurve can only help you in Mediocristan, but you have no way of knowing whether you have strayed into Extremistan - beyond the bellcurve's jurisdiction. This means that bellcurves are of no reliable use, anywhere. The full implications of this take a while to sink in, and are sure to cause huge controversy. In July, Taleb will debate Charles Murray (author of -what else?- the Bell Curve). I'll let you know who wins.

Taleb frames his whole argument much more entertainingly than I could here, and he bolsters it with an astonishing command of both cutting-edge social science and the entire history of philosophy. This is an astonishing work of serious philosophy, and it reads like pulp fiction. Readers who enjoyed FBR will find here the same dry wit, the same literary erudition, and deep sense of the absurd that made that book so much fun. But this is better, by an order of magnitude - easily the best book I have read in 5 years. I smell a timely pop-science bestseller here to rival Gladwell or Surowiecki, but this is also a classic that will be read for decades to come.

Many important ideas, many flaws that detract from the message
This is an entertaining and enlightening book, and fairly easy to read. It has an important message regarding how the world works; that the world is governed not by the predictable and the average, but by the random, the unknownable, the unpredictable -- big events or discoveries or unusual people that have big consequences. Change comes not uniformly but in unpredictable spurts. These are the Black Swans of the title: completedly unexpected and rare events or novel ideas or technologies that have a huge impact on the world. Indeed, Taleb argues that history itself is primarly driven by these Black Swans.

It is convincing argument, entertainingly presented with plenty of sarcasm, and indeed, anger, by Taleb. For example he rails against the academic community, economists (including specific names), and Nobel Prize committee. Considerable numbers of his arguments "ring true" to me, that is my experience in life confirms that they are more accurate than the traditional approach. Like any important work, 90% of what is in the book is not original; that does not make it less important. Taleb's contribution is in integrating the material together, and showing how these different ideas are tied to the Black Swan.

The themes include: winner-take-all phenonomen, numerous effects of randomness on the world, the invalidity of the Gaussian Bell Curve to most things in world, concepts of scalablity, numerous instabilities in the world, especially the modern world where information travels so quickly, the fallacies about people's inability to predict the future. The importance of these ideas, Taleb's ability to weave them together into a single theory, and the ability of this theory to change the way you look at the world, means the book easily deserves my highest recommendation.

However, the book does have many flaws, unfortunately -- unfortunate because I believe they will take away from the credibility of the message, which is in important one. The are numerous minor flaws such as, for example, the inexplicable invention of a fictional author (disclosed a few pages later), when certainly there must have been some real example that would have worked better. Another example is repeated jabs about the French; these may be amusing but I just don't think they have a place in work like this. There are also diatribes against specific people, including famous economists, which, though amusing, and possibly justified, demonstrate a high level of anger by author and take away from his credibility. Often he also overreaches, for example in saying the usual combination of anti-abortion and pro-death penalty or the opposite combined views of pro-abortion and anti-death penatly cannot be explained logically, when in fact widely known theories such as George Lakoff's (in Moral Politics) have explained hows these groups of views are entirely consistent.

Another flaw is that Taleb seems to go a little toward the extreme of saying that we can predict almost nothing about the future, and though he does not say so explicitly, this seems to imply we have no moral responsibility to the future. This, combined with Taleb's advice to the reader about their behavior based on the "Black Swan" view of world just rubbed me the wrong way, for several reasons. One is that Taleb personally has very little in common with most people; never having as far as I know had a regular career (essentially what he calls non-scalable, e.g. dentist, engineer, baker) he nevertheless recommends that people choose these kinds of careers rather than a scalable career (e.g. financial trader, author, actor which are subject to a few lucky successful people and a lot of failures). This advise is odd first because Taleb is in a non-scalable profession (derivatives trader, then hedge fund manager) -- indeed it appears he is quite wealthy. Even more odd because he says all these types of non-scalable types of work are boring and evens makes sarcastic comments (the book is extremely sarcasm heavy) for example about dentists being able to do well by diligently drilling teeth for 30 years. The second things that bothered me is that Taleb seems be somewhat amoral to me; in this type of book where plenty of his own emotions come through, plenty of his personality, he has plenty of criticism of others for their wrong models and wrong view of the world, and how this has hurt the world, but there remains a lack of moral responsibility to his advice.

Perhaps the best comparison I could make are to other important works that do not suffer from these flaws, for example the Age of Fallibility by George Soros and Irrational Exuberance by Robert Shiller (1st and 2nd editions). But probably Black Swan will sell better than either of these because of it's "edginess," i.e. aggresiveness; I personally have a distaste for this approach.

Despite my criticisms, the main ideas of the book as so important as to merit reading and indeed great consideration. ... Read more

Editorial Review

A brilliantly reported true-life thriller that goes behind the scenes of the financial crisis on Wall Street and in Washington.

In one of the most gripping financial narratives in decades, Andrew Ross Sorkin-a New York Times columnist and one of the country's most respected financial reporters-delivers the first definitive blow- by-blow account of the epochal economic crisis that brought the world to the brink. Through unprecedented access to the players involved, he re-creates all the drama and turmoil of these turbulent days, revealing never-before-disclosed details and recounting how, motivated as often by ego and greed as by fear and self-preservation, the most powerful men and women in finance and politics decided the fate of the world's economy. ... Read more

Reviews

Simply a chronology
The book details the events, the people and the conversations that roiled the banks in 2008. The book does not really discuss why the events happened. If you're looking to understand why these banks fell, this is not the book to read.

The book is very readable and even at 539 pages, a person can finish it quickly. Another plus is that unlike most NY Times reporters, the author keeps most of his opinions out of the story until the last 2 pages.

His opinions are:

The government allowing Lehman to go into bankruptcy was the catalyst that caused the floodgates to open. This is probably why he spends a lot of the book developing the Lehman story.

He's ambivalent about whether the government players could have prevented the collapse of the banks or even if they did the right things when they did act. But he's quite clear that more banking regulation was needed then and is needed now.

One can disagree with his opinions, but he does well to leave most of them till the end of the book.

A few criticisms:

As mentioned, he does not discuss why exactly these events happened. In the epilogue, he briefly mentions 4 events that percolated over 10 years that conspired to cause the perfect storm in 2008. But he could have spent a chapter (prologue) describing these events and how they conspired to cause the problem. Apparently he's not a banker or an academic, so maybe he didn't feel qualified to do this.

Second criticism: In a few places prior to his epilogue, he lets us know his (negative) opinion of some players. It's obvious his disdain for Chris Cox and Sheila Bair. But he's particularly vitriolic towards the Wall Street Journal editorial page. I thought that as a chronicler, the author should have omitted his opinions of these people/institutions. Except for these incidents, he does largely keeps his opinions out of the manuscript until the last few pages.

Overall, a quick read that details the players and the chronology of events. If all you need is to understand the crisis, then this book should suffice.

A Real Page Turner
This is an excellent book that reads like something that Dan Brown might have written. But its real. The part that amazed me was the level of detail Sorkin was able to get about behind the scenes conversations that took place. Stuff about how people such as Dick Fuld of Lehman reacted to the problems when it was becoming clear that the company was going down and he was in denial. How Paulson was reacting to things when there were no rules about what to do.

But probably the most interesting parts were how the different personalities were reacting while the ground was shifting under them. At the peak, many of the people involved were literally working 24 hours a day highlighted by a phone call made to Vikram Pandit, CEO of Citibank at 3 am telling how a deal he made at midnight for Wachovia had instead been trumped by another and that that deal had already been signed and blessed by the government. How major decisions were being made on the run and how solid institutions became institutions on the brink in a matter of hours.

The book also explains how companies like Barclays and China Investment Corporation were working behind the scenes as well how Paulson, Geithener and others in the government were scrambling to keep things from collapsing. There is a lot of Monday Morning Quarterbacking going on and some of the things these people did may not have been the best, but they pulled it off and we should all be grateful.

But there some bad guys, namely the short sellers and as usual some in congress. The book makes clear that out of control short selling added fuel to the flames that were occurring and that when we were facing this emergency some members of Congress were focused on their own butt instead of doing what was needed.

There is a huge cast in this book and its is sometimes hard to keep the people and their roles straight, but make the effort. You will be rewarded.

Interesting reading
I was interested in knowing what goes on behind the scenes in these financial crisis times. I thought maybe it would be a little dry reading matter, but found it was as hard to put down as an adventure novel. Very indepth without any apparent bias in my opinion on the author's part.

The Definitive Book on Financial Crisis
After reading two other well-publicized books on the real estate bubble and following market crash, I felt like I had been had. One book, primarily about Lehman, was shallow and written by an egotistical prima donna. The other was too technical and appeared to not have been edited well.
This book was written by a finanial author and is fair, thorough, and puts everything in perspective. It is well-written and flows for an easy read.
If you have any interest in financial history, this book belongs on your shelf along with other classics like When Genius Failed, Barbarians at the Gate, and the Smartest Guys in the Room. Ignore the poor ratings by those who were disappointed in the Kindle price. That is another issue.

Strong Recommendation
I have read many books on last year's economic crisis, and this book if not the best is certainly one of them. It is a well-written description on literally a day to day basis of the events in NYC and DC that changed our economic landscape forever. The book allows us to know the thoughts of many of the major participants and details the reasons for the actions taken, and shows us how close we came to an economic collapse. I strongly recommend it. Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System---and Themselves

Important Lessons in Too Big To Fail
Book Review: Lessons From Andrew Ross Sorkin's "Too Big To Fail"
By Ravi Nagarajan
Published on January 5, 2010 at 6:05 pm
Originally published on The Rational Walk: [...]

Most outside observers had difficulty keeping up with the momentous events of the weekend of September 14-15, 2008 with all of the twists and turns that finally led to Lehman Brothers' historic bankruptcy filing, Bank of America's purchase of Merrill Lynch, and AIG's bailout only a few days later. Ever since that tumultuous period, there has been a need for a comprehensive book covering the behind the scenes events. Andrew Ross Sorkin's Too Big To Fail has succeeded in delivering exactly what is needed to gain a better understanding of these historic events.

If newspapers are the "first draft of history", Andrew Ross Sorkin played a major role with his New York Times coverage of the financial crisis in 2008. Although Mr. Sorkin is only 32 years old, he has obviously been able to build up a massive network of contacts on Wall Street and in Washington. Mr. Sorkin's coverage spans the timeframe from the failure of Bear Stearns up to the passage of the TARP legislation, but the narrative really shines when it comes to the events of a September weekend when the financial system came much closer to total collapse than anyone on the outside could have realized at the time.

Mr. Sorkin's book has received a great deal of media attention and book reviews, but there is also a need to step back and think about the lessons that must be learned if future crises are to be avoided. The inability of Washington to come to any agreements on financial system reform was a significant failure in 2009, but one that received little attention outside the financial press. With each passing week of relative "calm", chances grow greater than another crisis may be required to prompt reforms.

Greed and Fear

The old adage that a balance between greed and fear creates equilibrium on Wall Street seems hopelessly out of date in light of the revelations in this book. In the "text book world", investors and other players in a market system need to be driven by the profit motive ("greed") but decisions are tempered by a desire for safety ("fear"). For many decades on Wall Street, the partnership model in investment banking seemed to keep the level of risk aversion high enough to prevent overreaching (for a great book on the old model at Goldman Sachs, for example, see Charles D. Ellis' The Partnership).

One can argue that many leading Wall Street players lost huge sums of money in the 2008 crash, so the absence of more "fear" in the system cannot be explained merely by a change in the ownership models of the investment banks. Indeed, an absence of adequate levels of risk aversion extended to Main Street and Washington as well. Rep. Barney Frank's famous declaration in favor of "rolling the dice" with softer underwriting standards for mortgage lending as well as the reckless disregard of financial prudence by many subprime borrowers cannot be ignored.

False Illusions and Egos

From the outside looking in, Wall Street and Washington are populated by highly confident, assertive, and competent individuals who seem equipped to carry out their responsibilities in a capable manner. While there are many individuals who fit this description well, some of whom appear in Mr. Sorkin's book, many others appear to suffer from the human defects that affect everyone else. At several points in the book, we can see cases where ego prevented otherwise intelligent actions from being taken.

For example, why did Lehman Brothers' CEO Dick Fuld, shocking even his own team, attempt to abruptly change the terms of a nearly sealed deal with Korea Development Bank in early August that would have valued Lehman at a premium and likely saved the firm? Was it a matter of seeking better terms for his shareholders, a question of ego, or confidence that a government bailout would be a backstop if all else failed?

There are countless other situations in the book where the reader, with the benefit of hindsight, asks: Why?

Government Saviors?

Government players hardly come out of the story looking like heroes either, with the possible exception of Treasury Secretary Hank Paulson who had the unenviable task of coming up with solutions for the crisis without appearing to favor a bailout of his former colleagues at Goldman Sachs. Throughout Mr. Sorkin's account of the events, it becomes quite apparent that helping Goldman was probably the last thing on Mr. Paulson's mind.

Timothy Geithner, the current Treasury Secretary, was President of the Federal Reserve Bank of New York during the crisis. Mr. Geithner comes across as the main deal maker for the Fed while Chairman Ben Bernanke takes a much lower profile role. While there is no doubt that Mr. Geithner played a critical role, he often comes across as authoritarian in terms of his tactics. For example, at several points, he makes threats or orders bank CEOs to take action during meetings and simply leaves the room asking to be notified when a solution is in place. Whether this was necessary or not during these remarkable times is an open question, but this is not how we should want government officials to behave in normal times.

President Bush hardly appears in the narrative and seems quite detached in the few occasions where he is being briefed on the crisis. For all practical purposes, Secretary Paulson was calling the shots for the Executive branch of the Federal Government throughout this process. Sen. Barack Obama made a few appearances in the book (as well as on Secretary Paulson's calendar) but Sen. John McCain hardly appears at all which is surprising given that he famously suspended his campaign in order to return to Washington and work on a solution for the crisis.

Financial Regulatory Reform

One of the interesting aspects of the book is the degree to which government officials pushed to "marry" commercial banks and investment banks during the height of the crisis in September. It seems like every possible permutation was considered, to the point where Mr. Geithner was referred to mockingly as "E Harmony" in a reference to the online dating site. At the same time, many in government blame the 1999 repeal of the Glass-Steagall Act, which prohibited the union of commercial and investment banks, for precipitating the crisis.

While the idea of giving investment banks access to stable deposits through commercial banks had a great deal of merit during the crisis, such mergers also created ever larger institutions, many of which are considered "too big to fail". It seems that society must decide which is the lesser of two evils: Government regulations that seek to keep financial institutions small such that none can become "too big to fail" or heavy handed regulations that properly govern mammoth institutions that are obviously "too big to fail".

Wall Street: Pick Your Regulatory "Poison"

Wall Street cannot have it both ways: If regulations are repealed that then allow financial institutions to grow so large that a failure would have systemic impacts, then regulations governing the conduct of these institutions is essential to avoid future crises from developing. On the other hand, if we accept regulations that prohibit mergers that will result in massive institutions, Wall Street firms should have more flexibility to conduct their ongoing affairs without as much regulatory scrutiny since the failure of any one institution will not be systemically important.

It seems preferable to have "blocking" regulations such as Glass-Steagall rather than "operational" regulations required to govern massive financial institutions that are of systemic importance. A "blocking" regulation is not as intrusive into the day to day operation of firms and is less likely to throw sand in the gears of capitalism. In contrast, the regulatory regime required to monitor massive systemically important institutions will, of necessity, be intrusive and bureaucratic.

"Too Big To Fail: The Sequel"?

There are many potential solutions that should lead to a more stable financial system going forward, but each passing week makes it less likely that reforms will be made. As the economy recovers and "business as usual" returns to Wall Street, the seeds are now being planted for the next crisis. While no doubt capable of the task, we should hope that Mr. Sorkin does not have the opportunity to write a sequel to Too Big To Fail. The consequences could be even more severe.

Too Big to Fail is too Good to Skip
The litany of books on the 2008 economic crisis covers a lot of ground. There are a plethora of good books that have come out thus far (and plenty of bad ones). My reading has already taken me through some books that I find dangerous in their ideology, but also some that are remarkably astute. What I have not come across until this latest addition to the series is a book that was nearly impossible to put down. Andrew Ross Sorkin's Too Big to Fail put an end to that. While I have over a dozen books to complete still in this project, and am backed up more than that with books I have completed but not yet reviewed, I can safely say that no book will prove to be as much fun to read as Sorkin's. I recommend it for any reader who has the ability to take down over 500 pages of a brilliantly-written suspense thriller.

Sorkin's book does something that very few books written about the crisis will be able to do: It narrates a series of events with virtually no ideology or partisanship whatsoever. I can honestly say that after finishing the book I still had no idea what Sorkin believes about the TARP bill, the nature of Wall Street, the role of lawmakers in causing the collapse, the merit (or lack thereof) of the Federal Reserve's response to the crisis, etc. Sorkin tells the story of the events leading up to, and immediately following, last September's week from hell (the week that included the bankruptcy filing of Lehman Brothers, the government bailout of AIG, and the emergency sale of Merrill Lynch to Bank of America). Intertwined with the narratives of that fateful week, Sorkin incorporates extensive biographies of the lead characters including Henry Paulson, Tim Geithner, Richard Fuld, Ken Lewis, Jamie Dimon, Lloyd Blankfein, and many others. By the time I was done with the book I felt like I knew the characters personally. His research is comprehensive and his list of sources unmatched. No major character in this story has come forward to deny his version of any of the major stories. Whether someone is a hopeless obsessive of these events (like me) or not, the book is wildly entertaining, completely fascinating, and extremely well-told.

I do have to interact with the events described in this book at some point, and I intend to do so in greater detail when my review series is complete. I do not accept any version of the 2008 catastrophe that either totally villainizes Henry Paulson, or totally vindicates him. My interest in this review series is ideological: I believe that the Libertarian-anarchist crowd, and even more disturbingly the Keynesian-leftist crowd, have axes to grind in their portrayal of the crisis that must not be left unaddressed. Sorkin's book does not pose any such problems. The complex issues he addresses require an economic thinker like myself to formulate opinions, but he does so without poisoning the well. I did not complete this behemoth book with any more clarity about the propriety of TARP, the role of short sellers in the financial crisis, or the moral hazard embedded in much of Uncle Sam's reaction to the crisis. But what I did get out of reading this is an incredible amount of color on all the aforementioned issues (and others) that I desperately needed. The proper ideological commentary on September of 2008 is coming, but in the meantime, kudos to Andrew Ross Sorking for not attempting to provide that commentary, and instead providing me 550 pages of reading bliss.
... Read more

Editorial Review

In The Five Dysfunctions of a Team Patrick Lencioni once again offers a leadership fable that is as enthralling and instructive as his first two best-selling books, The Five Temptations of a CEO and The Four Obsessions of an Extraordinary Executive. This time, he turns his keen intellect and storytelling power to the fascinating, complex world of teams.

Kathryn Petersen, Decision Tech's CEO, faces the ultimate leadership crisis: Uniting a team in such disarray that it threatens to bring down the entire company. Will she succeed? Will she be fired? Will the company fail? Lencioni's utterly gripping tale serves as a timeless reminder that leadership requires as much courage as it does insight.

Throughout the story, Lencioni reveals the five dysfunctions which go to the very heart of why teams even the best ones-often struggle. He outlines a powerful model and actionable steps that can be used to overcome these common hurdles and build a cohesive, effective team. Just as with his other books, Lencioni has written a compelling fable with a powerful yet deceptively simple message for all those who strive to be exceptional team leaders. ... Read more

Reviews

So glad I came across this!
Emotional Intelligence 2.0 is a book I enjoyed which Pat Lencioni wrote the foreword for. I found Lencioni's foreword intriguing (apparently I was the one person who hadn't heard of him). So, I decided to check The Five Dysfunctions out, and am so glad that I did.

This book explores the fundamental causes of organizational politics and team failure. Lencioni does an outstanding job showing a team that's going through some typical, real-world sticking points, yet is able to maneuver through them successfully. The central premise is that any team can work together effectively once they understand and overcome the five dysfunctions.

The Five Dysfunctions are:

* Absence of Trust,
* Fear of Conflict,
* Lack of Commitment,
* Avoidance of Accountability, and
* Inattention to Results

I'm now using The Five Dysfunctions with my work group with great success. They were already reading the EI 2.0 book, and didn't skip a beat when I threw this one into the mix. Highly recommended.

Finally! Another VERY helful and applicable management book!
By dedicating 90% of his book to a so-called leadership fable, Patrick Lencioni very effectively conveys the very essence of the model he proposes in order to deal with dysfunctional teams. Though the story he presents is that of a hypothetical newly appointed CEO of a distressed start-up and (in the beginning of the story) her highly dysfunctional executive team, the model is perfectly applicable to any team throughout most organizations.

The model consists of a pyramid with the five dysfunctions of a team (from the bottom, up):
1) Absence of trust: stemming from an unwillingness in the team members to be vulnerable and genuinely open up with one another about their mistakes and weaknesses.
2) Fear of conflict: inability to engage in unfiltered, passionate (yet constructive, though it may strike you as odd) debate.
3) Lack of commitment: no buy in and commitment can be expected when ideas and opinions have not been aired and genuinely taken into consideration prior to a decision.
4) Avoidance of accountability: without commitment to a clearly defined set of goals, team members will hesitate to call their colleagues on their actions and behaviors that are counterproductive for the team.
5) Inattention to results: Lencioni brings it all home through the realization that avoidance of accountability leads to a state where team members tend to put their individual needs above the team's collective goals.

Throughout the last leg of his book, Lencioni contrasts how dysfunctional teams behave by comparing them to a cohesive team in the case of each of the five dysfunctions. He also provides suggestions on overcoming each of the dysfunctions and insights into the role of the leader in this process, all in a very structured and to-the-point way. Complementing this, he provides a Team Assessment tool to help determine where your team is at in terms of each of the five elements of the model.

As much as the book can be digested without too much trouble in 2-3 straight hours, it is inevitable (unless you are fooling yourself or you operate in a very healthy team) to have your managerial wheels in your mind turning at full speed by the time you are done with it. As a manager and an avid reader, I welcomed this book with open arms because I found it to be very useful and readily applicable. Now comes my challenge in putting it to use.

Chief Innovation Officer, SmartLeadership.com
This book is helpful to anyone who serves on a team and specifically helpful for team leaders. You will see yourself and your team in this book. More than that, you will find specific steps you can take to make your team better. Through a real life fable, Pat leads you through the steps you need to take to move a team from dysfunction to health. You will find a clear model as well as examples that are as relevant as your last meeting.

As I read this book I discovered:

1. A vocabulary I can use with my team to discuss dysfunction.
2. A self-analysis that will get the discussion started.
3. A clear model for implementation.

As a team leader, this book challenged me to:

1) Lead selflessly
2) Take risks
3) Encourage conflict
4) Embrace the power of meetings
4) Direct my team around a common theme

This book is simple, practical and filled with wisdom. Highly recommended.

Excellent book
The Five Dysfunctions of a Team is an interesting, easy to read fictional story about a Silicon Valley company in a turnaround situation. Lencioni did a really good job of creating characters that everybody can relate to.

The one theme that I took from this book is the importance of open, frank communication between team members. That is the core of the five dysfunctions. Most of the time when people are in a group setting, their primary goal is not to get the job done right, but instead it is to not offend other members of the group. This leads to some terrible decision making since nobody ever objects to bad ideas for fear of making another co-worker look bad. This book drives home the important point that conflict in groups is good as long as it is respectful because it leads to much better decision making.

In addition, as another reviewer mentioned, one of the most impressive parts of the book is that the author doesn't shield you from the fact that there is going to be some pain and struggle when working through problems. As a reader, there are a few times when I genuinely wondered: "Are they going to make it?" This is important since in real life you will probably wonder the same thing when you hit some obstacles along the way.

I highly recommend this book.

Greg Blencoe
Author, The Ten Commandments for Managers

Very practical and insightful!
This is a genuinely significant book for anyone who works in a team environment, whether at work, in sports, in the community, at home, etc. Of all the business books I have read on team building, "Five Dysfunctions" stands at the top of the pack. The strength of this book lies in the fact that it gets at the ROOTS of team failure. Anyone who has been forced to go through corporate "team building" sessions and sing with their fellow co-workers knows that it is an approach that doesn't work! The principles presented in "Five Dysfunctions" are solid and will get results.

The organization of "Five Dysfunctions" is as follows. The bulk of the book comprises of an extended fictitious example of a dysfunctional group, and slowly works through the underlying principles. These principles are then succinctly presented in the last few pages of the book, along with further analysis and suggestions on implementation. This organization allows the principles to slowly sink in through the book, but then gives the reader a very focused section the use for later reference and review.

A great strength of the book is that it avoids the all-too-frequent tendency of creating tension and then resolving it more quickly than would happen in real life. Reading the story gives you a sense of the effort needed to work through the dysfunctions of a team. The tools are presented to the reader, but without the illusion of a quick fix. Rather, "Five Dysfunctions" gives a simple message that inspires, energizes, and creates a vision of hope for how thing could be in a team.

One "a-ha" experience I had while reading this book is that some of the teams I have been on - teams where we all got along just fine - shared at least some of the five dysfunctions which made them less than effective. While these teams were quite accomplished at the superficial types of team building activities that are so popular, we avoided the core issues that Lencioni discusses in his book.

This book is one that I will review often, and recommend to anyone.

You gotta read "The Five Dysfunctions of a Team"
Before I read "The Five Dysfunctions of a Team" by Patrick Lencioni, I was unaware that professionals who work together in groups and teams face the same problems as teenagers in high school. Lencioni disscusses the five dysfunctions that teams face. He uses a spectacular model to explain them.... a story line about a major company facing troubles because the survival of the company depends on a team of about 7 people who are in such a disarray and "just can't get along." Lencioni told the story in the point of view of a new CEO of the company, who was challenged to piece the team and the company back together.

There were pros and cons to this book, although I really really enjoyed it. The discussions among the CEO and group about why they are failing as a team and at succeeding (i.e. lack of trust, avoidance of conflict/accountability) were so general and so obvious, but at the same time so necessary. I believe that people can relate to some of the characters on the team. It will help you to understand your team members, it allows other teams members to understand you, and it allows everyone to be able to relate to each other. Because I guarantee, if you are in a team, you have experienced much of what was discussed and experienced in the story. This book will allow you to overcome those obstacles and hopefully work towards a better work atmosphere and create healthier, more understanding relationships with your co-workers.

Another positive aspect of "The Five Dysfunctions of a Team" is that the story is told through the narrations of the CEO. This allows people to get a closer sense of what she is dealing with and how she is feeling at the time.

However, the story is a bit long, and if you are reading the story and trying to apply it at the same time, it would not be much help right away. Also, the story sometimes went off on tangents when in the group discussions, which caused them to get off of the subject at task. There could have been more stress on how the teams overcame their hurdles, instead of elaborating so much on explaining each dysfunction. Because the dysfunctions were the obvious part, it was the overcoming part of it that is important in guiding readers to overcome the same hurdles.

Overall, I really believe that this book is really effective in teaching a lesson, guiding readers to success, and even giving people a reality check as to why they may be hurting their own team. I would definitely recommend this book to CEO's and team leaders/members. If you are in a dysfunctional team and wonder why, I guarantee this book can explain it and guide you to success, also!

Really understands team dynamics
This book does 3 things that really hit home for me and justify the 5 star rating I gave it: it's completely in touch with REALITY, it's brilliantly SIMPLE in it's presentation of both the problem and the diagnosis and it's 100% APPLICABLE to every management situation I've ever been part of. Too many times, I've encountered management books or consultants who will assemble a list of things to do that's too long to act upon, out of touch with the reality of working on the planet earth or narrow in their application (eg - how to lead teams to develop better software). Lencioni takes the universe of issues that prevent apparently smart managment teams from succeeding and distills it to the most important 5. As you read this book, I can guarantee you'll have that "I've been in this situation before" feeling. The characters are people I've seen repeatedly in my business career, the situations so familiar they made me laugh. The best aspect of Lencioni's analysis of the dysfunctions is that he takes you materially beyond the diagnosis and offers a real world approach to treating the problem.

A Project Management Professional
One of the most difficult challenges when starting a new project is forming a team ready to row in the same direction to achieve project objectives. I have long searched for a tool to overcome this challenge and have found just what I need in Patrick Lencioni's new book, The Five Dysfunctions of a Team. His easy to read style of writing allows readers to grasp the material quickly. The story of a new CEO unfolds in the first five minutes and keeps unfolding until one is finished with the book at around ninety minutes. I found my answers in "The Model" which follows the fable. This book will be on my desk for easy reference every time a new project is started, for this book is an absolute must for project managers as well as CEO's.

There is No Better Book About Managing Teams
I have to admit that I had somewhat limited expectations for this book. I was worried that this book would simply be a re-hash of the same material written in the first two books by this author. So often, it seems that the creator of a very successful and revolutionary paradigm (and Pat Lencioni's first books were certainly both of those) will put out a whole series of books that explain the same concept with a slightly different spin. Fortunately, that isn't the case here - - This is one of the most powerful business books I've ever read.

While the themes in this book are very consistent with the author's first book, the approach is completely different. The first book forced me to constantly look inward and ask myself what I could be doing better as a CEO. This book was much more team oriented, helping me to guide everyone of my direct reports in how they could be better managers and how we can function more cohesively as a team. I can't say enough about how eye opening the book was in terms of my ability to instantly improve the effectiveness of my entire team. I'm going to give this book to everyone on my team and plan to have a group discussion of what each of us learned from the book.

The book is a VERY quick read (probably an hour cover to cover) and will make a thoughtful manager completely re-think whether his or her team is optimally managed. The book allows you to quickly diagnose the area where your team has weakness and almost instantly chart a well defined course for a much more productive team.

I sincerely believe I'm a much better manager after reading this book and my approach to guiding my team is much more enlightened. For those with the courage to truly examine the way they manage and the commitment to seek out a better way, you won't find a better investment of 60 minutes of your time. ... Read more

Editorial Review

Reviews

Good Summary of Health Care Insurance Issues, November 16, 2010
Wendell Potter was formerly in charge of public relations for Humana and then Cigna. Potter's intent in "Deadly Spin" is to expose the deceptive techniques of public relations in the insurance segment of health care. He does this quite well, and also provides readers with insight into the two events (the large turnout, including many with illusionary health insurance, for a free Pennsylvania dental and medical clinic; the death of a young girl after his employer dithered and delayed approving a necessary transplant) that turned him against continuing to defend the industry he had been part of for some 25 years. Potter begins by introducing readers to a sampling of tested phrases that have served the industry quite well, such as 'socialized medicine,' 'government-run' medicine, and 'government takeover' of medicine. Readers also gain exposure to other P.R. favorites, such as identifying with patriotism and the American way of life, testimonials, name-calling, smearing opponents (eg. Michael Moore and his "Sicko"), identification with plain folks, fake grassroot campaigns, junk science and statistical analyses, and euphemisms. A brief tour of the darker side of health insurance practice likewise is given - rescissions (retroactively canceling policies of those with large medical bills, using whatever pretext possible), and purging less than profitable accounts via large rate increases. Missing, however, is any comment on the fact that if the uninsured paid the same rates as insurance companies, much of the need for health insurance would go away, and a large proportion of medical bankruptcies avoided.

Universal health coverage began under Germany's Otto Von Bismarck in 1883, with Social Security following in 1889. The motivation was neither altruism or socialism, but to provide leverage against the labor and socialist movements of the day. Health insurance quickly spread - Austria (1888), Hungary (1891), Norway (1909), England (1911), Russia (1912), and the Netherlands (1913). Unfortunately, the momentum took almost 100 years to get to the U.S.

Some of the most disturbing revelations in "Deadly Spin" are that 'ObamaCare' is not a 'cure-all.' For example, it will not stop employers from only offering high-deductible plans such as the $30,000 for some families in Maine. Nor does it remove the ERISA liability protection for employer-sponsored plans. However, it will sharply reduce medical bankruptcies, the key reason for 62% of personal bankruptcies in 2007. Hopefully, it will also reduce the amounts paid for executive salaries and retreats - WellPoint spent over $27 million on staff retreats in 2007-08, while William McGuire, United Health CEO for 12 years, was paid almost $2 billion for his leadership ($620 million was 'clawed-back' because of fraudulent option back-dating). (Comparison: Dr. Donald Berwick, an extremely well-regarded expert in charge of care for the 103 million receiving Medicare or Medicaid, receives only $176,000/year.) Hopefully, the $52.4 billion spent on stock buybacks instead of medical care by the 7 largest insurers from 2003-08 will also either cease or be drastically diminished.

An important side effect of our market-based health-care system is the very high administrative overhead - about 31%, per some estimates, compared to 3% for Medicare. Duplicity and high lobbying costs are two more - America's health insurance plans donated $86.2 million to the U.S. Chamber's lobbying against 'ObamaCare' in 2009, while promising President Obama on tape that they were in support.

Mr. Potter is unquestionably qualified and sincere in his effort. Unfortunately, limiting the scope to his personal expertise both enormously understates the size of America's health care problem, and unfairly skews the focus towards insurance firms. The U.S. spends 17.3%+ of GDP on health care, despite not covering some 40-50 million. Compare that to competitors Japan (about 7.2%), Taiwan (about 6%), and China (4%). Reducing our expenditures to Taiwan's level would save about $1.7 trillion/year, and also reduce unfunded Medicare and other health care liabilities for retirees by close to $30 trillion. Most of the problem is due to excessive service charges (about 2X those of other nations), and excessive utilization by profit-maximizing physicians. Solutions require not just Potter's recommendations for limiting monopolistic practices by health care insurers (providers are also guilty) and mandating higher MLRs, but also restructuring health care to combine insurance and care provision in the manner of Kaiser Permanente (California), the V.A., the Cleveland Clinic, Mayo Clinic, Bassett Health Care, and Geisinger Health System. Physicians must be predominantly paid by salary, to discourage excess care. It will also require that the U.S. emulate every other developed nation that I'm aware of by mandating strict price-controls for medical services, and limiting the ability of drug makers to mislead patients and providers with overly expensive 'new' products that are no better than existing ones.

Fascinating glimpse at the "men" behind the curtain, November 19, 2010
Health care continues to limp on in the United States. We are ranked 46th out of all the Top 50 nations for health care in the world. Part of the issue is that health care is run like any other business and yet it isn't truly a business--profiting on someone's else's health or denying coverage for a pre-existing condition (or stating that a technique is experimental when, in fact, it isn't so as to deny coverage and keep the patient alive)is a form of gambling but it gambles with people's lives which makes it Wendell Potter worked for what he would probably characterize as the "enemy" now for over twenty years. As a PR executive he would weave lies into a positive "truth" for the company he worked for (Cigna) making it appear that they were always doing the right thing for their patients. Using statistics to lie is one thing (for example dropping people off the unemployment rolls that are reported to make it appear that the nation is covering when it isn't)but Potter would often twist the truth or help craft messages to appeal to middle America to scare the public from reform in health care.

One day Potter had an awakening and realized what he was doing was wrong leaving the industry that had nurtured him and becoming an advocate for proper health care and a government based system to force corporations to play fair. He just couldn't stomach hiding greed behind the veneer of double speak falling into a rabbit hole with language that only George Orwell would recognize. He chronicles his rise in the industry and his disillusionment and how the media is manipulated, patients, government to make decisions that are profiting major corporations at the cost of our health and lives. This is as much the story of his awakening as it is about the PR manipulation of the public around health care issues and trying to demonize the discussion of universal healthcare as part of the debate.

Potter's exceptional book "Deadly Spin" takes us behind-the-scenes into the wheeling and dealing that goes on with multiple PR flacks that try and spin doctor any change that threatens their profit as bad for the average consumer. Potter gives us a history of the PR game to help us understand WHY and HOW this is unethical (especially by the ethics guidelines dicated by the PR association).

The health care industry from health plans to pharmaceuticals have for too long had access to lawmakers (using the money that we pay them) to push forward their own agenda and "buy" politicians in Washington; that's nothing new it just just become more blatant than before. Using misinformation, front groups to suggest that any sort of reform is bad, these organizations have been directing America down a path with overgrown foilage and rough terrain where the patient must always suffer. Potter's book takes the curtain that these companies hide behind and let's us see the thought process, innner workings and how misinformation manipulates the public to make the wrong choices while allowing politicians to make those choices knowing they are wrong without ramifications.

Is "Universal Healthcare" the way to go? I don't know but I do know that the insurance industry is scared of it. Potter points out how people like him would manipulate the media and politicians to paint Universal Healthcare as "communist" or "socialist" in nature to taint any and all intelligent discussion about the positives and negatives scaring people away before dialog had even begun.

Potter suggests that having some sort of system like this in place would be helpful in redefining the way we take care of our health. The recent changes with Obama Care he points out aren't perfect but is a step in the right direction (--his complaint was that corporate America shaped it (this is Potter's opinion mind you I don't know that I agree with him on this point but it is food for thought).

I don't know that I agree with all of Potter's suggestions (for example I think that given our economy Obama Care should have been a lower priority--right in the middle of the worst economic downturn in ages-- and when it did become a priority it was so badly compromised that the changes--small as they were and some positive--are meaningless in the over all big picture)but I have to admire him for waking up from the money inspired opiate-like dream that has entranced everyone else in his former industry. I also feel that Potter would have done better to give us more in depth examples of why the system breaks down consistently but what we do get is pretty embarrassing.

Regardless of where you stand on healthcare-- if you believe or don't believe in universal healthcare--Potter's book is essential reading for understanding the flaws in our system and how corporate profit continues to dictate who gets coverage, who doesn't and why we are ranked so poorly compared to other nations when it comes to health care.

Recommended.

Fascinating, yet lacking look at Health Care PR..., November 11, 2010
I'll keep this short because, well, I can be lazy sometimes...
This book kept me engaged thoroughly enough that I finished it in two readings. It has interesting, relevant information on the history of heath care PR that does give a glimpse into what motivates these companies.
The problem is, most people already know or believe that money, profits and (sometimes) greed, is a detrimental factor behind the (sometimes) crappy service and treatment Americans can potentially receive.
While this book did keep me engaged, it did feel a little thin. Maybe it's more of the cynic in me but I really wanted something more damning of the current system and didn't feel it.
I personally did not like the reform enacted in this nation in the last year because of something the author touches on, the fact it won't do too much to control cost. I sort of wish this book did a better job of what could be possible remedies to that issue.

A quick point also; the author does not in any way shy away from showing his progressive nature, however, this book seems to be written well and in an even fashion, mainly sticking to policy and behind-the-scenes information over partisan bickering...

Anyways...I did rate it a 4, as it does have it's interesting moments and I do believe would be an interesting book for anyone not actually immersed and working in the health care or insurance process.

A gift to America from a very brave man, November 20, 2010
Thank you, Mr. Potter, for your bravery in speaking out against a very evil and powerful industry. Regardless of the outcome for the millions of uninsured and underinsured in America, I will always be grateful to you for fighting for what is right. Giving your book to my doctors for Christmas.

Great insights into an industry, November 27, 2010
As Wendell Potter writes, this is "like watching sausage being made". If you think we live in a democracy where all subjects are openly discussed, this gives you some additional information. There is indeed open discussion, but some voices are much louder than others and some are distorted.

What struck me most was Potter's description of how the health industry tried to neutralize Michael Moore's film "Sicko" and, in their words, "make him radioactive", i.e. inacceptable for journalists and politicians. BTW, Michael Moore currently has this book chapter as a sample read on his web site.

If you are interested in public relation and how public opinion is shaped, this is a book from a real expert writing openly about his experience. I bought the Kindle version because the paper version would have taken too long to deliver. Thank you to Amazon for the excellent Kindle App.

Should be required reading for every member of Congress, December 2, 2010
The title of this book, "Deadly Spin: An Insurance Company Insider Speaks Out on How Corporate PR is Killing Health Care and Deceiving Americans" is a bit off-putting. Reading it, I mentally prepared myself for a diatribe written by a disgruntled low-level employee out to get his pound of flesh. We all know that health insurance companies are in the habit of denying coverage and raising premiums, occasionally exorbitantly, but they aren't all that bad, right? Surely not as bad as the Wall Street firms that first took away our retirement savings and then our jobs.

I worked in the financial industry for 25 years. Nothing I saw there was as heinous as what is revealed in this book. Put simply, Wall Street may take away people's money, but health insurance companies take away people's lives.

Author Wendell Potter was an insurance company executive, heading up a PR department. For years, he participated in the shameless pursuit of profits over lives until he finally came face to face with the effects on real people of what he was doing. Visiting a clinic set up on a fair ground offering free health care to those who had no insurance and no means to pay for health care, he saw ordinary hardworking people reduced to being treated in animal stalls.

He has written about his experience in the health insurance industry, as well as his epiphany, in a straightforward manner, making it more powerful than if he had penned an hysterical screed. He takes us, step by step through the changes in the health insurance industry from a privately held companies offering true health insurance to the modern publicly owned companies whose focus is on profits rather than health.

The lengths to which health insurers go and the collusions in which they participate are extraordinary. They routinely deny coverage to people who need it and drop coverage of people who become ill. They hire outside PR firms who form bogus grassroots groups who lobby in favor of health insurers. They provide statistics to back up all of their false claims that any kind of healthcare reform is bad.

Potter devotes an entire chapter to revealing how health insurers torpedoed Healthcare Reform using all of the dirty tricks he had discussed in previous chapters. The reason we have no public option is because it would put the health insurance industry out of business prompting them to wage all-out war against it.

It took the death of a child who was denied a liver transplant to convince Potter to leave his job with CIGNA. He devotes his time now to healthcare reform advocacy and as a health insurance critic. He testified during the healthcare reform debates, but obviously not enough people listened to him.

In my opinion, this book should be required reading for every member of Congress. They need to know how they have been bribed and manipulated by the health insurers to do what's best for the health insurance industry instead of what is best for the people who elected them to office.

Must Be Good...Borders Didn't have it....., November 25, 2010
I tried to buy this at Borders at National Airport in D.C. this week, and it was "unavailable." The clerk could not say if that was because it had never been carried, or was sold out.

If it was not carried, perhaps like the movie, _Sicko_, it is too dangerous to have a wide distribution...makes me want to buy it all the more.

This book itself apparently provides evidence from Potter that censorship occurs in the U.S, but it is not lead by the government...Censorship is led by corporate insiders who prefer to make people hate the government so that people do not form unions to collectively bargain for better conditions from corporations.....all the corporations are in collusion, and they are far more powerful than any government....in fact, governments are just puppets of corporations, and do everything the corporations tell them to....

Need more evidence? Look no further than the U.S. Supreme Court _Citizen's United_ decision...

Eye Opening !!, December 15, 2010
I just finished Wendell Potter's book and, to be perfectly honest, am somewhat depressed about the state of politics and public decision making in our country.
As a former healthcare executive in a for-profit company, I do understand the pressures and ofttimes conflict between the best possible care and the most profitable course. "Deadly Spin" portrays this accurately but goes much farther to show exactly how public opinion is molded and how decision makers at all levels are motivated to do the companies bidding. This book shows how out of whack our whole manged care and health insurance industry is where a few companies control prices and costs on both sides of the supply and demand equation. I have purchased a quantity of this title and will send it out to friends with the caveat that they too pass it on. This book is a must read for Americans looking to understand what is really happening in Washington regarding current and future health care. Thanks Mr. Potter.

Best book I have read this year, December 3, 2010
If you care about health care, your kids health care, or hope to HAVE health care in the future, then read this book. We are being screwed in the name of profits

If the health care industry continues in it's current direction, the only people with health care with be healthy people. The rest with be governments problem

READ THIS BOOK, GIVE TO ALL YOUR FRIENDS, READ THIS BOOOOOOOOK!!!!!!!!!!!!!!

It is nice to see acknowledgment of what has always been apparent to me..., December 2, 2010
This is not a great book, and like so many "issues" books, it tiptoes along, holding off on this or that great revelation. It's message can be easily summarised as - "The healthcare insurance industry is indeed just as greedy, self-serving, and unprincipled as most big businesses across the globe, and is apparently making its lies and misrepresentations work successfully." In other words, just because their business involves healthcare, it does not mean that they are concerned about people's welfare, or even their health. They are, like all insurance companies, primarily concerned with making the biggest profits they can. (Think of Bob's boss in The Incredibles...) They do NOT want the pressure of a cheap public health insurance option to keep them honest.

I did not find this surprising. Nor did I find the stories of the publicity management and news suppression surprising. Though it IS nice to have my suspicions validated!

However, the scariest part of this book is at its very end. Wendell Potter has put together the buying-up of the newspaper industry with the new age of spin-dominated politics, and warned us of a future with less and less honest information available to the masses. This is a threat in all areas of life, not just healthcare. If ranting politicos can convince the very people that need it most that public healthcare is bad, what CAN'T they convince them of?? It bodes very ill indeed.
... Read more

Editorial Review

From one of the world's most recognized experts on management comes a charming parable filled with insights designed to help readers manage change quickly and prevail in changing times. ... Read more

Reviews

Very Inappropriate and Pointless, August 27, 2003
I found this book to be yet another one of those books churned out by the machines of middle management, and handed down to the employee. Most of these books BECOME best sellers because they are sold in bulk to corporations for pennies on the dollar. Notice how this book has "companion" pieces of merchandise, like games, a web site, and training seminars? They are selling a complete product line to ineffective management, and look at the book as more of a large business card/advertisement.

This becomes evident when you read the stories and parables that surprise me that it took two authors to write only 96 pages. The writing is haphazard, poorly edited, unhelpful, sends mixed signals, and boils down to a rather insensitive "Things change, get used to it, change or you will die. Now keep moving." I would never give this to an employee, because that would be like giving an employee a stick of deodorant and wondering why they've stopped talking to you. This book does not care about the reader, and if I got it, I'd think, "Is my boss telling me to move on?" Comparing people to mice, and life's goals to cheese is patronizing to anyone with a sense of self-awareness. The motivational parables are generic, and seem out of place to the rest of the scare tactic this book is.

There are better motivational books out there that are written by experienced people who have good ideas that are helpful, not doom-obsessed. This book is more of a poke in the back with a sharp stick than a carrot on the end of s string, or a light at the end of the tunnel. In fact, this book might as well say, "You better not go to the light at the end of the tunnel, it could go away at any moment, and then where will you be?" Like another reviewer here said, "[the book] offers no answer other than you've got to go out and find more 'cheese" for yourself.'" Anyone who has reached the age of adulthood, and doesn't realize that change is inevitable will certainly never get the message from this book. And those that do know will only think this book is redundant and almost encouraging bitterness. I don't know what the point of this book really is, except as some sort of gloomy pap.

This book is already mostly used up, and will never be remembered like Zig Ziglar or Thomas Harris. Scout around, and find some older books, by successful people (like people who have actually succeeded in life that you have heard of), that have been around for a while. People still buy them for a reason.

Of Mice and Men, June 1, 2005
This book is an analogy of mice vs. men (simple and complicated) in a maze, about how many things such as over-analyzing, stubbornness, and fear can over-complicate simple things, making anything, even life, unnecessarily unbearable.

It is intended to help readers get the most out of anything situation, stay content, and increase their confidence levels. Contrary to the title, the book is neither clich� nor "cheesy." Few if any things stay the same forever, and the book emphasizes the importance of accepting change, and even capitalizing on it. In context, it includes many inspirational quotes such as, "What would I do, if I wasn't afraid?"

`The Story' itself is very short and to the point, and includes a section where the storyteller and his classmates reflect on how `The Story' can be applied to their lives. This provides many examples on how the overall wisdom can easily be applied to many situations in everyday life, from personal relationships, to running businesses. Read this story with an open mind and it just may improve the quality of your daily life, whatever it entails.

Worthless, June 29, 2004
The unbelievably large number of people who think this is a good book is very scary. I hope these people are not important decision makers. Everything bad that can be said about this book has been said before, so I'll just compile a "Best of" list for you. (By the way, in case you're wondering, "Dr." Johnson's degree is in education.)

Regarding management and corporate American in general
* This book is the cop-out for managers who believe in change for change's sake.
* It's corporate brainwashing of the kind that science fiction writers have been warning us about for decades.
* Never have I come closer to the mind crushing monotony and impersonality of corporate America than when I read this book.
* No, change is not a good thing when it happens on a regular basis. That means upper management can't make up their minds.
* If you are thinking about buying this book, I assume you are a manager of some type

Regarding the intellectual level of the book:
* I have never felt my intelligence more insulted than when reading this.
* It's patronizing, shallow, insipid, and still manages to be patently insulting to those employees who might actually be capable of analytical thought. That's quite a feat.
* Should appeal to intellectually challenged only.
* It is a sad comment on our culture, society, and educational system that so many people have found this inane drivel to be "life-changing".
* (...)BR>* (...).
* Distilling these important matters into the inane parable of mice in a maze is a literary device meant for grade school students.
* The book presents an excellent reading for absolute imbeciles or people high on drugs.

Regarding the message of the book:
* It teaches that you must not struggle, succumb to the will of the greater power of management, and accept change without regard to whether it is appropriate or not.
* Don't think, just go with the changes as we prescribe them. If you don't, you're inflexible or afraid of change.
* The ideas in this book could have been expressed in a paragraph and even then they would not have been worth the time to read them

The people who more productively decided to just make jokes about the stupidity that is this book said:
* As I was already familiar with the concept of reality and how to deal with it, the book was not particularly helpful.
* Your time would be better spent just taking a nap.
* Buy real cheese. Don't buy this sorry excuse for a book.
* I think people like it cause it can be read and finished while sitting on the toilet.
* Resistance is futile!
* Any manager who would try to force these ideas on their employees would be better off just spiking the coffee with anti-depressants.
* The South Park gang would find it too puerile.

If you were even mildly amused by anything in this review, then you are already infinitely better off than if you read the book. Now please vote "Yes" on my review (after all, I just saved you $14+). Thanks!

Worse Than Bad, It's Evil, August 15, 2000
Luckily enough, I didn't have to pay money for this book - I was forced to read it by my employer. The fact most people read this book after their co-workers are handed pink slips as part of a kinder, gentler corporate reduction in force should be indicative enough of the intent of this book. Don't be fooled by the wanna-be New Age slant - the majority of examples in this book are work-related. The "& in Your Life" in the title is there to attempt to hide the ridiculously pro-upper management viewpoint of the book.

Even if you can get over the 2nd grade reading level writing style, there's still the truly bad content to contend with. The author categorizes us all as either mice or "little people" in a maze who get bent out of shape if our "cheese" is moved. The moral of the story is that we should not get angry when our life bread is constantly moved and hidden from us by some invisible higher power (hmm, equating a higher power to large companies isn't too disconcerting now, is it?). Instead, we should not only embrace the fact we are being messed with, but also have FUN with it.

I am a reader of self-help books. Additionally, I deal with change for a living (it's in my title and everything). I can, without a doubt, tell you that the goal of this book is not to teach the reader change management techniques for work or personal life, but rather it teaches that we should all be good little soldiers. It is antithetical to what most self-help books and books that address coping with change try to teach their readers. If you are looking for one of those types of books, save your $10-20 and look elsewhere. However, if you are looking for a way to control your large, disgruntled workforce, then by all means purchase 100 copies and distribute immediately as required reading to your employees. Those who read between the extra-large lines will most likely begin to seek employment elsewhere (who needs such rabble-rousers, anyway) and the rest will be pressured into submission (you hope).

It's all about power, June 4, 2003
When you write a book on why those WITHOUT power should be accepting of any treatment by those WITH power, you're guaranteed to sell millions of copies of said book to those WITH power. It's little wonder that managers, CEOs, teachers, and pretty much anyone with authority over others praises this book. It gives them a moral blank cheque, and condemns anyone NOT in a position of power for even questioning, to say nothing of failing to conform.

If you want a crash course in what's wrong with humanity, read this book. The fact that there are people in this world who read and agree with it is horrific.

Very Disappointing, December 13, 2000
I'm not a regular reader of "self-help" books, but I bought this one because I had heard it described as "amazing", and, frankly, because it sounded sort of fun, all of these little people and mice running around having life experiences inside of a maze. Also, it was very short, so I figured that even if I didn't like it, I wouldn't be making too much of a commitment. Now that I've read it, I wish I had my money back and I wish I had my time back. It's not insightful, it's obvious. It's not clever, it's patronizing. And the "optional" section at the end, where everybody sits around discussing how to apply to their own lives the lessons learned is downright painful.

"And To Think, All Those Poor Trees Died In Vain", June 7, 2001
In the game show of life, "Who Moved My Cheese?" is Corporate America's final answer to the lovely parting gift. Spencer Johnson's book is the literary equivalent of giving an amputee victim a band-aid for his boo-boo.

Although a short book, a resourceful reader has 96 chances to slit his or her wrists by way of the vicious paper cut.

And now, for my top ten list of more appropriate book titles:

#10 "Don't Take It Personally, Thousands Of People Get Fired Everyday"

#9 "It's Never Easy Letting Valuable Employees Such As Yourself Go, Bill, I mean, Bob"

#8 "Cheer Up! Nobody Here Liked You Anyway"

#7 "Let Me Say Once Again, The Shareholders Really Appreciate This"

#6 "Hey, You Can Sleep In Now"

#5 "Think Of It This Way: You're Now In A Lower Tax Bracket"

#4 "It's Not Like You Lost Your Job...Okay, So You Lost Your Job"

#3 "Look On The Bright Side- You're Helping Someone Less Fortunate In A Third World Country"

#2 "At Least You've Still Got Your Health (Minus The Ulcer, Of Course)"

And my #1 title: "It Could Be Worse, It Could Be Me!"

One last thing, if for some reason you are the recipient of this book, don't line the bird cage with its pages (that would be redundant) and don't slit your wrists with them (you're better than that). Instead. use them for kindling or put them in a shredder and make confetti!

Show me the cheese., December 23, 1999
First of all, let me suggest that I read this book more than 20 years ago when it was called "Jonathan Livingston Seagull," by Richard Bach. Then I read it again five years later when it was called "Illusions," also by Richard Bach. The central theme here, as well as in Mr. Bach's books, is learning to let go of your fears and anxieties so you can do and accomplish the things in life that will truly make you happy. This is not a novel notion. Nor is the concept of change as an intimidating proposition, as anyone who has moved as a child or even entered a new school can attest to from an early age. To be fair, while "Who Moved My Cheese" is overly simplistic, it does impart a modicum of encouragement and inspiration. However, I believe the message has been expressed through far more interesting story lines, such as in Mr. Bach's parable-like novellas, which by the way, I recommend to anyone who found Mr. Johnson's effort compelling and rewarding. On a substantive level, I feel Mr. Johnson could have taken the story development quite a ways further and to a deeper, more intricate level, particularly for someone who fancies himself an authority in the field of professional development. Some might argue that its appeal is in its simplicity. That's fine if you take it at bare-bones face value. Others might contest that sugar-coated, child-like allegories are great material for second-grade book reports, but when senior-management types start passing such efforts off as holy gospel, I become circumspect. Furthermore, I fear countless workplaces overflowing with trite "cheeseisms." In fact, I'm sure it's just a matter of time before conventional-wisdom-spouting clones from all walks of business start retorting to reasonable issues raised at business meetings with the glib reply "move with the cheese," at which point these people should be gently slapped back to reality. I personally would have liked to have seen more obstacles and characters introduced to the story. Even Alice had more interesting encounters in Wonderland, and she negotiated all of them with poise and dignity in her effort to reach her goal. Perhaps instead of worrying about the business associate he left behind, our protagonist could have met new business associates in the maze, with the common cause of finding the new cheese. Better yet, maybe the littleperson who was in charge of Cheese Station C should have been axed for mismanagement. And then the new littleperson in charge could have assembled a task force to go out and hunt for new cheese. We littlepeople don't always have to go it alone. Obviously, I am complicating the story line. But I think a fable that resembles a business farce or a comedy of errors with a positive ending would be far more engaging. Just saying "change happens, be proactive rather than reactive" is old news. The least Johnson could have done was come up with more interesting "writings on the wall," most of which were insipid at best. Then you could walk away with actual tools in the form of little adages you can repeat to yourself when the need arises. However, there was one writing on the wall that I thought had an elegant poignancy about it which I believe was the most useful tidbit to be gleaned from the entire book. And that is "What would you do if you weren't afraid?" This is a thought one does not normally think to put to oneself in just that manner, unlike the vast majority of platitudes which infest this marginal read.

Lemmings, hurtling over the cliff's edge, August 30, 2000
This is the WORST business book I have ever read. The intent behind it is valid, but the content can be summed up in a few statements:

Change will happen

If you don't change, you will die (figuratively or literally)

Watch for signs of change, so you can be prepared to change, too

Change is good, and can lead to something better

There. Do you feel like paying me [good money] for that priceless knowledge?

This is a parable, which means they dressed up the real content by writing a goofy story about mice and little people, taking up more pages so they could justify the cost. Unfortunately, they could only drag the story out so far (how many times can you read, "and he kept walking and looking for more cheese"). The book was still only about 20 pages long, too short for a hardcover, so they added a second story to frame the parable itself. The second story is about a group at a reunion that talks about the book. Even THAT doesn't add enough pages to justify printing it in hardcover, so they increased the print size to roughly what you see in books for 3 year olds.

The author, publisher and whoever else was involved in this moneymaking scheme obviously recognized that many people would see through their efforts. Their solution? Put in a statement saying, in effect, "If you think this book isn't worthwhile, then you aren't a talented, cutting edge business person like all the other who read the book are."

Believe me, someone in your office (probably your boss) is waving this book around, exclaiming how wonderful it is and telling you to read it. ASK IF YOU CAN BORROW HIS COPY. Do not spend money on it yourself. You're going to have to read it, unfortunately, because the herd has spoken and you can't stray from the herd. I'll bet the person who started the rumor that this was a good book is getting royalties. It's the only explanation.

The one saving grace about this book is it's a quick read. I finished it in 23 minutes. At least you can soon move on to something more worthwhile.

Where are my sunglasses?, September 23, 2000
I cannot believe this book is number 1. After reading it, I needed to go find my sunglasses because I had just been struck by a blinding flash of the obvious. If you need an allegory about mice in a maze to lead you to clarity in life and work, this is the book for you. However, if you want to save yourself a few bucks, here is my summary: People have a comfort zone. Sometimes you have to leave that comfrot zone. Change is hard but change is good. Be adaptable.

We need Spencer Johnson to tell us this? With mice? The extended metaphor that we are all rats in a maze (which, people seem to identify with though by these reviews) gets old fast. If you need this book - go buy aesop's fables for some more deep revelations like the one in this book.

This is number 1? OMG. ... Read more

Editorial Review

This is the eBook version of the printed book.

Customers demystified! How you can move them to buy...buy more...and keep on buying!

• The truth about what customers really want, think, and feel
• The truth about keeping current customers happy—and loyal
• The truth about the newest trends and advances in consumer behavior

Simply the best thinking

THE TRUTH AND NOTHING BUT THE TRUTH

This book reveals 50 bite-size, easy-to-use techniques for finding and keeping highly profitable customers

“Michael Solomon’s The Truth About What Customers Want contains great insights into consumer behavior and is a must-have tool for anyone working in a consumer-driven field. His 50 truths take the guesswork out of marketing intelligence and give insight into navigating today’s technology-driven world.”

Tim Dunphy, Senior Marketing Manager, Consumer Insights, Black & Decker

Introduction ix

Truth 1 Your customers want a relationship, not a one-night stand 1

Truth 2 Design it, and they will come 5

Truth 3 Sensory marketing–smells like profits 9

Truth 4 Pardon me, is that a breast in your Coke? 13

Truth 5 One man’s goose… 17

Truth 6 Throw ‘em a bone, and they’ll no longer roam 21

Truth 7 Stay in their minds–if you can 25

Truth 8 These are the good old days 29

Truth 9 Why ask why? Understand consumers’ motives to meet their needs 33

Truth 10 He who dies with the most toys wins 37

Truth 11 Your customers are looking for greener pastures 41

Truth 12 “Because I’m worth it” 45

Truth 13 Love me, love my avatar 49

Truth 14 You really are what you wear 53

Truth 15 Real men don’t eat quiche (but they do moisturize) 57

Truth 16 Girls just want to have fun 61

Truth 17 Queer eye for the spending guy 65

Truth 18 Yesterday’s chubby is today’s voluptuous 69

Truth 19 Men want to sleep with their cars 73

Truth 20 Your PC is trying to kill you 77

Truth 21 Birds of a feather buy together 81

Truth 22 Sell wine spritzers to squash players 85

Truth 23 They think your product sucks–but that’s not a bad thing 89

Truth 24 When to sell the steak, when to sell the sizzle 93

Truth 25 People are dumber than robots (lazier, too) 97

Truth 26 Your customers have your brand on the brain 101

Truth 27 Let their mouseclicks do the walking 105

Truth 28 Nothing shouts quality like leather from Poland 111

Truth 29 Consider investing in a drive-thru mortuary 115

Truth 30 Go to the Gemba 119

Truth 31 Your customers want to be like Mike (or someone like him) 123

Truth 32 Go tribal 127

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Reviews

Fascinating insights on shoppers' brains
I thought this would be a great book to read just before Black Friday, in the hope of toning down my spending by making me more aware of what was going on 'behind the scenes'. It turned out to not really be that kind of book, but it was very, very interesting, and a quick read. The book is broken out into 50 mini-chapters, each covering a 'rule' of marketing - with examples of what works and what doesn't. After each part of the explanation, there's a one-or-two-sentence summary (a sound bite) of what was just explained. I read this primarily for fun, but I'm sure it would be a good book for anyone in any type of marketing position as a 'refresher course'. This is a very easy read, written in an approachable, conversational tone (all jargon is defined, and minimal technical terms are used). There's enough 'meat' in here to make you stop and think about your own buying tendencies and enough info to make you step back a bit and think about why you do what you do.

Definitely recommended!

Note on Kindle formatting: No issues noted. Perfect, or nearly so.

For marketers and readers to understand consumer behavior in the 21st century
The premise of this book is that the most effective way for intrepid marketers to promote their products and services is to understand consumer behavior. This book covers 50 timely and innovative marketing techniques for marketers to understand how consumers see, feel, and think when searching for and selecting their preferred products and services.

To Professor Solomon, how and why consumers flaunt to select different products and services are predicted on how they perceive and interpret values to be associated with the products and services that can satisfy their needs and desires. The perception and interpretation of values are influenced by interpersonal and intrapersonal stimulus together with other environmental factors. In looking at consumer behavior, Professor Solomon blends elements of psychology, social psychology, anthropology, economics, and culture to debunk some of the pervasive myths about how consumers see, feel, and think their needs and desires to be satisfied. In a technology-driven world, customers tend to voice their opinions products and brands on blogs and social networking sites (truth 23 and 35). Some of the opinions can be enormously influential because the process of consumer choices is partly influenced by what others say and do (truth 31 and 34) and consumers like to follow others (truth 33) due to fear of deviance and group pressure. Many of the purchase decisions consumers make might not be rational (truth 25). In terms of culture, consumers in different parts of the world have homogeneous tastes but varying ethics (truth 44), convention, and customs in different countries result in heterogeneous product preference (truth 50). Some of the contemporary consumer activities are very ritualistic (truth 48) and they resist product innovation. Novice consumers tend to rely on country-of-origin information to infer specific product attributes (truth 28). In terms of market segmentation, the rich are different in their motivation to consume. Nouveau riches flaunt their wealth to buy luxury products to provide visible evidence of their ability to afford luxury goods (truth 43) whereas old-money families identify products and services with their lifestyles or aesthetic preferences. Low-income families can be very profitable to marketers because consumers spend staples such as such as milk and tea at the same rate as average-income families (truth 42).

This book covers different successful and failure marketing cases and Professor Solomon bases on sound consumer research to provide marketers with grounding evidence on how to succeed in this dizzy market environment. For instance, truth 30 introduces Dell's Idea Storm and Host Foods' Gemba techniques to figure out how consumers experience products and services in order to lower level of customer dissatisfaction. Truth 1 analyses why Apple can be more successful than Sony in the digital music player market and how solid marketer-consumer relationships can trump technical prowess. This book is a must-have tool for marketers and readers who wants to understand consumer behavior in the 21st century.

Fifty snappy insights on customer decision making
If you kept this by your desk and read a short essay every week, it would last you a year (given a quick vacation) and you'd be able to absorb each of consumer behavior lecturer Michael Solomon's 50 "truths" at a steady, thoughtful pace. Each well-researched insight is designed to stand alone, as opposed to fitting into an overall, conceptual presentation or some governing framework. Still, the temptation is to read them all at once, given the intriguing stories Solomon tells along the way. Despite offering his material in short, disconnected chapters, he shares a lot of solid content and expands on some of his juicier subjects by packing in telling, detailed stories, case histories and information. getAbstract finds that this collection of ideas, notes, facts and findings includes some arresting insights, and recommends it for quick hits of marketing inspiration, either spread over time or happily taken in over a weekend. ... Read more

Editorial Review

Innovation is rapidly becoming democratized. Users, aided by improvements in computer and communications technology, increasingly can develop their own new products and services. These innovating users—both individuals and firms—often freely share their innovations with others, creating user-innovation communities and a rich intellectual commons. In Democratizing Innovation, Eric von Hippel looks closely at this emerging system of user-centered innovation. He explains why and when users find it profitable to develop new products and services for themselves, and why it often pays users to reveal their innovations freely for the use of all.

The trend toward democratized innovation can be seen in software and information products—most notably in the free and open-source software movement—but also in physical products. Von Hippel's many examples of user innovation in action range from surgical equipment to surfboards to software security features. He shows that product and service development is concentrated among "lead users," who are ahead on marketplace trends and whose innovations are often commercially attractive.

Von Hippel argues that manufacturers should redesign their innovation processes and that they should systematically seek out innovations developed by users. He points to businesses—the custom semiconductor industry is one example—that have learned to assist user-innovators by providing them with toolkits for developing new products. User innovation has a positive impact on social welfare, and von Hippel proposes that government policies, including R&D subsidies and tax credits, should be realigned to eliminate biases against it. The goal of a democratized user-centered innovation system, says von Hippel, is well worth striving for. An electronic version of this book is available under a Creative Commons license. ... Read more

Reviews

More than another open innovation book
This is a wonderful book beyond the typical managerial how-to-do checklists. This is the reason why I recommend this book especially to managers and practitioners (innovation management researchers will read the book anyway as Eric von Hippel is one of the leading scholars in this field). Managers may find the book, on a first glance, academic, full with tables, numbers and references. But von Hippel is driven throughout his book by the motivation to present not only a fascinating new idea, but to show that this idea is already a reality and that there is empirical evidence that his concepts provide value for companies and customers. This is the main difference to other books in the area which present various fuzzy weak signals but no proof.

Von Hippel's book goes also beyond the open innovation idea of Chesbrough and others as mentioned by the first reviewer. Chesbrough names a lot of important actors in the innovation process, but neglects the - in my opinion - most important one: the customer or user of the innovation. Von Hippel starts exactly here. His approach is focused on the role of users and customers for the innovation process. In this regard, he builds on his earlier word of the 1970s and 1980s, but has a new story to tell: that user innovation is not only changing the corporate innovation process but also the nature of value creation: If manufacturing is outsourced to Asia, and users take over innovation (and perform this process superior to internal innovation processes), what is left for the corporation?

State-of-the-art
The book comprises an outstanding publication in the field of innovation management. It has the potential of becoming the central textbook in the field of user-centered innovation which is an increasingly important research area.

The objective of this book is to provide a state-of-the-art overview of research in the field of user innovation. Also, it aims to show how the different (so far more or less isolated) aspects are related. These are ambitious goals.

From my perspective, the manuscript fully meets them. It offers a profound, concise and easy to read overview of the research done in the past decade. Its outstanding quality is that it manages to relate different aspects in an innovative way and shows the rationale of the research field. It delivers new insights even to a researcher active in this field for some years now.

The book it interesting for a broad audience. It is stimulating even for a specialist in this field. But of course, the main audience is much broader. It should be of interest for scholars and students in the fields of innovation management, new product development, market research, economics and other. It will be of interest also for practitioners and policy makers in the corresponding areas.

I really like the many easy-to-understand examples and its conciseness. One does not necessarily have to have an understanding of the research field before in order to learn from the book (and enjoy it!).

Great ideas on innovation
This book is a great read, especially for someone who has not been taught about user innovation and who questions the open source business model. Von Hippel is a pioneer when it comes to user innovation. If you thought that companies come up with winning ideas, or that the only way to make any money on a great idea is to patent it then this book will open your eyes to a much greater world. The concepts of free revealing (vs. IP) and of lead user (vs. manufacturer) innovation are great. It goes deeping into the idea that information is sticky and cannot be communicated from users to engineers very easily, even in consumer focus groups. Also discussed is the opportunity to create a toolkit to allow users to do the development work for you. This book is truly outstanding.

Excellent and thought provoking read
Von Hippel has done an excellent job with this new work. I downloaded the pdf, read the first chapter and had to buy the book to read the remaining chapters. He has introduced many new subjects into the field of innovation and I'm sure this will be a book I will reference time and again. His writing style also made this an easy and enjoyable book to read at leisure. Well done.

A Definitive Book on the Subject
Innovation is today considered one of the main driving forces behind the economic growth. Traditionally it has been assumed that the source of all innovation stems from the producers and manufacturers, while the consumers were imagined to be just passive beneficiaries of the new products and services. This model in fact never corresponded to the reality, and with the increasing accessibility of tools and information it is even less adequate today. In the light of that, the purpose of this report is to shed some light on the increasingly complex and intricate relation between producers and consumers, especially those lead consumers who actively engage in making products that they use better suited for their particular very specialized needs.

The report uses many examples from various groups of consumers: mountain bikers, kite surfers, construction workers, open software developers, and many others. The report, however, is not meant to be a collection of case studies, but aims for a higher theoretical understanding of consumer-driven innovation. There are many very detailed charts and statistical analyses strewn throughout this report, as well as some very sophisticated mathematical modeling. Because of all of this the suitable audience for this report will probably consist of advanced business professionals and academic researchers. Nonetheless, the report is very clearly written and eschews much of the technical academic jargon. Thus, many of its main points could be appreciated by the general audience that is interested in the way innovation occurs in the marketplace today.

An insightful and practical view on the future of innovation
Democratizing Innovation covers a lot of new ground. It is important both for those responsible for generating innovations inside of companies and those researching how innovations occur.

von Hippel's first book showed that in many cases users innovate ahead of firms. Democratizing Innovation goes much further and systematically presents a new framework for an entire user-centered innovation system. Many people are often puzzled by the success of open source software, wikipedia and other user-centric systems. This book explains why users innovate for themselves and why user innovation is rapidly increasing in importance. Von Hippel shows why users tend to freely share what they develop, why user-innovators tend to band together into communities, and why user-centered innovation is a really good thing from the point of view of both society and economy.

Far from being overly academic �this book gives very practical advice built onto a clear framework. It offers many concrete examples as to how firms can link to and benefit from product and service developments by users. It is a must read for CEOs� not just junior staff!
... Read more

Editorial Review

This book was converted from its physical edition to the digital format by a community of volunteers. You may find it for free on the web. Purchase of the Kindle edition includes wireless delivery. ... Read more

Reviews

Very informative and concise to boot, December 26, 2010
This book is a great place to start for those wishing to study the history that was Rome from geography and goverment, to people and events this gives a very good idea of Rome. though I must forworn the reader the illustrations from the book are not to be found on free kindle ... Read more

Editorial Review

Reviews

Spurring on Energy Creativity, September 8, 2008
Friedman writes on world population, the increase of the global middle class, and the growing energy crisis. All of this has contributed to a world that is in desperate need of an energy solution. The thing I like about Friedman's approach is he's optimistic and he's practical. His major points are...

-- The battle over green (energy) will define the first part of the 21st century, just like the battle over red (communism) defined the last half of the 20th century.
-- Everyone needs to accept that oil will never again be cheap...
-- Off-shore drilling may be a temporary fix, but it's not the long-term solution.
-- The fossil-fuel age will end only when we invent our way out of it...
-- The last big innovation in energy production was nuclear power half a century ago, which is an important component to solving our energy problem, but we need additional solutions...
-- In order to further real innovation we need people "throwing crazy dollars at every idea, in every garage, that we have 100,000 people trying 100,000 things, five of which might work, and two might be the next green Google."
-- Friedman emphasizes the practical side of green - "It's the incredible sense of opportunity here. It's not just about saving the polar bears. It's not just about saving three generations from climate change. It's also about rising to the greatest economic opportunity that's come along in a long, long, time."

In the end, he is asking for collaboration and innovation. Of course that begs the question - where does the money come from for all of this? It's always easy to point at the government, but when we look at where real economic solutions have come from it's most often private industry. I wish Friedman would have written on how governments can create environments were private industry is incentivized to create, invent, and discover. Even so, Friedman's book is a needed wake-up call.

A useful book on energy and climate change, September 8, 2008
Overall it's a good thing that Tom Friedman has taken up the cause of renewable energy. This book is a useful contribution to the national debate over energy policy.

The cause of renewable energy should not be a "political" issue. It's an issue that liberals and conservatives should work together on. Many conservatives concerned about our country's national security are already becoming strong supporters of renewable energy here in America. I don't agree with some of Tom Friedman's past views on economics but this book quite frankly is truly inspiring (particularly the last chapter) and sets a positive tone for people to work together.

A key part of the book is the last part, specifically the last two chapters. Here's where he gets to the heart of the problem, political leadership and government policy. On page 375 he states that the needed energy revolution "will never go to the scale we need as long as our energy policy remains so ad hoc, uncoordinated". On page 407 he again emphasizes the need for a major concentration of federal government power to meet the challenge.

In his interviews with top business executives such as the CEO of General Electric Friedman makes it very clear that America is not going to be able to unlock the power of private industry in an adequate manner unless there are major changes in U.S. government energy policies.

Some say this is "tampering with the free market" but people should be aware that in energy as in all too many aspects of global environmental policy, there really is no purely "free" market. There are already huge subsidies for various industries.

It's very encouraging that the cause of American energy independence is becoming a mainstream political goal. People might also be interested in the fact that legendary oil man, Boone Pickens, is now investing huge amounts of money in renewable energy and is running ads on TV on U.S. energy policy. He has set up a web site too. Part of his energy vision can be read in his new book The First Billion Is the Hardest: Reflections on a Life of Comebacks and America's Energy Future.

I don't share a lot of Friedman's economic views but he is an intelligent journalist who previously wrote some excellent books on the Middle East. Friedman understands the disastrous geopolitical aspects of America's current addiction to foreign oil. He deserves credit for seeing that major government action is needed to reverse this.

Along with this book I would recommend Lester Brown's Plan B 3.0: Mobilizing to Save Civilization, Third Edition. I have other relevant books in the lists on my profile.

Friedman's high visibility makes this book relevant even if you don't agree with him. He has access to many important people, and their comments are in the book. Thus, the book is also a way to see what certain leadership elements think about the subjects at hand.

I would recommend buying this book.

A Doable Win-Win Plan, September 8, 2008
In Hot, Flat, and Crowded: Why We Need a Green Revolution--and How It Can Renew America, Thomas Friedman presents an irresistible opportunity for Americans--one that can save the planet and increase our wealth.

The world is flat because of globalization--which is good, as ideas and practices can spread effectively. What is not so good is that our world population is exploding and countries like India and China are seeing an increase in wealth and subsequent buying power, which puts more strain on the world's resources and increases global warming.

Friedman begins the book with a discussion of how America has changed post 9/11. He uses the example of the US consulate built in 1882 in Istanbul. The consulate was built in the heart of the city: "it was an easy place for Turks to get a VISA, to peruse the library or to engage with an American diplomat."

Following the 9/11 terrorist attacks, the building was closed and a nearly impenetrable consulate was built. This all but stopped visitors from visiting. Although the new building does protect against attacks, it isolates Americans and impacts on how we are viewed and how we see ourselves.

Friedman writes that he wrote the book because: "An American living in a defensive crouch cannot fully tap the vast rivers of idealism, innovation, volunteerism, and philanthropy that still flow through our nation. And it cannot play the vital role it has long played for the rest of the world--as a beacon of hope and the country that we can always be counted on to lead the world in response to whatever is the most important challenge of the day."

That challenge is global warming. He proposes we begin a massive project called "code green."

Friedman identifies three broad trends in our society:
1. The post 9/11 building of walls around us to protect Americans from foreigners.
2. Since the 1980's, politicians acting "dumb as we wanna be," meaning we will get to fixing the roads, global warming and other issues when we get around to it. This includes politicians like Bush "protecting us" from gas taxes and other unpleasantries to keep our standard of living, or the fact that we are in war and don't have to make any sacrifices (save the soldier's lives.)
3. Nation building at home. This is the one good trend Friedman sees and he writes about the plethora of innovative, imaginative souls who devote their energy to finding green solutions.

Friedman considers what is now called the green movement to be more like a green party. He cites several "green" books that include the words "easy" or "lazy" in the titles. The authors write books where: "everyone is a winner, nobody gets hurt and nobody has to do anything hard." I have read several of these books and agree--much of the advice is fluff.

However, I do see the recent deluge of books and articles on sustainability as changing the consciousness and buying habits of the country. Many people who begin by making "painless changes" get serious about the environment and one or two of them may be the next inventor of the solar-run car. I also believe that when millions cut down on the use of plastic and other nonrenewable resources, that it does make an environmental difference.

The increase in population and wealth and buying power all tax our already limited supply of petroleum, coal and gas--all substances that cause global warming and pollute our planet. Even if you didn't "believe" in global warming, it is a fact that petroleum--now needed in unprecedented amounts--is rapidly becoming an increasingly difficult product to procure. If you think spending $5.00 a gallon for gas for your car is a hardship, that price will be considered nothing in a few years. Folks, we are running out of time and oil.

Friedman gets that Americans can use the diminishing supply of nonrenewable resources as a means for an economic boom, for bridging the widening gap between Americans and the rest of the world and for drawing us together as a nation. Americans are an innovative and smart bunch of people and we need to get working on devising clean alternatives to fossil fuels. This will create more jobs, strong economic times and raised spirits.

Friedman presents a doable, win-win plan to raise wealth and to save the planet. A must-read.

By the author of the award winning book, HARMONIOUS ENVIRONMENT: BEAUTIFY, DETOXIFY & ENERGIZE YOUR LIFE, YOUR HOME & YOUR PLANET.

Top-down vision that avoids some fundamental issues, September 12, 2008
If you're not yet convinced that climate change is real or needs urgent and radical attention, this vision of a flat world -- with America on top -- may be able to change your mind. Maybe, thanks to huge sales, this book will able to open a lot of minds that needed opening; and that would be a good thing. Unfortunately, it won't open them quite far enough. While faulting others for not confronting the tough issues around climate change, Thomas Friedman (TF) avoids many of them himself.

Other reviews summarize some of the book's main themes. This long review will deal with some of TF's more striking arguments, good and bad, that most others have not yet commented on.

A. GOOD POINTS

Some points I especially liked: It's great that TF is so explicit about his exasperation at magazine articles and books offering glib solutions like "205 easy ways to go green." He'd prefer our leaders "propose the one or two hard ways that could actually make a difference" (@ 400). His proposal for how a Presidential candidate might defend the idea of a carbon tax (@265f) is what we ought to be hearing now, instead of "Drill, baby, drill!" His description of why the US military is enthusiastic about going green (@ 317-322) is fascinating. And he bravely makes strong arguments that government regulation can be a good thing in appropriate circumstances.

B. THE POINT OF GOING GREEN IS ... REGIME CHANGE?

One curious feature of TF's argument is its emphasis on America's going green as a means of promoting change in other countries. TF's "Laws of Petropolitics" (Ch. 4) purport to show how "freedom" (or sometimes "the pace of freedom" (@96)) in certain oil-producing countries waxes and wanes inversely with the price of oil. (I won't dwell on the speciousness of the graphs, which use undefined units and misleadingly truncated axes for "freedom," which is sometimes political and sometimes economic.) America should reduce its demand for oil because of our "need to drive reform in the Arab-Muslim world" (@108; I suppose that means we think non-Arab Iran is OK as is).

Moreover, new American technologies will reduce "energy poverty" in poor countries and enable the next Thomas Edison or Sally Ride who may be living there (Ch. 7 & @164). And the Chinese leadership will give its people freedom of speech because of our threats to "outgreen" that country (Ch. 16, esp. @ 367). Aside from these notes of noblesse oblige, TF's vision of other countries is only as competitors to America, not people with whom we should be cooperating (e.g., "America wins! America wins! America wins!" @ 242).

What does America get out of this? The first chapter promises to show how going green will lead to "nation-building in America" (@9). But TF never returns to that topic; the impacts on America that he describes all seem to be economic. He also promises we'll get "more and more knowledge-intensive green-collar technology jobs - which are more difficult to outsource" (@23). What do these turn out to be? Construction jobs installing solar panels and retrofitting buildings (@338).

C. GREEN'S IMPACT ON INCOME INEQUALITY

TF seems blind about the issue of income inequality, especially within nations. Only four pages of the book (< 1% of the text) even come close to talking about income inequality in America; these take the form of an interview with a community activist from Oakland, CA (@335-339). Those construction jobs are the punch line, presented as a boon to the urban poor. How about the rest of the book?

(1) TF regales us with a long utopian fantasy about the snazzy technology and perfectly working markets (unlike any in real life) of the "Energy Internet" (@224-236). He imagines "you" as having a real estate development job that you can telecommute to most days of the week. Too bad for folks who have manufacturing or minimum wage jobs, like the folks who flip your burgers; I guess he expects they won't read the book. Moreover, TF is excited by the idea that someday we'll all lease our household appliances instead of owning them (@71). A society of a few who own and the many who rent, even at the most basic levels of daily life? Sounds less like science fiction and more like a Charles Dickens novel.

(2) TF enthuses about imposing a $5-$10 per gallon tax on gasoline, and using that money to offset payroll taxes (@262). Let's check the math. When I lived in Silicon Valley, I went through about 20 gallons of gas per week - and I had a home office. TF's gas tax would have cost me $5K-$10K per year (to say nothing of higher pre-tax prices per gallon). Plenty of folks commute more than 1 hour per day, because their jobs don't pay them enough to afford to live in the communities where they work; but let's assume they use only as much gas as I did. According to the 2008 US tax tables, a head of household earning even $43K won't have $10K of tax to offset. Even a married couple filing jointly with income over $60K won't have that much payroll tax - but they might have to pay the gas tax for two cars.

(3) How about the day-trading class? According to TF, stock bubbles "have actually been a key driver of America's remarkable record of economic growth and innovation" (@259). The "overinvestment of billions of dollars in fiber-optic cable" left the infrastructure for low-cost Internet services after the bubble's 'pop'(@258). BTW, as I recall, that pop also resulted in a huge wave of job loss. It also wiped out the small investors who didn't have privileged access to IPOs, or the inside information to lead them to bail out ahead of the game. I suppose TF likes neutron bombs, too. And despite this, Americans' Internet access speeds are still way slower than those enjoyed in Japan and Korea.

(4) To be fair, TF is almost as blind about the poor in foreign countries. His fantasy beneficiary of green technology in the developing world is "Senhor Verde" (a Brazilian 'Mr. Green'), who has a 1,000 acre farm, with high-tech tractors and sprinkler system. But the mean size of a farm in Brazil is < 150 acres; and as a mean, that number is inflated upwards by some megafarms. Roughly 40% of Brazilian farms are under 10 (ten) acres. In Africa and many Asian countries, that percentage is closer to 80%-90%. See, e.g., the paper "Farm size" by Eastwood & al. of University of Sussex (2004), available in draft online. Bottom line: when TF talks about Mr. Green, he's talking about a rich dude.

TF's vision for the foreign poor is data centers set up by outsourcing companies, such as one he saw in a village in India (@166-169). One of his interviewees tells him, "[I]n the village, no one gives up these jobs." I'll bet. But keeping their jobs isn't necessarily up to them. Outsourcing work is especially vulnerable to being moved around the globe, according to the whims of the market forces that TF extols. See, e.g., Andrew Ross's outstanding "Fast Boat to China: Corporate Flight and the Consequences of Free Trade" (2006).

D. UNASKED QUESTIONS AND UNPURSUED CONCLUSIONS

The deepest problem is that TF doesn't question his key assumptions or pursue his arguments to their logical conclusions. Especially, he doesn't question whether American-style market capitalism might be part of the problem, beyond the fact that it relies on heat-based energy sources.

(1) GROWTH & GDP: "I start from the bedrock principle that we as a global society need more and more growth, because without growth there is no human development and those in poverty will never escape it" (@186). Growth in what? "Economic growth" usually means growth in GDP, and TF never indicates he means something else (see also his discussion of China @ 345f). The usual assumption (not stated by TF) is that higher GDP per capita (GDP/C) is associated with higher "welfare" or "well-being".

TF says "Too many environmentalists oppose *any* growth, a position that locks the poor into poverty" (@194). This is painting with a broad brush. First of all, GDP/C numbers don't tell you anything about how wealth is distributed. As Warren Buffett gets richer, our mean GDP/C goes up, but that doesn't mean your income goes up. In fact, check Wikipedia on "Median household income": although US GDP/C grew 67% since 1980, median real household income went up by only about 15%. Real median income is lower now than in 1999 - i.e., at least half of us are worse off since then, despite growth. Second, TF's blind eye overlooks that income inequality has been growing within nations, including the US. Based on US Census Bureau's computed Gini Index for 2007 (46.3), we're by far the most unequal of all developed countries. So it's not obvious exactly what growing GDP or GDP/C does for the poor.

Moreover, TF doesn't mention that GDP/C can grow because of bad stuff, such as the costs of treating disease and cleaning up pollution - not really well-being at all. Or that the supposed relationship between GDP/C and happiness as measured in surveys is at most a correlation -- not a causation, as TF's comment suggests. (Or that whether such a correlation exists at all is highly contested among researchers, and that even the papers arguing most strongly for it ignore other obvious factors, such the relationship between happiness and recovery from a devastating war.) Or that despite growth, income inequality can lead to unhappiness because of perceived relative differences, even if everyone's income is improving in an absolute sense.

Since so much of the book's attention is on America, not a "global society," you'd think that TF might specifically address the question of how growth benefits Americans. But aside from mentioning that to turn off growth would be "political suicide" for politicians (@64), he's mum on the issue. Bottom line from TF: growth is good for poor people somewhere, and for politicians in the US (or maybe everywhere).

(2) GROWTH & CONSUMPTION: TF is a fan of consumption. He argues, through the mouths of interviewees, that consumption is necessary to grow the economy (@194), that we can "consume more and conserve more at the same time" (id.), and that with the right carpet design, "not only would you be able to change your carpet as often as you wanted without guilt, but you'd be producing massive amounts of jobs in America" (@71). As for energy, he wants to see "huge demand - *crazy, wild, off-the-charts demand*" for clean power technologies (@244; emphasis in original). His Energy Internet technotopia is a paradise for consumers who love to choose service plans.

An interesting irony is that TF sees the main obstacles to changing America's energy mindset as lobbyists and failed political leadership (Ch. 17). Some American scholars of politics have observed that the same market forces that maximize our opportunities as consumers have sapped our power to effect political change as citizens, especially in the past 40 years or so. See, e.g., R. Dahl's "On Political Inequality" (2006) and "On Democracy" (1998), and R. Reich's "Supercpitalism" (2007). TF never questions whether the ultra-consumerism for which he cheerleads could be contributing to the political problem he complains about.

But considering that TF's theme is energy, it's also ironic that he ignores economists like Nicholas Georgescu-Roegen and Herman Daly, who have pointed out that unbounded growth and consumption run afoul of the laws of thermodynamics. Economic processes aren't different from any other kind of activity, in that they all produce physical waste, in the form of heat or stuff. Just as you can't have a perpetual motion machine, you can't recyle all of that heat or stuff. The more stuff you consume (or produce), the more waste that results. (Note that Communism, which emphasizes unlimited production, is no less dumb than gonzo capitalism in this regard.)

Yet while TF often stresses the urgency of addressing our energy problems -- e.g., quoting Dana Meadows, "We have exactly enough time, starting now" (@170) -- he doesn't want us to "opt for the drastic" by make any "radical changes in lifestyle" just yet (@194). Though he mocks others for their "easy" ways of going green, his prefers to stick his head in the sand rather than to ask whether our lifestyle has any physical limits.

(3) ARE WE REALLY GROWING ANYWAY?: I was very happy to see TF criticize economists' use of the word "externalities" to describe pollution, waste and CO2 emissions (@260). That terminology disguises such problems as trivial annoyances. Farther down the page TF says "We have been fooling ourselves with fraudulent accounting by not pricing those externalities. ... We rack up stunning profits and GDP numbers every year, and they look great on paper `because we've been hiding some of the costs off the books'. Mother Nature has not been fooled" (@260). Right on.

But now, as the Talmud says, let your ears hear what your mouth is saying. If our growth figures are "fraudulent" because we don't consider the true costs of pollution, biodiversity loss, etc., who's to say our economy is truly growing anyway? Or that the American versions of market capitalism and consumer lifestyle, both of which TF so staunchly defends, are really defensible?

E. CONCLUDING COMMENTS

I won't dwell on the many small quirky things that none of the zillions of people thanked at the end of the book were able to persuade TF to change, such as a mistake about when the current millennium began (@47) or an overly exuberant reference to "10,000 inventors working in 10,000 companies and 10,000 garages and 10,000 laboratories" (@ 244 - each of these people has a garage AND a lab AND a company?). But it's interesting that among those zillions of names the only Europeans seem to be some folks from a Dutch oil company.

Interesting because many of the questions TF doesn't ask are being asked in Europe. And not just from the political left. TF mentions French President Sarkozy as an admirer of America (@ 177). That same rightist politician has asked two US-based Nobel laureate economists to come up with an alternative to GDP, in order to get a better measure of well-being and happiness. Moreover, many European thinkers on issues of energy, economic growth and ecology (among them Andr� Gorz, Dominique M�da, Alain Gras) often start from a deep analysis of the nature of human work, and its spiritual meaning. TF's approach, in contrast, is entirely materialistic and technocratic. [UPDATE 2009/09: Two pertinent reports available online are the March 2009 report "Prosperity without growth?" from the UK Sustainable Development Commission, and the September 14, 2009 final report of the Stiglitz Commission appointed by Pres. Sarkozy. While the Stiglitz Commission focused more on measurement issues than on policy, the UK SDC report questions the policy of growth in great detail.]

The problem of human survival in the face of global climate change seems to call for cooperation, and some reflection about what we really want life to be. TF's proposal instead is for America to overwhelm other countries in international competition, with the help of market forces and smart appliances. Are "out-greening al-Qaeda" and "America wins!" really the best attitudes with which to approach this challenge facing all humanity (and, thanks to us, much of the rest of life on earth)? It's not clear to me that this is even good for Americans. We're humans, too, not just consumers and innovators.

I hope TF will win over some skeptics about climate change. But if we don't think more deeply, critically and globally about the solutions than he has, we could end up in a world that's hot, flat, crowded, hostile and lost.

Too much book, too little value, September 27, 2008
Tom Friedman has a great vision of future economic growth driven by energy technology. I enjoy reading his columns and watching his interviews. However, this book is far too long to get his message across clearly. I feel like have the book is him quoting experts to make an obvious point. For example, do we really need a whole chapter on biodiversity loss and his travels around the world to be convinced that there is a biodiversity problem? He takes far too long to get to his original (and valuable) ideas. I can read long books, but by page 150 (out of 400) I felt like I had read a lot but not gotten a lot that was new to anybody paying attention to climate change/environmental news at all. My advice to readers is to save their money and simply take a look at Friedman's past interviews and op-eds (all available online) to get his message.

Deeply Intriguing Ideas Buried by Breezy Style, November 20, 2008
Thomas Friedman's writing is new to me, and from the glowing reviews of this book I expected a little bit more. [Update to review: Deserves 4 stars.] I'm a climate change professional and one of those "revolutionary bureaucrats" that he praises in his book for doing the real work in protecting human health and the environment (thank you, Mr. Friedman), and I agree with 95 percent of his ideas and solutions - especially placing the true price of dirty fuel back onto the consumer (only then will people choose clean energy over dirty fuels). I originally gave this book three stars mostly because it felt like a review of things I've already read, and it could have been written a little better. However, the book earns five stars if it's one of your first three books on the impacts of global warming.

Although the book puts together important ideas, my primary disappointment with the book is that it reads like one especially long newspaper article, very light and breezy, and almost glib in tone at times. A much better book if you want more on climate change and its impacts upon human societies is "Hell and High Water - Global Warming, the Solution and the Politics - and What We Should Do" by Joseph Romm.

I've also read thousand-page compendiums on climate change, so to me, the science of global warming is incontrovertible. That part of his book didn't require convincing for me. I'm not an economist, so I could not evaluate his economical solutions to the degree I'd like, although I do agree that externalities should be included back into the price of everything, especially chemicals, fuels, or processes that are harmful to the environment. One of my main disagreements I have with Mr. Friedman is that growth in the third world is necessary or good. Even the author admits that the world can't sustain any more Americas.

At least Mr. Friedman is exactly spot on about how the "green revolution" is more of a "green party", where everybody gets to feel good without actually accomplishing anything. If we want to keep the world livable for us humans, I'm certain that big changes, painful changes will have to take place.

I am also fairly certain that voluntary behavior change will not be enough to limit carbon dioxide emissions into the air. Which do you think is easier?
1): Convince the average motorist that high-mileage hybrid vehicles are the best vehicle to buy (even though they cost more upfront); or
2): Mandate higher minimum fuel efficiency standards that all vehicles must meet.

Personally, I know fuel efficiency standards work, because they worked in the 1970s very well. As for voluntary behavior, what is the market penetration of hybrid vehicles? A lot less than 5 percent. I'm an environmentalist, but I will not buy a hybrid until the price of gas becomes very, very, expensive.

Stay tuned, I think climate change is the most important story of our times. In a few years, the economic downturn (in late 2008) will be in the past, gasoline will be at $7 to $8 per gallon, and we will still be trying to keep the planet from turning into a desert - only the later we start to make meaningful change, the more difficult it becomes.

Hugely disappointed, June 20, 2009
I was expecting this book to start talking about some solutions at least at the half way mark but it goes on and on giving examples after examples of how each part of the world is now hot flat and crowded. I think most of us got that point very early on in the book but the repetition was just not necessary unless there was a word or page target that Thomas Friedman was aiming for. By the time I reached to the solutions part, I was taken straight into this futuristic place where you had the intelligent grid that would reduce our energy consumption and solve all our energy problems. As I said earlier I was expecting to see varied solutions but was disappointed to go through so much repetitive info that i had no patience at the end to finish the last part.

A manifesto for our times, November 17, 2008
What a timely book! Following an election in which the future of the planet was hotly debated, the market is ripe for this accessible yet information-packed treatise on the perilous state of the environment, how we got here and how we must proceed if we are to avoid catastrophe.

Thomas L. Friedman, the Pulitzer Prize-winning foreign affairs journalist for the New York Times, is known for his ability to synthesize information from diverse sources. He uses the first half of the book to thoroughly convince us that we do indeed have a problem, and a very grave one. In his past books, Friedman has argued that globalization is "flattening" the world, making competition between countries more possible and more fair. China and India's booming economies are giving millions more people opportunities to move up to the middle class. These millions feel they deserve a better life --- better being defined as more comfortable, consuming more resources like their American brothers and sisters.

The problem is that we are quickly running out of the cheap, dirty fuel that allowed the first world countries to develop. But increasing carbon dioxide emissions from dirty fuels like oil and coal are contributing to what Friedman terms "global weirding." Add to this mix burgeoning population growth, and you get a world that is hot, flat and crowded. Friedman provides plenty of scientific support to back up his claims that life as we know it (cheap gas, cheap energy, a human-friendly climate) is endangered, one way or another. As he puts it, "if we don't make the hard choices, nature will make them for us."

The second half of the book is a guided tour through what some of those "hard choices" may be. "Green" must be more than a fad, he argues, and every magazine article that touts "easy" ways to save the planet does a disservice by trivializing what may in fact be deadly serious. Yet Friedman believes we are up to the task and that America must lead the way in both innovation and conservation. He describes a new Energy-Climate era in which information technology meets energy technology. In his vision, our washer, dryer and refrigerator become smart appliances that communicate with a revolutionized energy grid to buy electrons when they are cheapest. No matter whether our cars are plugged in at home or in a parking lot, they can both buy and sell electricity, depending on whether they need it or have it.

But to get to this sustainable utopia, our government and culture need to make investments now. We have to engineer our economy so that alternative energy innovations are made because industry knows they will be competitive. If that means keeping gasoline prices above $4/gallon in order to do so, so be it. If we doubt that will work, we need only look to Europe, where gas prices are astronomical and small, energy-efficient cars are the norm.

America must lead, Friedman argues, or we'll be forced to play catch-up with China and India. He introduces us to some American companies and universities already innovating toward a clean, sustainable future and examines what other countries are doing as well. We need a course correction, and with HOT, FLAT, AND CROWDED, Friedman has provided a manifesto for our times.

--- Reviewed by Eileen Zimmerman Nicol

Hot, Flat, and Crowded, February 15, 2009
The central argument in this book is that the market does not efficiently allocate investment to cleaner alternative fuels because of externalities associated with use of "dirty" fossil fuels. Externalities, in this context, are costs that are not paid by fuel consumers but rather by society as a whole (pollution) or even by future generations (climate change caused by CO2 emissions). Market participants don't factor these costs into their decisions because they don't have to pay them. This market failure creates an opportunity for the government to increase efficiency by raising the price of carbon-based fuels so that the price paid by consumers reflects their full cost to society. When alternative fuels are more price competitive, R&D will increase, and advances in technology will bring down the cost of alternative fuels. This is an eminently reasonable argument, and Friedman also does a good job of explaining how high oil prices strengthen authoritarian leaders in oil-rich states.

Much of the rest of his book is not as valuable. Friedman is highly critical of market processes - he sees market failures everywhere - but he seems to lose his critical judgment when he looks at government processes. He wants "revolutionary bureaucrats" to assume a much larger role in shaping investment decisions, but he blithely assumes that regulators are farsighted technocrats rather than self-interested political actors. Elsewhere, Friedman laments the need to obtain the support of citizens for initiatives that they will pay for. An entire chapter is dedicated to a fantasy that a benevolent dictator - whose views are identical to Friedman's - might dramatically increase environmental regulation over fossil fuels while weakening environmental regulation over nuclear power, electricity transmission lines, and the other infrastructure that Friedman needs to achieve his vision for a United States powered by "clean electrons."

Many of his arguments might also be criticized as poorly supported or unbalanced. Friedman is a popularizer and explainer, and the standard of evidence in a popular book need not be as high as in a book aimed at specialists. Still, his standard does not rise much above "I think that ..." or "someone I interviewed thinks that ...." This might not be such a big problem except that Friedman only interviews people that he agrees with. For example, in advocating that the news media should more actively promote the link between human activity and climate change, he cites the views of former Clinton administration official Jospeh Romm, who thinks that the news media underplay the link because they are overly concerned with their role as "honest brokers" of information. Maybe Romm and Friedman believe this, but I would guess that most people take a more skeptical view of our news media. Elsewhere, Friedman asserts that the "worst" fossil fuel companies "know their products are as harmful to society and the planet as cigarette smoking." This is a surprising statement, and it might even be true, but Friedman does not present any evidence for it. As a final example, Friedman calls Hurricane Katrina a "flashing red light" alerting us to global warming. Maybe Friedman is right, but in the absence of any evidence, readers might well conclude that the link he draws between climate change and this specific storm is speculative.

can the laggard lead?, November 11, 2008
When my family was in Germany in 1990, our friends pulled up to a stop light and obeyed a traffic signal that instructed them to turn off the engine to save fuel and spare the air. Brazil and Denmark have already attained energy independence from Middle East oil. Japan and Europe have fuel economy standards of 35 miles per gallon; the United States won't match that until 2020. In 2004, demand for scrap metal in China was so strong that manhole covers started disappearing from around the world; thieves stole them, chopped them up, and sold them to China. 150 covers went missing in Chicago. Every mile you drive your car you emit a pound of CO2 into the air (and China is adding 14,000 cars every day to its roads). Welcome to what Thomas Friedman calls Code Green.

Friedman has his critics. His breezy style, jingoistic cheerleading, and free market optimism about profit-motives can be irritating. Others haven't forgiven him for supporting the Iraq war or for his rosy prognosis about globalization. He has a whole chapter in his newest book about why going green will never be easy, but he specifically denies that Americans need to cut their consumption habits because he believes that capitalism can grow a bigger and cleaner pie for all. Everyone knows that America is by far the biggest eco-laggard, but he insists that we can be the world's leader. In a critical review in The New York Review of Books (November 6, 2008: http://www.nybooks.com/articles/22027), Bill McKibben describes Friedman's vision as a "green fantasia." In the New Yorker (November 10, 2008), Ian Parker contrasts Friedman's carefully crafted persona as your Average Neighbor with his own eco-footprint, namely, the 11,400 square foot mansion he and his wife built a few years ago.

Still, if our country has any hope for mobilizing the general public in an environmental movement that would match the urgency of the civil rights movement, Thomas Friedman is probably as good as it gets. He's won three Pulitzer Prizes, and his books have been translated into thirty-four languages. He's done his homework and traversed the globe. For many readers, whatever Friedman writes deserves careful attention, and with the current crisis that's a good thing.

The "flattening" of the world that he described in The World is Flat (which has sold four million copies), global warming, and the population explosion all converge, says Friedman, to create five key problems -- energy and natural resource supply and demand, petrodictatorships, climate change, energy poverty, and biodiversity loss. His book describes these problems with a blizzard of anecdotes, facts and figures, and then proposes how we can address them. Friedman sees both a global obligation but also a national opportunity for America to renew itself. There are many moving parts that must act in concert toward the same goal -- governments, international treaties, free market and profit-motivated innovators, laws and legislators on the international, national and local levels, industry regulators, NGOs, personal virtue, civic activism, and bold leadership. Friedman describes himself as a "sober optimist," but he admits that there's a very thin line between dire pessimism that we've reached an irreversible tipping point due to apathy and inaction, and optimism that human ingenuity can rise to the occasion. ... Read more

Editorial Review

The intimate, fly-on-the wall tale of the decline and fall of an America icon
 
With one notable exception, the firms that make up what we know as Wall Street have always been part of an inbred, insular culture that most people only vaguely understand. The exception was Merrill Lynch, a firm that revolutionized the stock market by bringing Wall Street to Main Street, setting up offices in far-flung cities and towns long ignored by the giants of finance. With its “thundering herd” of financial advisers, perhaps no other business, whether in financial services or elsewhere, so epitomized the American spirit. Merrill Lynch was not only “bullish on America,” it was a big reason why so many average Americans were able to grow wealthy by investing in the stock market. 

Merrill Lynch was an icon. Its sudden decline, collapse, and sale to Bank of America was a shock. How did it happen? Why did it happen? And what does this story of greed, hubris, and incompetence tell us about the culture of Wall Street that continues to this day even though it came close to destroying the American economy? A culture in which the CEO of a firm losing $28 billion pushes hard to be paid a $25 million bonus. A culture in which two Merrill Lynch executives are guaranteed bonuses of $30 million and $40 million for four months’ work, even while the firm is struggling to reduce its losses by firing thousands of employees.

Based on unparalleled sources at both Merrill Lynch and Bank of America, Greg Farrell’s Crash of the Titans is a Shakespearean saga of three flawed masters of the universe. E. Stanley O’Neal, whose inspiring rise from the segregated South to the corner office of Merrill Lynch—where he engineered a successful turnaround—was undone by his belief that a smooth-talking salesman could handle one of the most difficult jobs on Wall Street. Because he enjoyed O’Neal’s support, this executive was allowed to build up an astonishing $30 billion position in CDOs on the firm’s balance sheet, at a time when all other Wall Street firms were desperately trying to exit the business. After O’Neal comes John Thain, the cerebral, MIT-educated technocrat whose rescue of the New York Stock Exchange earned him the nickname “Super Thain.” He was hired to save Merrill Lynch in late 2007, but his belief that the markets would rebound led him to underestimate the depth of Merrill’s problems. Finally, we meet Bank of America CEO Ken Lewis, a street fighter raised barely above the poverty line in rural Georgia, whose “my way or the highway” management style suffers fools more easily than potential rivals, and who made a $50 billion commitment over a September weekend to buy a business he really didn’t understand, thus jeopardizing his own institution. 

The merger itself turns out to be a bizarre combination of cultures that blend like oil and water, where slick Wall Street bankers suddenly find themselves reporting to a cast of characters straight out of the Beverly Hillbillies. BofA’s inbred culture, which perceived New York banks its enemies, was based on loyalty and a good-ol’-boy network in which competence played second fiddle to blind obedience.

Crash of the Titans is a financial thriller that puts you in the theater as the historic events of the financial crisis unfold and people responsible for billion of dollars of other people’s money gamble recklessly to enhance their power and their paychecks or to save their own skins. Its wealth of never-before-revealed information and focus on two icons of corporate America make it the book that puts together all the pieces of the Wall Street disaster. ... Read more

Reviews

INCOMPETENCE RICHLY REWARDED, November 8, 2010

Until the many recent revelations on the causes of our financial institutions almost total capitulation when faced with difficult trading conditions, many, including myself, held those running these businesses in great respect bordering on awe, believing them to be superior to most other mortals. This conviction was reinforced by the fact that they were paid large basic salaries, were given huge annual bonuses almost as a matter of course, had pension funds of unimaginative magnitude, and were beneficiaries of a multitude of perks from chauffeured limousines, almost limitless expenses through to personal use of corporate aircraft. If these people were not outstanding business leaders surely the supposedly 'wise' members of the Remuneration Committees of these companies would not be irresponsible enough to rewards them so extravagantly?

Wrong. It is quite evident from this outstanding book on the last desperate efforts of Merrill Lynch to avoid the ignominy of 'going down the tube' and the ill-conceived and clumsy efforts of The Bank of America when buying what was considered to be a 'trophy purchase' without exercising much care and due diligence, at a price that was at a considerable premium over its real value, that the senior executives of both companies were 'thrashing' around in the dark, displaying all the signs of 'lemming' management and not living up to the level of expertise that they were being paid for.

Greg Farrell's account of these manic times is excellent. Although fairly long in terms of pages, it holds ones interest throughout and gives both the uninitiated and more financially experienced reader, a 'fly-on-the-wall' perspective into the dire repercussions of banks operating 'casino' type operations on their own accounts, and throwing the dice on the 'Credit Derivatives' Table especially as it transpires they had little or no appreciation of the downsides.

A really good book which I believe is Mr Farrell's first and it is hoped not his last.

Good Insight into the Merrill Meltdown & the BOA Merger, November 18, 2010
This book doesn't try to explain the definition of a CDO or how the housing bubble built, popped, etc like every other book on the crisis does

This book assumes you have read a few other books on the crisis & have the basic knowledge of the housing market Boom & Bust and how it happened and what caused it... so if you are looking for an Introductory Book on the 2007 crisis there are lots of others that would be much better

However, if you want to know what went into some of the behind the scenes decisions that brought Merrill Lynch to the brink on non-existence and the factors that lead Bank of America to pay such a huge price for a company that was imploding... this book is great. Goes into the background and personalities of Stan O'Neal, Ken Lewis, John Thain and the other major players and gives a good picture of what each person did to result in the 2008 Merger

Plenty of books have been written on the crisis, What caused it, who is to blame etc. But all of those Books focus on Bear Stearns or Lehman Brothers or Goldman Sachs... and the Merrill/BAC merger is only mentioned in passing. This is the first book I have read that focused on the crisis from Merrill's perspective

An Absolutely Magnificent Story, December 12, 2010
An absolutely magnificent story.

It's a tough position for another book on the U.S. financial crisis to be released on November 2, 2010 (Crown Business NY, NY) --- if you have read as many great books about the crisis this year as I have.

Don't be fooled. Don't let the 454 pages of this volume dissuade you from considering this magnificent story from Greg Farrell (correspondent for the Financial Times - BA Harvard and MBA from Columbia).

What Crash of the Titans is, in my opinion, is evidence of simply phenomenal storytelling, supported by a depth and breadth of investigative journalism that is both unique and unparalleled. Farrell is a pro - truly a master story teller. The 454 pages flew by based upon the prowess of Farrell's ability to keep the reader engaged on a page-turning journey. His character development is amazing. The tension, innuendo and intrigue are simply fantastic and lend to the credibility of this work as a truly unique, non-fiction financial thriller for 2010.

In the spirit of full disclosure, I worked at both NationsBank and BofA during my career as a regional manager of a commercial lending group (during the years when BofA was acquired by NB and adopted the Bank of America brand). I was with NB at the time of the acquisition and stayed on for several years thereafter with the BofA logo on my business card. Farrell's ability to capture the "culture clash" that occurred during this merger was uncanny - spot on target.

This book is, in my opinion, an eminently fair characterization of the story and the people. Frankly, John Thain did his best - and his performance could not likely be outperformed by comparably capable Wall Street executives who may have been thrust into the situation Mr. Thain was.

Greg Fleming - wherever you are - you are my hero! I'll work for your team any day. I'm waiting for your call Mr. Fleming.

From the sheer excellence of the story telling, supported by the research and investigative journalism...I rate this work as FIVE STARS.

Buy it. You'll truly enjoy it. This book ranks right up there with the works of Lowenstein, Michael Lewis and Scott Patterson's published in 2010.

Insider Story, November 30, 2010
This is a well written portrait of how Merrill Lynch collapse. There are many explanations but the one that stands out in reading this is how it is possible for a CEO not to know where the increased earnings are coming from. The total failure of risk management is remarkable. It shows that O'Neil was so blinded by growing Merrill and his own bonus that he did not pay attention.

Thane came in to try to save the company he seemed to lack the ability to see what was happening. It all becomes a tragic story. One wonders if there is not a need for a separate disclosure statement by the chief risk officer of a firm certifying the bonuses of all senior employees before a board approves bonuses.

I worked in a large corporation for many years and I was impressed how real the dialogue was. I could hear the players speaking in the same manner.

The last point is how poorly Bank of America was managed. I was amazed.

Count the life boats!, November 8, 2010
Crash of the Titan's takes the next step beyond books of it's genre, opening as it does after the financial ship has already hit the iceberg. Without sacrificing gory business detail, Farrell creates an extraordinary psychological study laced with the menace of a Soprano's episode. The fall of Merrill and the closing of the capital markets to the common investor, the abandonment of a vision of building value for high stakes gambling, and the willful blindness and wolfish greed of flawed personalities -- Neal, Thain, Lewis and Alphin -- are breathtaking. But what's truly chilling is that we read this disaster tale seated on the deck of the Titanic.

A Blue Chip Book - Triple A Rated!, December 14, 2010
If you have any interest in the inner workings of a major Wall Street firm, how certain people make it to the top of a cutthroat, backstabbing business, and how they manage to stay on top; then this is the book you must read. I have read several books about the 2008 financial crisis and this was the most thought provoking, thrilling and enjoyable one of them all. It is jam packed with insightful, unique details that the author has tightly woven into an exceptional page turning narrative.

I first became familiar with the author, Greg Farrell, when he wrote for USA Today covering major white collar crime stories and I was an FBI agent in New York City. I was always amazed at how he could condense a very complicated business story into a few paragraphs and still convey an accurate and comprehensive report. After reading several of his articles I always wondered what Mr. Farrell could do if he was ever given the freedom to write a detailed, lengthy story. Now I know! Mr. Farrell has knocked the cover off the ball, and also the arrogance, overconfidence and hype out of these two financial institutions.

The author often writes about "the smartest person in the room". The irony of this book is that halfway through reading this book, it occurred to me that maybe the "smartest person in the room" was the person writing the book itself. While he does have the benefit of 20/20 hindsight, the Harvard educated, Columbia MBA trained author displays a firm grasp and total understanding of the issues involved in running BoA and Merrill Lynch at a time when both firms had to keep up their earnings to match their competitors.

Mr. Farrell has written an amazing book that not only explains how these titans crashed, but reveals in accurate, factual detail why they crashed. I absolutely loved this book!

Greed is Not Good, But This Book Is, November 17, 2010
I read an excellent review in Salon a few weeks ago (link below) and picked up the book shortly after. The book lived up to its promise, and then some.

I have to say that when I was younger, I often found myself jealous of people I knew who worked on The Street. But time, perspective and now this book have pretty much wiped all that away.

[...]

Shows how Stan O'Neal killed Merrill Lynch and almost Bank of America too., November 27, 2010
An excellent study how Stan O'Neal messed up Merrill Lynch via its hitherto unknown heavy reliance on sub prime mortgages & CDOs after a distinguished career where he did just about everything else right. O'Neal had steered Merrill since the early 90's into a power house, almost challenging Goldman, only to fall into Ken Lewis' hands at Bank of America. A great addition to the books about the 2008 crisis that is well worth reading. Crash of the Titans: Greed, Hubris, the Fall of Merrill Lynch, and the Near-Collapse of Bank of America, Merrill Lynch: The Cost Could Be Fatal: My War Against Wall Street's Giant, The Tumultuous History of the Bank of America.

Librarian's review: less than average, November 5, 2010
It takes 300 pages to get to the main point: BAC paid $29 per share for ML. Along the way, you learn that Ken Lewis cheered for the Carolina Panthers during the negotiations for Merrill? Or that someone stopped at Starbucks? What was revealed here that wasn't already known?

It puts you on the subway holding yesterday's newspaper.

The narrative lacks the can't-put-it-down traction weaved by other business journalists like Roger Lowenstein (When Genius Failed), Andrew Sorkin (Too Big Too Fail) and Michael Lewis (The Big Short). In comparison, Greg Farrell falls short telling a story about how Merrill Lynch was sold to Bank of America.

Phrases are overused and repeated ad nauseam as though the author struggled to fill pages: CDO's are repeatedly referred to as "radioactive waste" and Merrill Lynch's financial advisors "the thundering herd" and Ken Lewis as "Bank of America's CEO Ken Lewis." After the first reference, you can ditch the titles, we know who he is. The weak narrative wears the reader down.

It is not a "fly-on-the-wall" account of what happened. For that, please read Sorkin's "Too Big Too Fail."

I may have added a star if the book included photos of some of the characters in the book, Thain, Fleming, Lewis, O'Neal, Paulson, etc. It should have included some key court or business documents related to the sale and photos of a meeting. The book painstakingly describes in detail the paintings of former BAC CEO's lining the wall of headquarters facing "northeast." Why no photos of these?

I also did not like the sourcing notes. For example, Farrell says he interviewed 120 people for between 250 and 300 hours. But 15 people gave him 150 hours of their time. Question: How did he interview the balance of 105 people in the remaining 100 or so hours? I don't classify this as in-depth reporting. Do you?

Most of the books I read end up highlighted, taped and book marked to sections I might want to refer to again later. Not this one.

Theo Karantsalis, librarian ... Read more

Editorial Review

Where does money come from? Where does it go? Who makes it? The money magicians' secrets are unveiled. We get a close look at their mirrors and smoke machines, their pulleys, cogs, and wheels that create the grand illusion called money. A dry and boring subject? Just wait! You'll be hooked in five minutes. Reads like a detective story — which it really is. But it's all true. This book is about the most blatant scam of all history. It's all here: the cause of wars, boom-bust cycles, inflation, depression, prosperity. Creature from Jekyll Island will change the way you view the world, politics, and money. Your world view will definitely change. You'll never trust a politician again — or a banker. ... Read more

Reviews

Must, MUST read.
Think you know anything about the dollar bills in your wallet?
Think you know who runs this country?
Think that we live in a "free market" economy?

Think again.

Griffin piles up facts and analyzes them with relentless, cold logic. The picture he paints isn't pretty. The Federal Reserve System is a legal cartel expressly designed to create riskless profits for member banks, while simultaneously turning our entire financial system into the legal and moral equivalent of a Las Vegas casino. Yeah, you might get lucky for a while, but the house will always win. Our monetary system is a pyramid scheme that only functions as long as debt is being created at an accelerating rate.

This all sounds crazy, but Griffin has the facts to back it up. The challenging part about Griffin's arguments is that he explicitly states that the foundation and perpetuation of the Federal Reserve System was a conspiracy. Whenever the "C"-word is mentioned, it is an unfortunate truth that many people get turned off. But as Griffith himself says, if a group of people, operating in secret, create a system that explicitly benefits themselves at the expense of others, what else can you call it but conspiracy? Heck, I guess you could call it a "peanut" or a "canteloupe" but it would still add up to the same thing--a system expressly designed to reward failure and punish diligence and honesty. Kinda explains all the crookedness and incompetence behind all the wall street and corporate shenanigans of the last decade, doesn't it?

And if you keep an open mind and pay close attention to his arguments, you'll see that the best place to hide a conspiracy is in plain sight.

If you care about free markets, and your constitutional rights, you will read this book today.

An Evil Of MONSTROUS Proportions!

What is The Creature From Jekyll Island? Well, first of all, it's uglier than The Creature from the Black Lagoon; it's more densely wrapped in deception than the Mummy is in cloth; it sucks the lifeblood of America more ravenously than Dracula does his victims; it reeks worse than the Werewolf; and it's stronger and more dangerous than Doctor Frankenstein's miscreation!

The Creature from Jekyll Island is the PRIVATE Federal Reserve that holds America and Her People hostage with an astoundingly perverse and "criminal" economic system that is an evil beyond your worst monster-infested nightmare. But the Creature comes in a guise to mislead the people, like a Wolfman in sheep's clothing.

Why is the system "criminal"? Because the U.S. Constitution proclaims itself to be the "supreme Law of the Land" (see Article VI), and Article I, Section VIII of the Constitution states that "The Congress shall (Constitutionally speaking, "shall" has been legally defined as "must")...coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures." Why Congress? Because it is answerable to the People it represents! Remember, our Constitutional Republic was meant to be representational government! We're a long way from that now! The Federal Reserve is NOT Congress; it is unelected, meaning nonrepresentational, and being therefore unconstitutional, it is illegal, hence "criminal."

I first read G. Edwrd Griffin's magnificent study, 'The Creature From Jekyll Island' eight years ago. I had read plenty of political books prior to this one, and countless since, but Mr. Griffin's tour de force has yet to be equaled when it comes to educating the reader in wide-ranging topics that coalesce most of the geopolitical mysteries of our time into the diabolical scheme known as the Federal Reserve System.

Don't make the mistake of letting the sophisticated subject matter drive you away as forcefully as the intriguing title beckons you. Despite the complexity of the topic, G. Edward Griffin masterfully organizes the material and lays it out, not only in a very readable manner, but he actually fashions a carefully researched, extensively footnoted nonfiction tome into a spellbinding journey that reads nearly like a page-turning mystery novel.

In the process of explaining and demystifying the history, the stated goals of the Federal Reserve, and the real agenda behind it, Mr. Griffin necessarily enlightens the reader about myriad conspirators who occupy positions in a variety of social engineering organizations. Without this understanding, one could not possibly grasp the full scope of the problem, nor fathom how such a demonstrably evil entity could have remained cloaked and in power since 1913. (Indeed the thirteenth year of the Twentieth Century represented an unlucky number for America and eventually the world.)

You will find some reviewers here complaining that Mr. Griffin has unfortunately polluted his 600+ page study with John Birch Society style conspiracy theories. What you WON'T find is where any of those same reviewers have proven any errors in fact committed by Mr. Griffin. They challenge the idea of a conspiracy, but not any of the abundant and overt evidence that clearly points to it. I myself don't like little yapping dogs, but I'm not prepared to say that they don't exist simply because I'd prefer not to even think about them. And I can hear those yapping quadrupeds as clearly as I can see the indisputable evidence of underhanded collusion in high and influential places when it comes to this country's monetary system.

"You are a den of vipers!" President Andrew Jackson thundered at a delegation of supporters of the central Bank of the United States in 1834. "I intend to rout you out, and by the Eternal God I will rout you out!" Jackson succeeded in ridding this country of the inherent perniciousness that a central bank levels on a nation. But President Jackson's hard-earned victory for his countrymen was sadly overturned in 1913, when a corrupt privately owned central bank was again foisted on the sleeping people of this once free nation in the form of The Federal Reserve cartel. As Griffin states on page 573, "The Federal Reserve is the world's largest and most successful scam."

I will tell you plainly that regardless of what you think you know about the political spectrum, Democrats and Republicans, liberals and conservatives, civil rights and corporate greed, socialism and capitalism -- regardless of how well informed you may think you are by reading mainstream news magazines and newspapers, listening to NPR and talk radio programs and watching political debates on nightly news TV shows -- until you have read and digested G. Edward Griffin's, 'THE CREATURE FROM JEKYLL ISLAND', you will never really understand contemporary American and global politics. But afterwards, the political puzzle will come together before your eyes, and never again will you follow the red herring into the brainwashing house of mirrors which is our current political milieu.

If you're inclined to read only one political book, be sure it's this one, as it will make sense of your world like nothing else. 'THE CREATURE FROM JEKYLL ISLAND' belongs in the personal library of every American who truly cares about his or her country (regardless of political party affiliation); by rousing the people of this nation from the ignorance of deep sleep, it has the potential to be the silver bullet or the stake through the heart of America's worst monster! Read it now or the Wolfman's gonna getcha!

A Bechmark In The Realm Of Civic Knowledge!
Author G. Edward Griffin's book "The Creature From Jekyll Island: A Second Look At The Federal Reserve" is a most well researched and written historical text. Griffin presents the background with almost an air of mystery that the reader must peel away, like layers of an onion, to reveal the truth.

The book provides, in great detail, the time, place, and manner in which the groundwork for the Federal Reserve was laid, and more importantly, the reasons why. Griffin explains why even the name is misleading. The Federal Reserve is not a federal or governmental administration, and it is not a reserve, such as a bank.

Also provided is great historical detail about the commerce and industry in our nation during the Nineteenth and early Twentieth Centuries. This book will not disappoint the reader looking to expand his or her knowledge of how the collective financial machinations of our country are run.

I read this book during my undergraduate years and once presented the book in defense of a historical argument I had with one of my history professors. Needless to say the professor looked at my reference (the book is so well researched), acceded to my contention, borrowed the book "for his own enrichment" and never gave it back! I gratefully let him keep it so maybe he would soften his ascribed "socialist democrat" leanings. Unfortunately I am sans the book this day. Oh well, we march on.

As the topic of Civics is not really taught in public schools, or even required in undergraduate studies anymore, this book will serve to "illuminate" the reader into the background of how private finances and politics are inseparable. My only criticism of this text is the highlighted aspect of a government conspiracy at work. Not that Griffin's arguments have no merit, they certainly do, as Lord Acton so aptly is quoted "Power corrupts and absolute power corrupts absolutely!" However, the mere aspect of "a conspiracy notion" is all the extremists on all sides need to "debunk" a truly great piece of historical research and writing.

I rate this wonderful book five stars. It is well worth the money and deserves a place on the library shelf of every institution and the home of every student of history.

An Evil Of MONSTROUS Proportions!

What is The Creature From Jekyll Island? Well, first of all, it's uglier than The Creature from the Black Lagoon; it's more densely wrapped in deception than the Mummy is in cloth; it sucks the lifeblood of America more ravenously than Dracula does his victims; it reeks worse than the Werewolf; and it's stronger and more dangerous than Doctor Frankenstein's miscreation!

The Creature from Jekyll Island is the PRIVATE Federal Reserve that holds America and Her People hostage with an astoundingly perverse and "criminal" economic system that is an evil beyond your worst monster-infested nightmare. But the Creature comes in a guise to mislead the people, like a Wolfman in sheep's clothing.

Why is the system "criminal"? Because the U.S. Constitution proclaims itself to be the "supreme Law of the Land" (see Article VI), and Article I, Section VIII of the Constitution states that "The Congress shall (Constitutionally speaking, "shall" has been legally defined as "must")...coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures." Why Congress? Because it is answerable to the People it represents! Remember, our Constitutional Republic was meant to be representational government! We're a long way from that now! The Federal Reserve is NOT Congress; it is unelected, meaning nonrepresentational, and being therefore unconstitutional, it is illegal, hence "criminal."

I first read G. Edwrd Griffin's magnificent study, 'The Creature From Jekyll Island' eight years ago. I had read plenty of political books prior to this one, and countless since, but Mr. Griffin's tour de force has yet to be equaled when it comes to educating the reader in wide-ranging topics that coalesce most of the geopolitical mysteries of our time into the diabolical scheme known as the Federal Reserve System.

Don't make the mistake of letting the sophisticated subject matter drive you away as forcefully as the intriguing title beckons you. Despite the complexity of the topic, G. Edward Griffin masterfully organizes the material and lays it out, not only in a very readable manner, but he actually fashions a carefully researched, extensively footnoted nonfiction tome into a spellbinding journey that reads nearly like a page-turning mystery novel.

In the process of explaining and demystifying the history, the stated goals of the Federal Reserve, and the real agenda behind it, Mr. Griffin necessarily enlightens the reader about myriad conspirators who occupy positions in a variety of social engineering organizations. Without this understanding, one could not possibly grasp the full scope of the problem, nor fathom how such a demonstrably evil entity could have remained cloaked and in power since 1913. (Indeed the thirteenth year of the Twentieth Century represented an unlucky number for America and eventually the world.)

You will find some reviewers here complaining that Mr. Griffin has unfortunately polluted his 600+ page study with John Birch Society style conspiracy theories. What you WON'T find is where any of those same reviewers have proven any errors in fact committed by Mr. Griffin. They challenge the idea of a conspiracy, but not any of the abundant and overt evidence that clearly points to it. I myself don't like little yapping dogs, but I'm not prepared to say that they don't exist simply because I'd prefer not to even think about them. And I can hear those yapping quadrupeds as clearly as I can see the indisputable evidence of underhanded collusion in high and influential places when it comes to this country's monetary system.

"You are a den of vipers!" President Andrew Jackson thundered at a delegation of supporters of the central Bank of the United States in 1834. "I intend to rout you out, and by the Eternal God I will rout you out!" Jackson succeeded in ridding this country of the inherent perniciousness that a central bank levels on a nation. But President Jackson's hard-earned victory for his countrymen was sadly overturned in 1913, when a corrupt privately owned central bank was again foisted on the sleeping people of this once free nation in the form of The Federal Reserve cartel. As Griffin states on page 573, "The Federal Reserve is the world's largest and most successful scam."

I will tell you plainly that regardless of what you think you know about the political spectrum, Democrats and Republicans, liberals and conservatives, civil rights and corporate greed, socialism and capitalism -- regardless of how well informed you may think you are by reading mainstream news magazines and newspapers, listening to NPR and talk radio programs and watching political debates on nightly news TV shows -- until you have read and digested G. Edward Griffin's, 'THE CREATURE FROM JEKYLL ISLAND', you will never really understand contemporary American and global politics. But afterwards, the political puzzle will come together before your eyes, and never again will you follow the red herring into the brainwashing house of mirrors which is our current political milieu.

If you're inclined to read only one political book, be sure it's this one, as it will make sense of your world like nothing else. 'THE CREATURE FROM JEKYLL ISLAND' belongs in the personal library of every American who truly cares about his or her country (regardless of political party affiliation); by rousing the people of this nation from the ignorance of deep sleep, it has the potential to be the silver bullet or the stake through the heart of America's worst monster! Read it now or the Wolfman's gonna getcha!

Warning: This book will change your life
Here is a quick overview of how I figured out the monetary system to the point of being confident that my understanding is reasonably correct and being able to explain the basic scam in about 45 minutes.

First I became convinced that if I am ever going to understand how the world works I should probably figure out an answer to the question "what is money?" Surprisingly, a search on Amazon.com did not return very many books on the topic. Like any good college educated liberal I chose the one book which garnered praise from all my favorite trusted sources such as the New York Times and the Washington Post. I didn't see how I could possibly go wrong spending $12.92 for the 800 page book "Secrets from the Temple: How the Federal Reserve Runs the Country", which The Nation said, "May be the most important political book of the decade."

Unfortunately, after reading William Greider's 10 year, day by day account of Federal Reserve Chairman Paul Volker's back and forth decisions on raising and lowering interest rates, I still did not have the foggiest clue as to what money is or how it is created. I'm sure most people would have given up at this point but I was not ready to throw in the towel. For some reason I was not convinced by the book's conclusion that it was critically important to maintain the money mystery because "Taboos uncoded lost their power to persuade...The mystery was necessary, therefore, to sustain social faith. Knowledge was disturbing. Not knowing the secrets was reassuring."

I needed another book, however the only ones that the New York Times seemed to recommend were all described as condensed versions of "Secrets of the Temple." I had no choice but to bite the bullet and for the first time in my life order a book which was not recommended by the New York Times. I ordered "The Creature from Jekyll Island: A Second Look at the Federal Reserve by G. Edward Griffin. At least Willie Nelson seemed to like it. Actually, I wasn't quite sure if Willie Nelson was wholeheartedly endorsing the book in his review which simply read, "Scary. It's the story of the world banking system. Enough said."

I was quite pleased that Jekyll Island contained a pretty good description of the money creation process. However, the book contained a lot more than that. All I can say is that I often see my life as divided into two main periods; before reading Jekyll Island and after reading Jekyll Island. I finally knew what Willie Nelson meant by "scary."

Now that I was starting to really get somewhere in figuring out how money is created, I needed to find more information to clear up some of the details. My wife even got involved in the search for truly academic and scholarly information. I will be forever indebted to her for discovering a free downloadable copy of a book entitled "The Mystery of Banking" by Murray Rothbard. This was exactly what I had always been looking for. It clearly explained the process without dumbing it down in any way or obfuscating the details in order to "sustain social faith."

That is essentially how I got started in learning about money. I have found this to be the most fascinating field I have ever encountered and I am very glad that I didn't take William Grieder's advise to remain blissfully ignorant.

Beware! This book is an expose on truth in lending.
This book will make your hair grisle up on the nape of your neck when you read it. This is a non fiction horror story of how the federal reserve came to be the controlling factor in our everyday lives. It chronicles history in such a fantastic way that when you research it and find it TRUE, it makes your guts wrench in utter dispair at the situation we have gotten into by entrusting financiers to our monetary system. If you want to know ANYTHING about the economy, this is the book to read. Though I must say that it is not for the faint of heart in the predictions it makes.

Given enough readers, this book could save the country.
"The Creature from Jekyll Island" shows you the greatest fraud in history: the Federal Reserve System. You will read what it has let its creators do to our country. And you will learn how we, the people, can get rid of it.

"Creature" says what many Washington and Wall Street insiders know, but would never say: that through the Federal Reserve System, powerful men use inflation to rob us blind.

G. Edward Griffin does not stop there. He visits remote continents and distant times to show how rulers have used their control of money to control their peoples. And, he relates how, at considerable risk and cost, Andrew Jackson returned to our people a great deal of economic freedom by refusing to renew the charter of the Second Bank of the United States.

This book's information shines a light on current events that is stark, strong, and new. It will affect not merely how you see financial or business news, but all sorts of news relating to domestic and foreign developments. You will understand much more about the "New World Order," the Kyoto "Global Warming" treaty, the latest adjustment of Federal Reserve interest rates, and why your children's history textbooks leave out so much.

You may find yourself discussing this book with your friends and neighbors. You may change your political registration. You may even try to elect candidates whose ideas reflect knowledge of the history Mr. Griffin describes.

Do yourself a favor: please read this book.

The Most Comprehensive Book Written on the Federal Reserve
This book is without a doubt the best book written on the "Federal" Reserve (which is about as "federal" as Federal Express). The book's four chapters explaining what money is (and isn't!) are the best I have ever read (and that includes the late, great economist Murray Rothbard's "What Has Government Done to Our Money"). My only qualm with this book is that Mr. Griffin should have left out the "C" word (i.e., conspiracy) from the text. He should just tell the history of the "Fed" along with his excellent economic analysis and let the reader figure out for him or herself what is going on. It becomes difficult to recommend this book to anybody outside of the John Birch Society (for which Mr. Griffin is a writer). But all in all, Mr. Griffin has done an admirable job. This is the true story of the monstrosity we affectionately call "The Fed" -- not like that Establishment whitewash on the "The Fed" by Rolling Stone writer William Greider called "Secrets of the Temple." For those of you who are skeptical about reading Mr. Griffin's long tome, you might want to start with Murray Rothbard's much shorter "The Case Against the Fed," before moving on to the Griffin work. ... Read more

Editorial Review

For marketers, The New Rules of Marketing and PR shows you how to leverage the potential that Web-based communication offers your business. Finally, you can speak directly to customers and buyers, establishing a personal link with the people who make your business work. This one-of-a-kind guide includes a step-by-step action plan for harnessing the power of the Internet to create compelling messages, get them in front of customers, and lead those customers into the buying process. ... Read more

Reviews

A to Z assistance for any business
More than anything, The New Rules of Marketing & PR ties things together. The book provides an easy to understand yet comprehensive view of the new online marketplace--a landscape that can appear quite bewildering, even to marketing specialists. With so many options at our fingertips (literally), where do we start? Blogs? Podcasts? Public relations? SEO? Paid search? Viral marketing? The list goes on. To make matters worse, technology is changing and new tools are developing almost every day.

In the early chapters, David takes a high altitude look at online marketing options, showing us how they developed, why they're important, how they work, and why they work. In later "Action Plan" chapters, he jumps into the trenches and shows us how to actually use the tools and implement programs. Throughout, he uses detailed case studies to illustrate not only the programs but the amazing results they can achieve.

But it isn't just the latest and greatest technologies that are crucially important. Public relations, for example, has been around since Gutenberg but for the first time is practical for a small company. Traditional PR was cost-prohibitive and dependent on unreachable key media contacts. But in the new world--

"...your primary audience is no longer just a handful of journalists. Your audience is millions of people with Internet connections and access to search engines and RSS readers." (Chapter 5)

Today, public relations may be the single most underutilized tool in the marketing arsenal.

Another "old" technology David brings us up to speed on is the corporate Web site. In fact, the three most important points I got out of The New Rules of Marketing & PR have enormous implications on traditional Web development.

Those key points are--

1. The most important New Rule is CONTENT. Design is important. Technology is important. But without extraordinary content, you're doomed.

2. Interruption marketing (think spam and pop-up ads) has given way to consumer-driven marketing. Yippee! "The Web is different. Instead of one-way interruption, Web marketing is about delivering useful content at just the precise moment that a buyer needs it." (Chapter 1)

3. The starting point for any New Rule program is to create customer personas. If you're going to have extraordinary content that motivates buyers to take action, you'd better know your customers inside-out.

David explains how these three principles should influence not only your corporate Web site, but every other online program you undertake.

Thankfully, David is understandable as well as instructive. One reason I've enjoyed his blog for over a year is his conversational, entertaining writing style. He makes learning easy (which is harder to do than you might think). Anyway, his book is just like his blog--illuminating and fun.

The New Rules of Marketing & PR presents the most complete picture of any book I've read. For the marketing specialist, it will fill in the gaps. For the generalist, it will open up a whole new world.

What a Wake-Up Call!
By embracing the strategies in this book , you will totally transform your business. David Meerman Scott shows you a multitude of ways to propel your company to a thought leadership position in your market and drive sales - all without a huge budget.

From my perspective, the best thing about this book is that everyone can gain value from it. There are so many places you can start applying these new rules of marketing and PR. For example, I'm an experienced blogger, considered an expert in my field and already have a strong online presence. Yet I'm immediately going to start applying the lessons in Chapter 14: How to Use News Releases to Reach Buyers Directly.

Here's what else I like about this book:

1. The author includes numerous examples from a variety of businesses in different industries & sizes that have all used these strategies for success.

2. The book shows you multiple venues to reach your buyers directly. This circumvents the high costs of mainstream media enabling firms who are running bootstrap operations to compete with the big boys.

3. The "how to" guidelines on leveraging news releases in a web-based world are excellent. You'll learn how to create news on a regular basis, capitalize on various distribution services, focus on key words/phrases in your writing that are used by your buyers, and incorporate social media tags.

4. The insights on optimizing a website's online media room for search engines is another easy-to-implement technique with high payback.

In summary, I guarantee you that your investment in this book will be paid back many times.

~ Jill Konrath, author of Selling to Big Companies

What everyone with a web site needs to know...in clear, simple language!
Waste of time for small business owners, this is more for bigger company that has millions of marketing budget. A lot of theory, but few practical stuff that I can actually do without money. Instead I would recommend Word of Mouth Marketing by Andy Sernovitz, I found it to be a lot more helpful for my business. There are things in there I can actually start doing right away to better my business.

Never pay for Marketing & PR again!
For those who read David's Web Ink Now blog [...], the themes of this book will be familiar. David released an eBook, the New Rules of PR, last year, focusing on direct-to-consumer press releases. That eBook, plus all of his experiences in viral marketing have led to this new book.

The book expands beyond PR to include online marketing, viral marketing and leveraging content. As David points out, in this new environment, these areas are all converging. A news release, posted to your website, simply becomes marketing content to the reader. As with his previous book, Cashing in With Content, Scott uses compelling real-world examples to demonstrate the benefits of these methods.

Roughly half the book is focused on putting these concepts to practice in your own environment. These ten chapters provide specific guidance for understanding buyer personas, using content to position your company as a thought leader and writing content that will resonate with your buyers. There are also hands-on chapters on blogging, podcasting and leveraging social networking sites.

The New Rules of Marketing and PR covers a lot of ground in less than 300 pages. For traditional marketers and executives, the book is an accessible guide to the emerging models. For those knee-deep in online marketing already, the New Rules serves as a useful checklist of tips and tools to ensure that your marketing, PR and content are working together to help you achieve your goals.

[...]

Excellent book for anyone doing business online
Sending a "dash and blast" press release to a reporter's already overflowing email inbox no longer cuts it.

To survive in today's "user generated content" world you have to join your buyers and customers in their world -- that is, online, where they are reading and commenting on discussion boards, updating Wiki entries, and writing blog posts.

Miss or ignore a negative post and you can potentially see millions of dollars drain from your corporate coffers.

What I liked about this book is that David explains how all the new techhologies and old media can work together -- RSS in media rooms, corporate blogs and PR, and podcasting and branding -- to help buyers find your company's products and services.

He gives practical advice on how to pitch the media (hint: don't spam them with untargeted press releases), how to monitor and respond to discussion forums, and how to monitor the blogosphere for "viral eruptions."

Whether you're a corporate PR pro or a small business owner, this book will help you navigate your way through the new methods of reaching your customers. ... Read more

Editorial Review

Unfortunately, most of us have little sense of our talents and strengths, much less the ability to build our lives around them. Instead, guided by our parents, by our teachers, by our managers, and by psychology's fascination with pathology, we become experts in our weaknesses and spend our lives trying to repair these flaws, while our strengths lie dormant and neglected.

Marcus Buckingham, coauthor of the national bestseller First, Break All the Rules, and Donald O. Clifton, Chair of the Gallup International Research & Education Center, have created a revolutionary program to help readers identify their talents, build them into strengths, and enjoy consistent, near-perfect performance. At the heart of the book is the Internet-based StrengthsFinder� Profile, the product of a 25-year, multimillion-dollar effort to identify the most prevalent human strengths. The program introduces 34 dominant "themes" with thousands of possible combinations, and reveals how they can best be translated into personal and career success. In developing this program, Gallup has conducted psychological profiles with more than two million individuals to help readers learn how to focus and perfect these themes.

So how does it work? This book contains a unique identification number that allows you access to the StrengthsFinder Profile on the Internet. This Web-based interview analyzes your instinctive reactions and immediately presents you with your five most powerful signature themes. Once you know which of the 34 themes -- such as Achiever, Activator, Empathy, Futuristic, or Strategic -- you lead with, the book will show you how to leverage them for powerful results at three levels: for your own development, for your success as a manager, and for the success of your organization.

With accessible and profound insights on how to turn talents into strengths, and with the immediate on-line feedback of StrengthsFinder at its core, Now, Discover Your Strengths is one of the most groundbreaking and useful business books ever written.

Please note that the code for the Online Strengths Finder Test is found on the inside of the dust jacket. ... Read more

Reviews

See Yourself and Others in a New Way
REVIEW: While I am generally disappointed with sequels, this book didn't disappoint and stands on its own (see "First Break All the Rules"). "Now" focuses on the individual (except the last two chapters) and their inate strengths. It goes into detail on the 34 different types of talents/strengths that the authors found in their research. "Now" is based on two simple themes: (1) each person's talents are enduring and unique, and (2) each person's greatest room for growth lies in their greatest strengths (not in improving their weaknesses as so much of our society is focused on). "Now" will help you recognize strengths (yours and other) which is the first step to capitalizing on them. I now find myself regularly thinking in terms of the strengths concept when making working decisions. By the way, you don't have to read "First, Break All the Rules" before reading this book. In fact, I recommend this one first! Also, "First" focused on the manager and how he/she should think and act differently in terms of the authors discoveries on talents and strengths whereas "Now" focusses on the individual.

This book was also the first book that I've read that included an on-line component. The on-line test took me about 30 min to complete and gave me my top 5 strengths. After reading the detailed descriptions in the book, I believe the test correctly hit 4 out of 5 with the 5th one a close runner-up.

STRENGTHS: The book is easy to read and full of examples. I found the concepts and content very well thought out and very effective at changing my thinking.

WEAKNESSES: I note some weaknesses, but they were at most annoying and not significant enough to prevent me from enjoying or highly recommending the book. First, as in the "First" book, no index. Second, while the book has lots of examples, a number seemed to be thrown in to touch popular or emotional topics rather than being solid support for the specific topic being discussed.

WHO SHOULD READ THIS BOOK: The book is probably best suited to professionals and knowledge workers with an interest in better understanding themselves and those around them. If you're interested in increasing your own effectiveness and the effectiveness of your relationships with others this book is for you.

ALSO CONSIDER: Of course, "First Break All the Rules" by Marcus Buckingham & Curt Coffman [either before or after this book]. "The Effective Executive" by Peter F. Drucker.

Let Well-Established, Good Habits Take You Forward!
This book represents three very ambitious efforts. One, it argues for a new management paradigm that builds from the psychological make-up of each person in the workplace to create the most effective combination of people and tasks. Two, the book presents a new psychological mapping scheme to capture those areas where a person will display "consistent near perfect performance in an activity." Three, the book connects you to a self-diagnosis tool that you can use on-line to see yourself in the perspective of the new mapping scheme. Most books would settle for pursing just one these goals. My hat is off to the authors for their ambition!

The concept of building companies around "desirable" pyschological profiles has been in application for some time. The Walt Disney organization uses this approach to locate people who will enjoy working in their company, and to match the person to the task they will be most focused on. More and more companies are experimenting with this approach. The evidence is that it works.

So the first argument simply takes that experience one step further by formalizing it a bit. The book has many persuasive examples of how people usually do not have jobs that use their best talents. This provides another perspective on the Peter Principle. So far so good.

Next, 34 patterns of mental habits are described based on millions of interviews over 25 years. These include achiever, activator, adaptability, analytical, arranger, belief, command, communication, competition, connectedness, context, deliberative, developer, discipline, empathy, fairness, focus, futuristic, harmony, ideation, inclusiveness, individualization, input, intellection, learner, maximizer, positivity, relator, responsibility, restorative, self-assurance, significance, strategic, and woo. You need to see the descriptions to understand what these patterns reflect.

The argument is that these labels capture patterns of thinking habits that condition behavior in any situation. I find it difficult to relate to all of the patterns because there are so many. Also, without knowing what patterns work well in a particular job, I wasn't sure how relevant they are. Connection of patterns to success needs to be shown as cause and effect in a given company before this will be totally useful.

Small companies may not be able to use this tool very well because they will never have enough people doing the same task to figure out which profile is best. Everyone working in that role may have a very inappropriate profile. You will just be picking the best of a poorly-fitting lot if you select around one of them.

Then, I took the personality test on-line. There were no surprises there for me in my top 5 patterns. I also suspect that there would be no surprises for you in putting me into these categories. You would probably have pegged me as an achiever, learner, relator, focus, input person from the fact that I read so many nonfiction books, write so many book reviews, and keep books and notes everywhere (just in case I might need them again). On the relator front, if you had noticed who I like to work with and how I work with them, you would have spotted me in a few days.

However, my actual job competence is a lot different from this. Most clients tell me that they find me most helpful to them when exposing them to new perspectives on their work that allow them to make faster progress. So, I was left wondering if the tool is strong enough to do the task of making people most effective in their work without more help. Someone might develop or be born with a great talent that has little to do with the psychological profile of how she or he likes to spend their time.

To state the opposite proposition to the ones in the book, complexity science would suggest that it is a mistake to overly organize the workplace in any way. You should have as much diversity as possible. When we leave lots of room for open space and time, people will self-organize outstanding solutions. Having people focused on tasks they love might make them less aware of what else needs to be done. Behavioral scientists would argue that learning continues throughout life, and that major new habits can be formed at any time. Old dogs can learn new tricks. Why cannot new psychological mindsets be learned as well. I suspect that they can. These kinds of counter-observations were not addressed in the book, and it would have been helpful to me if they had been.

So while I was impressed by the concept that the "great organization must not only accommodate the fact each is different; it must capitalize on these differences," I wasn't sure that the authors have the best method to get there yet.

I do recommend that you read the book and consider its messages. I suspect that its application will work best in focusing people on tasks that require great persistence and consistency in order to be effective. I am less clear on how well it will work to help people accomplish more in creative tasks. Time will tell.

I suggest that you take the test and discuss your results with someone else who has also taken the test. Ask each other what insights you got from your own results and from hearing the other person's results. That discussion should start to help you imagine ways to use these insights more effectively.

May you always "derive intrinsic satisfaction" from the activities you do! ... Read more

Editorial Review

Cosentino demystifies the consulting case interview. He takes you inside a typical interview by exploring the various types of case questions and he shares with you a system that will help you answer today's most sophisticated case questions. This new edition includes new case material plus 10 Partner cases to make it easy to give cases to your classmates. ... Read more

Reviews

Very helpful in landing a consulting job
Case in Point is a must read for people who are serious about getting a consulting job.

Having said that, this book will not help you get a consulting job unless:
(a) You are already interested in business; and
(b) Have good common sense; and
(c) Are comfortable with quantitative questioning; and
(d) Have good interviewing skills; and
(e) have an impressive enough CV to get an interview.

The above does not apply if you are one of those exceptional people who will probably receive offers everywhere you go (in which case the book may still be useful nonetheless).

After reading this book I interviewed with both Bain and McKinsey (for AC and BA positions) as well as with a number of investment banks. Ultimately I received a couple of offers at investment banks, was knocked out in the second round at Bain and received an offer from McKinsey.

Surprisingly the concepts I learnt in the book helped me with my IB interviews (at places such as Merrill Lynch and Morgan Stanley) as once they establish the basics (ie you can do DCF and understand undergraduate finance 101) they quickly move to strategy-type questioning where people familiar with consulting frameworks have a massive advantage.

Advantages of the Book

The advantage of this book is that it gives you a number of frameworks which can be adapted to answer pure strategy questions. I am aware of no other books that give you such detailed frameworks. The book then gives you a large number of practice questions (most of them are `allegedly' based on real interviews), shows the implementation of those frameworks in candidate answers and then critiques those answers.

To give you an example of how the book worked well for me - take my Bain interview Rnd 1 - the question was Toys R Us is thinking of putting in Vet surgeries in its stores - is it a good idea or not? What should they be thinking about? I was able to draw on the Case in Point problem of a retail store looking at putting a banking outlet in its store to guide my answer. If you immediately know that the things you should be looking at are entering a new market frameworks as well as synergy analysis and the potential for cannibalisation of store space you can arrive at an answer quickly that makes you look more insightful than the average.

In one of my McK round 1 interviews I was actually told that I had hit every single point on the answer guide. Not bad considering that I hadn't thought of anything original.

Disadvantages

One disadvantage of this book are that you can become so proficient with the frameworks that you can start using a framework that the interviewer wasn't wanting. Perhaps this was my overconfidence!

To give you an example in Bain Rnd 2 I was asked about a private equity company that had bought a company and wanted to "grow the business". I immediately started using a "grow the business" framework - ie revenue enhancement model, when it actually turned out that the interviewer wanted a cut cost to boost profitability model that focussed on holding period and exit strategy.

Another disadvantage is that you never are allowed enough time to write down your proposed framework to the answer before you are required to start answering the case so you better have it all worked out in your head. A follow on problem of this is that your answer can seem "creative but unstructured". I personally found that Bain obsessed about structure but McK cared more about creativity.

Some of the frameworks also need improving as they are too esoteric (especially at an entry level). The profit equation for example that Cosentino uses in the 5th edition is (I believe) so esoteric that if I had written it down I would have been laughed at. The one he advocates in the 4th edition is superior.

The pricing section is very insightful (and interesting) but did not help me much with questions about corporate valuation (ie "we have an exploding offer in 20 minutes and need to decide whether we sell the factory for $5 million or not") where I had to fall back on what I had learned about accounting and finance in my undergraduate degree. This question arose in both Bain and McKinsey cases.

Another thing that puzzled me is whether this book is targeted at MBA level entrants or undergraduates.

Conclusion

Overall the book is excellent and if married with the online questions (which you have to buy separately) can enhance case-interviewing immeasurably. I know friends of mine who I would consider smarter than me that bombed out spectacularly because they hadn't prepared.

If you want to prepare then this is the gold standard. Successful preparation with this book will take at least 20+ hours.

It won't however get you a job unless you bring the qualities to the table that the firms are after - eg leadership, presence, good grades and business acumen.

Got me a job I don't deserve
I'm a pre-med student who had little intention of going into consulting. By mostly happenchance, I landed myself into the interview room with McKinsey. The majority of my preparation was simply reading (at times re-reading) this book. It worked.

This book is a fine introduction to case studies for students relatively unfamiliar with their structure. I would be more hesitant in recommending this book for the better informed, though there is still a trove of useful information for those types as well.

The major strength of this book is not the Ivy System (or whatever fanciful name it touts). The system(s) the book presents are of secondary importance to its actual strength: the numerous simulated case interviews. The interviews are actual conversations -- and this lets you see certain strong and weak moves an interviewee makes, the types of questions and responses the interviewer with which the interviewer prods, and so on. It is tremendously more effective that simply having a case prompt -- and then a series of bullets that you should hit on.

The Bible during your case interviews
Are you apprehensive about your upcoming case interview? You should be. You will need to think logically, quickly, and deeply under pressure. Marc Consentino's Case in Point is a bible for anyone going for consulting, case-based interviews. This should be the first book you read and work through as your prepare for your interviews. It is the most comprehensive, clearly written case prep book available (and I've seen many others). If you want to be really comprehensive, do as many practices cases (consulting company websites have interactive ones) as you can find.

After reading Case In Point, I flipped through the frameworks and ivy case system before each of my interviews. Going through the frameworks and doing some back of the envelop math the night before my interviews really helped get me in the right frame of mind. Unlike any other case-prep book, Case in Point covers almost every type of case you will encounter, takes you through how to structure your answers, and gives you tons of practice with "back-of-the-envelop" math problems. The majority of cases in the book are from real past interviews with the top firms. This latest edition greatly expands on past editions with structure maps, more math-based cases, and newer, more complex cases from recent interviews.

I used Case in Point and I have many friends who used Case In Point to prepare and then get offers with the top firms. Well worth the $20.

Great Prep for a Consulting Interview
If you are going to interview for one of the big consulting firms (McKinsey, Bain, Boston Consulting, Booz Allen), you should prepare yourself with this book. To really feel confident in an interview, you'll probably want 3-4 weeks of prep time with this book. So, if you anticipate getting an interview with one of the big consulting firms, pick this up and start reading. It worked for me.

Best prep book that I have read
Pros: The book is the best prep book on case interviews that I came across while I was preparing for a job in management consulting. It is very clearly written. It does not confuse or drone with much irrelevant information. Humor is a plus. Buy this book first, then worry about adding other books for extra practice.

Cons: The limitation of the book is that it is a book. For example, the cases that I faced at my interviews were more interactive where additional information (charts, figures) was presented to me when I had already made some headway into the case, and not in the beginning. This would require an interactive software (such as the interactive cases found on McKinsey, BCG, and Bain websites).

Overall: The best you can get. Even without the interactive ability, it helps you develop a way to think about a "case".

Suggestion to author: I would have also liked that the book to help develop thinking about "second-order structure" in a case, which, I realize, is very broad and depends a lot on the case itself. The first-order structure is covered in the ivy system.

The Whole Package
Coming from medical school, business cases were a bit intimidating and unfamiliar. Case in Point really decoded the whole process in a way that one can understand in a couple of hours. Of course, the book's practice cases are the biggest help as there is no substitute for thinking through these problems. I must say, Case Questions Interactive on the author's website was just as important in my preparation - and something must have worked because I landed an offer from McKinsey! I can't speak for those coming from a business background, but for those without much relevant experience, Case In Point is a must-have.

Great and to-the-point case preparation for consulting interviews
"Case in Point" has been staple reading amongst my colleagues that want to move into consulting. It's written for MBA graduates, but it's really accessible for everyone with some business background.

The example cases are numerous and excellent, very challenging, and illustrate the type of interaction you should aim for with your interviewer. Furthermore, different structures for tackling a case are explained, and the most important points to highlight in different case scenarios are emphasised. It's too much to learn by rote, but if you have a decent sense of how business works then it's useful as a reminder of what you should be discussing.

The book proclaims that it's approach is a "system," and I suppose that if you follow the approach to the letter, as well as quickly manage to identify the type of case you are dealing with, this is true. More realistically though the "system" is 4 steps gets you through the first 5 minutes of the interview, after which I find it hard to imagine how your own personal approach and dynamic is not going to take over. This might just be me though.

General opinion amongst my peers as well is that "Case in Point" is much better than the Vault case preparation guide. I agree, it seems that the Vault guide is written for people that really don't know what's expected of them in a case interview (perhaps for a much younger audience?). If you're aiming for the top firms it's not up to scratch.

Best of luck to everyone preparing for cases, remember you are brilliant and to be yourself in the interview!

A MUST READ!
Of all the case interview preparation books I've read, Case in Point has provided, by far, the most relevant case interview preparation! Cosentino's Ivy System breaks down daunting case problems into simple steps that are easy to understand. This book is full of witty, relevant examples of all types of practice cases, with detailed answers, and tips on how to ace your interview with top consulting firms. The new version of Case in Point is a must buy even if you own or have read the 3rd edition. The beauty of it is that Cosentino provides more case examples, updated based on what consulting firms are asking their interviewees today. Buy this book today-you won't be disappointed! ... Read more

Editorial Review

"A magisterial work...You can't help thinking about the economic crisis we're living through now." --The New York Times Book Review

It is commonly believed that the Great Depression that began in 1929 resulted from a confluence of events beyond any one person's or government's control. In fact, as Liaquat Ahamed reveals, it was the decisions made by a small number of central bankers that were the primary cause of that economic meltdown, the effects of which set the stage for World War II and reverberated for decades. As yet another period of economic turmoil makes headlines today, Lords of Finance is a potent reminder of the enormous impact that the decisions of central bankers can have, their fallibility, and the terrible human consequences that can result when they are wrong.

... Read more

Reviews

The Four Bankers of Apocalypse
Liaquat Ahamed, a former World Bank economist and investment fund manager, began research on this book long before the current financial crisis, having no idea of the relevance it would have upon its publication. It is a history of the financial and economic turmoil that began in 1914 and didn't really end until after World War II. He traces the development of this crisis through the lives and actions of four central bankers: Benjamin Strong of the Federal Reserve of New York, Montagu Norman of the Bank of England, Emile Morceau of the Banque de France, and Hjalmer Schacht of the Reichsbank of Germany. The liquidity crisis of 1914 has suddenly become a subject of interest as it bears relevance to today's problems.

Ahamed's central thesis is that the critical decisions made by these four bankers not only caused the Great Depression but also created the conditions for World War II. The most fateful event of all was the decision to adhere to the gold standard. In retrospect, tying the amount of currency a country has in circulation to the amount of gold it has in its vaults appears arbitrary and nonsensical. However, it seemed like a good idea at the time, it provided a universal standard against which countries could stablize their currencies. Unfortunately it became a straight jacket which gave them little room to maneuver.

When the big four bankers came into power in the mid-1920s, the use of the gold standard actually seemed to be working, currencies were stabalized and capital was once again flowing. The problem however was that there was not enough gold in existence to proide enough capital to finance world trade. According to Ahamed, this was the central flaw in the financial system that led to the Crash of 1929 and the subsequent Great Depression. Of course, the chain of events was more complicated than that and Ahamed recognizes the complexity. Each of the four bankers and their respective countries were pursuing their own agendas as opposed to trying to save the system as a whole, the gold standard was the proverbial straw that broke the camel's back.

Ahamed has written an interesting history of what otherwise would be a fairly dull story. It makes one think about flaws in the system - like sub-prime mortgages, derivatives and the excessive use of credit - and how things could have been different if they had been recognized earlier.

Central Banks in the First 40 years of the 20th Century
First, let me say that this is an extremely well written book. I was expecting to have to plow through the usual dreadful writing that finance and economics seems to generate. To my surprise I found a book that was crisp, clear, and interesting. Fun, in fact. Second, the author covers a period and a topic that is sadly neglected in most histories - the inter-war period, and especially the financial events that played a major role in the rise of Hitler and the origins of the Second World War.

The book is primarily the story of 4 Central Banks - those of the US, England, France, and Germany, and of the heads of those banks. The book actually covers a longer span than the inter-war period, it includes important information about the banks just prior to the First World War, their activities during the war, and extends into the Second World War. The lead-in is especially important, because it explains so much of what happened during the inter-war period.

The events are too complicated to review in detail, but the author explains them well and shows how the personalities of the Bankers as well as the politics of the times influenced events. Let us just say, mistakes were made.

My one quibble with the book is that the author is rather unsparing in his criticism of the bankers. Although this is somewhat justified, I ended up feeling sympathetic to at least the heads of the US Federal Reserve and the Governor of the Bank of England. Their primary fault was an inability to see beyond the conventional economic wisdom of the times. In point of fact, the only person who seemed to get it right during this time was Maynard Keynes. If we are to judge everyone against the standard of the most brilliant mind in their field, very very few of us are going to come out well.

The most important point the book makes is how factors other than purely economic issues play a role in making economic decisions, but how the consequences of those economic decisions then rebound onto the wider political history of the times. While the book deals with a different time and political landscape, the parallels to our own times are VERY frightening. The author does not emphasize the parallels, and the book was actually completed before many parallel events occurred. To my mind that just makes them more compelling.

Four Men Could Have Prevented the Depression: Hopefully, Treasury Secretary Geithner and Adviser Larry Summers Have Read It!
Lords of Finance is a gripping story with forgotten yet worthy characters and villains hidden inside the drama of The Great Crash and Depression. It is a lively and fascinating "event by event" look at the slow motion lead up to The Great Crash, and the four men that could have prevented the Depression.

Each thought they were pursuing a reasonable course (think prisoners dilemma), yet their tragic lack of vision and coordination doomed the world to a long and painful decade of decline.

This book will keep you up at night (probably afraid for what is left of your IRA, portfolio, or home value) reading to find out what has happened to these four men and how they continually missed opportunities.

In the end they were overtaken by their biases, rivalries, vacations and countries they represented: The United States, Britain, France and Germany.

Falling stock prices, falling international trade, falling prices, falling commodities, a rush to hold dollars, declining interest rates but lack of loan availability, decisions to save some politically connected banks but not others, and a lack of consensus on an answer, all make 1929 and 2009 have an eerie similarity?

Substitute a real estate bubble for fixed priced gold, reparations for sub prime, Treasury Secretary Henry Paulson for Treasury Secretary Paul Mellon, and the book reads like an echo of the slow motion days leading up to the Great Crash and the Depression that followed.

Lords of Finance
Liaquat Ahamad does a thorough and engaging job of describing the men and the factors that drove us towards the Great Depression. Its' scary to see that history is repeating itself as we see the collapse of the real estate and stock speculative bubbles.

Its' amazing to me that the factors that caused the Great Depression, from the actions of the Federal Reserve, the control of the banks in restricting the flow of money, and the inability of the President to control the actions of these groups is largely overlooked. The easy way is to blame President Hoover and give FDR credit for ending it, when the truth is far more complex and relevant today as we face a similar crisis

We have given the banks and Wall Street the freedom to take advantage of deregulation, and we are once again in a financial crisis. Only when you understand the past, can you prevent repeating it. Ahamad's book should be required reading for every Congressman and media member in the country. Only then, this crisis can be met head-on.

Massive Speculation leads to a Depression.Hoover got it right
The author of this book has done an excellent job in analyzing what the main cause of the Great Depression was.The crucial pages in the book that provide the answer are pp.295-302.It is here that we find Benjamin Strong,in August of 1927, who knew full well that the United States was in the midst of not one ,but two raging, speculative bubbles,one in stocks and the other in real estate,forced through a one half of one percent rate cut that simply fueled the specultive bubbles even further.We find Herbert Hoover,blamed for the Great Depression in the United States,calling the future outcome one hundred percent correctly when he stated that the speculation of the late 1920's would lead to a Depression unless the banker financed speculative build up was stopped.Hoover's attempt to stop the insane rate cut failed.President Coolidge simply pointed out that there was nothing he could do because the Federal Reserve System was independent of the Federal Government.He stated that he had no authority to attempt to get the FRS to reverse the rate cut ,which they eventually did in February ,1928.
Unfortunately,by that time that action was too little and too late.Only a policy of credit restriction applied against speculators might have mitigated the eventual depression.

I highly recommend the book.It puts to rest once and for all the canard ,repeatedly told by Murray Rothbard and Milton Friedman,that the FRS was part of the Federal Government and was controlled by government bureaucrats who told the bankers what to do.It is just the reverse.The bankers were so powerful that they could tell an American president what to do.It is interesting to realize that the bankers have again brought the United States to the edge of financial catastrophe with their highly speculative loan policies

The Mistakes Men Make
How did the world plunge into the financial crisis of 1929-1933 and are we likely to follow that dismal path today? To probe this question, Liaquat Ahmaed, a professional investment manager, has written an absolutely absorbing economic history. He focuses on the principal players ("The Lords of Finance") in the financial world of the 1920's and 1930's, the central bankers of the United States, Britain, France and Germany. They were regarded at the time as members of the world's most exclusive club. Forgotten men today (and all were men,) Montagu Norman (the U.K.), Benjamin Strong (the U.S.), Hjalmar Schacht (Germany) and Emile Moreau (France) struggled with how to deal with the enormous reparation payments due from Germany under The Versailles Treaty, the likewise huge war debts owned by the victorious powers to the United States, and when to return to the gold standard, which had been abandoned during the war.
These financial titans were "the best and the brightest" of their times and they made error after error in dealing with these problems. As Ahmaed writes, they were a "group of men who understood none of this [the Crash of 1929], whose ideas about the economy were at best outmoded and at worst plain wrong." Germany could never realistically repay its reparations debt. Similarly, Britain and France could never pay back the U.S. for money borrowed during the war. (Of all the allied powers, only Finland finally paid of its World War One debt.) Returning to the gold standard was a huge mistake. Among economists, only Britain's Maynard Keynes realized that the gold standard would hamstring economic growth. (Of course Keynes also realized the futility of reparation payments in his famous book, The Economic Consequences of the Peace.) When the financial crisis struck, none of the central banks adequately played the role of "lender of last resort." While under Roosevelt the Federal Reserve was reformed and the U.S. government took an activist role in the economy, it was a case of too little, too late.
By focusing on the lives of these key bankers, each of who was idiosyncratic, Mr. Ahmaed has produced a fascinating volume, full of interesting personalities (Bernard Barauch, Winston Churchill, Herbert Hoover and Dean Acheson, to name a few). Ahmaed speculates that had Benjamin Strong (head of the New York Fed) not died in 1928, there might have been a figure strong enough to pull together the central bankers for a concerted attack on the financial crisis. (It is also scary to consider that our central bankers today are "the best and the brightest" and may also be making terrible but different mistakes, blinded as they are by the orthodoxy of today's economic thinking.)
Ahmaed writes with grace and style. It is a wonderful achievement for a man who apparently is new to the writing of history. He also explains the mysteries of international finance, gold reserves and currency fluctuations in terms anybody can grasp. For an understanding of the financial climate that led to The Great Depression, and for pure entertainment, The Lords of Finance is highly recommended.

A Masterpiece
Mr. Ahamed has written a wonderful book on both the financiers who dominated money policy in the period between the two world wars and the economic history of that period. Mr. Ahamed writes very clearly and well about both the bankers and the period. His writing is also as vivid and interesting as it is clear. And Mr. Ahamed's writing imparts a extremely vast amount of detail and information on the economics of the 1920s and the Great Depression. He has provided an extensive list of references along with a vast amount of footnotes. Mr. Ahamed's work is history and economic history at its best.

Among the major gems of information provided by Mr. Ahamed is the baneful effect of the gold standard between the world wars. As other economists such as Peter Temin have indicated, each economy began to recover from the Great Depression when the economy left the gold standard almost invariably. Mr. Ahamed demonstrates the absurdity of Montagu Norman's policy of restoring the British pound to its pre World War I value in gold.

Mr. Ahamed also demonstrates how World War I drastically changed economic conditions so that the British led prewar gold standard was an impossibility. He also demonstrates the pernicious and poisonous effect of the reparations imposed on the former Central Powers by the Treaty of Versailles. These reparations gravely hindered international cooperation. And Mr. Ahamed makes evident that the central bankers have a colossal impact on the economy and the lives of individuals all over the world.

This book is a must read for all Americans, particularly those who have studied economics.

Spellbinding tale of world finance leading to the Great Depression
This book tells the story of Western European and American international finance between the First World War War and the Great Depression. Ahamed focuses upon the most important central bankers of Britain, America, France and Germany, as well as on John Maynard Keynes. The book is a collective biography of the five individuals, a history of Western finance in the 1920s and an argument about the causes of the Great Depression.

The book reads well. Ahamed gives detailed stories about very important events, about which I knew very little. He describes the people involved and their motivations. He makes the whole bygone era come alive again.

But it is not just a good read; it is an important, and unjustly neglected, subject. If you ask, what caused the Great Depression, you tend to get dropped immediately into a vast and contentious literature that mostly focuses on economic theory. Economic theory, of almost all perspectives, tends to approach its subject, as if is unrelated to time or to place. We are discussing "the economy", not the particular economy of Germany in the early 1920s or whatever it might be.

This ahistorical approach tends to lump situations together, which do not belong together, and to neglect facts which are of obvious importance, once you think about them. In the case of the Great Depression, there is a critical historical context, which Ahamed stresses. Before World War One, Great Britain was the dominant financial power of the world. It maintained its system through the old-fashioned gold standard. The gold standard created monetary discipline and restraint by tying the amount of currency which any nation could issue to the amount of gold which it had. Those with gold could issue more currency and enjoy a rising standard of living; those without gold had to issue little currency and were forced to work hard to make do with less. The system, in theory, was self-adjusting. As a nation got a lot of gold, its currency increased, which drove up its prices. As its prices went higher, that nation attracted imports but had trouble exporting, which caused it to lose gold.

It all sounded good, and there are those, even today, who wish we would go back onto the gold standard. But, as Ahamed makes clear, the gold standard died in 1914, when the Great War started. The war was so absurdly expensive that it forced every European power off of gold. It also forced every European power to borrow massively, and to print so much currency that there were greater or lesser amounts of inflation all over Europe.

European leaders mostly believed that, once the war was over, they could restore the pre-1914 world. They tried to do so for many years, but they were never successful. The war resulted in a decisive shift in financial and economic power from Britain to America. Britain and France borrowed huge sums from America, to finance the war. They tried to get these debts repaid, by imposing on Germany the obligation to pay equally vast sums in reparations.

In retrospect, it is obvious that the war-torn nations of Europe could neither pay their debts to America nor reparations from Germany to the Western allies. The obvious solution was that America forgive the debts to the Western allies, on condition that they forgive the reparations from Germany.

America did not do that. It insisted on payment by France and Britain, which, in turn, insisted on payment by Germany. All of these nations were gravely weakened by an impossible debt load.

And, on top of that, America had most of the world's gold. This made it impossible for the world to go back on the gold standard, since no one had gold except America. America said that it was going back on the gold standard, except that it did not, at least not in the old way. With so much gold, under the old rules, America should have issued a vast amount of currency, which would have driven up American prices, encouraged imports from Europe and thus allowed Europe to get back on its feet.

Except we didn't follow the old rules. Faced with a vast amount of gold, the Federal Reserve "sterilized" most of it. In other words, we got the gold, but we issued no currency backed by it. Fearing inflation, we simply took the gold and buried it. While we used the old name of the gold standard, the old rules were torn up and replaced with illogic. Europe had little gold, so its currency could not expand. America had lots and lots of gold, but we refused to use either it to expand our currency or to help European recovery.

This made the global system of finance hopelessly unstable. Germany made things worse by running the printing press to solve its problems, and bringing on hyperinflation. Britain made things worse, by going back on the gold standard, at the old rate and acting as if it were still an economic super-power, when it simply did not have the money to sustain the role any more. France was consumed by hatred and fear of Germany, which lead it to play a very irresponsble role in the whole drama. Ultimately, it all blew up, lead to the Second World War, after which the US got it right, with the Marshall Plan and the Bretton Woods agreement.

Ahamed tells this whole story very well. Anyone interested in the Great Depression should know this story. The best way to get to know this story is to read this book.

Twentieth Century Nightmare
I bought this book expecting (and dreading) a boring technical tome on banking (a subject that I find intriguing but difficult). To my delight it was not boring. On the contrary it is an exciting and riveting book, from cover to cover. It goes very far to explain the twentieth century. I am afraid that the title will turn people away. It should have a title more like "The Twentieth Century Nightmare." ... Read more

Editorial Review

Create bold web content and build a loyal customer base online

Blogs, YouTube, Facebook, Twitter, and other publishing platforms are giving everyone a "voice," including organizations and their customers. So how do you create the bold stories, videos, and blog posts that cultivate fans, arouse passion for your products or services, and ignite your business?

Content Rules equips you for online success with a one-stop source on the art and science of developing marketing content that people care about. This coverage is interwoven with case studies of companies successfully spreading their ideas online-and using them to establish credibility and build a loyal customer base.

• Learn the art of storytelling and the science of journalism
• Find an authentic "voice" and craft bold content that will resonate with prospects and buyers and encourage them to share it with others
• Leverage social media and social tools to get your content and ideas distributed as widely as possible
• Written by the Chief Content Officers of marketingprofs.com

Boost your online presence and engage with customers and prospects like never before with Content Rules. ... Read more

Reviews

Insanely Great Look at Creating Content
I should preface this review by saying I have been podcasting and creating content for the web for over five years now, and that I regularly help clients do the same. This said, I was expecting Content Rules to be a good book on the subject, but perhaps one of those that did not speak to me, because of my experience. I was wrong- Content Rules speaks to everyone- even seasoned content creators, by providing the metrics we may know around content creation, but haven't yet articulated, and helps make the case for content for everyone from people getting their feet wet on the Web for the first time, to those who are looking to raise their game and up their level of engagement with others online.

Content Rules is compelling and honest from the introduction on. It is a book I can hand my clients, friends, teachers- almost anyone who wonders why people need to or bother creating content for the web- to help not only explain why compelling content is important, but how to create it. It helps people break down the barriers that often get in the way of creating compelling content, and instead gives them some parameters on how to make sure your authentic and compelling voice shine through. In addition, the examples and case studies in the book bring the rules to life, in a way that will help folks understand how to find their human voice, and why that is so important to success in contrast to another paragraph of over-polished, sanitized, personality-free "safe" messaging.

I'm really excited by Content Rules as a book I can enthusiastically pass on to friends, colleagues, clients and more. If it's between a more generic book on social media or online marketing and this one, you need Content Rules because it will help you understand the fundamental approach you need to take regardless of the tool, platform, network or marketing plan- you need to concentrate on your Content first.

The Why and How of Using Content for Customer Engagement
Not for the faint of heart...this book is a meaty look at why content has become such an important tool for businesses to engage their customers, as well as how to go about creating the right type of content for you.

Packed with real-world examples, this book teaches you (as noted on page 24) to go for consistent doubles and triples instead of always swinging for the fences- consistent doubles and triples wins games.

I personally was able to take away a lot of specific tips, including methods to re-imagine content (instead of just plain old repurposing it). I also liked that the authors kept the focus on the customer perspective (so critical) and demonstrated how to use content to create trust instead of just using it to shout (or "shill" as they call it).

My favorite part is the case studies/examples that line the back of the book. Not only did C.C. and Ann do a great job in featuring a wide variety of companies, they included ideas that you can borrow (they says steal, but I am a more of a fan of inspiration instead of imitation) and a section they call "Ka-ching", which demonstrates how each company actually derived value from the example.

With strong content itself, written in a colloquial and easy to read manner and with solid examples, this is definitely one to dog-ear/markup and reference on an ongoing basis. A strong value.

Demystify content marketing with Content Rules
The intermediary is dead.

We don't need to rely primarily upon the media or some other conduit to communicate with our prospects and customers - we can do it ourselves.
Eventually, every company is going to have to think of itself as a TV station and a magazine. Telling your story and answering customer questions with thoughtful, relevant, engaging content can improve your awareness, lead generation, conversion rate, sales, and loyalty.

This is the premise of Content Rules, the new book from Ann Handley (Chief Content Officer for MarketingProfs), and C.C. Chapman (founder of DigitalDads). Without question it is one of the most clear, concise, useful and actionable business books I've read in years. And because creating or curating content is important for all companies, it's a book that I hope will find a broad and enthusiastic audience.

Content Rules combines big picture thinking about the role of content, with step-by-step advice and helpful tips about precisely how to create content that matters. Interwoven throughout are instructive examples of companies doing it right, and links to specific pieces of content that epitomize the lessons within. The book concludes with an entire section of case studies, wisely covering businesses of many sizes and types.

Content Rules helps you make content that engages, by recommending that content be created through the eyes of your customers - the people that you're actually trying to influence. As stated beautifully in the book:

The inherent tension in marketing is that companies always want to talk about themselves and their products or services. Everyone else, meanwhile, only wants to know what those products or services can do for them. Creating content as a cornerstone of your marketing allows you to truly place yourself in your customer's shoes, to adopt their vantage points, and to consider their thoughts, feelings, and needs. In short, it allows you to get to know the people who buy from you better than any customer survey or poll ever could.

Even if you have never created a piece of online content in your life, you could do so successfully with help from this book. Once you've been disavowed of the notion that the content should be about your company per se, the authors advocate for understanding or discovering the stories you can tell; thinking through what behavior you want content consumer to engage in; selecting valid success metrics; and atomizing your content by breaking it into smaller pieces.

Content Rules wisely emphasizes that content marketing is a process, not a project. Just as a magazine doesn't have a single issue, nor should your content program, and the book provides several useful guidelines for establishing an ongoing editorial calendar, with content created not just by the marketing department, but from all over your company.

It's an easy and compelling read, lends itself to skimming and highlighting, and has real case studies and examples that you can mimic in your own business.
Content Rules takes a complicated and critical element of modern business and demystifies it with humor, instruction, and panache. Nicely done.

Seriously, I could have used this book 5 years ago
Despite having written on the web for five years, and even written a book about the web, I am only now getting a grasp on the importance of creating great content. If I had read this book when I had first gotten online (had it existed then), there is absolutely no doubt in my mind that I would be more successful as a result of it.

Like some reviewers have said here before me, I came at this book as an 'expert,' someone who felt they would learn only a little, but in reality, I learned a lot-- specifically about structure, about how-to, best pratices, and a lot more. I think I might keep learning if I read it a second time-- every page feels like it has information you could apply to the work you do online.

You could almost say that this book can be used as a kind of textbook for the creation of excellent content. Considering that content must be the cornerstone of any successful online business (or anyone trying to get some attention) on the web, getting this book could be critical to your business. Not only do I recommend it, I recommend that after reading it, you put in your to-do list to read it again in a few months-- that's definitely what I'm planning.

Without question, a Must Read for businesses and creatives
Packed with verve, zero-B.S. insights, tangible examples and success stories, Content Rules absolutely delivers on its promise of providing a practical and achievable road map for businesses to embrace -- and celebrate! -- content-fueled marketing. Especially heartening is its applicability far beyond the affluent walls of big business; independent businesses and creators will especially benefit from this book.

There's wisdom in Ann Handley's and C.C. Chapman's words, mostly because they hail from the gumption-soaked world of experienced content creation. These authors do far more than pay lip service to the value of content -- they breathe it and create it every day.

I rarely endorse books without reservation, but Content Rules is one of those works that is truly a Must Read for businesses, indies, salty creative veterans and curious newcomers. The book is brimming with incalculably valuable anecdotes, how-tos, and hard-earned advice. A steal, at any price.

Sound principles, plenty of case studies.
Content Rules is a solid book for anyone wanting to take advantage of the shift from old media to online content. The concept is nothing new if you have read David Meerman Scott's "New Rules of Marketing and PR" - you no longer have to convince media outlets to write about your product, you can create the content yourself. Once you have the concept you are then stuck saying "Ok, how do I create all this content?", and that's where this book comes in.

There are two major lessons in the book, one is outlining the tactics - creating a publishing calendar, developing an unique voice, leaving shopworn marketing copy like "paradigm shift" and "flexible, integrated solutions" behind. The other is that it is filled with case studies. Just about anyone who has done anything interesting in the online space in the past 3 years gets some ink in this book and that's where the five stars come in - you could scan blogs, podcasts and other media for months picking up the lessons in these case studies one at a time, or you can get all that work done in a day or two by reading this book.

Yes, we do need another book on content. This one!
You will need to be a content creator and curator...or else you won't survive some of the new shifts in how people gather information, make buy decisions and build brand loyalty.

We can't rely on others (mass media, press releases, other "official" sources) or manufactured hype to tell our story anymore. It's our responsibility to tell our own stories and create content that helps people find us, understand us, and ultimately buy us.

I can hear you now...do we really need another "content is king" book? Probably not. This may not be the first book written on the topic, but it is definitely one of the best I have read. It's fun to read, insightful and most important in my opinion -- Ann and C.C. give you the tools to take action.

They set the stage by demonstrating why content matters and then quickly move into the how's. A wide range of case studies, examples and stealable ideas will get your mind racing and the dog-eared pages multiplying.

I love the straightforward approach, the humor and the humanity of this book. With chapter titles like Share or Solve; Don't Shill and If Webinars Are Awesome Marketing Tools, Why Do Most of Them Suck -- you know you're going to learn a thing or two without having to dig through a lot of pretentious language or fluff.

The book itself is a living example of how potent content can be, when written for the reader, with their best interest at heart. And that of course, is the kernel of truth that is the heart of content marketing.

B-to-B your playground? Have no fear -- they take special care of you in this book with a chapter devoted just to you and plenty of B-to-B examples and case studies.

Seriously -- you need to read and learn from this book.

A Must-Have for Your Marketing Library!
Though I contributed to chapter 10 of this book, I didn't see how the whole book came together until my advance copy arrived in the mail. What a refreshing - and much-needed - look at how to connect with prospects and customers!

While there's plenty of talk these days about the need to embrace content marketing, there are few pointers on how to execute on it or examples of companies doing it well. Until now.

Ann Handley and C.C. Chapman have written a book that's a breeze to read but is sure to inspire you to action, with how-tos on creating and sharing content and real-world stories of companies doing it right. You'll pick up practical tips for developing and distributing a variety of content types, and ideas from the winning initiatives of the companies profiled. (I certainly did!)

As the authors say, organizations of any size from any industry will walk away from this book feeling confident about using content to "cultivate fans, arouse passion for their products and services, and ignite their business."

Great for Getting Up to Speed on Content Marketing
I hear a lot about content marketing and have been wondering what the buzz is all about. This book spelled it out for me in an easy-to-digest manner. You can't beat the humorous, down-to-earth approach that Ann and C.C. took in this book - it made this book a pleasure to read. I imagine any business looking to set itself apart will benefit from this book - the explanations and examples can clearly be applied across industries.

Best Must Read since Made to Stick
I have pacing around the house, tracking my Amazon shipment. It came early. Ann's book Content Rules was the highlight of my day. I literally had my pen and highlighter in use by page XX. Its midnight and I had to make myself put down the book, relax and go to sleep. I have never met Ann, but her writing is outstanding, quick concise and funny. After waking my wife up laughing about the content you the reader will write that will enable the readers to be taller faster funnier, with tighter asses and smarter kids, she suggested I move to the computer area of house. Simple the best book on the subject of creating content. The planning preparation and so on thot go into a project like this is impressive. Great stories in the book. I would love to meet you and CC some if you ever come to Kansas City. Great place. Thank you Ann and CC. :) ... Read more

Editorial Review

In the post-meltdown world, it is irresponsible, ineffective, and ultimately useless to have a serious economic debate without considering and challenging the role of the Federal Reserve.

Most people think of the Fed as an indispensable institution without which the country's economy could not properly function.But in END THE FED, Ron Paul draws on American history, economics, and fascinating stories from his own long political life to argue that the Fed is both corrupt and unconstitutional.It is inflating currency today at nearly a Weimar or Zimbabwe level, a practice that threatens to put us into an inflationary depression where $100 bills are worthless.What most people don't realize is that the Fed -- created by the Morgans and Rockefellers at a private club off the coast of Georgia -- is actually working against their own personal interests. Congressman Paul's urgent appeal to all citizens and officials tells us where we went wrong and what we need to do fix America's economic policy for future generations.
... Read more

Reviews

not a Ron Paul fan
I am certainly not an avid Ron Paul supporter by any means, and in fact I disagree with him on numerous points. But, I have respect for him because he is one of the only politicians who seems to actually, truly believe what he says. I really respect that, it's refreshing. He seems to be unswayed by lobbies, outside influences etc, and he has a fully-formed belief system.

So I read this book. I find his argument somewhat extreme at times and I do not agree with every point he makes (though I do agree with a lot). BUT in any case, the book made me think. A lot. And I think that is what's important about it. Reading it added a whole new perspective to looking at the federal govt (and specifically the federal reserve) that I had never really considered before. I still don't agree with everything he says, but I applaud him for being in Congress and having the courage to say it. I'm very glad I read End The Fed, if only to make me think long and hard about beliefs I had. Even if you are not a fan of his or disagree with him, it's really worth the time just to get you thinking in some new ways.

Ron Paul Hits a Homerun
Andrew Jackson ended his Fed in 1836. Ron Paul can do the same for us, if we make it possible. Read this book and work to end the central economic and political evil in America, the central bank that fuels recessions and depressions, the warfare state, the redistributionist state, and the police state. End the Fed!

Deals With Difficult Political Problems and Enlarges the Debate About Monetary Policy
In its first response to the global financial crisis, the Fed disbursed trillions in secrecy. This was during the critical period when so many were financially squeezed. Cash went to Goldman Sachs and others. Some beneficiaries used these funds to short the markets. Some was used for executive bonus commitments. We still don't know where it all went.

The Federal Reserve Act delegates money power to a private banking monopoly. Ron Paul introduced H.R. 833 to abolish the Federal Reserve System. He wrote this book to outline reasons to end the Fed. This doesn't mean he wants politicians to operate the money supply. While it doesn't appear likely the status of the Fed will be changed soon, it's possible that Congress will act to require full disclosure on Fed distributions with regard to the Global Financial Crisis.

The main counter argument is that it would be a terrible mistake to trust Fed oversight to politicians. The late Milton Friedman offered an alternative to the current system which might satisfy a broader constituency. The U.S. in theory could have its own currency called U.S. Notes (instead of Federal Reserve Notes). Friedman thought this could work if physical money were created only to match population increase or else align increases of money supply to a price index. The system that Friedman talked about would leave physical money creation independent of political control. Currently, physical money is created through Treasury debt. Nevertheless, Friedman acknowledged that it may not be politically possible to take money power away from the Fed.

Under President Abraham Lincoln, money power was vested in the Treasury Department. If money power were returned to the Treasury, perhaps under Friedman's plan, the federal deficit could be completely paid off with debt-free U.S. Notes. Ron Paul does not seem radical if the idea of issuing our own currency, using U.S. Notes instead of Federal Reserve Notes, is not radical.

End the Fed explains harmful consequences of our monetary policy and fractional reserve banking. In this system, money comes into existence only through debt and is then used to create more debt. There is an overreliance on debt and too much debt can be harmful to most citizens.

Why does the Fed resist telling us where the money went that it disbursed in the early stage of the global financial crisis - when a little liquidity allowed beneficiaries to buy any assets at fire sale prices? This is the question I return to most often.

The Fed makes funds available for government spending far in excess of what could sustainably be raised through direct taxation. Paul posits that our military engagements would not have played out as they did if government had to pay at least in part by raising taxes. Seen this way, the Fed influences political policy far more than people are generally aware.

Recall also earlier concerns of whether Fed-led credit creation was creating a housing bubble. Then Fed Chairman Greenspan would only allow that in isolated parts things were "frothy." He denied the bubble and encouraged mortgage equity withdrawals by homeowners. This turned out to be a trap for trusting citizens as documented in Dr. Paul's book.

Paul wrote about conflicts of interests between the powers behind the Federal Reserve and the American people. This is not a partisan issue. Even Chairman Ben Bernanke blames the severity and duration of the Great Depression on the Federal Reserve.

Like Paul, I got interested in coins since they seem to have intrinsic value. I like to collect nickels. Some from the 1920s are circulating. They last because they're 75% copper and 25% nickel - very durable.

It's not difficult to accumulate literally hundreds of pounds of nickels. Anybody can get $100 boxes of nickels at a cooperative bank without having to pay a service fee. These boxes arrive off the armored truck in neatly packed rolls. One box weighs 22 pounds so make sure to use a dolly to wheel and not carry them. Like Paul, I believe the U.S. Mint will eventually make steel coins and maybe these nickels are not a bad thing to have.

I think those nickels should be kept safe in a relatively inexpensive site box such as this one: Jobox 48" Long Heavy-Duty Steel Chest With Site-Vault(tm) Security System 1-654990.

Economics 101
Finally, a no-holds-barred, plain English explanation of the "Crime of the Century." Dr. Paul explains very clearly how the Federal Reserve has not helped our economy, but has virtually destroyed it. It's so clear, in fact, that maybe even our Congressmen and Senators will finally get it.

Economics 101: When you create more of something, the value decreases.

Economics 201: The Federal Reserve printing (Liquidity Injections) of Federal Reserve Notes (Dollars) has decreased their value.

Economics 301: The dramatic increase of Federal Reserve money printing in the last couple of decades has devalued our money and caused the current economic crisis.

Economics 401: The Fed is trying to solve the problem with more of the same thing that caused the problem.

Of course it's more complicated than this, and that's where this book is so important. Dr. Paul explains the history of the Fed, its relationship to modern wars and a myriad of other societal ills, the inevitable failure of a fiat currency and, more importantly, how we can get out of this mess.

The Federal Reserve system is nothing less than the most brilliant tool ever for the transfer of wealth and power from the average citizen to the wealthy and powerful, and we must rein it in to preserve our freedom. I know I must sound dramatic, but I can not stress enough the importance of honest, realistic, economic education. This book is a great first step. It should be required reading in all our schools.

A blueprint for economic repair
Ron Paul's "End the Fed" is equal parts an indictment of the Federal Reserve System actions in the last 96 years and a blueprint to repair the damage that the actions have caused. Unfortunately, the remedy can't be accomplished in half measures. Either the people audit the Fed and consqeuently destroy it, or future generations will be doomed to relive the central banking tactics that have proved Paul correct. We'll have just one chance to get this revolution right.

The Most Important Book of Our Generation
The Federal Reserve will no longer be just the name on the front of our dollar bills. Thanks to Ron Paul, millions of Americans are waking up to the true nature of this institution. Drawing on history, economics, and his personal experiences as a congressman, Dr. Paul shows us why the Federal Reserve cannot exist in a truly free and prosperous society. "End the Fed" is an interesting and engaging book that every American who cares about this country should read.

What Time Is It? Time To "End The Fed!"
I just finished reading the latest book from the great Dr. Ron Paul, Republican Representative from Texas' 14th Congressional District, titled End The Fed. With a title like this, it doesn't take a rocket scientist to deduce what Dr. Paul is advocating.

"Of course, Congress could abolish the Fed tomorrow if it wanted to. The Representatives' ignorance of economics, as well as the benefits they enjoy from irresponsible spending, prevent this." - p. 117

With President Woodrow Wilson's signing of the Federal Reserve Act in 1913, a central banking system was created. That system was granted the ability to create credit and money out of thin air, and to do so with no oversight whatsoever. The framers of that legislative piece of garbage, as well as current supporters, would have you believe it was created to provide liquidity in the market in times of financial panic. What it has really done is weaken the dollar by artificially keeping interest rates low and inflating the money supply.

"Artificially low interest rates are achieved by inflating the money supply, and the penalize the thrifty and cheat those who save.

Manipulating the money supply and interest rates rejects all the principles of the free market, and so it cannot be said that too free a market caused this mess. The market was not free at all. It was manipulated and distorted. Ironically, free markets and sound money generate low rates, but unlike the artificially low rates orchestrated by the Fed, the information conveyed is beneficial to investors and savers. Only the Federal Reserve can inflate the currency, creating new money and credit out of thin air, in secrecy, without oversight or supervision." - p. 133

Any kid that has collected sports cards of any kind will tell you, the more a card a printed, the less it's worth. The same principle applies to money. The more the dollar is printed with nothing to back it, the less it is worth.

"When the printing presses are available to the government and the banking cartel, they will use them rather than do the right thing" - p. 127

I could go on and on quoting the good Doctor and this great book, but you should really check it out for yourself. In my opinion, Dr. Paul put pen to paper and easily illustrates the ways the Federal Reserve has hurt the US dollar and the economy since its inception and why we as American citizens must petition our elected officials to "End The Fed".

Action Item for Freedom Lovers
Want your representatives and senators to get the message? Order extra copies of this book and send one to each congressperson...maybe even highlight some interesting sections. Think about it, if just 50 people from each state were to do this, imagine the impact when the senate offices are flooded with this book! Let's send them a MANDATE FROM THE PEOPLE!!

Oh, and by the way, the book is excellent.

Educate yourself on monetary policy and you too will want to End the Fed!
I think a major reason Ron Paul's books are so compelling and effective is because they quite literally give you an inside look at how our current system of government operates. I think most people remain indifferent because they simply don't realize how truly awful things are. Ron Paul first began shedding the light in his masterpiece, "The Revolution" and now he turns his attention specifically to the Federal Reserve Bank. I'll be honest and admit that since I understand Austrian Economics I went into this book with a bias and mindset already that the Fed should be abolished. But wow after finishing this book, the urgency and desire that I have to help see this vision come true, and have a sound monetary policy in line with the Founders and the framework of the Constitution to be restored to America has increased tenfold. End the Fed! And take the first step back towards true and sustainable prosperity. ... Read more