AP Government and Politics Summer Reading 2020 – 2021
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Disruptor in Chief
the author(s) 2019 ISSN 1473-2866 (Online) ISSN 2052-1499 (Print) www.ephemerajournal.org volume 19(3): 663-670 Disruptor in chief Thomas Lopdrup-Hjorth review of Woodward, B. (2018) Fear – Trump in the White House. London: Simon & Schuster (HB, pp xxii + 420, £12,29, ISBN: 978-1-4711-8129-0) Bob Woodward’s book Fear: Trump in the White House was one of the most awaited, hyped, and talked about books of 2018 – and understandably so. Woodward has authored or coauthored 18 books, several of which have portrayed American presidents and topped the national bestseller-lists. His previous work, not least with Carl Bernstein at the Washington Post, has earned him fame and acclaim, and has, among other things, been instrumental in starting a process that brought a former president down (e.g. Bernstein and Woodward, 1974). In 1973, the Washington Post received a Pulitzer Price for public service for the reporting Woodward and Bernstein did on the Watergate break-in. Here, they revealed how the scandal had ties all the way to the White House, implicating President Nixon who had to resign, as the nefarious details were uncovered. Woodward’s role in shaping America’s recent political history explains the hype and anticipation leading up to the publication of his latest book on Trump in the White House. And it perhaps also explains some of the mild disappointment generated in reading the book – at least for readers who had expected (or hoped for) consequences that merely gestured in the direction of those generated by the disclosure of the Watergate-scandal. -
Is the Stock Market Rigged? You May Have Heard About the 60 Minutes
Is the Stock Market Rigged? You may have heard about the 60 Minutes interview with author Michael Lewis, a former Wall Street broker, author of "Liar's Poker" and "The Big Short," who has just come out with a new book entitled "Flash Boys." Lewis is an eloquent and astute critic of Wall Street's creative and predatory practices, and in his new book (and in the 60 Minutes interview) he offers evidence that the stock market is "rigged" by a cabal of high-frequency traders, abetted by stock exchanges and Wall Street firms. While it is true that certain parties may gain quicker access than others, some believe, the price discovery process (by allowing high frequency trading) is improved and, therefore, makes the process better for all. Regardless, for anyone practicing long-term investing, high frequency trading activities are essentially irrelevant Lewis exposed an advantage that certain traders receive by building high-speed fiber optic cable feeds directly into exchange computers that match buyers and sellers. Some actually have their trading computers located in the same room as the New York Stock Exchange and Nasdaq servers. And some pay extra for access to more information on who wants to buy and sell. All of this is perfectly legal, but Lewis points out that it is also shady. Why should some buyers and sellers have millisecond advantages over others? The problem is that these firms are able to jump in ahead of you and me and buy stocks at lower intraday prices, and then, a few seconds later, sell to the highest bidder before you and I would even see that bid on our screen. -
Politics: Pre-University Reading
Year 13 Politics Students – reading, listening and viewing to keep you entertained and informed Please see the last page for details of an exciting competition! Books: Yuval Harari - 21 Lessons for the 21st Century – from the author of the superb history bestseller, “Sapiens”. This book looks at the present and the future. “There is surely no one alive who is better at explaining our world than Yuval Noah Harari - he is the lecturer we all wish we’d had at university. Reading this book, I must have interrupted my partner a hundred times to pass on fascinating things I’d just read.” Adam Kaye Owen Jones – “The Establishment” – “Behind our democracy lurks a powerful but unaccountable network of people who wield massive power and reap huge profits in the process.” Hardly impartial, but an interesting viewpoint. Tim Marshall – “Prisoners of Geography - Ten Maps That Tell You Everything You Need to Know About Global Politics” - "A fresh and original insight into the geopolitics behind today's foreign policy challenges" - Andrew Neil Steve Richards - The Prime Ministers – A landmark history of the men and women who have defined the UK's role in the modern world - and what makes them special - by a seasoned political journalist. Michael Lewis – “The Fifth Risk” – Michael Lewis, author of the Big Short and Moneyball, looks at events in the US after the election of Donald Trump. “Michael Lewis reveals the combustible cocktail of wilful ignorance and venality that is fuelling the destruction of a country's fabric.” Peter Frankopan – “The New Silk Roads” – a look at the interconnected world and the recent eastwards shift in power. -
Mark׳S Blog: “Michael Lewis״
Mark’s Blog: “Michael Lewis” I’m a big fan of Michael Lewis’ books. Liar’s Poker. Money Ball. The Big Short. He’s part reporter, part financial analyst, part social scientist and a great story teller. I’ve just finished a book he published a couple of years ago titled The Undoing Project. It chronicles the lives and work of two Israeli-American psychologists, Daniel Kahneman and Amos Tversky. Kahneman won the Nobel Prize in Economics in 2002 based largely on work he did with Tversky years before. It’s worth noting that Tversky died in 1996 and the Nobel is not awarded posthumously, but he did win a MacArthur prize before passing away. The focus of much of their work was how we make decisions. Most of us view ourselves as relatively rational in that when we’re presented with the facts, we believe we can determine the right course of action to take based on the information we’re presented. Kahneman and Tversky’s research proved otherwise. Ultimately, we carry a bundle of biases that can distort our decision-making ability. Sometimes it is to avoid risk. Sometimes it is to affirm what we have already determined should be the desired outcome. Tversky said “People predict by making up stories.” Lewis said of Kahneman “To Danny the whole idea of proving that people weren’t rational felt a bit like proving that people didn’t have fur.” When asked if his and Tversky’s work fed into the new and growing field of artificial intelligence Kahneman remarked “We study natural stupidity instead of artificial intelligence.” Reading the stories of their relationship and their work I was struck by their ongoing lack of tact with each other and those they met. -
The Big Short Author: Michael Lewis Extract
The Big Short Author: Michael Lewis Extract Prologue Poltergeist The willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grown-ups remains a mystery to me to this day. I was twenty-four years old, with no experience of, or particular interest in, guessing which stocks and bonds would rise and which would fall. Wall Street's essential function was to allocate capital: to decide who should get it and who should not. Believe me when I tell you that I hadn't the first clue. I'd never taken an accounting course, never run a business, never even had savings of my own to manage. I'd stumbled into a job at Salomon Brothers in 1985, and stumbled out, richer, in 1988, and even though I wrote a book about the experience, the whole thing still strikes me as totally preposterous - which is one reason the money was so easy to walk away from. I figured the situation was unsustainable. Sooner rather than later, someone was going to identify me, along with a lot of people more or less like me, as a fraud. Sooner rather than later would come a Great Reckoning, when Wall Street would wake up and hundreds, if not thousands, of young people like me, who had no business making huge bets with other people's money or persuading other people to make those bets, would be expelled from finance. When I sat down to write my account of the experience - Liar's Poker, it was called - it was in the spirit of a young man who thought he was getting out while the getting was good. -
Civil Discourse. This Podcast Will Use Government Documents To
Welcome to Civil Discourse. This podcast will use government documents to illuminate the workings of the American Government and offer contexts around the effects of government agencies in your everyday life. Now your hosts, Nia Rodgers, Public Affairs Librarian and Dr. John Aughenbaugh, Political Science Professor. N. Rodgers: Hey, Aughie. J. Aughenbaugh: Hey, Nia. How are you? N. Rodgers: I'm good. How are you? J. Aughenbaugh: Well, I've just consumed my second mug of coffee for the day. So everything about my life is peachy. N. Rodgers: I like how you say for the day when we know there's another 30 or 40 mugs of coffee coming. Most people are like, "I've had my last coffee for the day." You're like, "I'm just getting started." So I have a question for you that relates to our summer of SCOTUSness, and that is, when I'm President of the United States, do I have to show anybody my taxes? J. Aughenbaugh: Well, that depends. N. Rodgers: Of course, it does. J. Aughenbaugh: So listeners, what Nia is making reference to is two Supreme Court rulings that were handed down early in the month of July, as the Supreme Court term extended into July for the first time in a number of years. Those two cases were Trump versus Vance, who is the Attorney General for New York County in the State of New York, and Trump versus Mazars, which is consolidated with Trump versus Deutsche Bank. I just like saying Deutsche. N. Rodgers: Oh yeah, who doesn't? J. -
The Big Short: Inside the Doomsday Machine
The Big Short Inside the doomsday machine Also by Michael Lewis Home Game Liar's Poker The Money Culture Pacific Rift Losers The New New Thing Next Moneyball Coach The Blind Side EDITED BY MICHAEL LEWIS Panic The Big Short INSIDE THE DOOMSDAY MACHINE Michael Lewis W. W. NORTON & COMPANY NEW YORK LONDON Copyright (c) 2010 by Michael Lewis All rights reserved For information about permission to reproduce selections from this book, write to Permissions, W. W. Norton & Company, Inc., 500 Fifth Avenue, New York, NY 10110 ISBN: 978-0-393-07819-0 W. W. Norton & Company, Inc. 500 Fifth Avenue, New York, N.Y. 10110 www.wwnorton.com W. W. Norton & Company Ltd. Castle House, 75/76 Wells Street, London W1T 3QT For Michael Kinsley To whom I still owe an article The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him.--Leo Tolstoy, 1897 Contents Prologue Poltergeist Chapter 1 A Secret Origin Story Chapter 2 In the Land of the Blind Chapter 3 "How Can a Guy Who Can't Speak English Lie?" Chapter 4 How to Harvest a Migrant Worker Chapter 5 Accidental Capitalists Chapter 6 Spider-Man at The Venetian Chapter 7 The Great Treasure Hunt Chapter 8 The Long Quiet Chapter 9 A Death of Interest Chapter 10 Two Men in a Boat Epilogue Everything Is Correlated Acknowledgments PROLOGUE Poltergeist The willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grown-ups remains a mystery to me to this day. -
The Big Short Is the Movie of the Year?
January 2016 The Big Short is the Movie of the Year? What this sleeper movie may teach us about employer responsibility to the 401k plans they sponsor? Happy New Year! Thanks for Terry Morgan, AIF and being one of over 4000 CFO's, President - Ok401k HR Directors, CPA's and employers that read our monthly newsletter aimed at decision makers that supervise their retirement plan for the many participants and beneficiaries that rely upon them to make the right decisions on their retirement money. The movie of the year is obviously Star Wars. Even before the movie came out last week, it sold more pre sold tickets than the actual opening night of previous box office gazzilionaire, Jurassic Park. But, I have decided to give the runner up silver medal to the folks who made The Big Short (released on Wednesday, December 23.) I like to read and I loved the book way back in 2011 when the Big Short hit the book stores. The actors selected are hilarious and I could not think of a better cast that is attempting to make a rather complicated subject (mortgages and Wall Street) and break it down into terms even the average middle American can understand. The Big Short starring Christian Bale, Steve Carell, Ryan Michael Lewis wrote best sellers such as Money Gosling and Brad Pitt may Ball and the Blind Side. really surprise you. Like Star Now his recent best seller Wars I have not seen it yet but the Big Short has been I am sure it's going to be a made into a movie Christmas treat. -
Michael Lewis's the Undoing Project: a Friendship That Changed Our
Midwest Social Sciences Journal Volume 23 Issue 1 Article 12 11-2020 Michael Lewis’s The Undoing Project: A Friendship That Changed Our Minds David McClough Ohio Northern University Follow this and additional works at: https://scholar.valpo.edu/mssj Part of the Anthropology Commons, Business Commons, Criminology Commons, Economics Commons, Environmental Studies Commons, Gender and Sexuality Commons, Geography Commons, History Commons, International and Area Studies Commons, Political Science Commons, Psychology Commons, and the Urban Studies and Planning Commons Recommended Citation McClough, David (2020) "Michael Lewis’s The Undoing Project: A Friendship That Changed Our Minds," Midwest Social Sciences Journal: Vol. 23 : Iss. 1 , Article 12. DOI: 10.22543/0796.231.1033 Available at: https://scholar.valpo.edu/mssj/vol23/iss1/12 This Article is brought to you for free and open access by ValpoScholar. It has been accepted for inclusion in Midwest Social Sciences Journal by an authorized administrator of ValpoScholar. For more information, please contact a ValpoScholar staff member at [email protected]. McClough: Michael Lewis’s The Undoing Project: A Friendship That Changed Ou Book Review Michael Lewis’s The Undoing Project: A Friendship That Changed Our Minds* DAVID MCCLOUGH Ohio Northern University Lewis, M. 2017. The Undoing Project: A Friendship That Changed Our Minds. New York: W. W. Norton & Company. 362 pp., $28.95. ISBN:978-0393-25459-4. ABSTRACT The Undoing Project examines the relationship between two psychologists, Amos Tversky and Daniel Kahneman, whose work altered how we understand the functioning of the mind. In this book, Lewis embarks on a journey to understand and explain psychological research to a popular audience. -
COVID-19, Student Loan Discharge in Bankruptcy, and the SLABS Market
SMU Law Review Volume 73 Issue 4 Article 4 2020 The Next "Big Short": COVID-19, Student Loan Discharge in Bankruptcy, and the SLABS Market Samantha L. Bailey Roger Williams University School of Law, [email protected] Christopher J. Ryan Jr. Roger Williams University School of Law, [email protected] Follow this and additional works at: https://scholar.smu.edu/smulr Part of the Law Commons Recommended Citation Samantha L. Bailey & Christopher J Ryan, The Next "Big Short": COVID-19, Student Loan Discharge in Bankruptcy, and the SLABS Market, 73 SMU L. REV. 809 (2020) https://scholar.smu.edu/smulr/vol73/iss4/4 This Article is brought to you for free and open access by the Law Journals at SMU Scholar. It has been accepted for inclusion in SMU Law Review by an authorized administrator of SMU Scholar. For more information, please visit http://digitalrepository.smu.edu. THE NEXT “BIG SHORT”: COVID-19, STUDENT LOAN DISCHARGE IN BANKRUPTCY, AND THE SLABS MARKET Samantha L. Bailey & Christopher J. Ryan, Jr.* ABSTRACT Even before the spread of the COVID-19 pandemic, student loan debt— totaling over $1.64 trillion—was a cause for concern, as it is the second largest source of consumer debt in the United States, trailing only mortgage debt. And like collateralized mortgage debt, there is a market for collateral- ized student debt. Student loan asset-backed securities (SLABS) are the securitized form of student loan debt, repackaged as a marketable financial instrument. As with any investment vehicle, asset-backed securities like SLABS come with risk, particularly when borrowers default on their loans or have their debt discharged through bankruptcy proceedings. -
Report 2021—26 the Office of Presidential Personnel
THE WHITE HOUSE TRANSITION PROJECT 1997-2021 Smoothing the Peaceful Transfer of Democratic Power REPORT 2021—26 THE OFFICE OF PRESIDENTIAL PERSONNEL James Pfiffner, George Mason University The White House Transition Project Smoothing the Peaceful Transfer of Democratic Power WHO WE ARE & WHAT WE DO THE WHITE HOUSE TRANSITION PROJECT. Begun in 1998, the White House Transition Project provides information about individual offices for staff coming into the White House to help streamline the process of transition from one administration to the next. A nonpartisan, nonprofit group, the WHTP brings together political science scholars who study the presidency and White House operations to write analytical pieces on relevant topics about presidential transitions, presidential appointments, and crisis management. Since its creation, it has participated in the 2001, 2005, 2009, 2013, 2017, and now the 2021. WHTP coordinates with government agencies and other non-profit groups, e.g., the US National Archives or the Partnership for Public Service. It also consults with foreign governments and organizations interested in improving governmental transitions, worldwide. See the project at http://whitehousetransitionproject.org The White House Transition Project produces a number of materials, including: . White House Office Essays: Based on interviews with key personnel who have borne these unique responsibilities, including former White House Chiefs of Staff; Staff Secretaries; Counsels; Press Secretaries, etc. , WHTP produces briefing books for each of the critical White House offices. These briefs compile the best practices suggested by those who have carried out the duties of these office. With the permission of the interviewees, interviews are available on the National Archives website page dedicated to this project: . -
Go See the Academy Award Nominated Movie The. Big Short
Go see the Academy award nominated movie The. Big Short Perhaps one of the biggest surprises to me this year was the nomination of the movie “The Big Short” for several Academy Awards including for Best Picture. This, despite the fact that I went to the movie shortly after it came out and loved it. Perhaps my surprise had to do with the somewhat technical nature of some of the content in the movie. I am also a big fan of the book by Michael Lewis (http://www.amazon.com/The-Big-Short- Doomsday-Machine/dp/0393338827) upon which the movie is based. When the book first came out I ran (literally, as part of my jog that day) to the bookstore before a flight to an actuarial conference, to buy the book. At the time I was doing a lot of research on the financial crisis and in particular the role of 1) speculative behavior and 2) fraud, in the financial crisis. I was in particular, very eager to get my hands on actual documented examples of corrupt and fraudulent behavior leading up to and during the financial crisis. While there was pretty solid evidence concerning the Madoff Ponzi scheme that not only was evidence readily available that the alleged return to the Madoff funds were highly suspicious (see al professionals such as those at the rating agencies would have indicated that many low-quality mortgages were going into the financial derivative products being sold by Wall Street. However the evidhttp://www.amazon.com/No-One-Would-Listen- Financial/dp/0470919000/ref=sr_1_1?ie=UTF8&qid=1456522932&sr=8- 1&keywords=NO+ONe+would+one+would+listen), but many fund managers were aware or at least suspected fraud.