Senin, 27 Februari 2012

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The Jazz Bass Line Book, by Mike Downes

The Jazz Bass Line Book by Mike Downes is a comprehensive approach to the construction of improvised bass lines. Intended for beginners and professionals, the book deals with playing in 2, creating walking bass lines, 3/4 time, using a ""broken feel,"" modal and slash-chord harmony, ballads, and much more. Each chapter is full of fundamental and advanced concepts and ideas, accompanied by transcribed examples from the masters of jazz bass playing.

  • Sales Rank: #388499 in Books
  • Model: 01-ADV15019
  • Published on: 2015-09-01
  • Original language: English
  • Dimensions: 12.01" h x .59" w x 8.98" l,
  • Binding: Paperback
  • 4 pages

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1 of 1 people found the following review helpful.
The best book on the subject that I have found.
By George S. Christiansen
I have read numerous books and articles on this subject and this is simply the best thing I have come across.

The author assumes a basic understanding of how scales are made up and what chord tones are. I think this is an unnecessary omission. There is really no need to know more than the the chromatic and major scale (and their intervals), how it is harmonized, and how modes are made from the major scale. You don't need to even know or practice scales other than the major scale (I know. Blasphemy!), but it would have only taken about 5 more pages to give the reader enough understanding of the subject to start from scratch.

It is also assumed that you can read music. There is not tab. I am not the best reader myself and yet I could figure it all out by going slow, but again, a brief primer on bass clef would have been nice for noobs.

Lastly, audio would have been great too.

This would have got the 5th star from me. So if you understand that much you will be ready for this book. If not, take a lesson with a teacher or spend some time online while it ships. It's easy stuff.

The book truly is a complete method after you get past those things, so for teachers it is perfect, but the solo student will need either some background or preliminary studying.

The lines start super basic with chord tones and gradually add in all of the other melodic and rhythmic elements so that you basically get an education in the historical development of the bass and bass lines through the different eras and genres of jazz. He doesn't mention any of this specifically, but you learn it by osmosis by paying through the examples in order. Basically your own development will follow the historical development of the bass in jazz.

The two places that this method completely outshines pretty much everything else I have come across is that besides the typical 4 quarter notes to the bar in 4/4 walking lines that every book offers, the author gives you instruction on how to play in 2- feel, 3/4 time, latin/bossa rhythms, and modal/sparse chord settings.

The other feature is side by side comparisons of some incredible bassists playing through the same songs, so that you can see for yourself the similarities and differences between them. This is a big deal for me because it confirms that the method is legit. Of course the goal is to eventually play totally by ear, but you wouldn't be looking for books if you could do that, so you need to have a degree of imitation in the beginning to learn norms and to train your ears.

Lastly, after teaching you all of the different options for creating lines, he outlines a step by step method of working through any chart that will help you memorize the charts as well as get you playing it in a bunch of different styles. this makes the rest of the instruction ten times more useful. Application is where many books fall short.

It is unfortunate that this method is not more popular. Like most things, publicity and marketing trumps content and talent, but I am glad that I found this late rather than never and will wholeheartedly recommend it to anyone who asks.

1 of 1 people found the following review helpful.
Best resource for walking bass lines as far as I've seen....so long as you know basic theory and how to read.
By Rob D
This is a fantastic book on walking bass lines. Most other books I've seen have been very similar in their approach, and while this book travels the same ground as many of the other books it does so in a much more complete way, and with a lot more meat thrown in. This also means that this book isn't for the complete beginner.

First, It doesn't start you off like most other books that spend a lot of pages teaching how to construct chords and put together scales. It's assumed that you already can do that stuff. Nor does the book start off with having you play the root through the whole progression. Rather, you start right in on chordal bass lines. Also, no tab here. So if you don't know how to read you're going to want to stay away from this one.

This book also tackles a lot of stuff I've seen most other books either not cover at all or just gloss over. For example, he covers stuff like over the bar line phrasing, ballad playing, 3/4 walking, and broken bass lines(think Scott LaFaro with Bill Evans). This is also the best treatment of playing in 2 that I've seen in a book. And he doesn't just spend a page on all these topics...they have whole sections.

Another awesome thing is the book contains several transcriptions from bass players throughout the years on blues(all in the same key so you can compare the approaches), and on rhythm changes. It's even set up where all the transcriptions are written lined up across several pages. It's hard to explain in words, but basically you can look on the page and see from bar to bar exactly what each bass player was doing. So, for example, I can see how Paul Chambers handled the 4 bar blues turn around as compared to Gary Peacock and Miroslav Vitous..and it's all right there on one page for easy comparison. Fear not though, there are also fully printed out transcriptions for all these parts so you can play them easier as well.

So if you really want to study walking bass aside from doing your own transcribing, and you already know some basics of music and how to read I would pick up this book without hesitation. Other walking books I've seen are child's play in comparison to this one. This is the real deal.

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Senin, 13 Februari 2012

[G833.Ebook] PDF Download The Esoteric Codex: Esoteric Cosmology, by Andrew Robishaw

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The Esoteric Codex: Esoteric Cosmology, by Andrew Robishaw

The Esoteric Codex: Esoteric Cosmology (First Edition) collects curated articles regarding esoteric cosmologies

  • Sales Rank: #2920749 in Books
  • Published on: 2015-04-09
  • Released on: 2015-04-09
  • Original language: English
  • Number of items: 1
  • Dimensions: 11.00" h x .44" w x 8.50" l, .99 pounds
  • Binding: Paperback
  • 194 pages

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3 of 3 people found the following review helpful.
Plagiarization
By Valériane
This is a word for word plagiarization of Wikipedia articles. I thought it was the other way around until I noticed an image that did not seem to illustrate the author's point. This was because it was only the first frame of an animated graphic from Wikipedia.

It's a shame we live in such a society.

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Selasa, 07 Februari 2012

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, by Slavoj Zizek - Violence (Big Ideas/Small Books), by Slavoj Zizek

  • Sales Rank: #2037648 in Books
  • Published on: 2009-07-22
  • Binding: Paperback

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0 of 0 people found the following review helpful.
Meh..,,
By Christina M Bryant
Anyone who identifies misguided zealots killing thousands of civilians with the French Revolution is delusional. That is until you go back to other works and see him make the same comparison of divine violence in other inappropriate situations. Perhaps because unlike Robespierre he cannot form any well constructed arguments on his own. Or it could be the author is used to writing for semi illiterate humanities majors and bears up poorly under scrutiny. I finished this book, but it was painful. It started off promising, other than the bad quote, but never laid any firm ideas just vague suspicions. An interesting topic worthy of better and more thurough analysis.

1 of 1 people found the following review helpful.
Four Stars
By Divine Edwards
slavoj is great teacher!! he has good ideas

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Sabtu, 04 Februari 2012

[G415.Ebook] PDF Download Understanding Islamic Law, by Raj Bhala

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Understanding Islamic Law, by Raj Bhala

The demand for a book like Understanding Islamic Law among law students and legal practitioners in America and throughout the English-speaking world is large and growing. Islamic Law is not merely a "hot topic." It is a growing trend that is an increasingly mainstream fixture in the legal landscape. There is nothing currently on the market for Law Schools, like Understanding Islamic Law, that is a comprehensive text, in English, by a non-Muslim law professor.

The first 11 chapters of Understanding Islamic Law give the essential foundational materials for the study of Islamic Law. The remaining chapters cover several other pertinent fields: banking and finance, contracts, criminal law, family law, and property.

Understanding Islamic Law also:
• Includes Arabic terms, in English, with diacritical marks to assist in pronunciation;
• Provides A Glossary of Arabic Terms; and
• Incorporates recent developments such as the burkha ban in France.

Understanding Islamic Law (Sharia) is a thorough and balanced text that can be used without supplementation in a one-semester Islamic Law course.

  • Sales Rank: #1073850 in Books
  • Brand: Brand: LexisNexis
  • Published on: 2011-05-24
  • Original language: English
  • Number of items: 1
  • Dimensions: .0" h x .0" w x .0" l, .0 pounds
  • Binding: Paperback
Features
  • Used Book in Good Condition

About the Author
Raj Bhala is a Rice Distinguished Professor at the University of Kansas School of Law.

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4 of 4 people found the following review helpful.
Good, but with notable problems
By W. Logan
Prof. Bhala's text on Islamic law is good, but it has definite problems. I am giving it 4 stars because at this time, there is no other similarly convenient and readily available text for the U.S. legal market. If a better alternative were available, I would have rated this book as 3 stars.

Part of the problem with this particular text is that it suffers from trying to be "all things to all men"; if there were other general books on Islamic law readily available in the U.S. legal market, the publisher and author would likely have chosen a particular niche for this one. The "Understanding" series by LexisNexis is a series of books intended as law school study aids; their comprehensiveness was more than a Nutshell but less than a Hornbook. Bhala's text is over 1400 pages (!), putting it well beyond the category of study aids. According to Bhala, this book in the study aid category can serve not only as a resource for practitioners, but as a textbook--and not only for classes on Islamic law, but also comparative law. Readers familiar with U.S. legal publishing may now appreciate the category confusion posed by this book.

The novel feature of this book is that it is not a simple presentation of Islamic law, but that it is written with a comparative perspective. The author references discussions of Islamic law with perspectives from American law and the teachings of the Catholic Church. The use of Western sources as comparison will doubtless interest readers and help them better appreciate the pluses and minuses of both Islamic and American/Western laws. Moreover, looking at Catholic teachings gives the perspective of another religious system. However, this leads to some odd notes in the text.

The author's apparent lack of formal training in Islamic law caused me to wonder to what extent he truly comprehends Islamic law. It may have been worthwhile to have coauthored this book with someone formally trained in Islamic law.

Moreover, while Bhala clearly discloses to the reader that he is a Catholic and not a Muslim, his religious faith inappropriately intrudes into the text at times. I was first struck by this when he discussed Islamic teaching on euthanasia. After giving a précis of Catholic condemnation of euthanasia, he ends with an a description of the last days of Pope John Paul II, describing him as a moral exemplar of this teaching. This comes uncomfortably close to using a legal treatise for religious witness. Another example is in the book's section on "Family Law and Children". After presenting Islamic teaching on contraception, his presentation of Catholic teaching on contraception smacks more of apologia than explication.

The book should be longer in some areas. Part of this may be due to the first third of the book being taken up with the history of Islam. U.S. law students taking a class on Islamic law may well be unfamiliar with Islam's history and development, but this material might be more appropriate for a separate book. Almost a third of the book is taken up with commercial law. This may reflect an intended audience of students and lawyers focused on international trade, but it leads to short coverage in other areas. For instance, the chapter on wills and trusts weirdly includes a section on euthanasia. Was this supposed to be part of an intended chapter on biomedical issues or living wills? Also, the subject of torts is relegated to one chapter in the five-chapter section on "Criminal Law". Not only will this arrangement be confusing to the book's intended audience of American lawyers and law students, it makes one wonder if Islamic law really has such a shallow treatment of non-criminal wrongs.

The index is inadequate. For a treatise, the number of entries and cross-references are both lacking. For instance, I tried to look for "Adoption" in the index, but that index heading doesn't exist. The index heading "Family Law" has as its entry "Marriage and divorce . . . 33.01[D], [E], [F]". Those entries in the text deal with the importance of family law in Islamic law, the categories of people in Islamic family law, and incongruities in Islamic family law. The index heading "Children" does not exist, but I did see the heading "Child-Rearing" which has the cross-reference "(See MARRIAGE AND DIVORCE)". When I went to the index heading "Marriage and Divorce" there was an entry for "Adoption" leading me to section 38.04 of the text, which does indeed deal with adoption (§ 38.04 Foundling (Lakit) and Adoption).

Despite these criticisms, I am glad to see this book on the market. As the author discusses in his Preface, it is surprising that a book covering the breadth of Islamic law for American lawyers has not appeared before now, and I am curious to see how the author improves and expands upon it in future editions.

1 of 1 people found the following review helpful.
An Exhaustive but Highly Readable Text on Islamic Law
By David A. Gantz
Understanding Islamic Law fills a significant void in current legal literature. The volume is in my experience the only modern fully-comprehensive treatment in English of this vitally important subject. Given the poor understanding in the United States and Europe of Islamic Law and the significance of Islamic legal, cultural and political factors in the post-Iran Hostage Crisis and again after 9/11 world it is surprising ("shocking" to Professor Bhala) that more legal scholars, particularly those with many years of training in Islamic law, haven't sought to address Islamic Law comprehensively in a widely-available volume. Understanding Islamic Law admirably fills this void. While intended primarily for lawyers and law students it is written in a sufficiently clear and lucid manner to make it attractive to any non-lawyer who seeks detailed knowledge and understanding of one of the world's leading religions (and legal systems). Also, unlike many similar textbooks and reference works, Understanding Islamic Law has been priced to be within almost anyone's financial reach, which will likely guarantee it a wide and diverse audience in many English-speaking nations both as a law school course text and a reference work. The work is well-balanced, treating sensitive subjects as terrorism and treatment of women in an objective but nevertheless culturally sensitive manner.

One might also wonder why an American trade lawyer and practicing Catholic (although a teacher of Islamic law for a decade), would decide to undertake a foray into the extreme legal and cultural complexities of Islamic law in order to produce a comprehensive treatment. The reasons according to the Preface are several, including the relative dearth of comparative law courses generally in American law schools, particularly in recent decades and the failure of most of the traditional comparative law texts to address Islamic Law. Perhaps most important in Professor Bhala's view is that despite a number of existing books addressing the religion and history of Islam and specialized subjects such as family law and international law published by both Muslim and non-Muslim scholars,according to Professor Bhala "None of these books is oriented to the needs of the contemporary English-speaking legal classroom or demands of modern legal practice." The volume also has benefitted from Professor Bhala's ability to enlist as reserch assistants several young Islamic law scholars enrolled in the doctoral program at Kansas. I have found the chapters on commercial law and banking law most useful to my work but it has been helpful for me to understand the historical context in which these principles have developed, going back to the historical origins of Islam (which are also comprehensively addressed).

1 of 1 people found the following review helpful.
A culturally-sensitive, clear and insightful work that preserves objectivity
By John M. Balouziyeh
Professor Raj Bhala's Understanding Islamic Law (Shari`a) (LexisNexis, Understanding Series 2012; US $45 paperback, US $34 ebook; 1,455 pages) is a much-needed, deeply insightful work on Islamic law. The book, recognizing that the Shari`a cannot be understood without first understanding Islam, provides a thorough study on the history, religion and customs of Islam. The book is therefore not a mere treatise outlining the black letter law of the Shari`a, but rather, a scholarly study that explores law, history, religion, political science, international relations, anthropology, sociology and economics, all within a masterful single volume.
Professor Bhala undertakes an ambitious project, one that helps us to better understand the world in which we live, a world where conflict often cannot be divorced from religion or understood without reference to religious context. Among other timely topics, the author discusses the prohibitions on portraying Prophet Muhammad (through film or art) (Chapter 1) and terrorism (Chapter 50) and how these relate to (and indeed contradict) the Qur'an and Islamic law.
Prior to the publication of Understanding Islamic Law, Professor Bhala's reputation was known primarily in the field of international trade law, where he was (and continues to be) globally recognized as a leading expert. That someone of his standing would undertake to write Understanding Islamic Law is unusual in light of scholars' tendencies to ever increasingly specialise in their fields of expertise, rather than branch out into new fields. It is also unusual in that the overwhelming majority of texts on the Shari`a are either written in Arabic or otherwise by Muslim or Arab scholars. Professor Bhala, an American / Canadian Catholic who fits none of these categories, breaks the mold and yet achieves what otherwise might seem impossible, perhaps best expressed in the words of a colleague who is a seasoned international law practitioner and student of comparative law: "a readable study that is remarkable for its cultural sensitivity, essential historical grounding, clarity of explanation and successful attempt to preserve disciplined objectivity in the discussion."
Professor Bhala is able to explain precepts in a clear manner to an audience that may have never encountered the Shari`a or lived in a Muslim country. Being a devoted Catholic allows the author to draw insightful comparisons between Islamic law and Catholic Christianity. For example, he contrasts the place of language in both Christianity and Islam, both claimed by their followers to be universal religions. In Islam, the universal message is spread through a single language elected by God to be divine--Arabic; in Christianity, the message transcends individual languages, as witnessed on the day of Pentecost (Acts 2) (p. xxvi-xxvii).
Bhala goes to great lengths to draw his reader into the world of Islamic law, rather than have the reader draw Islamic law into his own world. For example, Bhala goes a step further than many competing titles by not merely transliterating Arabic words into English, but rather, retaining diacritical signs. This is significant for readers of Arabic, as Bhala's style allows them to easily identify the corresponding Arabic of the transliterated terms without any guesswork.
In the page before the Dedication, Bhala sets the tone for the entire work by quoting Mother Teresa of Calcutta: "We cannot do great things on this Earth, only small things with great love." Throughout the book, Bhala's goal is clear: to write a book with great love that will educate, edify and build understanding. One thing that is certain is that this work will build understanding by speaking across various languages--not only Arabic and English but also the languages of religion, community and culture.
Bhala's tone throughout the book is one of respect and admiration of the Shari`a, a system that like the Catholic canon law, attempts to "organize and systematize for prudential reasons the external aspects of what is essentially not juridical: the will of God in its demands on the will of man" (xl). The Shari`a is thus portrayed as a system that seeks to unify the human law with God's perfect, divine will, through a system rooted in equity.
Professor Bhala does not however shy away from critiquing certain aspects of the Shari`a that depart from this principle of equity, including, for example, Islamic law's evidentiary standard whereby women's testimony is equal to only half of men's testimony. He observes that "women are no more mendacious than men, and perhaps even less so, and the dichotomy seems as much rooted in ignorant chauvinism as based on anything else" (p. 1181).
At the same time, the author goes to great length in rebutting and refuting claims that Islamic law is a force for oppression, terror or injustice. For example, in his last chapter, he identifies each of the Osama bin Laden's arguments justifying terrorism against civilians. Bhala, drawing on a rich array of Islamic traditions, hadith's and the context of the verses quoted by bin Laden to justify his tactics, refutes each of bin Laden's claims and makes a persuasive case against bin Laden's ability to speak for Islam or issue fatwa's.
As with the first edition of any treatise, some errors, as a result of the unyielding constraints of time, made their way into the book. Most of these are minor distractions (e.g., "to or more individuals" rather than "two or more individuals" on page 456), though others are more significant (e.g., p. 471 states that "ownership cannot be acquired by finding a thing" whereas p. 478 states that "the finder of the treasure on un-owned property ... becomes the lawful owner of the treasure"). These errors will inevitably be corrected in what will likely be the book's many future editions.
Even lawyers who practice law in predominantly Muslim countries or studied the Shari`a will in Bhala's treatise be struck by new truths or encounter familiar truths portrayed in a new light. I thus cannot help but recommend Raj Bhala's Understanding Islamic Law with my full endorsement.

John Balouziyeh is a corporate attorney resident in Riyadh, the Kingdom of Saudi Arabia. A former Fulbright Fellow on Turkish legal reform, he has worked, studied or volunteered in Muslim nations as diverse as Senegal, the Sudan and Syria. He is co-author of A Legal Guide to Investing in Saudi Arabia (Thomson Reuters).

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Jumat, 03 Februari 2012

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Origins of the Crash: The Great Bubble and Its Undoing, by Roger Lowenstein



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Origins of the Crash: The Great Bubble and Its Undoing, by Roger Lowenstein

This inquiry into the rise and fall of the great Wall Street boom of the 1990s, from bestselling author Roger Lowenstein, has all the hallmarks of a financial classic.

Roger Lowenstein, recognized as one of the best financial reporters of our time, turns his focus to the 1990s stock market and economic boom and bust in Origins of the Crash. With his singular gift for turning complex financial events into eminently readable stories, Lowenstein lays bare the labyrinthine events of the manic 1990s-including the collapse of Enron, the dot-com bubble, the accounting scandal at Andersen, and much more.

Drawing on his sense of history, Lowenstein inquires how a financial system that arose out of the wreckage of the Depression and that was intended to avert the miscues of that era could ultimately repeat the very same scenario of massive speculation and corruption leading to collapse. He discovers the roots of the recent crisis in the financial culture that cropped up in the 1970s and 1980s as America encouraged companies to hand out ever greater packages of stock options to their executives. In an enthralling narrative, Lowenstein ties together all of the characters of the great boom and bust: Alan Greenspan, Jack Grubman, Jack Welch, Abby Cohen, Henry Blodget, and a host of dot-com pioneers. But it is the collective rendering of such figures-the unique portrayal of the culture of the era-that truly distinguishes Origins of the Crash as the book that will frame our appreciation of the period.

Just as John Kenneth Galbraith's The Great Crash was the canonical text of 1929, Lowenstein's Origins of the Crash is destined to become the definitive account of the 1990s.

  • Sales Rank: #1414974 in Books
  • Published on: 2004-01-26
  • Released on: 2004-01-22
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.62" h x 1.09" w x 6.44" l,
  • Binding: Hardcover
  • 288 pages

Excerpt. © Reprinted by permission. All rights reserved.
In the 1970s, a candidate for president advanced the novel proposition that the money in the Social Security system should be funneled into, of all places, the stock market. The candidate’s name was Ronald Reagan. The incumbent president, Gerald Ford, had a good deal of fun with this evidently zany proposition. “I am not sure a lot of people would think it was a very good place to invest funds over the longer period of time,” Ford declared. His advisers had no trouble tarring the idea as kooky. The president likened it to “something dragged out of the sky.” If not certifiably alien, then it might even be—perish the thought—an example of “wild-eyed socialism,” which was no doubt something worse.

Ford did not have to explain why he thought the stock market was not a safe place “over the longer period of time.” Stocks were considered simply too risky. Indeed, in 1976, the market was no higher than its level of eleven years before. Adjusted for inflation, the picture was far worse: The purchasing power of the average stock had fallen by two thirds. Even over the longer sweep of a half century, stocks had managed a gain of only 3.5 percent a year, so that people thought of the stock market as a place that went upward a little but sideways mostly, with wrenching nosedives along the way. Indeed, the number of Americans who owned stock would actually fall during the seventies by seven million.

Such grim statistics were reflected in a certain distance between the market and people’s ordinary lives. Many newspapers carried at most a single account of the previous day’s action on Wall Street, and television barely covered it at all. Today, at my daughter’s middle school in New Jersey, an investing club is busily educating future market wizards, but in the seventies, through four years on an Ivy League campus, I didn’t hear a mention of the stock market. Professors spoke darkly of America’s economic interests, but if any of those interests happened to be corporations with publicly traded shares, it was a detail that went unspoken.

Unlike in the nineties, when people would become accustomed to faithfully adding a little bit to mutual funds, rain or shine, every month, in the seventies, they withdrew a little bit, month after month, and they did so for eight long years. For Wall Street it was one long night, one long depression. Even the pros who managed pension funds were little more interested in stocks than my professors were. By 1979, of the money managed by pension funds, 90 percent was invested not in stocks but in bonds, bills and cash, which was practically like stuffing it under a mattress. That summer, BusinessWeek sized up America’s non-love affair with the stock market in a morbid, and instantly famous, cover story—“The Death of Equities.”

But equities were not dead, only dormant. And the renaissance began in short order. Three months after the article, mutual funds—finally—took in more money from investors than they redeemed. The net addition was a trifle—a mere $12 million. But deep in the giant furnace room where the economy is engineered, a long-stuck wheel had emitted a creak, shaken off its cobwebs, and, finally, turned. People were buying stocks.

Over time, this little shift, this rediscovered habit that would ripen into a passion, would affect far more than the Dow Jones average. When investors awoke, executives found that they, too, inhabited a different world. The rules soon changed for auditors and analysts and ordinary savers as well—an entire culture was retailored. By the late 1990s, America would become more sensitive to markets, more ruled by markets, than any country on earth.

This was the culture that would lead to prosperity and also to Enron. Markets would become virtually sovereign—unchecked by corporate watchdogs or by government. Distortions would follow, and with the temptation of wealth that distortions brought, corruption. But in the late seventies, no one was thinking of markets as powerful or pervasive. The country’s problem was that it was too insensitive, too unresponsive, to markets. They were not hyperactive or feverish then, but—potentially—a cure.

About the Author
Roger Lowenstein, author of the bestselling Buffett: The Making of an American Capitalist and When Genius Failed: The Rise and Fall of Long-term Capital Management, reported for the Wall Street Journal for more than a decade and wrote the Journal's stock market column "Heard on the Street" and also its "Intrinsic Value" column. He now contributes articles and reviews to the Journal and the New York Times Magazine and is a columnist for SmartMoney Magazine.

Review
...Mr. Lowenstein is at the top of his game. -- New York Times, January 11, 2004

...a compelling and fascinating read. -- Arthur Levitt, Jr., author of Take on the Street

This book has the power to keep readers burning the Itty Bitty book light until the wee hours... -- BusinessWeek, February 16, 2004

Most helpful customer reviews

2 of 2 people found the following review helpful.
A "Bitter" Book
By Amazon Customer
I had an extremely favorable impression of Lowenstein's books, having gone through the classic "When Genius Failed" as well as "Buffett". After having read this, though, I fear to say that I'm pretty disappointed.
As some other reviewers have pointed out, the book is pretty detailed, with the exception of a few bloopers. However, I couldn't fail to notice a sense of personal vendetta emanating from each page. Someone seems to have lost a bundle during the Dot Com bust.
Among other shortcomings, Clayton Christensen was dismissed as yet another New Economy Guru, and the entire narrative seemed to pivot on CEOs being the epitome of evil. I'm not quite sure I agree with this characterization; it's unnecessarily biased. Also, there was very less attention paid to the fact that, for a particular generation of America, the 90s Bull Run was their own weird corporate version of the Swinging 60s and Free Love. I recognize the fact that, in a book describing the Origins of the Crash, this can be ignored as a first approximation. In my view, though, those social "mob" effects had a vital role to play, especially when they were swinging to the beats of Meeker, Blodget and the Motley Fool brothers.
Overall, I much prefer Maggie Mahar's book Bull: A History of the Boom and Bust, 1982-2004 over this book. Sorry RL!

3 of 3 people found the following review helpful.
The 1990s Market Bubble--How to 'Get It'
By AdamSmythe
The stock market bubble of the late 1990s represented one of the most intense periods of broad-based irrational behavior since the 1920s, and the fallout from the bursting of the bubble likely kicked off the 2001 recession, cost thousands of employees their jobs, and cost untold investors large amounts of their hard-earned savings (I'd suggest well upwards of $1 trillion). How could something so irrational happen in this day of enlightenment? Roger Lowenstein, one of the best financial authors for the lay person, has done an excellent job of describing and detailing the elixir of half-truths, conflicts of interest, shabby corporate governance and outright fraud that intoxicated many investors. More specifically, Lowenstein provides a highly readable explanation of how too many corporate managers and directors, rather than working in the interests of their shareholders, became looters of shareholder wealth via misleading financial statements, excessive use of stock options and other shenanigans. He also does a good job illustrating how hopelessly conflicted some Wall Street analysts, and even public accounting firms, became during the wild-and-crazy times. The chapter on Enron, a must-read all by itself, will provide a lot answers to those who wonder how such a massive corporation could collapse in this age.
To those who already know about the various roles played by Jack Grubman (a very influential Wall Street analyst), Arthur Levitt (the SEC chair during much of the 1990s), Andy Fastow (Ernon's financial alchemist) and Billy Tauzin (an influential Congressman), you will most likely find this book easy, lively reading. For those who are not already familiar with these people and with what will likely turn out to have been the most intense financial mania of our lifetimes, this highly readable book will open your eyes.

3 of 4 people found the following review helpful.
Our Character, not the Stars....
By dennis wentraub
Reviewing Roger Lowenstein's highly readable account I am reminded of a Fortune magazine editor's throwaway comment - After the bubble people go to jail. For Lowenstein the ultimate cause of the stock market bubble was an abused interpretation of "shareholder value" that became a mantra for CEO's, accountants, stock analysts, lawyers, bankers, and finally investors. More than an historical footnote, Lowenstein has given us a moral indictment of the culture that produced this costly lesson in excess.
The notion of shareholder value and its devolving emphasis in the 1990's on share price rather than underlying business values proved devastating. "Virtually every transgression [of the period] flowed from this simple corruption." The "misplaced incentive" of lavishly awarded stock options bent the focus of CEO's and senior management to short-term stock price moves. Widespread use of stock options sprang from an academic idea to align the interests of management with shareholders and stimulate American corporate culture. Focusing on short-term quarterly benchmarks simply raised the importance of the stock price at that moment in time to the detriment of the harder job...building the business for the long run. For Lowenstein stock options are the crack cocaine of boardroom culture, the bitten apple of the period's "original sin". It is this perspective that gives coherence and insight to many of the particulars of the period still fresh in our minds. While there are clearly individual villains in Lowenstein's account, he makes the case for a pervasive ethical breakdown and a culture out of touch with its better standards.
Absent to a large degree from this account of the Crash are the dynamics of supply and demand. In the 1990's markets encouraged misallocations in the area of technology and telecommunications. It is easy to forget the urgency behind huge IT capital outlays to update computer systems prior to the stroke of 2000. Serious people considered if lights would go out, ATM's fail. Would there be hoarding of goods and cash? Would there be a recession? Would computers lock-up? Excess capacity and an over-stimulated economy were also major contributions to the bubble, but they get little attention here. This is not Lowenstein's contribution to the discussion. He sees the excesses not as a one-off, inventory event or another turn of the business cycle. His view is less academic, less antiseptic. And it is also a more unsettling view as it is rooted in character and culture.

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