One of the most striking aspects of this book is the rare coincidence it draws with the current market turmoil with that of the great depression and the exuberance which led it all.
The background of this book is set on a character, Sam Insull, who unfortunately got completely buried in the history. His ordinary demeanor, shroud business acumen and stunning entrepreneurship was so remarkable that it made the DOW to melt (to 56 points) in 1929 and forced Fed to institute SEC in 1934. This SEC is the same foundation on which modern financial structure is based and is subject of so much debate. After reading this book, you can almost relate what Obama means when he says, "...this 19th century financial system needs to change to reflect 21st century needs... (Not verbatim)".
From the completely other side, this book makes few great points. This book examines two completely different personalities -- one, of an inventor (Thomas Edison) and second an innovator (Sam Insul). And makes it clear that inventions are not innovations. In a subtle manner it also draws a point that certain kind of innovations only leads towards disaster, hence, not all innovations are equal (or good). It tells us innovations can cause "market value" to completely evaporate - in other terms - creative destruction.
If you happen to wonder -- what is the structure of our corporate financing and what value it adds to the system, OR how we got into the situations where we are today (with our credit crisis), OR if you really wonder the ingenuity and geniuses of this country (in other words, "land of opportunity") this is surely a book for you (without any pun intended).
Based on your gut feel, after you have read this book, you may end up forming opinion about what (and how much) to regulate about the current system. But it will surely give you hope that we will definitely come out of the current crisis, with macho smart and much more confident. You will know that this is not the end of the world and that show-must-surely-go-on. Because, nothing-lasts-forever and history-repeats-itself ;-)
Amen!
Pradyot Rai
The Merchant of Power: Sam Insull, Thomas Edison, and the Creation of the Modern Metropolis
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