Category: Books

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Book reviews: The Big Short, The Zeroes

Michael Lewis, The Big Short: Inside the Doomsday Machine

The story of the subprime mortgage crisis, from the point of view of various traders who were betting it was all a crock for a long time. I originally learned about this book on The Daily Show. Mmm, March 2010. A good time for our local Bing Lee: we went and bought a washing machine with a decent spin cycle and I suddenly put my foot down and said that if I was going to be spending 2 hours each night putting our then young baby to sleep we were going to have a TV recorder to tape The Daily Show and The Colbert Report.

If anyone is interested in the genesis of the Ada Initiative, it’s actually that washing machine, because I wrote a blog entry about it that inspired Valerie to get in touch with me after some years of radio silence. (We weren’t mad at each other, we just usually only talk when we have a project cooking. Or when we have washing machine thoughts, it seems.)

Ahem, Lewis’s book. A fun tale of investment outsiders who were shorting subprime mortage bonds by buying credit default swaps against them. They ranged from cynical to apocalyptic. They were mostly social misfits or investing misfits or both. (Aren’t we all misfits?) It’s a well-told tale, but it’s not a true insider’s tale. What was happening at Goldman Sachs, again?

Caution for: it’s from a trader point of view, so while at least one person profiled believed he was watching evil happen, we aren’t talking radical critiques of capitalism or anything here.

Bonus: As I said earlier, I wish I could read expert reviews/rebuttals for almost every non-fiction book I read. And this time I could. Check out Yves Smith, Debunking Michael Lewis’ The Big Short.

Randall Lane, The Zeroes: My Misadventures in the Decade Wall Street Went Insane

Another insider-but-outsider tale of the bond market of the Naughties (the Zeroes, as Lane calls them). Lane was the co-founder of Trader Monthly, a glossy freebie magazine for Wall Street traders. This brought him into contact both with traders themselves, jockeying or not to be profiled as hot up-and-comers, and luxury goods advertisers keen to get in on bonus season.

It’s about equal parts how-my-magazine-startup-failed, which is interesting enough—a combination of it-could-happen-to-anyone road bumps, and getting into business with some real jerks—and what-were-they-like-these-traders. Entertaining enough as a library loan (which is how I read it), but I probably wouldn’t have actually purchased it. Still a bit of an outsider’s tale.

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Book review: The Wisdom of Whores

Elizabeth Pisani, The Wisdom of Whores: Bureaucrats, Brothels, and the Business of AIDS

I picked this up when it briefly was a free ebook giveaway in 2010. Was that less than a year ago? Seems like a long time. I had not got through Jonathan Engels, The Epidemic: A Global History of AIDS, finding it not-global and spending too much time emphasising that the AIDS activists from the gay community really should have understood that they were viewed as sinners. Or that’s how I remember it now. I’m still interesting in the story of AIDS in the US, but I want it billed as such.

Anyway, Pisani’s book is an epidemiologist’s view of working in HIV research and prevention in (mostly) Indonesia. It’s partly a story and partly an argument that HIV/AIDS funding and approaches need some revision. In particular: prevention is cheaper than treatment, so while treatment is essential she thinks prevention is very underfunded. The approaches used successfully in the high-infection-risk communities in the US don’t all translate well to other high-risk groups. Emphasis on “everyone’s at risk” is nice for funding but is essentially bogus in most cultures: in most cultures sex workers, drug users, and people who have anal sex with multiple partners are at risk. (She argues the African epidemic is due to multiple long-lived concurrent heterosexual relationships being very common in some African cultures. This means that when someone has a primary HIV infection, one of the most contagious times, that they will often have more than one partner to potentially transmit to.)

I simply don’t know how valid her arguments are, because I know next to nothing about epidemiology, public health or HIV/AIDS, really. One of many books (almost anything outside my expertise) where I wish I could see expert reviews to read alongside it.

Read it if: you are interesting in HIV/AIDS, the UN, charity and NGO stuff, Indonesia, trans issues, sex worker issues.

Caution for: every so often she likes to add in a teaspoon of “I’m not PC!” She actually is, somewhat, anyway, but she likes to revel a touch in how her hip UN “AIDS mafia” crew were just such good buddies they could throw the lingo (about trans people, drug users, sex workers) in the bin. Also you may not actually agree with her on where HIV/AIDS funding should go, but it’s a book, you run that risk.

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Friday Hoyden: Ursula K. Le Guin

This article originally appeared on Hoyden About Town.

tigtog asked if someone could do a Friday Hoyden piece on Ursula K. Le Guin for her 80th birthday… last year. Le Guin’s 81st birthday was yesterday on the 21st October 2010: this is going up in time for it to still be her birthday in her hometown of Portland, Oregon.

Photo of Ursula Le Guin, 2004
Photo of Ursula Le Guin, 2004 (Wikipedia user Hajor, Creative Commons BY-SA)

A little capsule summary for people who haven’t read her work: Le Guin is a novelist, poet and essayist. She is best known for science fiction and fantasy, particularly the six Earthsea books (five novels and a collection of stories) set in an archipelago world with advanced magic and pre-industrial tech; and various books set in her Hainish universe, which is a future series in which Earth, among other planets among relatively nearby stars, turn out to have all have hominid species on them, established some millions of years ago by a still existing ancestral species the Hainish, in a series of biological/sociological experiments. This has allowed her to write, for example, The Left Hand of Darkness, Winter’s King and Coming of Age in Karhide, set in a world of primates with a sort of oestrous cycle in which their bodies can become either male or female, and who have otherwise no gender or sexuality; and The Matter of Seggri, about a world on which there are about sixteen women born for every man, and men are kept apart with their role in society being purely exhibition of strength, sex, and providing sperm.

Le Guin is something of a goto name for someone who wants to make sure their list of Great Science Fiction includes something, anything, by a woman: she’s white, she has by now become a big name and is award-winning and Taken Seriously (see Guest Post by Alisa Krasnostein: The Invisibility of Women in Science Fiction from June). I… do think she’s worth reading anyway! But don’t stop there, I doubt she’d want you to.

I’ve enjoyed Le Guin’s writing for years, but here is her crowning Hoyden moment for me, in a 2001 interview by Nick Gevers, a science fiction editor and critic:

[Gevers asks] Who, for you, are the finest SF authors now writing — both your fellow feminist writers and more generally?

[Le Guin answers] First I am to list fellow feminists and then… non-fellow anti-feminists? Come on, Nick, let’s get out of the pigeonholes. If feminism is the idea that differences between the genders, beyond the strictly physiological, are an interesting subject of study, but have not been determined, and so are not a sound basis for society to use in prescribing or proscribing any proclivity or activity — which is what I think it is — then I probably don’t read any non-feminist SF writers, these days. Do you?

Here’s a few selected pieces of Le Guin’s writing:

Le Guin has a fairly large website with links to most of her recent online writing.

If I had to recommend a single piece of writing of hers, I would say that its the short story The Day Before the Revolution (probably easiest to find in the collection The Wind’s Twelve Quarters), which probably benefits a lot if you read The Dispossessed for context first (The Dispossessed is a fine novel, so not just for context). The Day Before the Revolution was published when Le Guin was 45 years old. She wasn’t old at the time, and I am not old yet, but it is the closest I come to understanding how it might be.

Happy 81st birthday Ursula K. Le Guin!