As the summer draws to a close, I reflect back on the books I’ve read this year, particularly those this past summer. Earlier in the year, much of my reading was confined to class texts, or books that were centered around research I was doing for a particular paper. But in the summer, I just tried to focus on things that were of particular interest to me. The two most recent were Nathaniel Philbrick’s The Last Stand, and Greg Zuckerman’s The Greatest Trade Ever.
The former was a book I picked up while on vacation out west at the site of the Little Bighorn. My brother and I earlier this summer spent a week camping, hiking, and sight seeing in Yellowstone National Park, the Little Bighorn National Battlefield, and the city of Deadwood, South Dakota. While at the Little Bighorn, we ate at an Indian trading post right outside the battlefield, and while perusing the gift shop, I spotted the book by Philbrick. A friend had recommended his book, In the Heart of the Sea, and this book about Custer was fairly recent, so I thought I’d pick it up and give it a shot. It claimed to have some new information based on never before published accounts of a soldier at the Little Bighorn.
I’m glad I got the book, but there wasn’t anything really new in it. I had previously read two other books about the Little Bighorn, Son of the Morning Star by Evan S. Connell, and Crazy Horse and Custer by Stephen Ambrose. The former was a comprehensive look at the battle and the notable figures in it, the latter focused much more specifically on the title characters. But both had covered much of the ground concerning all things related to the Battle of the Little Bighorn. Still, Philbrick’s account was interesting. He gave a much more structured account of the battle, detailing each move made by both the Seventh Calvary and also by the Sioux. Ambrose really only focused on the battle at the end of his book, and Connell, while having much more detail, was less focused in his approach. So it was nice to read an account that laid things out in a more precise manner.
That said, there was at least one issue I had with Philbrick’s account, and that is his willingness to repeat any rumor, regardless of how flawed or biased the source might be. Chief among these was the charge that Custer was a serial philanderer, and had had a carnal relationship with a Cheyenne woman he captured at the Battle of the Washita, even siring a child by her. There is no concrete evidence that I have read (although I do admit I’m not a Custer expert) that would show that Custer ever cheated on his wife. On the contrary, there is countless evidence that he was deeply devoted and madly in love with her, even willing to risk his military career to be at her side. Philbrick’s evidence is highly circumstantial, and his source for the rumors regarding Custer and the Cheyenne captive is Frederick Benteen, who loathed and hated Custer and who some historians believe deliberately abandoned him to his death (I don’t think there’s any concrete evidence of this, for the record, either). Further, Stephen Ambrose addresses Benteen’s charges in his book, and clearly shows how that the time frame for Custer having a child by this woman would be impossible. Philbrick mentions the “Custer as a philanderer” theme a couple times, but I saw nowhere any proof that he ever cheated on his wife, except for the word of Benteen, who had every reason to lie.
Otherwise, I enjoyed the book. While I would recommend it to anyone interested in the Battle of the Little Bighorn, I will say that I found both Connell and Ambrose’s works to be more compelling, and richer in detail. Especially Connell’s…it’s a great book, and has so much detail, that it’s hard to pass up.
I just finished reading The Greatest Trade Ever, and it is one of the better books I’ve read this year. It concerns the crash of the housing market, but focuses specifically on Wall Street traders and hedge fund managers who bought CDS contracts and bet against the housing market at the height of the bubble. The primary focus of the book was hedge fund manager John Paulson. Greg Zuckerman is a financial reporter for the Wall Street Journal, and he personally interviewed Paulson, as well as many of the other characters discussed in the book.
Regardless of what your opinion is of John Paulson, there is no question that he pulled off one of the most astounding financial coups in history. Zuckerman details the high’s and low’s of the trade, set against the backdrop of first a booming housing market, and then a devastated economy when everything falls apart. It’s a fascinating book. I’m not even as much as a financial novice…I know next to nothing about hedge funds, credit default swaps, or all the rest. This book, however, does a good job of making things as simplistic as possible for the outsiders. Chapter 2 is especially great, where it details the causes of the housing bubble, that set it on its eventual path to bursting.
There are a few impressions that people might have that I felt were reinforced by the book. The first is that folks on Wall Street are obsessed with displays of wealth. The book is littered with accounts of people making ostentatious purchases, spending hundreds of thousands of dollars a year on things like spa treatments, yachting excursions, and some of them living vicarious playboy lifestyles. I’m sure there are people on Wall Street who don’t date two supermodels at a time and drop thousands on spa treatments which involve cutting open your back, but most of them weren’t mentioned in this book. If they were married and had settled down, they usually lived in a forty million dollar mansion and vacationed in St. Bart’s on their private yachts. More power to them, but it aptly illustrates the second obsession these folks had, and that was the love of money itself. The book specifically states of many of these investors that they loved money from an early age. And they were willing to do anything to get more of it.
I’m all about people making money. Obviously, if you’ve read any of this blog, you know I believe in the power of the free market (although many of our economic problems stem from the fact that the market is not free of government interference). But as a Christian, I also believe that the love of money is the root of all evil (I Timothy 6:10, Ecc. 5:10). And it’s clear to me, judging by the manipulations of the market, both by people who were snatching up subprime mortgages as fast as they could, and people who were betting against them, that the love of money is part of what created the economic turmoil we are in in the first place. The book details how, when Paulson couldn’t find enough toxic CDO’s to bet against, he worked with investment banks to CREATE MORE toxic CDO’s, in order that his payday would be larger when the housing bubble burst. Of course, the banks foolishly and willingly went along, because they were sure that there was no bubble and they would just be taking Paulson’s money.
Further, it illustrates how consumed we are in America with possessions. Paulson started betting against subprime mortgages because Americans foolishly believed they could afford $500,000 homes on $90,000 a year combined incomes. People were possessed with the thought that they had to have a lavish home, complete with a jacuzzi and a wide screen HDTV. And mortgage and real estate companies fed this lie, by selling them ARM’s and telling them they could refinance when the interest rate went up. There were no innocent parties here. People were obsessed with possessions, and consequently, placed themselves in a terrible position when housing prices began to fall.
The book is a little too complimentary of Paulson at times, but it does detail the problems a few other people who were also betting against the housing market had with their conscience. In one case, an investor admitted feeling guilt because of his pure delight at seeing the housing market crash, because every time a borrower defaulted on their mortgage, he made more money. He and his wife wrestled with their consciences, and tried to justify themselves, but thankfully, the book tells of his minister, who got in the guy’s face and told him that rejoicing in the misfortunes of others was flat out wrong. There doesn’t seem to be any evidence that Paulson had a conscience. In fact, he tried to keep the details of his trade as secret as possible, rather than sounding a warning about the coming crash. They were afraid that if too many people found out what they were doing, the market would be flooded with people buying CDS contracts and betting against mortgages, and they would have to share a piece of the pie.
I won’t give you the rest of the details. If you are interested, you should really read the book. I highly recommend it.
