Letters and Politics

Other People’s Money; Drinking in America

With John Kay, visiting professor of economics at the London School of Economics, columnist for the Financial Times, and author of the book Other People’s Money: The Real Business of Finance.

And Susan Cheever, author of Drinking in America: Our Secret History. Cheever has also written several biographies, five novels, and four memoirs.

About Other People’s Money: 

The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary-market dealing in existing assets. Regulation has contributed more to the problems than the solutions.

Why? What is finance for? John Kay, with wide practical and academic experience in the world of finance, understands the operation of the financial sector better than most. He believes in good banks and effective asset managers, but good banks and effective asset managers are not what he sees.

In a dazzling and revelatory tour of the financial world as it has emerged from the wreckage of the 2008 crisis, Kay does not flinch in his criticism: we do need some of the things that Citigroup and Goldman Sachs do, but we do not need Citigroup and Goldman to do them. And many of the things done by Citigroup and Goldman do not need to be done at all. The finance sector needs to be reminded of its primary purpose: to manage other people’s money for the benefit of businesses and households. It is an aberration when the some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized trading in securities. To travel further down that road leads to ruin.

About Drinking in America: 

In Drinking in America, bestselling author Susan Cheever chronicles our national love affair with liquor, taking a long, thoughtful look at the way alcohol has changed our nation’s history. This is the often-overlooked story of how alcohol has shaped American events and the American character from the seventeenth to the twentieth century.

Seen through the lens of alcoholism, American history takes on a vibrancy and a tragedy missing from many earlier accounts. From the drunkenness of the Pilgrims to Prohibition hi-jinks, drinking has always been a cherished American custom: a way to celebrate and a way to grieve and a way to take the edge off. At many pivotal points in our history-the illegal Mayflower landing at Cape Cod, the enslavement of African Americans, the McCarthy witch hunts, and the Kennedy assassination, to name only a few-alcohol has acted as a catalyst.

Some nations drink more than we do, some drink less, but no other nation has been the drunkest in the world as America was in the 1830s only to outlaw drinking entirely a hundred years later. Both a lively history and an unflinching cultural investigation, Drinking in America unveils the volatile ambivalence within one nation’s tumultuous affair with alcohol.

 

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