Wednesday, May 4, 2011

Shock and Squids

When I was reading The Shock Doctrine: The Rise of Disaster Capitalism, I shared a large number of snippets from the book and sang its praises. I had hoped to do the same with Matt Taibbi's Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America, but it hasn't worked out that way.

Mind you, Taibbi's book is just as fantastic as Klein's -- I am learning a tremendous amount and it is a great read. The difference is that Taibbi's subject matter is more complex and I have found it difficult to extract a paragraph here or there that makes enough sense standing alone without the preceding paragraphs or pages as a backdrop.

Taibbi is doing his best to put in layman's terms all the frauds and quasi-legal chicanery that has bedeviled our economy for the past decade or so. I have learned about derivatives, tranches, FICO scores and CDOs. I figure I will need to read this wonderful book at least twice before I truly understand all this specific economic lingo!

Another major difference has to do with the writing styles of Klein and Taibbi. Klein's book is more scholarly, in tone, though I don't wish to make it sound like it is difficult to read. Taibbi, on the other hand, takes a gonzo journalism approach with the exception that it is obviously well-researched. Taibbi's text is more gritty and he employs a lot of what we could say is "colorful" language.

I do plan to pull out a few quotes from Taibbi's book to share with you; they simply won't be as numerous as with Klein's book. I strongly recommend that readers who are interested in contemporary economic and political history get your hands on both of these fine books.

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