October 20, 2008
Review Corner
Review Corner? On Monday? Yes, you have to buy this book today.
One hundred and one years ago this week, The Panic of 1907 was in full bloom. Robert Bruner and Sean Carr provide an entertaining and enlightening look inside the background heroics of J. Pierpont Morgan as he tried to keep the whole world from crashing. The book opens with a Mark Twain quote that "history does not repeat. But it rhymes."
I don't know what it is about October. I was doing PR for an Investment Banking Firm in 1987 and will never forget the ashen faces of my clients when the nation lost 25% of its wealth on one day. In October 1907, a "perfect storm" was cresting and "Pierpont" was determined to limit its destruction.
The book is entertaining and germane. I cannot say that I agree with its conclusions, and I cannot help but believe that the authors were trying a little too hard to make it match today (it was released August 31, maybe these guys should be managing my extensive -- yeah right -- portfolio).
But it is a great opportunity to look at the Panic of 2008 form a different perspective. And it is a great read. Four stars.