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#1 2008-03-26 19:31:44
- tom22
- Member
- Posts: 295
Book thread again
I think I tried to start one with no results and maybe it was banned. But I figure someone reads books and this is the one I am reading: The Price of Liberty by Robert D. Hormats, the vice chairman of Goldman Sachs. A very readable short history of how a democratic country financed its wars from the Revolution until today. A treatise by someone who I suspect might be aiming to be the next Secretary of the Treasury. A good learned read. It offers a lot of food for thought about our values, who we were, who we are and who we are becoming. top drawer.
Last edited by tom22 (2008-03-26 19:32:37)
#2 2008-03-26 21:10:16
- tom22
- Member
- Posts: 295
Re: Book thread again
I won't demand that anyone read the entire book. For the first time since the American Revolution our country has financed a war by borrowing from other countries or at least non citizens. During the Revolution we had no mechanism for raising revenue and borrowed substantially from Holland and France (remember France? our oldest ally?). In every other war we raised taxes and decreased spending on non essential domestic programs. WWII was paid for 45% by taxes and paid off by massive bond drives during the war. Debt sold to the people. Korea was paid off by Tax revenue. Viet Nam eventually was paid off by taxes at the insistence of Congress.
The First Iraq War was paid for essentally by our allies (the people who used to be our allies). Not one thin dime of tax dollars has paid for the current war. It has been paid for by selling half the debt to foreigners. Just like we did in the 1770s when we didn't even have a government. Domestic spending has increased. Tax rates have decreased (and run the numbers as to whether the tax cuts of the current administration paid for themselves). Every other war demanded sacrifice. This one deferred the cost to another generation.
This would appear to be in opposition to the theory of every other elected government in the history of the Republic. and that is the point of the book. Not that anyone in public life is talking about this, or the Tsunami of debt that is going to be incurred because of Social Security and Madicare in the coming decades. The credit card generation maxed out on what was figured to be a free war.
#3 2008-03-26 21:44:31
- tom22
- Member
- Posts: 295
Re: Book thread again
and to bring that back from the world of sub prime mortgages, let's just imagine a world where the credit on your card is hard to get. Maybe our custom clothes and shoes will be cheaper, maybe NYC hotels will be affordable, maybe I can go to the 21 Club more often. Paying for what we spend.....not a concept the post WWII generation knows about, unlike their parents.
No one today talks about the costs of wars. The smart money knows where this is headed. But I bet in 10 or 15 years you will be able to buy a reasonably priced hand tailored suit, made in the USA.
#4 2008-03-26 22:09:15
- captainpreppy
- Member
- Posts: 1536
Re: Book thread again
Tom, you talk a lot of sense. I have been registered Republican ever since I was old enough to vote. In large measure, this was because I thought they were the party of fiscal responsibility and limited government. This Bush regime has been a grievous disappointment to me. However, I was sort of under the impression that politics were a taboo subject on this forum, so I won't take matters any further.
#5 2008-03-27 02:44:10
- Taylor McIntyre
- Son of Ivy...
- Posts: 342
Re: Book thread again
I think we can do politics here - We do all the other taboo subjects and nobody falls out.
I used to be quite political but now English politics have changed so much knowing who to vote for for the best is a never-ending problem.
I used to be loyal to a certain political party but it has changed so much from the party I knew that it makes my old loyalty look ridiculous if I just carry on blindly voting for the same old people. This applies to all political parties in England - Labour is no longer Labour, the Conservatives are no longer Conservatives, the chaps in the middle are always changing because the middle ground is always changing.
I guess in the US a loyal Republican might have a similar problem - Who do you vote for when the Republicans stop behaving like Republicans?
It's a tough nut to crack.
#7 2008-03-27 10:00:11
- Taylor McIntyre
- Son of Ivy...
- Posts: 342
Re: Book thread again
Oh, OK.
Back to lingerie.
I was talking more to the Captain than to Tom. Tom indeed was talking about Books.
#9 2008-03-28 16:32:22
- tom22
- Member
- Posts: 295
Re: Book thread again
I do think my politics tsunamied my initial post. But I would like there to be a thread about what people are reading. and this book was a very readable history of finance, which is sort of rare. so i am deleting everything but the original post. i really do want to know what books are out there.
#10 2008-03-28 16:34:15
- tom22
- Member
- Posts: 295
Re: Book thread again
Uh oh. Too late to erase messages two and three. i have no objection if they are erased. But I would like a book thread.
#12 2008-03-28 18:40:45
- Voltaire's Bastard
- Member
- Posts: 967
Re: Book thread again
Last edited by Voltaire's Bastard (2008-03-28 22:12:44)
“You know that saying, 'Caesar's wife is above suspicion'? Well I put an end to all that rubbish!"..”
#13 2008-03-28 19:16:05
- tom22
- Member
- Posts: 295
Re: Book thread again
these last posts fulfill my aspirations. I hope everyone will contribute. popular literature, great literature, history, or whatever you are reading..
My first post was about The Tin Roof Blowdown, a great read by James Lee Burke, the master of what I might describe as the Cajun Louisiana protectorate. Beautifully written, popular semi mystery book about what may be the most colorful state in the Union. an easy interesting book about post Storm Katrina New Orleans.