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September 27, 2005

Notes from the Book Desk

Just received a copy of John C. Bogle's The Battle for the Soul of Capitalism (November, Yale University Press). The Pitch: "There is no one better qualified to tell us about the failures of the American financial system and the grotesque abuses that have taken place in recent years..." Bogle smiles warmly from the inside jacket.

Now, this isn't the kind of irony that flies in the face of all reason, but the fact that this one small book (1"x6"x9") came in a box big enough to fit six copies (the rest of the space filled with marketing info and air-filled plastic packing material) strikes me as silly. Especially coming from a book that espouses "prudence" while railing against "overreaching" and "grotesque abuses" in the financial system.

None of this is to say that the writing between the covers isn't any good. And maybe I'm just cranky today, but other books (even flashy marketing books) aren't too good for a plain old envelope - why the waste of materials, manpower, space and funds on extravagent packaging for a book that preaches discretion and thriftiness? It appears that the dark, underlying (unintentional) message is that the soul of capitalism comes cocooned in marketing materials, pressed cardboard and hot air. Nicely draped - like a coffin - with an American flag. (sigh)

Posted by Lucas Conley at September 27, 2005 3:38 PM | Category: book discussions | 2 Comments

2 COMMENTS

Posted by: Kurt Maddox at September 28, 2005 12:51 AM

Since I'm on an Ayn Rand kick this week, I'd suggest Rand's "Capitalism: The Unknown Ideal" as a companion read to Bogle's treatise.

http://kurtmaddox.tblog.com
http://kurtmaddox.blogspot.com

Posted by: roger fulton at September 28, 2005 2:18 PM

I quite agree. At one point I cancelled my WSJ subscription due to an onset of depression. Each day was filled with headline falling over headline of yet another company CEO/CFO "restating" their earnings, one step ahead of the possee (FTC) I would imagine.
Particularly grating was most of these people had the same Wharton School accounting professors I did. We both knew which side of the balance sheet was which. "Re-state" my rear end. When the big names on Wall Street began paying hefty fines for stealing and lying, followed by big Public Relations on my TV set, it became clear that we can no longer trust anyone.
No politicos, no brokers, no bankers. Then one day, Frank Aeries said on 60 Minutes that he wouls happily teach Ethics in College I knew it was time to lock the door and sit on my wallet.
Capitalism had lost its way.