The Price of Politics by Bob Woodward

A Nice Look at How the Metaphorical Sausage is Made

  • Length: 380 pages
  • Published: Sept 11, 2012
  • Read It: Fall 2012.
  • Rating: 4 of 5, very hard to keep up with the names of all the characters involved, specially the less famous ones.

I am someone who watched the US government’s debt ceiling debate in 2011 closely. As a fan of President Obama, I always found it intriguing to read about the way he operates. I’m always curious to hear about what went on behind the scenes. Bob Woodward accomplishes just that in his books. This book, like the previous ones, reads like a thriller novel. Woodward brilliantly narrates events that took place in a way that made me feel like a fly on the wall of the White House.

As fo the substance of the book, it always astonishes me whenever I realize that the President, his administration, and members of congress are all humans just like the rest of us. They all have their motives, ambitions, ideologies and emotions. Navigating all that between the President of the US, his team of experts, 535 members of congress, is not an easy task. This is especially true in 2011 when the majority in congress were not from the same party of the president. Actually, the relationship between congress and the president gave the republicans the nickname as the “party of no”.

While reading Woodward’s previous book, Obama’s Wars, I was awed by Obama’s though process and disciplined leadership style in trying to end the wars in Iraq and Afghanistan. In this book, however, Obama is portrayed differently. He seemed inexperienced in his dealing with congress to fix the country’s fiscal problems. His negotiations with congress were less of an intellectual debate of ideas and more of haggling over resources and playing game of chicken. I guess this is the metaphorical sausage making process.

In the end, this book leaves the reader with a sense of apprehension about how the US is run. These petty arguments and ideologies have cost the US its triple-A credit rating and brought it to the edge of default. The end conclusion, as Woodward puts it, is that America’s fiscal situation is currently stuck in a “world of status quo”. Funny enough, this was also the result of the 2012 general election–the status quo. Nothing changed.

All in all, for anyone interested in Politics and finance, this is the book to read. It is a nice look at how the metaphorical sausage is made. The only reason I gave it four stars is because it was very hard to keep up with the names of all the involved, specially the less famous ones.

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Confessions of a Surgeon by Paul A. Ruggieri, MD

An Area that Most of us Interact with on a Regular Basis but Know Little About

  • Length: 274 pages
  • Published: January 3, 2012
  • Read It: Spring 2012.
  • Rating: 4 of 5

This book is very unique in the sense that it takes you into the mind of a surgeon and the life behind the doors of the operating room. It shows how normal medical doctors really are and that medicine at its core is just a sophisticated guessing game. One thing that stands out in this book is the author’s repeated assertion that a surgeon doesn’t really know for sure what’s going on inside the body, or how diseased an organ is, before he actually tears up the skin with his scalpel and open up the body; that’s when things really clear up and possibilities are narrowed.

The author highlights the challenges he faced when dealing with patients and their families. He recounts multiple occasions when errors in diagnosis where made. For example, at one point he described the mental process and struggle he went through when a surgery he was doing goes terribly wrong. The patient had to suffer through unnecessary pain and life changing results that were due to simple, and avoidable, mistakes made by the narrating surgeon.

Another area of anecdotes shared in the book relate to medical malpractice lawsuits. Some of these lawsuits can have a negative impact on the medical practice due to the wasted time and money. Navigating the US legal system is no easy task, especially for the doctors involved.

Overall, it was an interesting read in an area that most of us interact with on a regular basis but know little about.

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Boomerang: Travels in the New Third World, by Michael Lewis

  • Hardcover: 224 pages
  • Published: October 3, 2011
  • Read it: Winter 2011
  • Language: English
  • My Rating: 3 of 5, not Michael Lewis’ best work

Before reading this book I read a few reviews that highlighted the fact that this isn’t really a book as much as it is a collection of Vanity Fair articles. I went ahead and bought it thinking that, after the Big Short, Michael Lewis won’t disappoint. However, after reading it, it’s sad to say that Lewis did disappoint. The book has an excellent premise; to highlight the psychological and sociological aspects that lead to financial crises in countries all over the world. It covered Iceland, Ireland, Greece, Germany and the United States. However, the fluff in the book was overbearing. It could have been much shorter and more organized. Heck, a bit of thorough analysis and discussions with experts wouldn’t have hurt. All in all I think that Lewis rushed to published an incomplete book that was OK to read, but not a worthy successor to the authors previous best sellers.

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Steve Jobs, by Walter Isaacson

An Awesome Book about an Extraordinary Individual

  • Hardcover: 656 pages
  • Published: October 24, 2011
  • Language: English
  • Read it: Fall 2011
  • My Rating: 5 of 5 (A detailed book that is surprisingly brief and extremely well written)

I love a well written book. This is one of them. It is an amazing book about an amazing person. Granted, you will reach half way through the book and be convinced that Jobs is a jerk with every sense of the word. However, you’ll know that he’s a jerk who got things done.

The book took us down the path of the creation of Apple, the ouster of Jobs from it in the 1980′s and his creation of NeXT and Pixar, and finally to his second coming to Apple. It explains clearly the stories that lead to Jobs’s hate of Microsoft and his semi-respect for Bill Gates. Google and Eric Schmidt, Google’s former CEO, started out as a partner of Apple and Jobs but turned to enemies towards the end of his life. He felt betrayed by Schmidt, who was also a board member of Apple, since he lead Google into competition with Apple when Apple stayed away from Google’s territory–namely, online search. His hate for Google lead him to vow to destroy Android. Both his hate for Microsoft and Google stemmed from the same reason; that both, according to Jobs, stole Apple’s ideas. The first being the graphical user interface and the latter being the iPhone design and the multi-touch user interface. Nevertheless, in the final days of his life, he did allow Google’s founder and current CEO, Larry Page, to come to his house and did offer him some advice as to how to be an effective company leader–which was a nice gesture from Jobs’s part. Sadly, the world did lose a great man last October who did make a positive impact on out lives.

The author, Walter Isaacson, does a great job in capturing the emotions of the periods and the stories he’s telling us. Although the book is sanctioned by Jobs himself, it is surprisingly honest. For example, he explains thoroughly why Microsoft did not really steal anything from Apple and  Isaacson tried to explain the two sides of the arguments objectively. Something tells me that this is not the last we have seen of Isaacson about Jobs. The book is too brief and there is definitely more that can be said about Jobs and his life. All in all, I had a great time reading this book and did not want for it to end.

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Grinding It Out: The Making of McDonald’s by Ray Kroc

An Overnight Success Thirty Years in the Making

  • Pages: 218 pages
  • Published: May 1977
  • Read: Oct 2011
  • Rating: 4 of 5 (too brief in discussing major points in the creation of McDonald’s Corp)

Ray Kroc was a piano player and a paper-cup salesman in the 1930s and 1940s. In the mid 1950s, he started the McDonald’s Corporation. Although he was in his early 50s when he founded McDonald’s, he often replied to people commenting on his overnight success in saying: “I was just like showbusiness personalities who work away quietly at their craft for years, and then, suddenly, they get the right break and make it big. I was an overnight success all right, but thirty years is a long, long night.

Ray Kroc saw the value of a lean operation when he was selling milk shake mixer to the McDonald brothers hamburger store. It was the first McDonald’s and he offered them the idea of franchising their store. Since all they wanted was to retire, the gave the right to franchise McDonald’s store to Ray Kroc and he would charge the franchisee 1.9% of sales of which 0.4% would go to the McDonalds brothers. This sparked the true beginning of the McDonald’s corporation.

Growing the McDonald’s Corporation into an international fast  food chain wasn’t an easy journey. What is striking about Kroc is the amount of credit he gives to his team and employees. The focus of the organization’s success is credited to the people running it as well as the franchisees – the store operators. One of the more memorable lines from the books is: “if he [the store operator] doesn’t make money, I’m in a peck of trouble…but I’ll be right out there helping him and doing all I can to make sure he makes money. As long as I do that, I’ll do just fine.” This is basically the McDonald’s mantra in the mid 1960s and early 1970s.

The most interesting aspect of McDonald’s growth is their spirit of being pioneers. They always looked for ways to do things better and more efficiently. They also made sure that their suppliers prospered and grew with them. To accomplish this, they merged their aim to develop better ways to transport meat and potatoes, for example, with a promise to stick with the suppliers that helped them do just that. They made it clear – as a strategy – that they would never become their own suppliers. The company focused on what it does best, selling burgers and fries.

While reading the book, it seems as though letting go of the control of McDonald’s Corporation is probably the hardest thing Kroc ever did. Although he had a hand picked successor. He didn’t completely let go. Rather, the transformation phase to the next generation and the generation thereafter happened slowly and gradually. Nevertheless, Kroc never left the organization. He always had a role in developing new products and menu items and designing new stores.

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The Big Short: Inside the Doomsday Machine by Michael Lewis

Only Lawyers that Wrote the Details of Structured Financial Products Actually Read Them

  • Paperback: 320 pages
  • Published: March 15, 2010
  • Language: English
  • Read it: September 2011
  • My Rating: 4 out 5 (excellent story and narrative but it was hard at first to follow the characters and understand the technicalities of the structured product used)

Of all the business books I’ve read on the financial crises (Too Big to Fail, Meltdown, The Ascent of Money, and No One Would Listen), this book is the best at explaining what exactly had happened. It does so by chronicling the stories of individual investors (Michael Burry, Steve Eisman, and the founders of Cornwall Capital) who were using their time and commonsense to analyze the bonds issued by pooling together mortgages–subprime loans.

These simple investors and money managers saw that the fundamentals of the subprime mortgages (loans made people with low or no income) were flawed and unsustainable. Loans were being granted to people with low credit scores without any down-payment and with the first payment occurring after two years. To profit from this market irrationality, these investors decided to take a position against these loans and bet that there will be a substantial increase in default rates in 2007 for loans that were granted in 2005. In 2007, payments for loans granted in 2005 will become due after the grace period of 2 years ended.

They were able to bet against these loans by buying insurance on them. These insurance were technically called credit default swaps and were bought and sold over the counter actively in that time. Big Wall Street banks and other companies sold these insurance products at such low prices relative to the risks, which  allowed for our investors to purchase a huge number of them. Their prediction finally did materialize in 2007 and  in 2008 the entire world economy collapsed. All this happened because the big Wall Street banks were unaware of the risks involved in these mortgages. Especially, since S&P and Moody’s rated them highly even though they had high default probability.

The beauty of the book lies in the stories of these individuals who went against the conventional wisdom of the market during that time. They realized that things were illogical and counterintuitive to whomever actually read the details. They saw the collapse coming in slow motion and the potential damage growing over time. Since no one would listen to them, they took it upon themselves to profit from it, and profit they did. All of them became multimillionaires in the end, and those who did not listen lost substantially. You walk away from the book convinced that the financial world is corrupt and not as sophisticated as it seems. A lot of the “best” investors on Wall Street have no clue about what is actually happening.

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In My Time: A Personal and Political Memoir by Dick Cheney

With Dick Cheney, What You See is What You Get

  • Print Length: 576 pages
  • Published: August 30, 2011
  • Read It: September, 2011
  • My Rating: 5 out of 5 (For a boring politician, his book is extremely well written and engaging)

A lot of us who follow politics closely have had an opinion about VP Cheney. Prior to the Iraq war, most of us probably admired him. Towards 2004, a lot of us started to dislike him. Disliking him probably had its routes with the way he conducts himself. Because he is so sure of himself, he sometimes comes off as rude and arrogent. Love him or hate him, when you followed Dick Cheney throughout the years, you knew that he is a principled man with unwavering commitment to his values.

Most memoirs of former leaders have their most interesting parts in the stories they tell of the their beginnings–the start of the journey that took them to the top. Cheney tells a fascinating story of a young college graduate student studying the history of congress’ voting record. Somehow he ended up working for Donald Rumsfeld, a congressman who later became Defense Secretary under Presidents Ford and Bush-II. This was the window from which he entered the political arena and lead to his transition from a Ph.D student in Milwaukee to Chief of Staff of President Ford. After Ford lost the presidency, Cheney served as a congressman for 10 years before becoming Defense Secretary under George Bush Sr.

Cheney describes himself as extremely hard working and focused and suspects that this may have been a reason for his numerous heart attacks starting as early as age 37. However, his doctor at the time disagreed with this analysis in saying:

“Hard work never killed anybody. What takes a toll is spending your life doing something you don’t want to do.”

This book did not lack Cheney’s strong personality and stubbornness. His voice comes out assured and unapologetic in the pages of this book. Cheney may not be a charismatic politician, but he is smart and takes on issues head-on. While reading this book, you can easily write down the names of the people he liked and of those he didn’t. Collin Powell and Condalisa Rice both had the lion’s share of criticisms centered around their lack of support for Cheney’s convictions. During the Bush-II years, the government made it clear that if you were not in agreement with the United States’ policies, you were an enemy. Dick Cheney treated people around him in a similar manner; if you did not agree with him, you were most likely considered to be his enemy. It is cristal clear that this is how Cheney sees the world; as bipolar. Here’s what he thinks about the direction Erogan’s government is headed:

“Today, Turkey appears to be in the middle of a dangerous transition from a key NATO ally to an Islamist-governed nation developing close ties with countries like Iran and Syria at the expense of its relations with the United States and Israel”

Being from Kuwait, I particularly was very interested in reading his account of the Iraqi invasion of Kuwait and the United States’ subsequent efforts to liberate it. At that time, Cheney was Secretary of Defense. In July 19, 1990, the US government showed the Kuwaiti government images of  Iraqi forces massed along its border with Iraq. However, Hosni Mubarak assured that this intra-arab dispute will be solved internally without the use of force. Two weeks later, Saddam invaded Kuwait in a few hours and without any resistance. In the discussions that took place later in August of 1990 between Cheney and King Fahad about the deployment of American troops to protect the Kingdom, he quotes the King as saying:

“‘The Kuwaitis waited,’ [King Fahad] said, ‘and now they are living in our hotels.’”

After the green light from the King, the americans deployed 200,000 troops to go against Iraq’s 400,000 army in an effort to protect the Kingdom and, later on, liberate Kuwait.

It’s too bad that Cheney did not spend more time discussing the five years he had spent as Chairman and CEO of Haliburton, the large contracting and oil services company. He only mentions it in one or two places in the book when he talked about how he was chosen for that job. Being interested in business, it would have been interesting to hear his account of his experience running this large company. It is certainly a grey area in his history that a lot of people link with the Iraq war. Opening up Iraq meant huge business opportunities for US oil companies.

Overall, regardless of the opinion we may have about this man, it remains true that he is an interesting figure in interesting times. Hearing his account of history is an important part of the puzzle that makes up world history. He was a leader in a sensitive time in his country’s history, and his decisions will have a lasting effect on the United States for years to come. He was never a politician who looked at poll numbers, he was more like a CEO who focused on the long-term success of his company and ignored the short-term fluctuation of the stock market.

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Emotional Intelligence 2.0 by Travis Bradberry and others

“Anyone can become angry–that is easy”

  • Print Length: 280 pages
  • Published: June 13, 2009
  • Read it on: August 2011
  • My Rating: 3 of 5 (doesn’t really say much that you don’t already know)

I stumbled upon this book while searching for interesting books on Amazon. Unfortunately, I fell for this trap again, I chose to read a book with a lot of good reviews–I never learn. This book is ok. Certainly does not deserve the 125 good reviews that gave it an average of 4.5 out of 5 stars.

Nevertheless, I did walk away with a hand full of aha moments. It is scientifically proven that we, humans, experience emotions in our brain before rational reasoning. Emotional Intelligence is the awareness of ones emotional states and those of others and dealing effectively with them when they arise. “Often, there is a big difference between how you see yourself and how others see you.” An important quality for success is being self-aware of “your ability to accurately perceive your own emotions in the moment and understand your tendencies across situations”. This last quoted statement summarizes the whole book.

“Anyone can become angry–that is easy. But to be angry with the right person, to the right degree, at the right time, for the right purpose, and in the right way, this is not easy.”

Overall, it is a good book for those who need to be reminded about how to behave in public while keeping their emotions and those of other in check. I wouldn’t give it high marks since most of its content is common sense. Any body who works with other people all day probably is already aware of most of the things that are said in this book.

Perhaps I’ve read enough self-help books up to this point and I should stop reading from this genre.

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