|Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse
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In Meltdown, the free-market answer to the Fed-created economic crisis, New York Times bestselling author Thomas E. Woods, Jr., explains what led up to the current economic crisis, who's really to blame, and why government bailouts won't work.
- Thomas Woods is a staggering genius!
Thomas Woods gives a concise, clear account of how the Federal Reserve system is, and has always been, responsible for the economic pitfalls confronting America.
For anybody who is still in the dark about the Federal Reserve (who they are, what they do, why are they so secretive?) this book will explain it. Austrian Economics has been correct time and time again, and this book is no exception. Who should you listen to? Keynesians like Bernanke, Paulson, and Geither? Remember when Paulson said "The fundamentals of the economy are strong"? WAKE UP PEOPLE!
It's about time we get our country back on track, but before that can happen we need to educate the citizens one at a time. This book will help us accomplish just that.
- True to its subtitle
Thomas Woods wrote an excellent book that's true to the title of "A Free-Market look at why the stock market collapsed, the economy tanked, and government bailouts will make things worse". This is probably the ONLY free market look at such being that his book covers the business cycle and the Fed's responsibility in creating it.
Whenever somebody tries to talk to me about economics I always initially ask them what school of thought they subscribe to. While mostly I get a response of "Huh?!" if you get the responses back of "Keynesian" you don't listen to them. If you get back "Marxian" you don't listen to them. If you get back "Chicago [monetarist]" you still don't listen to them since they're proponents of government control of the money supply, but if they say "Austrian" then you absolutely listen to them about economics....more info
- Tom Woods: Let's Try Free Market Economics
March 23, 2009
BOOK REVIEW: 'Meltdown' Author: It's Time to Scrap 'Mainstream' Economics That Won't Work in Favor of Austrian School, Free-Market Approaches
"Those who cannot remember the past are condemned to repeat it." -- George Santayana, 1905, "Life of Reason, Reason in Common Sense"
By David M. Kinchen
Santayana's aphorism could be applied to the myriad of TARPs, bailouts, stimuli and other programs now being put into place by the federal government to solve the worst financial meltdown since the Great Depression, in the view of Thomas E. Woods Jr., author of "Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse" (Regnery, 194 pages, plus three-page foreword by Rep. Ron Paul, R-TX, $27.95).
Woods argues persuasively in this slim book that government intervention in the past -- including both Herbert Hoover's and Franklin D. Roosevelt's response to the 1929 stock market crash -- only prolonged the Depression. He points to the 1920-21 post World War I recession -- a "forgotten depression" that he says was worse than the current one -- which ended without the frantic moves by the Federal Reserve system that characterize the current recession.
He writes: "Not surprisingly, modern economists [translation: mainstream, Keynesian economists] who have studied the depression of 1920-21 have been unable to explain how the recovery could have been so swift and sweeping even though the federal government and the Federal Reserve refrained from employing any of the macroeconomic tools -- public works spending, government deficits, inflationary monetary policy -- that conventional wisdom recommends as the solutions to economic slowdowns."
A devotee of the Austrian School of economics and a senior fellow at the Ludwig von Mises Institute in Auburn, Alabama, Woods, who has a Ph.D from Columbia University, says that if you believe in the free market, you cannot support the Fed, "one of the most intrusive interventions into the market." Before the Federal Reserve Act was passed during the Wilson Administration in 1913, free market economic approaches limited panics, depressions and recessions to relatively short durations, Woods argues -- and he supplies succinct descriptions of past meltdowns.
If you don't want to go all the way back to 1920-21, how about what the Japanese call the "lost decade," the period of the 1990s when the Japanese government used all of the approaches we're told are necessary in the U.S. to spend the way out of a similar meltdown, driven by many of the same elements, including a massive real estate bubble.
"Ask Japan how their trillions of yen economic stimulus packages worked for them," Woods says. "They still haven't recovered from their government's intervention 18 years later." Interventions in Japan included pouring more concrete to build unneeded roads than the U.S., in a country with a fraction of the land mass of the U.S. and less than half the population.
What the heck is the Austrian School of economics? Wikipedia says: "Austrian School economists advocate the enforcement of voluntary contractual agreements between economic agents, but otherwise the smallest imposition of coercive force (especially government-imposed) on commercial transactions.
"Although often controversial, the Austrian School was once influential dating back to the early 20th century...The Austrian School derives its name from its predominantly Austrian founders and early supporters, including Carl Menger, Eugen von B?hm-Bawerk and Ludwig von Mises. Prominent Austrian School economists of the 20th century include Joseph Schumpeter, Henry Hazlitt, Murray Rothbard and Nobel Laureate Friedrich Hayek... The Austrian School now lies outside the mainstream."
Lying outside the mainstream is no problem to Woods, author of "The Politically Incorrect Guide to American History" and a senior fellow at the Ludwig von Mises Institute in Auburn, AL.
By following the principles of "mainstream" economics -- he has particularly harsh words for New York Times columnist Paul Krugman, a mainstream economist at Princeton University -- the government and the media created the myth that people should not question the government's response -- whether it be the Bush Administration's rushed through bailouts of last summer and fall, or the current Obama Administration's trillion dollar measures -- but leave it up to experts, Woods says.
Perhaps the most radical proposal in "Meltdown" is Woods' suggestion that the Federal Reserve system should be scrapped, along with government involvement in mortgage institutions like Freddie Mac and Fannie Mae. He is supported in this by Ron Paul, who writes in the foreword: "The Federal Reserve and its manipulation of money and interest rates have failed."
Woods says: "If you believe in the free market, you cannot support the Fed, one of the most intrusive interventions into the market. If you believe in the free market, you cannot support central planning of money, the very lifeblood of the economy. If you believe in the free market, you cannot support government price-fixing, including the fixing of interest rates."
Speaking of money -- and it's particularly appropriate in light of all the gold and silver promotions seen on TV commercials these days -- Woods would like to see a return to gold and silver as a basis for money. No, he doesn't want a return to the gold standard that existed in the U.S. prior to 1933; instead he wants gold and silver to be one of the choices people in a free market economy can select. Already, he writes in his chapter on money several institutions marketing precious metals have issued debit cards -- what most people use nowadays anyway -- to access the gold or silver they own.
Woods quotes free-market economist Henry Hazlitt, who "in saner times wrote editorials on economic topics for the New York Times": "The tremendous merit of gold is, if we want to put it that way, a negative one: it is not a managed paper money that can ruin everyone who is legally forced to accept it or who puts his confidence in it. The technical criticisms of the gold standard becomeutterly trivial when considered with this single merit."
The ideas in "Meltdown" will sound extreme to anyone immersed in mainstream, Keynesian economics, but supporters of the Austrian School can justly say that if a system doesn't work, it's time to consider alternatives. After all, one definition of insanity is doing something that has failed in the past, expecting a different result this time.
"Meltdown" is a jargon free, mathematics formula free approach to a form of economics that makes sense to people, once they read about it and learn its principles. Woods provides a list of resources in his book, which includes notes and and index. As a supporter of libertarian economics -- and someone who would like to see Fannie, Freddie and the Fed disappear -- I recommend this book without reservation.
- Understand what's becoming of your liberty---and your money
Thomas E Woods does a marvelous job explaining the repeated folly of government intervention in general, and the monetary tyranny of the Federal Reserve in specific. Woods' book helps ordinary Americans wrap their brains around the dynamics responsible for our economic crisis. He does so with easily understood examples and brilliant reasoning. Great book! ...more info
- Their "Meltdown" - but Our Chance to Re-Shape it.
On Saturday, May 23 2009, the Drudge Report informed us of what they said was a "sobering holiday interview" with C-SPAN. It said, Steve Scully broke from a meek Washington press corps and asked the President, "You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?" President Obama boldly told Americans: "Well, we are out of money now. We are operating in deep deficits ... So we've got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue...." You can easily read the rest yourselves.
The question so many of us Americans have is, "Well, why do we keep spending?"
I believe that, as a people, we are quickly getting fed up with these answers and the increased spending, neither of which has produced favorable results. Although many might not be able to fully articulate it, most Americans do not feel the country is going in the right direction. The Rasmussen Reports confirm this. This strongly suggests that their representatives in Washington are not acting in their best interests and those of the future generation(s) that will have to pay for this mess.
Where does a people, who do not grasp the essence of economics, go to begin to learn the essentials and the language and the issues necessary to speak their mind? One place to start is with Thomas Woods' new book, Meltdown. It is written for the majority of us who are not experts and have no training in this area. In a Book Review by The New American Magazine, author Charles Scaliger addresses the matter succinctly, "Economics a hot topic in Meltdown: today's hard times are prompting people to learn more about the forces that drive our economy, and Thomas Woods' Meltdown offers an entertaining way to do just that."
Just for instance, take the matter of "spending" and what it does. Woods embraces things which we have held sacred, like the Federal Reserve, and gives us an education on spending, printing money and interest rates. He concludes that the Federal Reserve bears a large part of the blame for the mess we're in. He sketches the boom and bust cycles that we've experienced in a very understandable way. He shows how government policies and its intervention "create" climates that lead away from recovery, continuing to worsen rather than stimulate the economy.
Woods' ideas are not original, but his presentation of them very good. They come down to us from well-known names in the Austrian School of economics and the thoughts of Ludwig Von Mises (see his work, Human Action: A Treatise on Economics) and Hayek. Disciples of theirs are not lacking, like Ron Paul and Woods himself. I said "well-known," but they were new to me, and may be to you. They are worth looking into. It shows why Ron Paul had such a vibrant following in our 2008 election. It's a pity that too few of us knew what his real message was. It has forced me to go back and read his pre-election book, The Revolution: A Manifesto. It was hardly a waste of time. Just look at the reviews he has received on Amazon.
I was not a stranger to Thomas Woods. I found and read his book, How the Catholic Church Built Western Civilization, about 4 years ago. I believed it was based on excellent scholarship. He was reporting facts, many of which, I was already familiar. I could trust him. This same intellectual approach underlies his writing of Meltdown.
If you are like me, you feel that you need to be re-educated to take a position in our country's future. As far as economics is concerned, Meltdown is a good place to start.
I am not sure why it is, but most American's seem to have forgotten what this book puts in plain English; America is a Free Enterprise economy. I learned this in grade school economics class, but it appears it is no longer taught and our political leaders really don't want to recall what makes this nation so great; supply and demand. This book is a good read, if nothing else to remind us of the hazards of government intervention. I, for one, am tired of paying for other peoples mistakes and I won't go into my feelings about our so called elected officials who are supposed to represent us....more info
- Read the Prequel first
This is an excellent analysis of the Millennial Meltdown from the point of view of the Austrian school of economics (Von Mises, Hayek). To get a really in depth understanding of how we got into the current economic/financial catastrophe, read The Dollar Crisis: Causes, Consequences, Cures , Revised and Updated first. Taken together they present an in depth description of the unfolding of events, economic errors and warning signs that have culminated in the terrible situation we are facing today. Unfortunately there is no easy way out and the path ahead is rife with danger (See The Fourth Turning, esp. chapter 12)....more info
- We are all Keynesians now---NOT!
One cannot improve on the review of this book, which is the introduction by Dr. Ron Paul. Woods, in a short space, unravels the fibers of this "crisis not to be wasted", which the experts on CNBC can't seem to get their minds around. He stands proudly on the shoulders of Mises, Hayek, Rothbard et al and sees the hard truth.
Whether it be Fed Reserve quantitative easing, Fannie and Freddie's shenanigans, too big to fail(the Greenspan Put), moral hazardous mortgage modifications, etc.; Young Tom explains why the government cure does nothing but harm the patient. It's the Fed, Stupid!
A truly topical discussion point is the explanation of the Panic of 1907. It is the Panic that apologists for The Fed use as justification for the "lender of last resort". After having read it carefully, I understand better the Rothbardian conclusion: the Fed issues prolonged and nationwide recessions and depressions; in order to avoid the brief and regional effects of bankruptcies. That's its quintessential task.
I admit this was a slow read for me, because it is disconcerting to be shown how easily this boom and bust could have been prevented.
In a nation in which envy is a virtue, this book is a must read. Alas, one more thing Keynes was wrong about: in the long run, we weren't all dead. Some of us are alive and not so well in WhimBamWay.
- I wish Congress and the President would read this book
Every politition braying about spending our way out of the crisis we are in needs to read this book. The examples used in the book to explain basic economics are wonderful. Simple, yet powerful. I loved it....more info
- Excellent and very readable synopsis
This is very concise and readable and yet fully explains the basics of economics and government spending and intrusion. I am somewhat new to this topic and had no trouble following the arguments. I only wish that we could get every member of Congress and the Executive Office to read it....more info
- A good explantion of asset bubbles
This is an explanation of the recent economic crash in terms of the capital model of F.A. Hayek and Ludwig von Mises, collectively known as the Austrian School. The basic argument is that money created by a central bank, our Federal Reserve, without backing by a real commodity such as gold, must inevitably lead to inflation of capital assets. In this case it was residential housing, but it could have been internet stocks, railroads or tulip bulbs. In the recent case, the money injection started in 2000, and was accelerated in 2001 after 9/11, both times with the objective of avoiding a recession. The bubble built up a few years later and only recently burst, as it must.
The infamous Community Reinvestment Act, complex derivatives, and fractional reserve bank lending are all shown to have contributed, but the driving force is central bank fiat money. In short, "Creating new money doesn't create any new stuff."
The argument that the US suffered violent economic cycles in the laissez faire markets of the nineteenth and early twentieth centuries from which we have been spared by the wise actions of the Fed and counter cyclical federal spending is demolished in two ways. First, these periods were characterized by frequent overzealous lending of fiat money, sometimes by private banks, sometimes by banks set up by the government, and it doesn't matter who creates the bogus money. Second, much of the economic history of the period is stated in terms of nominal dollars, and in some periods, when the money was actually stable while production increased, nominal prices fell, as they must. Even though everyone was becoming richer in terms of real goods, the nominal values seemed to be declining, so the period was reported as a depression.
Some of the hoary myths about the Great Depression of the 1930s are debunked. First, for political reasons, the whole thing is blamed on the laissez faire policies of Herbert Hoover. This is exactly wrong because Hoover was in fact an economic activist, which is how he contributed to the problem. An earlier recession, in 1920, could have been as bad except that the government then let the economy correct itself, and we never hear of it. The claim that World War II and its massive government spending was what lifted the country out of depression is false because the apparent prosperity of the war period is a result only of the nominal gross domestic product, which included production of war material, rising while wartime restrictions prevented real people from buying freely. After the war, even though total GDP fell, real people in the private economy experienced one of the great growth spurts of history.
Explanations of past economic history are the strong point of the book, and by extension, of the Austrian School of Economics. When it comes to prescriptions for future policy, they are rather weaker, though promising. The basic policy prescription is to abolish the Federal Reserve Bank and let private banks issue their own monies, which would compete in an open market. The best money would be based on a real commodity such as gold. Since the amount of gold available would probably not keep up with a growing world economy, nominal prices would fall. In principle, the Austrians claim, this shouldn't matter because all incomes and prices would fall together, just as in the case of inflation they should all rise together. Either way, though, long term planning and contracts are made more difficult than if the value of money can be made stable.
The political problem with a "real money" policy is that in a period of falling prices lenders befit, while in a period of rising prices borrowers benefit; and there are more borrowers.
Even with the weaknesses noted here abut future policy; this book is a very readable and sound explanation of our current problems, and is a good beginning for a discussion of new policies to avoid such problems in the future.
- Ponzi - like scheme created by government's meddling.
Great book, written so that most people can understand with eye-opening consequences and it answers the questions about how this economy collapsed.
Greed, Wall Street, or whatever couldn't explain why all of a sudden greed was given free rein and why the collapse affected everyone at once. Remember the past, when a bank or business that failed, by not making financially sound decisions, only hurt a very small localized group, and remember when it wasn't so easy to get a home loan or credit card unless you passed all the strict guidelines and there also were financially sound limits based on your income.
The economic bubble was and is like a national and international Ponzi scheme (because it was based on the artificial and manipulation) created by government and politicians meddling, They don't have a clue about business or economics,don't have monetary/budget limits and care more about their special interests. Some meddling was due to good intentions, but the results were horrible for even the original people they were trying to help.
What happened to the investment advice of not putting all your investment eggs in one basket? That is what government did, and is still trying to do when they want to nationalize or globalize things. It's very scary, because it allows failing policies to affect a greater amount of people and countries and allows dictators or groups of them to easily take over the system that already has been put in place by the idiots currently in charge. The idiots are our government, the U.N., etc.
I also recommend the book: The Housing Boom and Bust
Don't let the mainstream media keep you ignorant or misinformed....more info
- The Real Story
Complete and thorough analysis of the current financial crisis. Very thought provoking. Explains what the politicians are not explaining....more info
- The Truth Speaks
A book has never made more sense, or have brought clarity to the "wtf" that just happened to the economy. Uses layman's terms, but depending on your knowledge of the economy, you may need to do additional research. If someone is reading this review, and knows of another book that takes a different position, please let me know, and I'll read that, too....more info
- What An Eye-Opening Book!
I had never heard of the Austrian School of economic theory prior to reading this book. What an eye-opening book this was! I'm a 54 year-old Engineer and this will be the first book I have ever deemed worthy of reading twice. Too bad that our Government does not want to believe in diversity of thought regarding economics. Instead they would rather continue to print money and extend credit in order to try to win votes and gain more power....more info
- Layman's book to understanding the "meltdown".
This is the first book I read by Tom Woods and was very pleased with the read.
The only explanation for the recent financial crisis we have been given from politicians is that it was caused by the greed of a few. Opposition opinion has been non-existant. However, what can we expect with opposition leaders like George W. Bush and John McCain, whose intellectual capacity is equivalent to that of a block of cheese.
Few have bothered to ask how greed translates into economic terms. One would think this would be an assumption in an open and honest discourse. If the explanations of our leaders are to have any integrity at all, it is important that they explain how this greed translates economically, as economics is one of our most important social studies.
In this book, Tom explains the real causes of the recent crisis in economic terms that even the layman can understand. The text is thoroughly explained and well cited. The part of the book I found interested was Tom's examination of the causes of economic bubbles from a historical perspective. Tom showed how these bubbles continually reoccur due identical causes to which we turn a blind eye.
Meltdown was a fairly quick, eye opening read. There are many hard hitting facts that will make any open minded person in pursuit of the truth question the explanations they have been given....more info
- I wanted to hate this book.
I'm a libertarian and firm believer in Austrian economics, so perhaps I had a bit of foreknowledge going into this book. I enjoy Woods writing style, but the book seemed so topical to the current crisis that I was expecting to dislike it. We see so many throw-away books during the political campaign seasons that I was expecting this to be another throw-away that was relevant only to a short window of time. I can say that there were a few aspects that he threw in to try an keep it relevant to current events, but as a whole there is a lot more to this book than the immediate crisis.
The book is light overall, glosses over a few things and repeats a few ideas for what seems to a bit of padding to the length. However, I must say that it was well researched with a lot of quotes and factual analysis. He notated and sourced nearly all of his facts, topped it off with an index for easy reference to specific points. These additional features really turned this into a 5 star book for me. Despite it's brevity, it's something I have referenced back to a few times already, since it hits a lot of the major points that are debated today.
This book isn't perfect and it's not the end all be all to understanding Austrian theories, but it's a damn nice start. I have seen the author respond to a few comments here and I would suggest that for his next book, that he repeats the extensive notion style and indexing as he has done here and I'll be a fan of his for life....more info
- Good Information, but too pushy
Meltdown gives the average reader an insightful, free-market look into the current recession. The book flows fairly well from one topic to another, however, the author's condescending attitude towards mainstream media and economists lowers the overall standard of the read. Woods does do a good job of presenting his case to the reader, using adequate historical references and connecting them with the causes of the recession, however, he is incredibly pushy when makes suggestions and over quotes Von Mises (after the first few chapters "according to Von Mises.." and as "Von Mises said" gets old)....more info
- Great work
There have been many glowing reviews, so I won't rehash the points made in them here. I will only say that Dr. Woods has really pulled together a lot of great information and arguments in a short book and explained some difficult concepts in plain, yet exact language. He has done his homework over the years and with respect to the current crisis and it shows.
I have a couple quibbles which are minor in the scheme of things but should be considered if the book is updated down the road.
There is a great emphasis on the culpability of the Fed, as there should be. Yet the more fundamental problem is fractional reserve banking. Central banking compounds and exacerbates the problem greatly, but is not the core problem. This issue is addressed but one could miss it with so much emphasis on the Fed.
In the section on Deflation, there is a point made which seems to contradict an argument made earlier. Woods seems to be saying that entrepeneurs can anticipate a contraction of the money supply in their pricing, yet earlier he argued that, for various reasons, entrepeneurs cannot simply compensate for the effects of inflation in their calculations in the boom phase.
That said, these are small issues in relation to what is a truly excellent and important book. It is a must read. And the intellectual honesty (and non-partisanship) that pervades it means that both liberals, conservatives, and others will profit from reading it, rather than seeing it as simply an exercise in preaching to the choir or in gratuitous bashing of one's enemies....more info
- Great Overview of the Bailout of 2008 and Sound Money
If you want a quick overview of the reasons of the economic downturn and the reasons why, get this book. If you want an overview of sound money, get this book....more info
- Precious !
After reading this book, you will know the free-market is not to blame for the current financial crisis because its ultimate causes lie elsewhere: bad politics and the mess created by the Fed....more info
- Economic Truth Revealed
This is an excellent book. It effectively cuts through the usual economic lies and distortions in vogue and slavishly echoed by our managed media, and illuminates the true causes of our current economic debacle. Economics, like any subject, is based on natural law and those laws are simple in the way that truth is always simple. However historically this subject has been intentionally obfuscated with false data and complications in order to be successfully employed by the few in their tireless efforts to subjugate and enslave the many--as in you, me, us and ours.
Booms, busts, these phenomena are scientifically created at will by financial mechanisms institutionalized into our economy in the early part of the 20th century. In this well written, concise, illuminating and easily readable book, Mr. Woods ably exposes some of the basic economic falsehoods that have only served to bring about our current economic "meltdown" and, worse, are now being touted by those who created this this mess as our only desperate solution for getting of it--which as Mr. Woods aptly demonstrates will only manage to prolong it.
The only way to ultimately stabilize and straighten out our economic lives is for enough of us to disabuse ourselves of the lies and complexities presently and historically employed to weave the suppressive economic web that so entangles us. This book is a great starting point for that....more info
- Great explanation of the current economic situation
The book explains how we came to the current economic situation and how the government and fed are actually making it worse rather than better. Much of what is presented is common sense - you can't make 700 Billion dollars out of thin air and bailout sick companies and expect that to fix things. It's interesting to see people say that the current economy shows the failure of capitalism and the free market when the government has really intervened in both and not let the market regulate itself. We're definitely in for some interesting times ahead if the government and fed don't leave the economy alone....more info
- If you truly want to understand, then read
It could not be any easier to understand than this. So, if you truly want to know why our economy is in such a mess and what we need to do about it, then read "Meltdown." ...more info
- I Didn't Learn This in College
The "Austrian School" of economics deserves more respect and exposure. We have placed the chairmen of the Federal Reserve on a pedestal and even called one of them "Maestro." After reading Meltdown, the pedestal collapsed as if it was made of sand. This book challenges assumptions that should be challenged....more info
- An Easy Education in Economics
Meltdown by Thomas Woods. A superb, understandable analysis of the causes of the current economic crisis and the effects of the government actions taken to solve the problems. ...more info
- Review of "Meltdown" by Thomas Woods Jr
One nice thing about books like this is that they teach you things you will likely never hear on TV or even most sites on the internet. If you listen to our leaders in Washington DC, you would think that they possess some kind of magical, divine inspiration that can solve all our problems. The truth however, appears to be that those in Washington DC are most likely the CAUSES of many of our problems, particularly in the financial arena.
I liked the way Mr Woods wrote in terms that I could understand. I am not a CPA or PhD in economics, but I did get a little of it as an undergraduate. Did you know, for example, that we had a fairly serious depression from 1920-1921 that we "solved" in about a year, *without* help from the government? Did you know how "money" got started? Do you believe that FDR's government programs were the solution to the Great Depression? If you do, this book will surprise you!
If you're a Keynesian economics person, and you feel that the Federal government truly wants to help all of us and actually *knows* the solution to our problems, then you may have a tough time accepting what Mr Woods has to say. That's the nature of economics: people develop different opinions about what should or should not be done.
Anyway, I enjoyed the book and I think 95-99% of Amazon's readers will also. Two thumbs way up!...more info