Category Archives: Articles

Articles by Bill Dahl

The New Masters of Capital – American Bond Rating Agencies and the Politics of Creditworthiness by Timothy J. Sinclair

A journey into a cavern of capitalism that is rarely explored.


 

The New Masters of Capital – Sinclair

The assessment of financial risk in society evolves. In this volume, one gets a guide to the inner working and evolution of Moody’s, Fitch and Standard & Poors. Yet, it is vastly more than that.

As Associate Professor of International Political Economy at the University of Warwick, Sinclair’s methodology and commentary are simply magnificent. With such a paucity of books authored on this subject, I searched and selected this volume. I am very glad I did.

The honesty that guides the author’s analysis is refreshing:

Rating, as it exists today, is not rocket science. It attempts to meld quantitative and qualitative variables that are not commensurate and therefore cannot be placed into an equation. It is crucial to understand this point for much of the commentary in the financial media passes over the inherent subjectivity of bond rating.  Ratings are not deducible. They reflect the application of rules of thumb. What follows from this observation is that ratings are judgments – the realization that ratings are actually more contestable than they may appear.” (emphasis is mine. p. 176).

In a society where quantitative modeling seems to lead to “leaving it to the experts” – the realization that subjectivity in risk assessment remains an all too often overlooked element within this reality. Sinclair’s chapter on Blown Calls (and the footnotes therein) are tangible evidence of this fact.

The chapter entitled “Unconscious Power” was absolutely fascinating. The ever-increasing global power that these entities exercise over humanity is an awareness that did not go unnoticed by this reader.

This book is a gem, crafted by an incredibly capable and insightful scholar. Timothy J. Sinclair is a superb guide.

I HIGHLY recommend it.


 

 

 

The Many Panics of 1837: People, Politics, and the Creation of a Transatlantic Financial Crisis by Jessica M. Lepler

Superb! Period!


 

Far too many financial histories inhabit the shelves and stacks that have one thing in common: an intellectual agenda in search of support. This work is a uniquely refreshing exception. It is a work that distinctly deserves the scholarly recognition it has received – from many, diverse audiences.

Lepler Many Panics

I enjoy reading in this subject area. This particular work was delicious for me for a myriad of reasons. Here are a few:

1. Linguistics – Lepler’s appreciation for the words, terms and phrases people used to describe their life experience was precious to me. It is too often overlooked by other authors.

2. The sheer depth and breadth of Lepler’s research was, to say the least, unique and vividly rewarding for her readers.

3. Lepler’s appreciation for the impact of “culture” was quite apparent – again and again – enlightening.

4. AGAIN – Far too many authors who write financial histories seem to have a thesis that they attempt to validate via the introduction of a supporting narrative – such is the human penchant to “be right” and get at “the truth.” Lepler’s methodology and multi-dimensional approach to the issue of “many” panics was terribly refreshing.

5. It was a pleasure to read a financial history book that was authored by a bonafide historian vs. an economist or a political hack with an agenda. The author’s objective dedication to her scholarly craft was apparent on every page.

6. The author’s critiques of other works were, in my opinion, “spot on.” I was grateful for the courage to say what she wrote.

7. I adored the characters brought to life. It made the book fascinating.

8. Lepler’s appreciation for epistemology was apparent throughout.

9. The author’s contributions from the “phrenology folks” were priceless.

10. Lepler’s focus on the impact of communication (or lack thereof) between persons, media outlets of the day, groups and organizations (and governments) is a fundamentally important dimension of the author’s contribution.

As Lepler states on page 253: “Even when economic events seem beyond the control of any individual, the shaping of their meaning remains within our grasp.” – How marvelously this work remained true to this statement – in every sense of the phrase.

My edition of the “Many Panics” by Jessica M. Lepler is marked up like a child writing with crayon on a kitchen wall. This book is a treasure for me and I have learned to become a better researcher and story teller because of it. It is simply VERY rare to have the privilege to devour and digest such a magnificent work. I sincerely hope that Lepler’s dedication to a tireless methodological approach for source documents will serve to inspire other historians and writers – and students – as this work inspired me. This work will occupy a prominent position in my personal library. I will refer to it quite often.

I HIGHLY RECOMMEND THIS WORK!!!


 

A Nation of Deadbeats by Scott Reynolds Nelson

When you read this book you garner a vastly deeper appreciation for the terms scholar, historian, research and story teller. You also are blessed with a unique narrative regarding the history of America’s financial disasters in the nineteenth century. I’ve done quite a bit of reading in this genre – and this book is a MUST READ.


 

A Nation of Deadbeats
I truly enjoyed this work. Actually, I became immersed in the narrative and learned more than I could have hoped.

This work has encouraged me to continue to “explore the places where maps have failed us…pushing along in the dark.” (p. 254). Yet, the historical evolution of U.S. capitalism that this work recounts, illuminated the absence of pre-existing maps from which to plot the path ahead. However, this work also revealed for me that man, at every juncture, with his seemingly eternal penchant for wealth and power, and organization – emerged, and injected itself at every opportunity.

For me, this book distinctly reinforced the incontrovertible evidence inhabiting the historical record; when you combine man and money, the emergence of mayhem is a matter of fact. Although we currently live in a time where our culture suggests that we know most everything, can control our environments, and predetermine outcomes of socio-economic (and geo-political) policies – I remain a healthy skeptic…particularly as it relates to ALL things economic. Again, this volume is a reminder to me to remain sensitive to the alerts from my “crap detector” (attached to my forehead, swiveling in a 360, 24-7 – and – solar powered). The “smugness” that inhabits our intellectual, social, economic and political discourse today remains, in my opinion, one of our most profound, enduring weaknesses – as a species – particularly as folks continue to espouse rigidly militant “certainty” about issues; past, current and future. I, for one, appreciate those who possess a high regard for questions vs. those who attempt to cram answers down my throat…as the author’s commentary at the end of the book, directed at his colleagues, elicited deeply appreciative smirks from this reader.

Yes, as some of the author’s final remarks in this book indicate, I too have ongoing concerns about the unregulated and mysterious miasma of rogue waves of capital that seemingly slosh between the shores of our globe…outside the cognitive awareness of the ordinary citizen…capital without margin (“margins impose safety”… p. 251), incalculable leverage, incomprehensible risk, and a source of instability whose magnitude and morph I remain acutely concerned with…as inertia continues to thrust us into places where maps are under construction…pushing along in the dark.…to a yet, unknown destination. Yet, the human motivations remain seemingly unchanged.

This particular work is profoundly appreciated by this reader. Thank you so very much Mr. Reynolds.

I highly recommend it.


 

2017 Oregon Feats of Strength

I had the opportunity to photograph some amazing athletes at the 2017 Oregon Feats of Strength in Prineville, OR. This annual event is presented by Dean and Dustie Munsey, and a horde of volunteers and sponsors. Dean is a lifelong,  well-known, highly regarded personal/strength trainer in Central Oregon and beyond.


 

Over 100 athletes competed from across the U.S. – including several international participants.

I have created two photo albums for this event. Simply click on one of the links below to get to the album. Then use SLIDE SHOW:

  1. 2017 Feats of Strength – Google Photo Album
  2.  2017 Feats of Strength – FLICKR Photo Album


 

A fantastic event!!! Sorry I couldn’t stay for the late afternoon competition. Get ready for next year NOW!

ENJOY!!!