Category: Books

Could Principled Investors Make the Walt Disney Company Great Again?

Robert Nozick defended firms that maximize profits subject to ethical side constraints. Presumably the ethical side constraints include not capitulating to totalitarian governments that suppress free speech. The recent “meme” investors in GameStop and AMC sparked in me the question whether principled investors loyal to ethical side constraints could return the Walt Disney Company to the principled greatness of Walt Disney, the man?

(p. 1) It has been a year since Mat Bowen, who was the pastor of a small church in Gibson City, Ill., had the dream — the one where Elon Musk, the head of Tesla, urged him to buy Dogecoin.

Mr. Bowen had just begun to dabble in investing. He soon discovered WallStreetBets, the online forum on Reddit where throngs of small investors were plotting to buy shares of GameStop, the troubled video game retailer, in a bid to teach Wall Street a lesson. Some hedge funds had bet that shares of GameStop would fall. Instead, they took off, as the investors banded together last January to drive the price up more than 1,700 percent.

Caught up in the frenzy, Mr. Bowen bought GameStop, too. In July [2021], he quit the church to become a full-time trader, convinced he was joining a fight against financial injustice.

The beliefs underpinning last year’s meme stock phenomenon are stronger than ever. For a large number of individual investors, the stock market has become the battleground on which they join forces to right perceived wrongs and fight the powerful. So much so that when the stock market seesawed this past week, many small investors were undeterred. Falling prices were another opportunity to buy more shares of their favorite companies.

“The reason I am still in this, and the reason I am willing to ride these stocks to zero, is for my fellow citizens,” said Mr. Bowen, who received his master’s degree in divinity (p. 7) at the Princeton Theological Seminary. He cast the so-called meme stock fight in moral terms. “The battle of good versus evil is not just limited to the walls of a church or a synagogue or a mosque,” he said.

. . .

Jesus Gonzalez was drawn into the meme stock trade by what he saw as a power imbalance. Mr. Gonzalez, 22, had invested in stocks off and on as a teenager, but “AMC and GameStop are different from any other play in the stock market,” he said. “We have never seen a congregation of retail investors who have collectively come together on the internet and formed the largest, most powerful decentralized hedge fund in the world.”

Mr. Gonzalez, who graduated from Arizona State University with a bachelor’s degree in finance last month, is buying more shares of GameStop and AMC, even though his $220,000 portfolio is off 37 percent from its November [2021] high, he said.

His 34-year-old sister, Ruby Gonzalez, a behavioral health therapist who works at Phoenix Children’s Hospital and is studying to become a nurse, followed her brother’s lead and invested most of her savings in the two companies. “I want to change market manipulation,” she said.

For the full story, see:

Tara Siegel Bernard, Emily Flitter and Anupreeta Das. “How GameStop Turned into a Fight for Good vs. Evil.” The New York Times, SundayBusiness Section (Sunday, January 30, 2022): 1 & 7.

(Note: ellipsis, and bracketed year, added.)

(Note: the online version of the story has the date Jan. 29, 2022, and has the title “Buy GameStop, Fight Injustice. Just Don’t Sell.”)

Robert Nozick’s libertarian masterpiece is:

Nozick, Robert. Anarchy, State, and Utopia. New York: Basic Books, Inc., 1974.

Expert Medical Advice Often Flip-Flops

(p. D6) A History of Medical Flip-Flops

Shifting medical advice is surprisingly common, and it tends to fall into three categories: emerging guidance, replacement advice and reversals.

Emerging guidance comes during times of crisis — like pandemics — and is destined to change quickly. In the past several months, guidance about the best way to treat Covid patients, masks to prevent transmission and the limits of vaccine protection have all shifted as knowledge of the coronavirus and its variants has evolved.

Sometimes it’s hard to tell the difference between replacement advice, which is issued when research improves on advice that came before it, and a full reversal, which comes about because a common medical practice got ahead of the science and never actually worked or even caused harm. Here are some examples of true medical flip-flops in recent years.

MENOPAUSE HORMONES TO PROTECT THE HEART: In 2002, decades of advice about the heart benefits of menopause hormones seemed to change overnight when a major study called the Women’s Health Initiative was halted after researchers detected more heart attacks in the women taking hormones. In hindsight, doctors had misinterpreted data from observational research. The current advice: Hormones can relieve menopause symptoms but shouldn’t be used for chronic disease prevention.

VIOXX AS A LOWER-RISK ARTHRITIS TREATMENT: In 1999, the Food and Drug Administration approved Vioxx as a breakthrough pain reliever because it lowered the risk of gastrointestinal problems. But by 2004, Merck had withdrawn the drug because studies showed it significantly raised the risk of heart attack.

ARTHROSCOPIC SURGERY ON AGING KNEES: For years, the partial removal of torn meniscus tissue was the most common orthopedic procedure in the United States, with about 700,000 performed a year. In 2013, a researcher in Finland compared the operation to a “sham” procedure and found there was no benefit. Most doctors now recommend physical therapy instead.

VITAMIN MEGADOSES TO LOWER CANCER AND HEART RISK: For years, doctors believed various vitamins could lower risk for cancer and heart disease, but a number of studies showed just the opposite. A study of beta carotene and vitamin A found that the supplements actually increased the risk of lung cancer in male smokers. A study of vitamin E and selenium, thought to protect against prostate cancer, increased risk for the disease.

STENTS FOR STABLE HEART DISEASE: Doctors used to insert stents — tiny wire mesh tubes that prop open arteries — in millions of otherwise stable patients with heart disease. A study found that the surgical procedure was no better than drug therapy for preventing heart attacks.

Dr. Vinay Prasad, associate professor at the University of California San Francisco, and Dr. Adam S. Cifu, a professor of medicine at the University of Chicago Department of Medicine, coined the term “medical reversal” and concluded that about 40 percent of common medical practices that they reviewed turned out to be useless or harmful. In their book, “Ending Medical Reversal: Improving Outcomes, Saving Lives,” they noted that most of these failed treatments were initially embraced because they were based on logical reasoning.

“The thing that’s often behind reversal: All of these things have a good story, they have good pathophysiological rationale,” Dr. Cifu said. “They should work. But things only work if they’ve been shown in people to work, and people are so complicated.”

For the full story, see:

Tara Parker-Pope. “Shifting Medical Advice Is a Feature, Not a Bug.” The New York Times (Tuesday, November 2, 2021): D6.

(Note: the online version of the story was updated Oct. 24, 2021, and has the title “Is the New Aspirin Advice a Medical Flip-Flop, or Just Science?” The paragraphs on menopause hormones to protect the heart and on vitamin megadoses to lower cancer and heart risk appear in the online version, but not in the print version.)

The book co-authored by Prasad and mentioned above is:

Prasad, Vinayak K., and Adam S. Cifu. Ending Medical Reversal: Improving Outcomes, Saving Lives. Baltimore: Johns Hopkins University Press, 2015.

Johan Hultin Self-Funded Trip to Find 1918 Flu Virus in the Permafrost

(p. B9) Dr. Hultin’s quest to find victims of the 1918 flu was sparked in 1950 by an offhand remark over lunch with a University of Iowa microbiologist, William Hale. Dr. Hale mentioned that there was just one way to figure out what caused the 1918 pandemic: finding victims buried in permafrost and isolating the virus from lungs that might be still frozen and preserved.

Dr. Hultin, a medical student in Sweden who was spending six months at the university, immediately realized that he was uniquely positioned to do just that. The previous summer, he and his first wife, Gunvor, spent weeks assisting a German paleontologist, Otto Geist, on a dig in Alaska. Dr. Geist could help him find villages in areas of permafrost that also had good records of deaths from the 1918 flu.

After persuading the university to provide him with a $10,000 stipend, Dr. Hultin set off for Alaska. It was early June 1951.

. . .

He removed still-frozen lung tissue from the victims, closed the grave and took the tissue back to Iowa, keeping it frozen on dry ice in the passenger compartment of a small plane.

Back in the lab, Dr. Hultin tried to grow the virus by injecting the lung tissue into fertilized chicken eggs — the standard way to grow flu viruses. He was caught up in the excitement of his experiment, he said, and had not thought about the possible danger of introducing a deadly virus into the world.

“I remember the sleepless nights,” he said. “I couldn’t wait for morning to come to charge into my lab and look at the eggs.”

But the virus was not growing.

He tried squirting lung tissue into the nostrils of guinea pigs, white mice and ferrets, but again he failed to revive the virus.

“The virus was dead,” he said.

Dr. Hultin never published his results but bided his time, working as a pathologist in private practice in San Francisco and hoping for another opportunity to resurrect that virus.

His chance came in 1997, when, sitting by a pool on vacation with his wife in Costa Rica, he noticed a paper published in Science by Dr. Jeffery K. Taubenberger, now chief of the viral pathogenesis and evolution section at the National Institute of Allergy and Infectious Diseases.

It reported a remarkable discovery. Dr. Taubenberger had searched a federal repository of pathology samples dating to the 1860s and found fragments of the 1918 virus in snippets of lung tissue from two soldiers who had died in that pandemic. The tissue had been removed at autopsy, wrapped in paraffin and stored in the warehouse.

Dr. Hultin immediately wrote to Dr. Taubenberger, telling him about his trip to Alaska. He offered to return to Brevig to see if he could find more flu victims.

“I remember getting that letter and thinking: ‘Gosh. This is really incredible. This is amazing,’” Dr. Taubenberger said in an interview this week. He thought the next step would be to apply for a grant for Dr. Hultin to return to Brevig. If all went well, Dr. Hultin might go back in a year or two.

Dr. Hultin had a different idea.

“I can’t go this week, but maybe I can go next week,” he told Dr. Taubenberger.

He added that he would go alone and pay for the trip himself so that there would be no objections from funding agencies, no delays, no ethics committees and no publicity.

. . .

Using the tissue Dr. Hultin provided, Dr. Taubenberger’s group published a paper that provided the genetic sequence of a crucial gene, hemagglutinin, which the virus had used to enter cells. The group subsequently used that tissue to determine the complete sequence of all eight of the virus’s genes.

. . .

Before results from the study of the Brevig woman’s virus were published, Dr. Hultin asked the villagers if they wanted the village to be identified in a news release and a journal article. They might be besieged by media. “Maybe you won’t like that,” he warned them.

The Brevig residents came to a consensus: Publish the paper and identify the village. Dr. Hultin was listed as a co-author.

For the full obituary, see:

Gina Kolata. “Dr. Johan Hultin, 97, Whose Work Helped Map 1918 Pandemic, Dies.” The New York Times (Friday, January 28, 2022): B9.

(Note: ellipses added.)

(Note: the online version of the obituary was updated January 28, 2022, and has the title “Johan Hultin, Who Found Frozen Clues to 1918 Virus, Dies at 97.”)

Gina Kolata devotes a chapter to Hultin’s search for the 1918 flu virus in her book:

Kolata, Gina. Flu: The Story of the Great Influenza Pandemic of 1918 and the Search for the Virus That Caused It. New York: Farrar, Straus & Giroux, Inc., 1999.

Even in Old Age Miner George Hearst Retained His “Tenacity, Demon Energy and Genius”

(p. A15) George Hearst was famous for discovering metals—copper, silver, gold—but he liked any mineral he could pull out of the earth. New Year’s Eve 1889 found him far from his San Francisco home, in West Virginia’s coal country. “We found the coal veins all right,” said Hearst’s traveling companion, T.J. Clunie, a young California state senator. “The samples were fine, the price was low, and I expected to see Hearst snap at the offer.” But Hearst was hesitant. “I don’t like to buy a pig in a poke,” he said. “We had better crawl up and see that coal for ourselves before we discuss the price.” That meant scaling a 3,000-foot hill.

At the summit Hearst found a vein of coal, hacked out a chunk, and set it on fire. The flame sputtered and died in seconds. He tossed the lump aside and went looking for another. He found a different vein, hacked out another piece and ignited it. This one burned steadily for 10 minutes, Clunie recalled, while Hearst watched it “as a mother does her first-born.” Hearst scrambled back down the hill and bought the vein. He was 69 years old.

Stomach cancer would claim Hearst barely a year later, but as Matthew Bernstein demonstrates in “George Hearst: Silver King of the Gilded Age,” the old miner went about his work right to the end with the same tenacity, demon energy and genius for finding what he was after that had made him one of the richest men in the American West.

. . .

Hearst did occasionally interrupt his prospecting. On a visit home to Missouri, the 40-year-old prospector fell for an 18-year-old named Phoebe Apperson, and married her in 1862. It was a happy match—he certainly wasn’t around enough to get on her nerves—and they produced one child, William Randolph Hearst, who would embed himself in the national memory even more deeply than his father.

. . .

. . ., there is a warmth to the man that makes him good company throughout the book, and charm in his downright language, as when he said, “When I was young I had very strong religious views, and was brought up to a thoroughly orthodox way; but after leaving home my ideas got broader, and on studying these things for myself, without any influence from parents, or ministers, I came to the conclusion that I knew just about as much about it as anybody, and I knew nothing.”

For the full review, see:

Richard Snow. “BOOKSHELF; A Head For Metals.” The Wall Street Journal (Monday, Dec. 13, 2021): A15.

(Note: ellipses added.)

(Note: the online version of the review has the date December 12, 2021, and has the title “BOOKSHELF; ‘George Hearst’ Review: A Head for Metals.”)

The book under review is:

Bernstein, Matthew. George Hearst: Silver King of the Gilded Age. Norman, OK: University of Oklahoma Press, 2021.

Technology Behind the Telephone Was Originally Intended to Aid Transcribing Telegraph Messages

(p. C5) Thomas Alva Edison’s self-proclaimed greatest invention, the phonograph, won him overnight fame.  . . .

In February 1877, the same month that saw Edison turn 30 and show his first streaks of silver hair, he and his fellow inventor Charles Batchelor began a new series of experiments on what they called, variously, the “telephonic telegraph,” the “speaking telegraph” and the “talking telephone.” This confusion of names would last as long as Americans took to adjust to the startling notion that an electrically transmitted message did not necessarily have to be transcribed.

It was beyond even Alexander Graham Bell’s imagination that people might one day use the telephone just to chat. As far as Edison was concerned, Bell’s invention was a device to speed up the process of turning words into pulsations of current, then turning the pulsations back into words at the other end—words intended to be heard only by a receiving operator, who would then (as Edison had done thousands of times as a youth) copy out the message for delivery. Hence the telephone really was, for all its crackly noise, telegraphic in function.

. . .

“Kruesi—make this,” Edison recalled saying to John Kruesi, his Swiss-born master machinist, giving him a drawing of a mounted, foil-wrapped cylinder, with a handle on one side to turn it, and a vibrant mouthpiece projecting a stylus that just touched the surface of the wrap. “I told him I was going to record talking, and then have the machine talk back,” Edison wrote. “He thought it absurd. However, it was finished, the foil was put on; I then shouted Mary had a little lamb, etc. I adjusted the reproducer, and the machine reproduced it perfectly….I never was so taken aback in my life.”

What awed Edison beyond any other thought was that the moment did not have to be a moment; it could be a century, if the foil and the stylus were preserved; and then in 1977, if some unborn person turned this same handle, the voice of a man long dead would speak to him. No wonder that Kruesi, listening with incredulity to the thing he had made talking with Edison’s voice, exclaimed, “Mein Gott im Himmel!” (My God in heaven).

All those who heard the miraculous machine in the ensuing months, from the president of the U.S. on down, reacted with equal disbelief. Since the dawn of humanity, religions had asserted that the human soul would live on after the body rotted away. The human voice was a thing almost as insubstantial as the soul, but it was a product of the body and therefore must die too—in fact, did die, evaporating like breath the moment each word, each phoneme was sounded. Even the notes of inanimate things—the tree falling in the wood, thunder rumbling, ice cracking—sounded once only, except if they were duplicated in echoes that themselves rapidly faded.

But here now were echoes made hard, resounding as often as anyone wanted to hear them again.

For the full essay, see:

Edmund Morris. “The Making of Thomas Edison’s Miraculous Machine.” The Wall Street Journal (Saturday, October 19, 2019): C5.

(Note: ellipses at the end or in between paragraphs, added; ellipsis internal to a paragraph, in original.)

(Note: the online version of the essay has the date October 17, 2019, and has the same title as the print version.)

The essay quoted above is adapted from Morris’s book:

Morris, Edmund. Edison. New York: Random House, 2019.

Technological Progress Helped Create Cosmopolitan Europe

(p. C7) Cultural history is frequently written as if circumscribed by national borders, with each country laying claim to a discrete social and intellectual way of life. Dismayed at this tendency, Orlando Figes, a noted historian of Russia, found himself wondering whether the forces of transnational integration weren’t at least as decisive as those that would drive cultures apart. In his new study “The Europeans” he aims “to approach Europe as a space of cultural transfers, translations and exchanges crossing national boundaries, out of which a ‘European culture’—an international synthesis of artistic forms, ideas and styles—would come into existence and distinguish Europe from the broader world.

. . .

His monumental work is the product of thorough and extensive research, largely in archival sources and in several languages. The author has a remarkable capacity to keep a huge quantity of factual material present in mind, and to bind it moreover into a coherent story. Woven through the biographical narrative is a detailed account of the transformations in technology, mores and law that created the new cosmopolitanism.

Chief among these was the rapid construction of railways, such that in France alone, for example, well more than 8,000 miles of track were laid down between 1850 and 1870. Railway travel gave people the time and comfort to read newspapers and fiction, which they could procure in the dozens of station bookstalls set up by merchants like W.H. Smith. “The train,” Mr. Figes notes, “was smoother than a horse-drawn carriage on a bumpy road, enabling passengers to read a book more easily.” Literacy had increased dramatically, and the rotary press, invented in 1843, facilitated the production of a vast quantity of printed matter, distribution of which deep into the provinces was in turn driven by the ramifying network of trains.

. . .

The spread of gas lighting, invented in the 1790s, made it possible for people to read comfortably in the evening. It also enabled them to play the piano at home, and of course piano technology had kept pace: The instruments became easier to play, and cheaper as well. In 1845, by the author’s estimation, 100,000 people in Paris were playing the piano, of which there were 60,000 in a city of about one million people.

For the full review, see:

Dan Hofstadter. “Engines of Progress.” The Wall Street Journal (Saturday, October 19, 2019): C7 & C9.

(Note: ellipses added.)

(Note: the online version of the review has the date October 18, 2019, and has the title “‘The Europeans’ Review: Engines of Progress.”)

The book under review in the passages quoted above is:

Figes, Orlando. The Europeans: Three Lives and the Making of a Cosmopolitan Culture. New York: Metropolitan Books, 2019.

In 1984, Orwell Showed “Judgment, Courage and Clarity”

(p. C10) Mr. Taylor, a novelist, critic and biographer, more ably balances the cultural footprint of “Nineteen Eighty-Four” with the story of its writing.

. . .

Orwell used his newspaper columns to flesh out the ideas that his novel—tentatively titled “The Last Man in Europe”—would explore. In one article, writes Mr. Taylor, Orwell suggested that “totalitarianism’s most terrifying quality is not only that it instigates atrocities, but that it seeks to control ‘the concept of objective truth’ and thereby manipulates both past and future.” This theme would take form in “Nineteen Eighty-Four” when Oceania periodically shifted from fighting one of its two enemies to fighting the other. Past alliances and rivalries instantly disappeared: “Oceania was at war with Eurasia: therefore Oceania had always been at war with Eurasia.”

. . .

George Orwell possessed three signal virtues, each of them rare and almost unheard of in concert. They are judgment, courage and clarity. As Christopher Hitchens pointed out in “Why Orwell Matters,” Orwell’s judgment was right on the great political questions of the 20th century: imperialism, fascism and communism. He had the courage to say so, even when it meant breaking with his countrymen (imperialism) and his comrades (communism). And Orwell had the talent to make his arguments in prose as clear as a windowpane, with his biases and flaws on display for all to judge.

For the full review, see:

Michael O’Donnell. “An Enduring Vision of Tyranny.” The Wall Street Journal (Saturday, October 19, 2019): C10.

(Note: ellipses added.)

(Note: the online version of the review has the date October 18, 2019, and has the title “‘The Ministry of Truth’ and ‘On Nineteen Eighty-Four’ Review: An Enduring Vision of Tyranny.”)

The book under review in the passages quoted above is:

Boucheron, Patrick. Machiavelli: The Art of Teaching People What to Fear. Translated by Willard Wood. New York: Other Press, 2020.

Machiavelli Described the Methods of Tyrants

(p. C12) But anyone who observes politics, business or even the loftiest social institutions will know that the world is rife with backstabbers, hypocrites and ethical ne’er-do-wells all thriving at the highest levels—beyond the reach of law or hashtag.

. . .

Machiavelli’s gift, Mr. Boucheron argues, was “naming with precision that which was happening.” He explains the behavior of tyrants not to excuse them, but to show the rest of us what to look out for, in the clearest terms possible. Machiavelli’s “lucidity,” says Mr. Boucheron, was the “weapon of the despairing.”

Other political thinkers have read Machiavelli this way. Jean-Jacques Rousseau wrote in “The Social Contract” that Machiavelli was not advising tyrants but “instructing the people on what they have to fear.” John Adams credited Machiavelli for helping him think through the likely threats to a young American republic.

For the full review, see:

Philip Delves Broughton. “A Poetics for Tyrants.” The Wall Street Journal (Saturday, January 25, 2020): C12.

(Note: ellipsis added.)

(Note: the online version of the review has the date January 24, 2020, and has the title “‘Machiavelli’ Review: A Poetics for Tyrants.”)

The book under review is:

Boucheron, Patrick. Machiavelli: The Art of Teaching People What to Fear. Translated by Willard Wood. New York: Other Press, 2020.

COVID-19 Vaccines Were Built on “Decades-Long Efforts to Create Other Vaccines”

Gregory Zuckerman’s The Frackers was a great deep dive into the lives of important non-Silicon Valley entrepreneurs. So far I am also enjoying Zuckerman’s new book, reviewed in the brief passages quoted below.

(p. 26) Zuckerman answers a question still circulating among both vaccine fans and skeptics: How could scientists develop the Covid-19 vaccines so quickly?

The answer is that they didn’t. The Covid-19 vaccines were built on the backs of decades-long efforts to create other vaccines, like one for the Zika virus and, in particular, several failures to develop a useful H.I.V. vaccine.

For the full, but short, review, see:

Eve Fairbanks. “THE SHORTLIST; Covid.” The New York Times Book Review (Sunday, January 9, 2022): 26.

(Note: the online version of the review has the date Dec. 29, 2021, and has the title “THE SHORTLIST; New Books Explore the Many Ways Covid Has Altered Our Lives.”)

The book under review is:

Zuckerman, Gregory. A Shot to Save the World: The inside Story of the Life-or-Death Race for a Covid-19. New York: Portfolio/Penguin, 2021.

Could Amateur Investors Return the Walt Disney Company to the Principles of Walt Disney?

I wonder what amateur investors could do if they had more serious motives than hatred of elite short-sellers? What if they had the motive, for example, of returning the Walt Disney Company to the principles of Walt Disney? I do not endorse the ambiguity (how much fictional and how much nonfictional) of the book reviewed below. But the GameStop and AMC episodes are intriguing proofs-of-concept.

(p. A15) Until late last year, GameStop was a typical and not very successful corporation. The company sold videogames through a chain of retail outlets and lost money on every sale. But its stock caught the interest of small investors who traded on Robinhood, a mobile trading app, and the stock began to levitate.

From single digits in October 2020 the stock price doubled to 20 late last year. Then, over a few manic days in January, it vaulted “like a lid flying off a pot,” as Ben Mezrich puts it in “The Antisocial Network.” It went up to 77, then 148, then 348 and then an intraday high of 483—at which point GameStop was worth more than $30 billion. Briefly, it was the most heavily traded issue on the stock market.

The source of the mayhem was, to borrow from the book’s subtitle, “a ragtag group of amateur traders.” Few of the devotees who flocked to GameStop thought of themselves as even armchair security analysts. They were infected by crowd psychology and, in some cases, driven by the hope that the high price would punish well-to-do short sellers.

. . .

Even when the price hit the stratosphere, retail buyers professed not to be worried. They would “never” sell; they weren’t concerned with the possibility of losing money. “Oh im [sic] fully aware that I may end up a bagholder,” went one post. “But it’s worth being a bagholder to stick it to those Wall Street f—s who’ve gamed the system for so long at our expense.”

To Mr. Mezrich, such fulminations suggest that a revolution is a-coming. His thesis is vented in excited metaphors. The “pillars” of Wall Street are shaking; Melvin Capital faces an “existential moment” (which, actually, it survived); angry traders constitute a “millennial version of the French Revolution.”

A little of this gas comes from investors; most of it is supplied by Mr. Mezrich. “The Antisocial Network” is built on scenes that the author has re-created; quotation marks, in the main, are conveniently absent. He writes of one novice but gung-ho investor, who worked in a hair salon: “She believed something deeper was happening.” Did she say that? Is it a paraphrase? Is it what Mr. Mezrich thinks she believed?

For the full review, see:

Roger Lowenstein. “BOOKSHELF; Let Them Eat Shorts.” The Wall Street Journal (Tuesday, Sept. 07, 2021): A15.

(Note: ellipsis added.)

(Note: the online version of the review has the date September 6, 2021, and has the title “BOOKSHELF; ‘The Antisocial Network’ Review: Let Them Eat Shorts.”)

The book under review is:

Mezrich, Ben. The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees. New York: Grand Central Publishing, 2021.

Ford and Edison Tried to Build and “Gift the Nation” a “Utopian Garden City”

I have greatly benefitted from two of Hager’s previous books: The Alchemy of Air and The Demon Under the Microscope. A third one, Ten Drugs, was OK. I am looking forward to reading the new Hager book discussed in the passages quoted below from a WSJ review. I wonder if an inference from the book will be that more infrastructure could be privately provided, if the government would allow it? (By the way, I am by no means as convinced as the reviewer that the TVA was one of FDR’s greatest accomplishments.)

(p. A17) Henry Ford and Thomas Alva Edison were the twin wizards of the first decades of the 20th century in America.

. . .

The story of this pair’s vain effort to build a utopian garden city powered by a mammoth hydroelectric dam at Muscle Shoals, Ala., is all but forgotten. Now it’s been disinterred by Thomas Hager, in “Electric City: The Lost History of Ford and Edison’s American Utopia,” a well-researched, crisply written account tinged with irony.

. . .

During World War I, the government hatched a plan to dam the river and use the electricity generated to power two plants turning out nitrates for munitions. The dam was half built and the factories equipped when the war ended and the project was abandoned.

President Warren Harding didn’t want to spend the $30 million needed to finish the mile-wide 10-story dam and told underlings to lease the whole works to private interests. Ford had already been tempted to acquire the nitrate plants, which could be refitted to turn out the kind of fertilizer used by regional farmers. He envisioned the completed dam supplying cheap power for his blended new American community of garden cities strung for miles along the river. Worker-farmers would commute—in their Model T’s, of course—to small factories running on electricity from the dam. They would be given time off in planting and harvesting season to raise crops they could sell to supplement their incomes. It was a Jeffersonian vision of America updated to the age of the automobile and bounteous electricity.

Ford enlisted the prestige and smarts of his camping buddy Edison. They wanted, Mr. Hager writes, “to gift the nation they loved with a titanic, living example of how they thought America should work . . . The results would be new kinds of cities, new ways of making things, new approaches to labor and leisure, and improved lives for everyone.”

. . .

In the end, Edison faded from the picture, and Norris ended Ford’s hopes—passing legislation that made Muscle Shoals a federal undertaking, although Coolidge refused to sign it. And in the wondrous alchemy of American politics, when the Great Depression propelled Franklin D. Roosevelt into the White House, Muscle Shoals became the core of the TVA, the Tennessee Valley Authority, one of the first and greatest of FDR’s accomplishments.

For the full review, see:

Edward Kosner. “BOOKSHELF; Bright Lights, Big River.” The Wall Street Journal (Thursday, Dec. 23, 2021): A17.

(Note: ellipses between paragraphs were added; ellipsis in the middle of a paragraph was in the original.)

(Note: the online version of the review has the date December 22, 2021, and has the title “BOOKSHELF; ‘Electric City’ Review: Bright Lights, Big River.”)

The book under review is:

Hager, Thomas. Electric City: The Lost History of Ford and Edison’s American Utopia. New York: Harry N. Abrams Press, 2021.