Ben Stein

Capitalist Apologist rampant on a field of green

“Corporations don’t start or wage wars, at least not large wars,” says Ben Stein in The Capitalist Code. This is typical of the apologies he makes for the system, in a remarkably naïve and superficial overview of how to survive in the capitalist system. Another is “Probably the worst thing the modern corporation does is oil spills.” I could go on, but you get the idea. He lives in a wonderful world where he benefits from the work of others. And you can too.

Stein of course is well versed in economics, and that makes reading this all the more painful. He wrote it at a less than basic level, to attract millennials who supposedly have no smarts or inclination in this area. This adds insult to injury.

Stein’s prescription is buy stock and hold forever. It did well for him and his idol, Warren Buffet. He ignores all the data that precious few investors do well, or that even fewer companies survive. It is a self-help book and he doles out standard-copy advice. Things like save before you spend, and have plenty of liquid assets before you buy a home. But the main point is to buy stocks, preferably index funds and ETFs that represent a broader swath than just a single firm. Stein repeats this mantra endlessly.

It’s a short little book that you can read in two hours, which does not excuse it. There is a slim column down the middle of the page, as if it were meant to be read on a phone. And lots of blank pages among the 125 or so of text. If you want financial advice, there is better out there.

David Wineberg… (mehr)

An anti-self help book which true to its title comprises chapter upon chapter of Really Bad Advice. The unrelenting facetious tone became harder and harder to endure as the book progressed. I felt it would have benefitted greatly from a respite, perhaps in the form of interspersed or even alternate chapters detailing what actually happens to people who do these extremely inadvisable things. Anything to give the brain a rest from all that nudging and winking. That being said, it's all true: doing any of this stuff will ruin your financial life, and the rest of your life along with it.… (mehr)