Thread: TTP Book Club (Unauthorized) Book 1 - "Common Sense Economics"

Book ordered.

Originally Posted by DJ Mr. White

Originally Posted by MotoZ

Book ordered.

I went to the book store to get something to read for a trip down to Austin fully intending to get this book. Then I saw a book on entanglement in the science section. :3 It's good though although not for the layman.

However, QED by Feynman is a good book for anyone to read to learn about some fun quantum stuff (he doesn't use math basically speaking, just squiggly lines).

Persepolis is also very good, albeit depressing. There were parts with some of the black humor characteristic of the book, which I could not/did not laugh at since I was aghast at the events unfolding in the book. I will say that this piece of literature provides a good insight into your normal, non-cuckoo (i.e. fundamentalist, extremist, etc.) Iranian.

Quantum physics is fun but IMO not suitable for a TTP book club discussion. First off, the prerequisites are too high for mass appeal. Second, I can't imagine anyone being able to thread a needle of analogy between quark flavors and the concerns that preceed becoming a TTP reservist.

An economics text at least gives us a fighting chance at communicating with each other in a meaningful manner. That Persepolis book looks like a good candidate.

Has anyone started reading the econ book?

Here's a good real-life problem to noodle on after reading the book. Carly Fiorina, ex-HP CEO, is arguing against limits on executive compensation. After we finish the book I will argue a position that goes against Carly's position but still encompasses the teachings of the book + principles of the Republican party. The arguments will based primarily in secondary effects, which is the primary lesson of our book.

The reason I'm doing this is because the book is fairly straightforward. Once we read it I suspect we will all agree on what it says, with maybe exception to the sections on foreign trade. If we all agree then we're back to the question that Consultant posted during the election, which was what is it that divides our political affiliations? My hunch is that our divisions lie in what we believe will be the secondary effects of our laws.

Instead of arguing a Republican/Democrat split, I'm just trying to spice it up for myself and argue a Banker Republican vs. Hillbilly Republican scenario. It would make me sick to argue the Banker side, so I get to be the Hillbilly. :10

Editor's note: Carly Fiorina is chief executive of Carly Fiorina Enterprises and former chief executive of HP. She was an adviser to Sen. John McCain's presidential campaign last year.

Carly Fiorina says outrage at Wall St. pay is justified but salaries shouldn't be set by government.

(CNN) -- Americans are outraged over excessive CEO pay and perks. That outrage is justified, particularly when American taxpayers are footing the bill.

Our capitalist system works best when there is transparency and accountability. There has been too little of both on Wall Street.

Inevitably, the president and Congress are now attempting to respond to taxpayer anger and restore some "common sense," as President Obama recently declared, to CEO compensation. The proposed solution caps top executive pay at $500,000 for institutions that have received bailout money.

I don't think this is the answer, although it is an understandable reaction. It's arbitrary: Why not $400,000 or $600,000? It's incomplete. It only applies to institutions that will receive more government assistance going forward. And it doesn't strengthen our economy when government decides how much each job is worth. In America we leave that job to markets.

So what's the answer? To strengthen transparency, all aspects of CEO pay and perks should be fully disclosed on a regular basis. This should include airplanes, cars, golf-club memberships, bonuses, stock options, retirement plans and salaries -- in short everything that a common-sense person would consider part of a CEO reward package. See Fiorina discuss exec pay, including her own »

To strengthen accountability, all aspects of CEO compensation should be voted on by shareholders on an annual basis.

Ultimately, it is the owners of a company who must determine whether a CEO's rewards are justified by a CEO's performance. And because the American taxpayer is now a partial owner in many companies, the government can get a vote as well -- in some cases a very sizeable vote.

Finally, when a company comes to Washington for American taxpayer money, it is an admission that mistakes have been made and major bets have failed. These CEOs should be prepared to tender their resignations and those of their boards. To earn a bailout, a CEO and board should be held accountable.

We should not weaken our economy while trying to fix it. These are difficult times. President Obama has described our current situation as a "crisis" and an impending "catastrophe." In such times, action is required. The key is to take actions that help in the short-term, while also being sensible for the medium and long-term.

Too often our politicians react to crisis and public anger by over-reaching, and they create new, unforeseen problems that only become clear with the passage of time.

In this country, the opportunity to be rewarded for taking prudent risk is fundamental to our economic vitality and strength. Let's not lose that fundamental principle in our outrage over Wall Street greed and excess.

The opinions expressed in this commentary are solely those of Carly Fiorina.