The Fifth Risk

If you're looking for a book that has something useful to say about the current situation that isn't too, you know, on point, look no further. In previous books (The Big Short, Flash Boys, etc.) Lewis took on the issue of deregulation of the financial markets, but in this, his most recent work, he casts a wider net and does a cost-benefit analysis of government as a whole. Embedding himself in the lives of workers in what he expects will be the most superficially dull and least important sectors of the federal system (Agriculture, Energy, etc.), he finds unsung heroes at every turn, displaying expertise and professionalism essential to the smooth functioning of democracy. When asked by an interviewer last year what it would take to remind Americans about the true importance of those qualities, he said, "For people to suddenly start to value what good government does, I think there will have to be something that threatens a lot of people at once. The problem with a wildfire in California, or a hurricane in Florida, is that for most people it is happening to someone else. I think a pandemic might do it, something that could affect millions of people indiscriminately and from which you could not insulate yourself even if you were rich. I think that might do it." —James (from the Madison Books newsletter. Tom recommended this book too when it came out in 2018)