by Paul Erdman
Doubleday; 313 pages; $18.95
It seems like only yesterday that it was next year. Paul Erdman's The Panic of '89 was on the best-seller lists, sounding financial doom in the midst of a powerful bull market. That was, in fact, in the winter of '87, nine months before reality iced Wall Street. Erdman does not have to worry; quicker than a program trade, here he is, hedging his investments with a sixth novel. The Palace offers no scenario for economic disaster. Quite the contrary. The book is a racy tale of how one clever and gutsy...