This book is a collection of Hunter S. Thompson's articles, primarily from the The San Francisco Examiner, between 1985 and 1988. The articles are primarily about contemporary American politics, but Thompson's own drug-crazed, maniacal adventures are also a major source of material.

Near the beginning of the book, Thompson's political writings primarily deal with American relations with the Soviet Union. Thompson sees President Ronald Reagan as badly outmatched and easily manipulated by Soviet leader Mikhail Gorbachev. By the end of 1985, however, Thompson is primarily writing about Ted Kennedy's withdrawal from the 1988 presidential race, which Thompson believes might allow a Republican to retain the White House. Articles from early 1986 focus on the conflict between Libyan leader Moammar Khadafy and Reagan. Thompson sees Khadafy as an absurdity, but equally believes that Reagan no longer has the credibility in the Arab world to deal with Khadafy effectively. By February 1986, Thompson is focused on the overthrow of Haitian dictator Baby Doc Duvalier, and Thompson unsuccessfully attempts to travel to Haiti to cover the story. Instead, Thompson ends up in Key West, Florida where he briefly goes into the marine salvage business. In the summer of 1986, Thompson devotes a great deal of coverage to Attorney General Ed Meese's report on pornography and violence, which Thompson finds to be an insanely incorrect and moralistic document. At the end of the summer of 1986, Thompson makes a bet with Jack Parker, a wealthy man from Arizona, about the rushing yards that new Dallas Cowboys quarterback Herschel Walker will gain in the 1986 season. Parker continuously finds Thompson as Parker comes closer to winning the bet, but Parker ends up losing money to Thompson by going double or nothing on the Super Bowl. During this same time period, Thompson begins analyzing the 1986 Congressional elections, which Thompson sees a going more to the Democrats than most forecasters expect, and Thompson is proved to be right when the Democrats retake Congress.

By the end of 1986, Thompson turns his attention to the developing Iran-Contra scandal in the White House, which occupies most of Thompson's attention through the summer of 1987. At the beginning of the scandal, Thompson is firmly convinced that many of the key players in the scandal, such as Lieutenant Colonel Oliver North and Vice President George Bush, will go to jail for their roles. When this does not come to pass, Thompson is incredibly angered by what he sees as a failure of American democracy to deliver justice. Also in 1987, Thompson begins focusing heavily on the 1988 presidential election. Originally, Thompson believes that Democratic Senator Gary Hart will win the presidency, but when Hart is brought down by a sex scandal, Thompson realizes that Bush is again a viable presidential candidate. By the end of the book, Thompson believes that the Democratic Party is doomed and will not retake the White House by the end of the century. Thompson despises Bush but realizes he will win the election by the fall of 1988. At the end of the book, Thompson sarcastically offers to go to work for the Bush Administration.