I haven't read it but I sure do remember that craze. I got irritated when Beanie terminology poisoned the rest of toy collecting. The first time I heard a dealer refer to 80's Transformers as "retired" I wanted to punch him in the mouth. And I'm not a violent person.
I found one guy online who was trading his vintage MOC Star Wars figure for Beanies. I just happened to know of a flea market where I could get Beanies for half their current value. So I paid $50 for a supposed $100 Beanie and traded it for a very nice MOC Return of the Jedi - Jedi Knight Luke Skywalker. All these years later I still have that Luke. I'm not so sure that dude is still happy with the trade.