The direct analogy is you buy a book from Barnes & Noble on Thursday. On Friday you realize you left your book in Starbucks. Are you then allowed to shoplift a replacement from Borders Books?
No, the analogy would be taking a scanner or camera to Borders (or the library, etc) and creating a duplicate image of each page of the book. Then going home and formatting into whatever usable context he desires. Print, compilation into PDF, eBook, etc.
No loss of property from Borders. No loss of revenue from Borders.
But, Borders is a retailer.
A torrented MP3 is not the same as Borders. It's more like a library, or a friend's copy of a book.
Nick's analogy is like that $100 college textbook that you bought and then lost or had stolen. So, you borrow a friend's textbook and photocopy it.