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The Big Short : Inside the Doomsday Machine
The #1 New York Times bestseller: "It is the work of our greatest financial journalist, at the top of his game. And it's essential reading."--Graydon Carter, Vanity Fair
The real story of the crash began in bizarre feeder markets where the sun doesn't shine and the SEC doesn't dare, or bother, to tread: the bond and real estate derivative markets where geeks invent impenetrable securities to profit from the misery of lower- and middle-class Americans who can't pay their debts. The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case, they weren't talking.
Michael Lewis creates a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestseller Liar's Poker. Out of a handful of unlikely-really unlikely-heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest chronicler of our time.
Although Lewis is perhaps best known for his sports-related nonfiction (including The Blind Side), his first book was the autobiographical Liar's Poker, in which he chronicled his disillusionment as a young gun on Wall Street in the "greed is good" 1980s. He returns to his financial roots to excavate the crisis of 2007-2008, employing his trademark technique of casting a microcosmic lens on the personal histories of several Wall Street outsiders who were betting against the grain--to shed light on the macrocosmic tale of greed and fear. Although Lewis reads the book's introduction, narration duties are assumed by Jesse Boggs, a veteran narrator of business titles (including Lewis's own 2008 book Panic!). Boggs's rich baritone is well suited to the task and trips lightly through a maze of financial jargon (CDOs, derivatives, mid-prime lending) and a dizzying cast of characters. Lewis returns on the final disc for a 10-minute interview about the crisis's aftermath, including a savvy assessment of the wisdom of the financial bailout and where-are-they-now updates on the book's various heroes and villains. A Norton hardcover. (Mar.)
Reviewed on: 05/03/2010
Showing 1-3 of the 3 most recent reviews
1 . Excellent
Posted September 22, 2010 by MB , NJThis book provided all of the logic and strategy of those shorting the financial market over the past few years. For a financial outsider, I thought the level of detail proved to be just enough to truly understand what happened. The indiviual profiles were an amazing way to chronicle the market. If you're choosing books, I'd recommend "The Zeroes" first which details the rise, then "The Big Short".
2 . Business as usual
Posted September 02, 2010 by jim , GreenfieldI'm easily bored but I couldnt put this book down. Hard to understand the financial instruments, but the real story is that there really was nothing illegal, just highly unethical. But that never stops people from making money. Just smart money taking advantage of dumb money and people who are to stupid to take care of their finanaces. Business as usual.
3 . Nice read, good material
Posted May 25, 2010 by nico , NYIt is a nice read with good background of different individuals and their reasoning behind shorting the subprime market
W. W. Norton & Company
February 01, 2011
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