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The Big Short: Inside the Doomsday Machine Hardcover – March 15, 2010
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Based on seven years of reporting from over a dozen countries, writer Tom Wainwright takes you on an extraordinary journey into the business of being a drug lord. Learn more.
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Top Customer Reviews
In a sense, this book is similar to Moneyball in that Lewis tells his story by following a host of characters that most of us have never heard of--people like Steve Eisman (the closest thing to a main character in the book), Vincent Daniel, Michael Burry, Greg Lippmann, Gene Park, Howie Hubler and others.
How informative is the book? Well, it may seem that Lewis has his work cut out for himself, since the events of the recent financial crisis are already well known. More than that, lots of people have their minds made up concerning who the perps of the last few years are--banks and their aggressive managers, "shadow banks" and their even more aggressive managers, hedge funds, credit default swaps, mortgage brokers, the ratings agencies, Fannie Mae and Freddie Mac, the Fed's monetary policy, various federal regulators, short sellers, politicians who over-pushed home ownership, a sensationalist media, the American public that overextending itself with excessive borrowing (or that lied in order to get home loans), housing speculators, etc. The list goes on--and on. Okay, so you already know this.Read more ›
The cast of characters in Lewis's highly readable chronicle of the collapse (and what led to it) includes a misanthropic former medical resident, a money manager who saw himself as Spider-Man, and a pair of men in their thirties who started with $110,00 in a Schwab account they managed from a backyard shed in Berkeley, California. "Each filled a hole," Lewis writes. "Each supplied a missing insight, an attitude to risk which, if more prevalent, might have prevented the catastrophe."
Ever since he left Salomon Brothers to write Liar's Poker, the classic 1989 account of his years as a bond salesman, Lewis has been waiting for a day of reckoning. Little did he realize that the Wall Street he once knew now seems quaint. By 2007, it had morphed into a financial Frankenstein, a "black box" filled with hidden risks on complicated bets that could destroy its creators, but only if the government allowed it to do so.Read more ›
So what did I really think of the book? Well, Lewis should be commended for writing a book on the 2008 financial crisis from the most unique perspective thus far. Rather than focus on the major characters that a plethora of other books have focused on (Paulson, Bernanke, Geithner, etc.), Lewis tells his story using some extremely obscure characters as his lead actors: A handful of hedge fund managers who made massive bets against the subprime industry (and by hedge fund managers, I am not referring to high profile, well-known hedgies; I am talking about very, very minor players).Read more ›
Most Recent Customer Reviews
This books offers a fun look at the sorts of people & personalities who are not only smart enough to see a big problem off in the distance, but bold enough to make a big bet... Read morePublished 8 hours ago by Mark Christian
If I had to repeat how Wall Street ripped off the average American, this would be the book to show to a reader. Read morePublished 10 hours ago by Kevin M Quigg
A well written engaging book on what really transpired leading to the 2008 financial crisis.
Makes an investor have cause to pause....
If you were remotely involved in the real estate field in the 2005-2008 time period this book explains the down fall. Read morePublished 18 hours ago by carolyn evans
To the extent it is appropriate to say, "classic Michael Lewis," it is classic Michael Lewis. Well explained events, depth of characters, intriguing story. Read morePublished 1 day ago by Jeremiah
Now, of course, an Oscar-nominated film, Michael Lewis brilliantly illustrates the nuts and bolts which led to one of the largest banking failures in history. Read morePublished 1 day ago by iaminthevineyard
Found it difficult to understand/follow and assume people not cognizant of the workings
of Wall Street, etc. Read more