Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.
To get the free app, enter your mobile phone number.
Other Sellers on Amazon
+ $3.99 shipping
+ $3.99 shipping
+ $5.02 shipping
The Big Short: Inside the Doomsday Machine Hardcover – March 15, 2010
|New from||Used from|
See the Best Books of 2017
Looking for something great to read? Browse our editors' picks for the best books of the year in fiction, nonfiction, mysteries, children's books, and much more.
Frequently bought together
Customers who bought this item also bought
From Bookmarks Magazine
Michael Lewis has written from the perspective of a financial insider for more than 20 years. His first book, Liar's Poker, was a warts-and-all account of Wall Street culture in the 1980s, when Lewis worked at the investment bank Salomon Brothers. Everything Lewis has touched since has turned to gold, and The Big Short seems to be another of those books, combining an incendiary, timely topic with the author's solid, insightful, and witty investigative reporting. Only the Pittsburgh Post-Gazette criticized what it felt was a rush job of writing and a failure to integrate the individual stories. Few readers will care for the message here (despite laugh-out-loud moments of absurdity), but Lewis is a capable guide into the world of CDOs, subprime mortgages, head-in-the-sand investments, inflated egos--and the big short. However, as Entertainment Weekly points at, if you're only going to read one book on the topic, perhaps this should not be the one.
“No one writes with more narrative panache about money and finance than Mr. Lewis....[he] does a nimble job of using his subjects’ stories to explicate the greed, idiocies and hypocrisies of a system notably lacking in grown-up supervision....Writing in faintly Tom Wolfe-ian prose, Mr. Lewis does a colorful job of introducing the lay reader to the Darwinian world of the bond market.”
- Michiko Kakutani, The New York Times
“Superb: Michael Lewis doing what he does best, illuminating the idiocy, madness and greed of modern finance. . . . Lewis achieves what I previously imagined impossible: He makes subprime sexy all over again.”
- Andrew Leonard, Salon.com
“One of the best business books of the past two decades.”
- Malcolm Gladwell, New York Times Book Review
“I read Lewis for the same reasons I watch Tiger Woods. I’ll never play like that. But it’s good to be reminded every now and again what genius looks like.”
- Malcolm Gladwell, New York Times Book Review
“I recommend everyone within the sound of my voice to read [this] book.”
- Senate Majority Leader Harry Reid (D-Nev.)
“I’ve joined a lot of other people in just finishing Michael Lewis’s book, The Big Short, and it’s really an eye-opener of what was going on at the time that this real estate bubble was created.”
- Senate Majority Whip Dick Durbin (D-Ill.)
“I read it, marked it up for my staff, underlined it, made copies and asked them to read it.”
- Senator Carl Levin (D-Mich.)
“[A]n incredible piece of commentary on Wall Street.”
- Rep. Jackie Speier (D-Calif.)
“If you’re wondering if there’s importance or an urgency to this issue, read the book The Big Short by Michael Lewis, and then, when you’re finished reading, come back to the floor and say that you support this amendment [on financial reform].”
- Senator Byron Dorgan (D-North Dakota)
Top customer reviews
There was a problem filtering reviews right now. Please try again later.
The sad part is,(nothing about the movie) the same mechanics are out there to snare unsuspecting persons seeking a mortgage or refinance on their home property. The adages "buyer beware" and "too good to be true" are appropriate when considering any mortgage finance product. As consumers we need to do our own research based on our own circumstances and choose the best product, or put off obtaining a mortgage until our financial health warrants us a superb interest rate and monthly payment.
Keep in mind, if an agent is honest there is rarely a question he/she will not answer, give feedback and reference for the instance in which it is of the most applicable to a financial standing. You are the consumer, you are the one signing on the bottom line, so take your time, look everywhere for information and turn down any and all offers that leave you with more questions than answers!
But this book provided details about how the Collateralized Debt Obligations (CDOs) and the Credit Default Swaps (CDSs) were constructed I learned about the few traders who figured out that the whole thing was going to blow up, and bought all the CDSs they could. Buying a CDS on a CDO was like shorting a stock. Hence, "The Big Short", the name of the book.
In spite of being full of detail about the whole thing, the book was interesting to read, and I learned a lot more than I had ever learned before. The "cast of characters" (the traders who bought the CDSs), were interesting and, a few were quite funny. I haven't seen the movie, but I think I should. I'd like to see how they turned this story into a popular film.
Lewis is a brilliant writer and master storyteller, yet he sticks to the facts and educates the reader about what really happened. It's nigh impossible to read this without getting angry and horrified about the irresponsibility of the banks and the incompetence of the regulators.
This book describes how many pension funds were ruined. Many pension funds can only invest in AAA rated bonds. Because the regulators slapped AAA ratings on all kinds of junk, those pension funds value plummeted when those bonds became worthless. Instead of punishing Wall Street, right-wing politicians blamed those with pensions (teachers, cops, firefighters), and have gone after those civic-minded workers instead of the individuals who destabilized the economy in the first place (but that is a tale for a different time and with a different book).
Near the end of the book, Lewis wrote this haunting paragraph (which has rattled around in my brain for a few years now):
"The people in a position to resolve the financial crisis were, of course, the very same people who had failed to foresee it: Treasury Secretary Henry Paulson, future Treasury Secretary Timothy Geithner, Fed Chairman Ben Bernanke, Goldman Sachs CEO Lloyd Blankfein, Morgan Stanley CEO John Mack, Citigroup CEO Vikram Pandit, and so on. A few Wall Street CEOs had been fired for their roles in the subprime mortgage catastrophe, but most remained in their jobs, and they, of all people, became important characters operating behind the closed doors, trying to figure out what to do next. With them were a handful of government officials --- the same government officials who should have known a lot more about what Wall Street firms were doing, back when they were doing it. All shared a distinction: They had proven far less capable of grasping basic truths in the heart of the U.S. financial system than a one-eyed money manager with Asperger's syndrome.
Most recent customer reviews
as well as for one of the regulators.......Read more