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The Big Short: Inside the Doomsday Machine Paperback – February 1, 2011
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Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to the Audio CD edition.
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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
Michael Lewis does another excellent job transforming a true story into a concise, comprehensible book. Read morePublished 26 minutes ago by Kindle Customer
Surprisingly more about people and personalities rather than money and markets. After I've seen the movie, I'll track down more stuff by this gifted author. Read morePublished 1 day ago by G. Madden
Fascinating inside story of the causes of the 2008 market collapse. Michael Lewis is a consistently fine story teller who makes a complex situation easy to grasp. Read morePublished 1 day ago by drowsy98
A great read. Much better than the movie. Lewis is so good at explaining the confusing details of the financial system, and descriptions of the characters' stories were... Read morePublished 1 day ago by My2centsworth
A riveting story of how many people really knew the end of the real-estate boom was inevitable.Published 1 day ago by Richard J. Collins
Great Book. Interesting read that moved along at a good pace.Published 2 days ago by The Knight's Squire
Great read. Inter
esting and we'll researched. I would only recommend this book to someone with a large supply of antidepressants. Read more
This book leads me to the conclusion that this could easily happen again and how sadly there didn't exist a consequence for those that created such hardship for so many Americans. Read morePublished 3 days ago by Merrill Ballinger