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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
Fantastic book that goes into depth on how and why the MBS/CDO collapse happened. I am curious why some names were kept the same as the book and the movie and others were not. Read morePublished 1 day ago by cblevins
I'm only about a third of the way through the book, but it looks like 5 stars will apply. The information is hard to understand, but Mr. Read morePublished 2 days ago by Philip B.
This book opens with a wave of information about subprime mortgage bonds, and a scattering of individuals who analyzed these bonds and found that they were managed badly and doomed... Read morePublished 2 days ago by S. Davidson
Problem is that Michael Lewis (along with just about everyone else) is just plain wrong. The 2008 Financial Crisis was not caused by sub prime MBS, or CDO's, or deregulation, or... Read morePublished 2 days ago by Charles N. Cranmer
Important book on an important subject that the general public needs to know about: Origins of the great recession, how greedy Wall Street operators made huge profits (and some... Read morePublished 3 days ago by John Doe
Enjoyed following the stories of many of these figures. Much more detail than the movie as expected. Would highly recommend to anyone.Published 4 days ago by Ryan Alsman
Engrossing account of a complex subject. Illuminating peak behind the curtains of a world most are not privy to.Published 4 days ago by T. Hamblin
I thought the book was great. Well written and entertaining. Considerably eye-opening regarding the ignorance of all involved leading up to the subprime mortgage collapse. Read morePublished 5 days ago by Robert Fryer