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on September 20, 2011
I admit to being a fan of Michael Lewis' books, so take that into consideration as you read this review. Lewis earned a masters degree in economics from the London School of Economics and went to work as a bond trader for Salomon Brothers before its scandals. His education and investment experience qualified him to write "Liar's Poker" in 1989, though I have no idea what qualified him to write such an entertaining and lucid description of the Wall Street culture of that time. Subsequently, I have read Lewis' "Moneyball" (in 2003), "The Blind Side" (in 2006), and "The Big Short" (in 2010). All of these books are very easy to read and hard to put down. They tell well-researched, interesting stories. In the case of "The Big Short" it helps to illuminate the origins of the financial crisis that broke starting in 2007.

In Lewis' latest book, "Boomerang," the subtitle is, "Travels in the New Third World." Lewis is not referring to Asian or Latin American countries here. He's talking about European countries that drank the elixir of seemingly endless and cheap credit prior to the bursting of the recent financial bubble. To say that cheap credit transformed the economies in Greece, Ireland and Iceland, for example, is to understate the impact of the financial bubble on these countries. Talk about a timely book--I am writing this during September 2011, and yet this book refers to the recent downgrade of U.S. debt, which occured only last month, beginning on page 171.

As in many of Lewis' books, there's a new person who you probably never heard of before to meet. In "Moneyball" it was Billy Beane, the general manager of the Oakland Athletics baseball team, and in "The Big Short" it was Steve Eisman, Michael Burry and others. This time it's Kyle Bass, the manager of a Dallas-based hedge fund, who Lewis makes sound both very insightful and eccentric. What would you call a man who owns a 40,000 square foot ranch located on thousands of acres in the middle of nowhere with its own water supply and an arsenal of automatic weapons? Or someone who would recommend "guns and gold" for his mother? Anyway, the gist of Bass' financial analysis is that mountains of shaky debt (arising from borrowings during 2002 - 2006 by people who couldn't repay) was essentially transferred from private institutions (like banks, etc.) to various governments, to the point that eventually markets would question the credibility of these governments. Put differently, the public debt of certain countries wasn't just the official public debt, but also that which came from supporting various private institutions.

Bass, Lewis tells us, visited Harvard professor Ken Rogoff (coauthor of "This Time is Different: Eight Centuries of Financial Folly," which I recommend), and found even Rogoff to be surprised by the magnitude of the public debt problems. Just as Bass bought credit default swaps on subprime mortgages prior to the financial crisis, Bass later bought credit default swaps on Greek government bonds, because he was convinced that Greece would be one of the first countries to experience real problems. Bass expected the swaps he purchased for 1,100 per year per million to eventually be worth 700,000.

Anyway, Lewis interviewed Bass years ago in preparation for writing "The Big Short," but he "left Kyle Bass on the cutting room floor." Lewis returned to Dallas two and a half years later, this time to find that Bass was betting most heavily against Japan and France at the time. Bass also had literally bought 20 million U.S. nickels (don't ask how), because he said the value of the metals in each nickel was worth 6.8 cents. The majority of this book is devoted to Lewis' travels in Iceland, Greece, Ireland and Germany, and to his discoveries during his travels. To get a flavor for the book and Lewis' writing style, here are some of Lewis' passages, in his own words:

Iceland: "Iceland instantly became the only nation on earth that Americans could point to and say, `Well, at least we didn't do that!'"

Greece: "As it turned out, what the Greeks wanted to do, once the lights went out and they were alone in the dark with a pile of borrowed money, was to turn their government into a pinata stuffed with fantastic sums and give as many citizens as possible a whack at it."

Ireland: "But while the Icelandic male used foreign money to conquer foreign places--trophy companies in Britain, chunks of Scandinavia--the Irish male used foreign money to conquer Ireland. Left alone in a dark room with a pile of money, the Irish decided what they really wanted to do was buy Ireland. From each other."

Germany: "Either Germans must agree to integrate Europe fiscally, so that Germany and Greece bear the same relationship to each other as, say, Indiana and Mississippi (the tax dollars of ordinary Germans would go into a common coffer and be used to pay for the lifestyles of ordinary Greeks) or the Greeks (and probably, eventually, every non-German) must introduce `structural reforms,' a euphemism for magically and radically transforming themselves into a people as efficient and productive as the Germans."

Quoting Lewis quote UCLA neuroscientist Peter Whybrow in the book's last chapter (on California's financial problems, not European countries), Lewis writes, "'Human beings are wandering around with brains that are fabulously limited. We've got the core of the average lizard.' Wrapped around this reptilian core is a mammalian layer (associated with maternal concern and social interaction), and around that is wrapped a third layer, which enables feats of memory and the capacity for abstract thought. 'The only problem is our passions are still driven by the lizard core.' Even a person on a diet who sensibly avoids coming face-to-face with a piece of chocolate cake will find it hard to control himself if the chocolate cake somehow finds him. Every pastry chef in America understands this, and now nueroscience does, too. 'In that moment the value of eating the chocolate cake exceeds the value of the diet. We cannot think down the road when we are faced with the chocolate cake.' ... Everywhere you turn you see Americans sacrifice their long-term interests for a short-term reward."

Love him or not, Michael Lewis is a talented writer, and I truly believe that most readers will have a hard time putting this book down. If you have enjoyed his earlier books, the decision to purchase this one seems to be a no-brainer. If you haven't read one of his earlier books, this one is worthy of your consideration.
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on September 17, 2017
This book does a great job of highlighting the differences and similarities between various foreign governments and their addiction to debt financing. Michael Lewis talks about situations that perfectly describe the error of big banks and relates them at a macro level and a micro level, ranging from city governments to the EU.

I don’t know much about finance and certainly found myself looking up terms as well as mechanisms behind how markets generally behave and why the market behaviors he describes are so bad. But I learned a lot and plan on reading his other books.
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on September 22, 2017
I didn't realize what bad shape the world economy was in - until I read this. However. it was also entertaining, and an introduction to some fascinating characters.
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on April 13, 2012
BOOMERANG by Michael Lewis follows in the ironic, satirical, funny and insightful footsteps of his previous best-sellers about Wall Street; Liar's Poker and The Big Short. Lewis is a smart-aleck. But he is a smart aleck with excellent instincts for the truth, a determination to get to the bottom of the matter, and the wit to reveal the preposterous and ridiculous.

Michael Lewis writes about Wall Street in its underwear.

There are several excellent reviews already on Amazon about Boomerang which deserve reading. I will only add that in Boomerang, Lewis sets the stage for the final act of the collapse of international finance. Spain, Portugal, Italy and Ireland are likely to follow Greece into the mire of default, he maintains. Which begs the really big question, "Can the United States be far behind?" The ailments which plague those nations (entitlements, budget deficits, corruption, political cowardice, overspending, etc.) are setting the stage in the US for the same fate as being played out in Athens.

BOOMERANG is a must-read for every observer of the international financial and political drama being played out, in real time, on the global stage.
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on November 6, 2011
You may not agree with everything that's being said in this book--and yes, there may be generalizations--but it drives home important points about greed and the politicans who legalize it. I'm not politically active myself, and never will be, but the voters need to send these men and women packing. Some of this is criminal, and both politicans and business leaders should be held accountable (and yes, you do deserve to be hassled at resturants). I've lived in third world countries for many years and I would have never imagined that what's happening out here could be even worse inside the hallways of some western capitals.

And on Greece, well, they brought it on themselves. There was recently a SNL skit that I thought nailed it...and it's to bad that their politicans are creating scapegoats for their own past selfish activities. The degree of corruption there is apparently on par with any of the worst places in the third world I've ever seen--but not quite as bad as Mobuto's Zaire (which I also experienced).

As a wise old farmer once told me, "don't spend more money than you're worth". He never finished college or had a big time economics degree from some Ivy League school but I think that he gets it.
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on January 19, 2013
I found the discussion riveting on how each country, state, or city adjusts to the problems of unfunded retirement accounts, out of control deficits and the greed that drives us all. This greed will undoubtedly lead to more crises to come. I just wish the book finished with the US government spiraling debt crisis instead of little bankrupt city in California. Perhaps it fair to say that the US debt crisis chapter is still being written and will appear in a second edition.

I've been reading Michael Lewis for over 20 years now. From his days at Goldman Sachs with Liar's Poker, I've found every book a well thought out treatise on the topic at hand. I was just getting into the the drama that Michael brought to light in our growing sovereign debt crisis when the book ended. It's sad to say that Michael had so many choices to choose from for countries, states and cities on the brink of bankruptcy.
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on September 25, 2015
First, I just love anything Michael Lewis writes. His brilliance and humor are unrivaled. Here, he learns the national characteristics of the countries most deeply involved with the financial crisis, and why those characteristics played into the fiasco. His personal experiences are enlightening and entertaining. Just one example is his discussion of financial issues with Arnold Schwarzenegger while riding bicycles the wrong way on one way streets, ignoring stop signs and blowing through red lights.
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on November 7, 2014
No one surpasses Michael Lewis in his ability to explain, inform, and entertain readers who are "interested" but not highly informed about the world.of investments and equity trading. "Boomerang" transfers that unique ability fromthe world of individual cut throats on Wall Street to the world of short sighted politicians in small countries. In "The Big Short" we learned about how the sub primd bubble was created and those who profited through crefit default swaps. This book introduces us to the credulous victims (some of whom deserved what they got) outside of the U.S.
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on May 26, 2012
I found this fantastic book super-depressing. I knew nothing about "Boomerang." I am not a Vanity Fair reader. I purchased it at the advice of my brother and, despite the depressive results, I loved it.

Michael Lewis doesn't teach us anything new. As he mentions in the Greek chapter, Socrates explained everything way before him: "Democracy destroys itself because it abuses its right to freedom and equality. Because it teaches its citizens to consider audacity as a right, lawlessness as a freedom, abrasive speech as equality and anarchy as progress." But his writing kept my interest up from page to page. After trying to read a couple of books to no avail, I finished "Boomerang" in two days and now, I am ready to give up democracy. What we need is an intelligent, and benevolent dictator.

Any volunteers ?
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on August 31, 2017
Just a quick reading review of what happened the last time our economies went belly up... Those who do not study history are condemned to repeat and all that....
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