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The Big Short: Inside The Doomsday Machine Hardcover – Mar 15 2010
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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)
From the Back Cover
Why Michael Lewis, according to Malcolm Gladwell, is the finest storyteller of our generation:See all Product Description
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Top Customer Reviews
Subtitled "Inside the Doomsday Machine," the book chronicles the 2008 market collapse from the perspective of those who saw it coming and bet against the subprime mortgage market at the height of the housing bubble. The protagonists, whose foresight earned them fantastic profits, are a colorful lot, including: Steve Eisman, Danny Moses and Vincent Daniel (of FrontPoint Partners, owned by Morgan Stanley); Michael Burry (of Scion Capital); Charlie Ledley, Ben Hockett and Jamie Mai (of Cornwall Capital); and Greg Lippmann (of Deutsche Bank), and a handful of others.
Amazingly, none of these contrarian investors were experts in the housing market. They saw disaster coming while the "smart money" was betting that house prices would continue to rise and that subprime mortgages would pay off. It took this unlikely group of outsiders to see what was about to happen and undertake "the big short."
So what was the Doomsday Machine and how did it work? As Lewis points out, it was spawned by a toxic mix of the US housing bubble, sub-prime mortgage lending, investor greed, and the insatiable demand for leverage by Wall Street Banks. Aiding and abetting these factors were unwitting credit agencies populated by Wall Street rejects and wannabes.
Investors around the world wanted access to the ever-inflating American mortgage market. This gave lenders ever stronger incentive to push new loans out the door.Read more ›
I didn't read it, was a gift for a family member.
Also, It's Uncanny that it has the same name as my... Nevermind.
Some of the details Lewis uncovers, are rather shocking. S&P and Moody`s are basically a bunch lackeys, to the big investment banks. The Sec did nothing to monitor the quality of the Wall Street mortgage securities. The banking industry issued so-called liar loans to many home buyers. These people should have never been allowed, to take out a mortgage. And of course, the big investment banks knowingly issued all sorts of risky mortgage backed securities, that were rated as investment grade.
This was a very entertaining and informative read. In fact, I think this may have even topped Liar`s Poker.
Loved it. The secrets behind the secrets
The reason nobody went to jail is because nobody had a clue what was going to happen. Nobody except a very few nobodies who chose to examine the system closely. They came out on the good end.
The character development is superb and the facts are of course there, solid and well researched! The book is revealing (once more after Liar's poker) of the thought process, the social dynamics, and culture, prevailing in the financial world/wall street. Certainly stuff that we all know and hear about left and right, but Lewis has a knack to present things without exaggeration and with the credibility of a knowledgable and talented insider! Highly recommended.
Most recent customer reviews
A fantastic book. A great detective story about the biggest investment mania since the 1920s.Published 5 days ago by Vincent J. Curtis
Dissection of the 2008 subprime mortgage scandal that devastated the US economy but also had worldwide ramifications. Reads like a novel. Fascinating cast of characters. Read morePublished 16 days ago by cleo
An excellent account of those who profited from the herd's stupidity.Published 1 month ago by Amazon Customer
The movie got me hungry, the book satisfied me...but now I'm even more curious.... Going to look into his previous book.Published 4 months ago by Chi Kit Wong
Great read. I saw the movie first and I must say that I enjoyed the book more. Michael Lewis is a great author.Published 5 months ago by Joseph Petruzzella
Very timely read. What the economy went through in 2007 mirrors what we are soon to go through in 2016Published 5 months ago by JoeJensen
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