The Big Short: Inside the Doomsday Machine (Unabridged)
by Michael Lewis
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Featuring an exclusive audio interview with Michael Lewis When the crash of the U.S. stock market became public knowledge in the fall of 2008, it was already old news. The real crash, the silent crash, had taken place over the previous year, in bizarre feeder markets where the sun doesn’t shine, and the SEC doesn’t dare, or bother, to tread: the bond and real-estate derivative markets, where geeks invent impenetrable securities to profit from the misery of lower- and middle-class Americans who can’t pay their debts. The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case, they weren’t talking. The crucial question is this: Who understood the risk inherent in the assumption of ever-rising real-estate prices, a risk compounded daily by the creation of those arcane, artificial securities loosely based on piles of doubtful mortgages? Michael Lewis turns the inquiry on its head to create a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his number-one best-selling Liar’s Poker. "Who got it right?" he asks. Who saw the ever-rising real-estate market for the black hole it would become, and eventually made billions of dollars from that perception? And what qualities of character made those few persist when their peers and colleagues dismissed them as Chicken Littles? Out of this handful of unlikely—really unlikely—heroes, Lewis fashions a story as compelling and unusual as any of his earlier best sellers, proving yet again that he is the finest and funniest chronicler of our times.
MIchael Lewis lays out credit default swaps etc. in an entertaining and provocative masterpiece.
This non-fiction piece of genius is an exciting, if not straightforward, look inside the moral failings of one of this country’s criminal powerhouses - Wall Street. But Michael Lewis, rather than concentrate on the "big" players (of which he chooses none to detail in this book), found instead a few of the most entertaining, interesting, and insightful characters involved as outsiders ( or maybe outliers) in the process.
And each one made tens of millions of dollars betting AGAINST their own Wall Street culture. The scariest thing of all is this –
It doesn't matter who was shorting the sale, or who had the long bet, THEY ALL WALKED AWAY WITH MILLIONS.
Go ahead… read that last line again, and get mad. Because now we the taxpayers are stuck with the bill. Bravo Mr. Lewis, I hope one day you yourself run for office. I have also purchased a copy to send to the White House, I can only hope Barack Obama will read this. An exceptionally exciting, thorough read, and I highly recommend it - this should me MANDATORY reading for any B-School chump. Thank you Mr. Lewis!
Credit Default Swaps are fraud, period.
I could not stop listening...
Michael Lewis, took something so complex and difficult to understand and made it simple, interesting and extremely fun to listen to. This is a book every senator, congressman including Wall St's CEO's should pick up so to reflect and implement laws/strategies and avoid the mistakes of CMO's. A must listen/read.
A great read
Lewis has written an exciting and fascinating book about a topic that would seem dry and impenetrable in someone else's hands. I actually looked forward to my commute every day so I could hear more of the story! The narrator is a good reader -- much better than I've heard on other audiobooks. There is a brief interview with the author at the end that is interesting as well.