Michael Lewis really has a gift for creating a compelling narrative and I was worried that I wouldn't be able to follow his story of the sub prime debacle in The Big Short. I have to admit there's still a lot I couldn't understand about the markets he describes, but he does manage to convey some great profiles of unusual people and create a compelling narrative that shows how Wall Street once again veered out of control and recklessly created havoc. I wonder if this book will suffer the same fate as his previous book on the financial markets, Liar's Poker, which instead of being a cautionary tale for the youth of America to steer clear of Wall Street-it has become a how to manual for the materialistic and misguided. Probably the biggest impression I walked away with after reading this book is that investment bankers rate even lower than lawyers as useless parasite sucking life out of society while contributing precious little to it. That and the lack of oversight and governmental control in the markets is no less than shocking. More of those firms should have died spectacular deaths but they were bailed out by the government. Screw those single women and kids but save those investment bankers and reckless financial institutions? Sometimes the older you get the less you understand the world.
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I guess to stave off chaos they had to prop up all the essential yet often corrupt elements of the economic system. Because chaos was avoided though, and because of poweful vested interests, it's all too easy to avoid radical reform. Without it a similar crisis will be experienced, only next time there may not be sufficient funds to keep it all together. The silver lining to this very dark cloud would at least be a fresh start.
Posted by: Edward | January 04, 2011 at 02:29 PM
I think, given your finance background, you might find this book interesting. Lewis is a master of the narrative as well-so he always makes his books very compelling and interesting on a human level.
Posted by: MC | January 07, 2011 at 04:21 AM