Get Free Ebook The Big Short: Inside the Doomsday Machine, by Michael Lewis

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The Big Short: Inside the Doomsday Machine, by Michael Lewis

Get Free Ebook The Big Short: Inside the Doomsday Machine, by Michael Lewis

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From Bookmarks Magazine

Michael Lewis has written from the perspective of a financial insider for more than 20 years. His first book, Liar's Poker, was a warts-and-all account of Wall Street culture in the 1980s, when Lewis worked at the investment bank Salomon Brothers. Everything Lewis has touched since has turned to gold, and The Big Short seems to be another of those books, combining an incendiary, timely topic with the author's solid, insightful, and witty investigative reporting. Only the Pittsburgh Post-Gazette criticized what it felt was a rush job of writing and a failure to integrate the individual stories. Few readers will care for the message here (despite laugh-out-loud moments of absurdity), but Lewis is a capable guide into the world of CDOs, subprime mortgages, head-in-the-sand investments, inflated egos--and the big short. However, as Entertainment Weekly points at, if you're only going to read one book on the topic, perhaps this should not be the one.

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Review

“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)

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Product details

Hardcover: 288 pages

Publisher: W. W. Norton & Company; 1st edition (March 15, 2010)

Language: English

ISBN-10: 9780393072235

ISBN-13: 978-0393072235

ASIN: 0393072231

Product Dimensions:

6.6 x 1.1 x 9.6 inches

Shipping Weight: 1 pounds (View shipping rates and policies)

Average Customer Review:

4.6 out of 5 stars

2,462 customer reviews

Amazon Best Sellers Rank:

#17,560 in Books (See Top 100 in Books)

I usually read the book before I watch the movie, but this time I didn't.As soon as I finished watching the 2015 movie “The Big Short,” I immediately decided to read Michael Lewis’ book “The Big Short: Inside the Doomsday Machine,” which forms the basis for the film. Lewis, who was himself a Wall Street bond trader in the 1980s and 90s, is the author of several non-fiction books, many of them dealing with the world of finance.“The Big Short: Inside the Doomsday Machine” isn’t so much “about” the financial crisis as it is about what caused the meltdown in the first place. Lewis tells his story through the actions of four separate investment groups: Scion Capital; managed by Dr. Michael Burry; FrontPoint Partners LLC, led by Steve Eisman; Cornwall Capital, co-managed by James Mai and Charlie Ledley; and Greg Lippmann, a bond trader with Deutsche Bank. These investors, each working independently from each other, correctly foresaw the collapse of the housing markets in the United States in 2007. Nobody else saw it – or wanted to, for that matter.For years, many of the world’s biggest investment and commercial banks had been investing heavily in high-risk subprime mortgages. This caused housing prices to rise, and a “housing bubble” to form. But soon, variable interest rates on these mortgages would begin to rise sharply, and massive numbers of people with little or no income would begin to default on mortgages they could no longer afford. Our four investors each decided to “sell short” the housing markets by investing in “credit default swaps” – a form of insurance against mortgage defaults. They essentially were betting against the housing markets: when (not if) the housing markets failed, the investors would end up making millions…“The Big Short” is a very well written book. It’s fast-paced, easy to read, and short (less than 300 pages). Michael Lewis’ story is very much character-driven. His profiles of the main players are surprisingly detailed, brutally honest, and fascinating. Some people who start out looking like villains end up as quite heroic and admirable figures. Others do not fare so well.One of the things Michael Lewis does best is explain many of the technical aspects of the financial system in a manner that I could easily understand. Although I’m sure “mortgage backed securities,” “credit default swaps,” and “collateral debt obligations” are probably a lot more complicated than even Lewis presents them, I found his explanations simple, straightforward, and very useful. As a result, I gained a better knowledge of the financial crisis.“The Big Short: Inside the Doomsday Machine” is a very informative and entertaining book. For those looking to understand the basics of the 2008 financial crisis, this is one very good place to start. Highly recommended.

Clever and intriguing with a real from the street feeling as the writer, Michael Lewis tells the story from the viewpoints of several critical, but lesser known “main players” who saw and actively partook in the Wall Street madness. Lewis spent several years on wall Street- straight outta college and he understands the games played, his earlier book “Liar’s poker” dug into this –covering the 1980’ “Greed is Good” fever. ( I will be reading that book sometime in the future). What I took away from this book is that the reason the Bush and Obama administrations did not punish these big firms and their CEOs more is that (besides the corporate money influence standing in the way), the Wall Street bond “rabbit hole” is so deep that if you pull hard enough on one firm- they would collapse and as their bonds collapse- it would pull down one firm after another as they have all bet against each other’s bonds so heavily, resulting in a colossal financial collapse. What is perplexing is why Washington gave so much of the tax payer’s money to Goldman Sachs and to Citigroup.One warning I will share is that the language is this book goes beyond “Salty”. It was if the film “Serpico” was filmed in a bank’s conference room. The reader may be offended.

I rarely give a book five stars, but I do so without hesitation in this case. If you want to understand all the complexities of the 2008 economic meltdown, in plain English without arcane statistics, this is the book for you. Above all, Michael Lewis has laid bare the combination of corruption, incompetence, arrogance, and outright criminality at the highest levels of the American financial industry and government that produced this disaster. The book lays waste to the idea that American capitalism, as currently practiced, will produce a better world for us all. Along the way, it reveals the pure fiction behind the central tenets that guide our economic elite, such as:--The executives that control our major banks and corporations are insightful entrepreneurs with unique skills for creating wealth and new businesses--There is too much government regulation--Cutting taxes for the wealthy produces more prosperity for allRemember: the book destroys these myths, not as an ideological diatribe, but from the perspective of brokers and analysts who, themselves, participated in the system but saw the house of cards that their more powerful (and well paid) colleagues were building. Not only saw it, but bet their careers and economic futures that it would ultimately collapse--and they were right. It's this book's stunning, fact-based revelations of the corruption, incompetence, and greed in our corporate executive suites that makes it an instant classic. It indicts a whole generation of America's corporate and financial leaders.And remember: these same leaders, or their like-minded clones, are still in place, and already trying to turn back the meager reforms put in place to prevent a repeat of their evil. They repeat ad infinitum the shibboleth that government regulation, not corporate malfeasance, is the source of our economic malaise. They further that Big Lie by using their ill-gotten wealth to control the media and to elect their lackeys to office. They have no shame, no sense of decency. Left unchecked, they will destroy America. As they came close to doing in 2008.

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