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The Big Short: Inside the Doomsday Machine, by Michael Lewis
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The #1 New York Times bestseller: a brilliant account―character-rich and darkly humorous―of how the U.S. economy was driven over the cliff.
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 #1 best-selling Liar’s Poker. Who got it right? he asks. Who saw the 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 bestsellers, proving yet again that he is the finest and funniest chronicler of our times.
- Sales Rank: #1969366 in Books
- Published on: 2011
- Original language: English
- Number of items: 1
- Dimensions: 7.80" h x .67" w x 5.08" l, .46 pounds
- Binding: Paperback
- 288 pages
From Publishers Weekly
Although Lewis is perhaps best known for his sports-related nonfiction (including The Blind Side), his first book was the autobiographical Liar's Poker, in which he chronicled his disillusionment as a young gun on Wall Street in the greed is good 1980s. He returns to his financial roots to excavate the crisis of 2007–2008, employing his trademark technique of casting a microcosmic lens on the personal histories of several Wall Street outsiders who were betting against the grain—to shed light on the macrocosmic tale of greed and fear. Although Lewis reads the book's introduction, narration duties are assumed by Jesse Boggs, a veteran narrator of business titles (including Lewis's own 2008 book Panic!). Boggs's rich baritone is well suited to the task and trips lightly through a maze of financial jargon (CDOs, derivatives, mid-prime lending) and a dizzying cast of characters. Lewis returns on the final disc for a 10-minute interview about the crisis's aftermath, including a savvy assessment of the wisdom of the financial bailout and where-are-they-now updates on the book's various heroes and villains. A Norton hardcover. (Mar.)
Copyright � Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
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.
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))
Most helpful customer reviews
10 of 10 people found the following review helpful.
Just saw the movie and loved it too
By Ned Netterville
Just saw the movie and loved it too. As one who is fairly knowledgeable about financial markets and dirivities--I worked for a decade as a trader myself--I found the book realistic, the movie not quite so much, but darn good. I couldn't put the book down. Extremely entertaining. The only small quibble I have is that Micheal Lewis neglected to name Barney Frank, and the movie producers failed to have him play himself, as the intrepid expander, defender and exploiter of Fanny Mae and Freddie Mac, and one of the chief architects of the housing bubble.
Lewis is a great story teller for sure. His characters , if larger than life, are nevertheless life like. One is sure to love his heroes and hate his villains. (Oh, and if anyone cares to watch another financial debacle as it unfolds, with Goldman Sachs again playing the role of greedy thief-in-chief robbing taxpayers and small investors alike. take a look at what has happened to Puerto Rico's municipal bonds. It will remind you of what that titan of Wall Street did to America and Americans in the mortgage-bond scam. See: http://www.bloombergview.com/quicktake/puerto-ricos-slide )
Lewis's stories remind me of some of John Irving's tales, lacking only Irving's ability to create hilarious humor. (The Christmas Play scene with Owen Meany as the baby Jesus in A PRAYER FOR OWEN MEANY stands out as perhaps the funniest thing I have ever read.) Lewis' LIAR"S POKER is also worth reading, and again Goldman is a major culprit.
13 of 14 people found the following review helpful.
Fascinating, but hard reading if you're not *very* knowledgeable in the area of finance
By Aletheia Knights
The subprime mortgage crisis, the housing bubble, the bank bailouts: it was about eight years ago that I first heard these terms. I was living unhappily in a group home for people with disabilities, and I didn't follow the news all that closely, but I noticed that prices were going up without anything like a corresponding increase in my monthly SSI check. Even family members with secure, professional employment seemed to be struggling. And this was all happening, someone explained, because the banks had made a bunch of loans to people who couldn't pay them back, and now everything was going to pot all at once.
In "The Big Short," Michael Lewis tells the story of the subprime mortgage crisis in a way that couldn't be more removed from my own perspective, or that of anyone I knew: the story of the money managers, traders, and analysts who figured out the weaknesses in the subprime bond market and placed their bets that the bubble would burst in a *big* way, and *soon*. They were right, of course, but even they didn't realize just how deeply corrupt the system was, or how devastating the fallout would be when the crash came.
Although I follow the news more closely now than I did in my twenties, I've still never taken much interest in the world of high finance, and I probably never would have picked up "The Big Short" if my husband hadn't been intrigued by the trailers for the movie released late last year. When I learned that one of the men profiled in Lewis's book had Asperger's syndrome, like me, I was definitely in.
Lewis explains in detail how the subprime mortgage crisis happened, but his interest is less in analyzing the event as a whole than in profiling the eccentric, self-confident, cautious men who dared to swim against the current of the most respected financial entities - and found themselves vindicated. My favorite parts of the book were, by far, the small-picture slices: personal histories, colorful anecdotes, delicious little ironies. As often happens when I stumble upon the human element of something I've never taken any interest in before, I found myself suspecting that perhaps high finance wasn't an inherently tedious subject after all.
Unfortunately, Lewis starts in assuming his reader has a pretty good understanding of the world of high finance already. As assumptions go, that's really not such a bad one; anyone who picks up a book like this probably already knows a stock from a bond, a hedge fund from a mutual fund. A chapter on "Finance 101" would certainly be annoying, if not actually insulting, to the book's target audience. However, this isn't a technical book for market insiders, either. Lewis knows he's not exactly writing a fluffy beach read; he even jokes, about a quarter of the way through the book, that the reader who has managed to follow the narrative that far deserves a gold star. I believe a glossary would have been a useful addition: readers unfamiliar with some of the terms specific to the subprime mortgage bond market explained in the book could refer to the glossary to clarify anything they'd forgotten without having to flip through earlier chapters, while definitions of more basic terms would make the book more accessible to a wider audience. (Perhaps the most prominent example of the kind of thing that could have used a better explanation is found in the title itself. An unofficial poll among friends of mine, all more or less educated, productive adult members of society, turned up only a couple who knew what "short selling" was. For the record, "short selling" is essentially a way of betting against the market by borrowing an asset and then selling it, on the basis of the belief that the price will have dropped when it comes time to return what was borrowed. Lewis never explains this.)
I wouldn't say "The Big Short" is entirely inaccessible to the general reader, especially one with easy access to the Internet. (Fortunately, I had my smartphone close at hand while I was reading.) Even when I didn't understand the specific details of what I was reading, I was almost always able to get the gist of what was going on, and Lewis is very good about succinctly summing up the effects of complex sequences of events. I did enjoy reading this, and came away from it vowing to be more confident in my own carefully reasoned conclusions even when they go against the grain. I haven't seen the movie yet, but if it stays true to the basic events of the book while presuming a little less knowledge of high finance on the part of its audience, this may well be one of those rare cases in which the majority of readers are better served by seeing the movie instead, or at least seeing the movie first.
6 of 6 people found the following review helpful.
Greed is not so good.
By perry man
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.
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