This book describes in detail what happened in the years leading up to the big crash on wallstreet. Starting in 2005, it follows 4 of the major people who noticed the peculiar pricing of CDO's and stood to cash in on it.
It made me happy to see there were people that were not wallstreet heads that made a lot of money, and basically told the wallstreet heads the entire time that they are idiots.
I wasnt mad after listening, like I seem to be with most things about the crash. I am informed and it was a great book.
This is an amazing book. It is about the few guys who figured out that the crash was coming and how to make a lot of money from it. All the the people are such unusual characters. A fabulous listen; never a dull moment. You don't have to be in the financial business to enjoy this book.
Holy cow! This is the first book about the mortgage meltdown that one without a financial background can truly appreciate the complexity of CDOs, MBSs, and all the other alphabet-soup financial products that nearly destroyed our economy. It is expertly read by narrator and hard to stop listening. It is exciting and painfully devastating to get a sense of how effed up some of the "experts" really were in thinking what they were doing was sustainable. Definitely worth a credit.
The reckless, greedy and immoral behavior of Wall street in full display.
Even if you were not disgusted enough with the bailout, this book will make sick.
Pros: Doesn't hold any punches and doesn't try to make friends.
Cons: If you don't have a bit of an exposure to investment banking, this book could be hard to understand at times.
I didn't see the necessity for airing the personal life of Dr. Michael Burry
Madness and stupidity
Michal Lewis touches the nerves to show the stupidity of Wall Street operating system. From a place of brilliant people that allocate capital to a giant casino. How people acting in their own interest can ruin the live of others without a blink or regret. CEOs and traders that left the scene millionaires carrying the life save money of millions people that couldn’t know better. Very said to see what Wall Street became. More disturbing yet is the pain and void felt for those who came millionaires beating the system knowing that in the end everybody lost. Especially the core American values .
The richest and most powerful on Wall Street do the stupidest things, then get us to bail them out. Facinating and painful. We are doomed!
This was one of those books that you enjoyed listening to but you also felt helpless as far as what you could do to prevent it from happening again. The greed and lack of ownership for their actions that people on Wall Street were allowed to get away with makes you want to put your money somewhere else. Unfortunately, there aren't alot of other options so we'll just have to be careful of who we do business with. This book certainly gave me a much better understanding of how it all fit together and why we lost what we did in the market. I listened to it twice and liked it both times.
It took a long time to get into this book, but I ultimately got there and was glad I stayed with it. Worth a read.
Michael Lewis does a wonderful job of making a complicated story engaging. This is the story of how the subprime mortgage market nearly brought the world financial system down. Mr. Lewis' breaks down the financial topics into easily digestible bits and weaves in interesting personal stories of those people to identified the opportunity & risks.