I thought it might be difficult to follow the story of what went wrong in the 2008 financial crisis in an audio version, but Michael Lewis, as usual, does such a great job making the convoluted and estoteric understandable I had no problem following the sordid and sorry tale, helped by Jesse Boggs excellent reading.
very F'n educational, Now I feel the Bern! My neighborhood went to crap, seemed like every other home on my block was being foreclosed on. I was suddenly upside in my home mortgage loan. I tried loan re-organazation, denied. interest rate went up to 18%. I stopped making the payments and saving the money. Sold the house short at 65,000 loss. Paid cash for my current home, but my credit score is crap now.
THIS BOOK EXPLAINS HOW IT CAME TO BE
Really fascinating stuff but be warned that understanding the trades that were occurring isn't all that straight forward
The big banks are not you friends. Bank at a local small bank that doesn't have an international investment arm.
This is my second book by Lewis and what a delight it was!
Having listened to Christine Richard's Confidence Game (also a great book), which talks about MBIA and Bill Ackman's short position, The Big Short helps to further clarify things like "trenches" and other terminology used on commercial paper. It also helps me understand the role of insurance companies and ratings on ABS.
Narrator was great, and story helps me feel more informed.
Loved the topic and the story. Listened to it in my truck, and didn't want to leave when I got to my appointments. Can't get enough of this topic. Thank you Michael Lewis.
Extremely helpful analysis of the derivatives business during the financial meltdown leading to an eventual bailout of the investment banks which were responsible for the naked risks which caused the calamity. Awesome story and looking forward to the movie.
I wonder if Michael Lewis is interested in informing his readers of the entire story of the 2007-2009 Financial Crisis and not just the parts that fit a narrative that sells books?
This book will provide mental certainty for some people who want to only focus on some (and important aspects) of the Crisis. But it misses other large parts of the crisis and the following response to it.
Very interesting style to describe a complex situation and make it sound interesting for the listener. It takes some effort though to connect the dots between several new concepts if you were not familiar with financial terms. However it is worth the effort as by the end you have a better insight of what caused the last big crisis. Really recommended.