Perhaps because I've read SO much good journalism about this and heard Michael Lewis speak on it so eloquently on radio & TV, the pace of this account was hard for me to get into. I found it slow, with explanations of default swaps and collateralized debt obligations and short sells that I've become bored of since the crash. I suspect the written book trumps the audio because you can skim dry economic explanations whereas the narrator has to plod through them slowly. You'll need to be willing to put in time and effort for this one. I'm not.
Faced with mindless duty, when an audio book player slips into a rear pocket and mini buds pop into ears, old is made new again.
In “The Big Short” and “No One Would Listen”, Michael Lewis and Harry Markopolos reveal man’s incompetence and greed. Lewis details the collapse of the real estate industry and Markopolos dissects Bernie Madoff’s multi-billion dollar Ponzi scheme. This is the 21st century but we still live in Thomas Hobbes’ 17th century world.
“The Big Short” and “No One Would Listen” reveal the nuts and bolts of how smart and stupid a free society can be. There is plenty of blame for every person involved; both perpetrator and victim. Human nature is an equal opportunity victimizer. Freedom of opportunity beckons good and bad behavior in humankind.
Regulation is not a perfect solution for control of bad actors in a free society. However, no regulation is worse. The forensic reports of Michael Lewis and Harry Markopolos show what happens when efforts to regulate human nature are abandoned. Thomas Hobbes’ “Leviathan” lives to wreck havoc on society.
The narrators of these two books, Jesse Boggs and Scott Brick, are easy to listen to and the author’s forensic stories are valuable to hear.
The coherent and scary story of the financial crisis. And probably the ongoing story. Eye opening is an understatement. While the public was left behind ... and then had to pay for it all. Lives ruined.
Very well written. Well told. Scary and yet should be required reading for every citizen.
Michael Lewis tells the story of the greatest financial catastrophe in history through detailed subplots involving hedge fund managers and financial analysts who figured out what was coming and made big bets on the outcomes.
The only missing piece (and it's a big one) is the lack of commentary on federal government policies that made the sub-prime mortgage market inevitable by forcing mortgage lenders to downgrade or eliminate credit standards and mandating FannieMae and FreddyMac to insure or buy sub-prime mortgage debt.
This is a good solid 3. I have absolutely zero finance knowledge so I sometimes felt I would have been better off with a physical book so I could take my time and read over some parts again. Interesting characters and well written.
Welcome to our group Dakota; welcome to my life Summer, you've made it so much better. Give back to our wounded warriors who gave so much.
This is the story of a few guys who predicted the sub-prime bust and got rich from their prescience. It also details the stories of the people who resented these men; even as they made their doubters ridiculously wealthy. It further details the mass insanity of a world that naively held the view that a boom could be perpetual. The insanity brought about by the erosion of regulations, up to and including Glass-Stegall that eventually broke the world economy evolved from a belief that markets are omniscient. Which in the case of a basic honest market may be true. However given the roulette wheel that is Wall Street is not only a baseless assumption, but a dangerous one. This book detailed the myriad of ways in which the system was manipulated. The story of the 24,000 thousand dollar a year Strawberry picker who qualified for the 750,000 mortgage is indicative of the what the lack of accountability does to the marketplace. As always Michael Lewis does a great job in breaking down complex financial actions into easily understandable language. Like most of his books it is a five star effort.
Besides the perfect production of The Big Short, this is one of the most fascinating books I've ever listened to. We all have a general understanding of the cause of the economic recession of 2008, but it is rather small minded. We tend to think "oh, it was all those idiots taking out mortgages they couldn't pay for!" Or we thought "it was overspeculation on the housing market!" Michael Lewis provides an accurate look at the underlying problems, the real unfairness, and some priceless insight to the state of our economy and society.
Reads like a documentary
Many technical terms to learn
Lots of dry humor
Overall awesome book. I can't wait to get my hands on more.
I was able to learn about a subject I didn't have a lot of time to sit and read about. This allowed me to do two things at once. For me it's a whole new world of opportunity to continue learning. I have lots of time while I'm driving or doing chores etc. Fantastic!
It was current and hard hitting.
Oh he really brings the characters to life.
The ugly truth
Just loved the book and the ability to use Audible to listen to it because I may not have had the opportunity if not.