Unlike many books that have tried, this book does a great job of describing the dept crisis, its causes and its potential to get much worse. Because the format of this book is to go from place to place and describe anew a different crisis, it does not suffer from the problem other dept crisis books do, which is to veer of course after the first chapter into irrelevant topics. What keeps this book entertaining is this in addition to being a text on economics it is also something of a travel memoir. He describes many of the people he meets and places he has been on his tour of failed economies. Lewis, however, seems to have no qualms using blatant racial stereotypes to explain the behavior that led to the crisis in many of the countries. Overall the book was entertaining and informative in a way most debt crisis books are not.
mostly nonfiction listener
Boomerang takes the story global. What happens when entire societies decide to spend money they don't have? You end up with Greece. If you don't think that it is possible to laugh out loud about the European debt crisis then you have not read Lewis' Boomerang.
Lewis takes us on a world tour from Iceland (where the country turned itself into a giant hedge fund), to Greece, Ireland, Germany and back to the U.S. to discover what it is about national cultures that encouraged the financial insanity that delivered us where we are today. Why did the sober Germans keep loaning money to crazy and irresponsible Greeks, Irish and Americans to buy houses we'd never be able to pay for? Why did U.S. municipalities go on spending sprees and enter into contracts with public safety unions that will bankrupt future generations with un-payable pension costs? And what is it about the people of Iceland that convinced them that they should all stop fishing and go instead into investment banking? Michael Lewis has the answers.
I really have enjoyed all of Michael Lewis's books and this one is no exception. Dylan Baker has a voice perfect for reading satirical books. His voice is perfect for encouraging you to laugh at the follies of humankind, including your own.
This was a good explanation of the financial crisis in Europe, Greece and Iceland, with some insight into how it relates to the U.S. economy. It is a typical Michael Lewis book; fairly informal and occasionally crass, which is both appropriate and entertaining. Each chapter covers a different country's financial problems, with a vein of cultural commentary running throughout.
Michael Lewis is a top notch writer. He is at the top of his game. He provides so many witty remarks that I find myself laughing my entire drive listening to this book. It is a serious subject and everyone should read (hear) this to really know what is going on, however, the presentation is top notch and entertaining. The narrator is also excellent and this is now one of my favorite audio books.
I have either read or listened to all of Michael Lewis' books. His latest book, Boomerang,, clearly outlines the problem with international debt and the potential exposure it could have for US banks. If he is right, it will make the mortage crisis look like a petty cash default for the banks.
Michael Lewis has a way of telling a story. Dylan Baker brings it to life so much better than I could have imagined. This is an example of an audiobook far more memorable than the already very good book could have been on its own.
A good follow up to the Big Short whereby the financial meltdown is explained in more depth and detail on a global level. If you are seeking to understand how the complexities of global finance affect economies around the world and how those economies are interdependent then this book takes a look at a large sampling from large to small. It delves into the incompetent money managers thinking and sheds light on the corrupt and morally bankrupt banks that took down governments, and more importantly it illustrates how the tax payers who had the misfortune of having lived in places where the power elites wrote themselves blank checks with other people's money. A great great read!!!
As always Michael Lewis has some interesting observations about societies. Entertaining read. This book, I feel, is definately worth the cost.