Get Free Ebook The Big Short: Inside the Doomsday Machine
Februari 21, 2014Get Free Ebook The Big Short: Inside the Doomsday Machine
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The Big Short: Inside the Doomsday Machine
Get Free Ebook The Big Short: Inside the Doomsday Machine
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Audible Audiobook
Listening Length: 9 hours and 27 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Simon & Schuster Audio
Audible.com Release Date: March 15, 2010
Whispersync for Voice: Ready
Language: English, English
ASIN: B003CN7E42
Amazon Best Sellers Rank:
Michael Lewis, a new favorite "expert" on the folly of the financial meltdown, was a major apologist for bonds and derivative-swapping wall street -- until the truth was so obvious even he could see it -- and see a way to make money on it.Check out what he was saying in January of 2007 about the heroes of his latest book.[...]"But the most striking thing about the growing derivatives markets is the stability that has come with them. "Sure Mike. And because it's been cold here for the past few months, we can conclude that 1) global warming is a compete fiction.In other words, Lewis, despite having clever hindsight, is exactly the kind of sheeple who thinks that whatever is happening now is the only thing that's happening.That'd get the book two stars, but the publisher deserves 1 star for not having a Kindle version, and Lewis (who was an early promoter of the Kindle) should have insisted.
I usually read the book before I watch the movie, but this time I didn't.As soon as I finished watching the 2015 movie “The Big Short,†I immediately decided to read Michael Lewis’ book “The Big Short: Inside the Doomsday Machine,†which forms the basis for the film. Lewis, who was himself a Wall Street bond trader in the 1980s and 90s, is the author of several non-fiction books, many of them dealing with the world of finance.“The Big Short: Inside the Doomsday Machine†isn’t so much “about†the financial crisis as it is about what caused the meltdown in the first place. Lewis tells his story through the actions of four separate investment groups: Scion Capital; managed by Dr. Michael Burry; FrontPoint Partners LLC, led by Steve Eisman; Cornwall Capital, co-managed by James Mai and Charlie Ledley; and Greg Lippmann, a bond trader with Deutsche Bank. These investors, each working independently from each other, correctly foresaw the collapse of the housing markets in the United States in 2007. Nobody else saw it – or wanted to, for that matter.For years, many of the world’s biggest investment and commercial banks had been investing heavily in high-risk subprime mortgages. This caused housing prices to rise, and a “housing bubble†to form. But soon, variable interest rates on these mortgages would begin to rise sharply, and massive numbers of people with little or no income would begin to default on mortgages they could no longer afford. Our four investors each decided to “sell short†the housing markets by investing in “credit default swaps†– a form of insurance against mortgage defaults. They essentially were betting against the housing markets: when (not if) the housing markets failed, the investors would end up making millions…“The Big Short†is a very well written book. It’s fast-paced, easy to read, and short (less than 300 pages). Michael Lewis’ story is very much character-driven. His profiles of the main players are surprisingly detailed, brutally honest, and fascinating. Some people who start out looking like villains end up as quite heroic and admirable figures. Others do not fare so well.One of the things Michael Lewis does best is explain many of the technical aspects of the financial system in a manner that I could easily understand. Although I’m sure “mortgage backed securities,†“credit default swaps,†and “collateral debt obligations†are probably a lot more complicated than even Lewis presents them, I found his explanations simple, straightforward, and very useful. As a result, I gained a better knowledge of the financial crisis.“The Big Short: Inside the Doomsday Machine†is a very informative and entertaining book. For those looking to understand the basics of the 2008 financial crisis, this is one very good place to start. Highly recommended.
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 “Saltyâ€. It was if the film “Serpico†was filmed in a bank’s conference room. The reader may be offended.
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