The Big Short: Inside the Doomsday Machine is required reading. You must read it. Now.
Michael Lewis, author of Liar’s Poker and Moneyball tells the story of the subprime mortgage meltdown from the perspective of some of the very few traders who saw through the irrational exuberance of the housing market and actually did the work of figuring out how the Collateralized Debt Obligation machine worked and saw it for the Ponzi scheme it really was.
While the focus of the book is the personal experiences of the traders, The Big Short also does an able job of explaining some of the more baroque financial instruments created by Wall Street, instruments made purposefully as byzantine as possible in order to deceive both customers and ratings agencies. As one of the traders says after he finally gets to the bottom of how the system works, “How is this legal?”
The greed and stupidity displayed by the people whose very job it was to understand the financial instruments will make your blood boil.
The Big Short is a fast, easy read that will make you want to get on a flight to New York to go to Wall Street and stab people in the face.
Posted Tuesday, 22 June, 2010 by Nic Lindh
Another book roundup, including some stellar athletes and soldiers, what might be the most jaded, soul-weary protagonist ever, and some grimdark fantasy.
The Internet is getting creepy, and Nic is breaking out his tinfoil hat after newspaper paywalls push him over the edge.
Nic is tired of tech sites obsessing over Apple’s financials and business strategy. So very tired.
Nic reads a book about the processed food industry and is incensed.
Computers are complicated. This brings out the irrational in people.
Nic proposes the loan word Rechthaberei be incorporated into American English.
The Core Dump is back! Books were read during the hiatus. Includes The Coldest Winter, Oh, Myyy!, Tough Sh*t, The Revolution Was Televised, The Rook, Mr. Penumbra’s 24 Hour Bookstore, Gun Machine, Fortress Frontier, Standing in Another Man’s Grave, and The Memory of Light.
This site will return in February.
From a true patriot to a world-weary detective, a dead god, and a civilization about to sublime from the galaxy, this book roundup spans the gamut. Includes Where Men Win Glory, Wild, Inside the Box, The Black Box, Three Parts Dead, Red Country, and The Hydrogen Sonata.
Springsteen gives a concert in Phoenix. It’s fantastic.