Book: The Big Short – An Account of Housing and Credit Bubble
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The book The Big Short: Inside the Doomsday Machine by Michael Lewis provides a detailed account of the housing and credit bubble during the 2000s. The real story of the crash began in bizarre feeder markets where the sun doesn't shine and the SEC doesn't dare, or bother, to tread: the bond and real estate derivative markets where geeks invent impenetrable securities to profit from the misery of lower--and middle--class Americans who can't pay their debts. The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case, they weren't talking.
Michael Lewis creates a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestseller Liar's Poker. Out of a handful of unlikely--really unlikely--heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest chronicler of our time.
A friend just lent to me her copy of The Big Short, and I am every bit of it. It’s an absolute thriller and is advisable for every student of finance and investment bankers.