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Michael Lewis: The Big Short: Inside the Doomsday Machine (movie tie-in)
“What are the odds that people will make smart decisions about money if they don't need to make smart decisions--if they can get rich making dumb decisions? The incentives on Wall Street were all wrong; they're still all wrong.” - Michael Lewis
****Get the whole book, in a 30 minute short read!****
The Big Inside the Doomsday Machine (Summary, Analysis and Key Points)
Buy Only $5.95 (Regular $9.95)
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This book, a supplement to Michael Lewis' The Big Inside the Doomsday Machine " , pulls back the curtain for an inside look at the financial crisis of 2007-2010.
Introduction
The Big Inside the Doomsday Machine chronicles the events preceding the U.S. stock market crash of 2008. Financial journalist Michael Lewis reveals just who knew about this economic calamity well before the collapse of the real estate market, and in turn, the collapse of the U.S. economy. This will expose the plight of U.S. economics in a way never before seen.
--
SummaReads Features
Chapter Summaries - Clear, concise and easy to understand descriptions, key concepts and important details.
Chapter Key Takeaways and Points - The most important concepts of each chapter containing at least four specific bullet points.
--
Advantages With SummaReads
* Spend less time reading and more time enjoying and understanding your favorite books.
* Discover important detailed analysis you may have missed the first time.
* Learn key concepts in simple and efficient manner.
* Use as a "cheat sheet" and reference to quickly access important information.
* Focus on critical information and eliminate unnecessary details .
* Can be used as an effective study aid.
--
There is film translation directed by Adam McKay (The first two Anchorman movies, The Other Guys) which stars Academy Award® winners Brad Pitt, Christian Bale, along with Academy Award® nominees Ryan Rosling and Steve Carell amongst others.
****Get the whole book, in a 30 minute short read!****
The Big Inside the Doomsday Machine (Summary, Analysis and Key Points)
Buy Only $5.95 (Regular $9.95)
Read This Buy now and have this short read book instantly delivered to your reading device.
This book, a supplement to Michael Lewis' The Big Inside the Doomsday Machine " , pulls back the curtain for an inside look at the financial crisis of 2007-2010.
Introduction
The Big Inside the Doomsday Machine chronicles the events preceding the U.S. stock market crash of 2008. Financial journalist Michael Lewis reveals just who knew about this economic calamity well before the collapse of the real estate market, and in turn, the collapse of the U.S. economy. This will expose the plight of U.S. economics in a way never before seen.
--
SummaReads Features
Chapter Summaries - Clear, concise and easy to understand descriptions, key concepts and important details.
Chapter Key Takeaways and Points - The most important concepts of each chapter containing at least four specific bullet points.
--
Advantages With SummaReads
* Spend less time reading and more time enjoying and understanding your favorite books.
* Discover important detailed analysis you may have missed the first time.
* Learn key concepts in simple and efficient manner.
* Use as a "cheat sheet" and reference to quickly access important information.
* Focus on critical information and eliminate unnecessary details .
* Can be used as an effective study aid.
--
There is film translation directed by Adam McKay (The first two Anchorman movies, The Other Guys) which stars Academy Award® winners Brad Pitt, Christian Bale, along with Academy Award® nominees Ryan Rosling and Steve Carell amongst others.
36 pages, Kindle Edition
Published December 31, 2015
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Displaying 1 of 1 review
August 3, 2024
THE POPULAR WRITER CHRONICLES PEOPLE INVOLVED IN THE FISCAL CRISIS
Michael Monroe Lewis (born 1960) is a financial journalist and contributing editor to Vanity Fair; he has also written books such as 'Liar's Poker: Rising Through the Wreckage on Wall Street,' 'Panic: The Story of Modern Financial Insanity,' etc.
He states in the Prologue to this 2010 book, "When I sat down to write my first book... I hoped that some bright kid at Ohio State University who really wanted to be an oceanographer would read my book, spurn the offer from Goldman Sachs, and set out to sea. Somehow that message was mainly lost. Six months after 'Liar's Poker' was published, I was knee-deep in letters from students at Ohio State University who wanted to know if I had any other secrets to share about Wall Street. They'd read my book as a how-to manual." (Pg. xv)
He observes that "The presence of millions of small investors had politicized the stock market. It had been legislated and regulated to at least seem fair. The bond market... experienced no similar populist political pressure... Bond salesmen could say and do anything without fear they'd be reported to some authority. Bond traders could exploit inside information without worrying that they would be caught." (Pg. 61-62)
He records that "[AIG's Joe] Casssano nevertheless agreed to meet with all the big Wall Street firms and discuss the logic of their deals---to investigate how a bunch of shaky loans could be transformed into triple-A-rated bonds... The AIG FP traders present were shocked by how little thought or analysis seemed to underpin the subprime mortgage machine: It was simply a bet that home prices would never fall." (Pg. 89) Later, he adds, "the most overpriced bonds were the bonds... that Wall Street firms had tricked the ratings agencies into rating most ineptly. 'I cannot f_____g believe this is allowed,' said Eisman." (Pg. 101)
Another trader recalls, "But the more we looked at what a CDO [collateralized debt obligation] really was, the more we were like, 'Holy sh__, that's just f_____g crazy. That's fraud. Maybe you can't prove it in a court of law. But it's fraud." (Pg. 129) Another said, "They weren't satisfied getting lots of unqualified borrowers to buy a house they couldn't afford... They were creating them out of whole cloth. One hundred times over! That's why the losses in the financial system are so much greater than just the subprime loans. That's when I realized they needed us to keep the machine running. I was like, 'This is allowed?'" (Pg. 143)
He notes, "Goldman Sachs did not leave the house before it began to burn; it was merely the first to dash through the exit---and then it closed the door behind it." (Pg. 209) He concludes, "The big Wall Street firms, seemingly so shrewd and self-interested, had somehow become the dumb money. The people who ran them did not understand their own businesses, and their regulators obviously knew even less. [Traders] had always sort of assumed that there was some grown-up in charge of the financial system whom they had never met; now, they knew there was not." (Pg. 244)
Not quite as engaging as Liar's Poker, this is still an interesting and engaging book about the recent financial crisis.
Michael Monroe Lewis (born 1960) is a financial journalist and contributing editor to Vanity Fair; he has also written books such as 'Liar's Poker: Rising Through the Wreckage on Wall Street,' 'Panic: The Story of Modern Financial Insanity,' etc.
He states in the Prologue to this 2010 book, "When I sat down to write my first book... I hoped that some bright kid at Ohio State University who really wanted to be an oceanographer would read my book, spurn the offer from Goldman Sachs, and set out to sea. Somehow that message was mainly lost. Six months after 'Liar's Poker' was published, I was knee-deep in letters from students at Ohio State University who wanted to know if I had any other secrets to share about Wall Street. They'd read my book as a how-to manual." (Pg. xv)
He observes that "The presence of millions of small investors had politicized the stock market. It had been legislated and regulated to at least seem fair. The bond market... experienced no similar populist political pressure... Bond salesmen could say and do anything without fear they'd be reported to some authority. Bond traders could exploit inside information without worrying that they would be caught." (Pg. 61-62)
He records that "[AIG's Joe] Casssano nevertheless agreed to meet with all the big Wall Street firms and discuss the logic of their deals---to investigate how a bunch of shaky loans could be transformed into triple-A-rated bonds... The AIG FP traders present were shocked by how little thought or analysis seemed to underpin the subprime mortgage machine: It was simply a bet that home prices would never fall." (Pg. 89) Later, he adds, "the most overpriced bonds were the bonds... that Wall Street firms had tricked the ratings agencies into rating most ineptly. 'I cannot f_____g believe this is allowed,' said Eisman." (Pg. 101)
Another trader recalls, "But the more we looked at what a CDO [collateralized debt obligation] really was, the more we were like, 'Holy sh__, that's just f_____g crazy. That's fraud. Maybe you can't prove it in a court of law. But it's fraud." (Pg. 129) Another said, "They weren't satisfied getting lots of unqualified borrowers to buy a house they couldn't afford... They were creating them out of whole cloth. One hundred times over! That's why the losses in the financial system are so much greater than just the subprime loans. That's when I realized they needed us to keep the machine running. I was like, 'This is allowed?'" (Pg. 143)
He notes, "Goldman Sachs did not leave the house before it began to burn; it was merely the first to dash through the exit---and then it closed the door behind it." (Pg. 209) He concludes, "The big Wall Street firms, seemingly so shrewd and self-interested, had somehow become the dumb money. The people who ran them did not understand their own businesses, and their regulators obviously knew even less. [Traders] had always sort of assumed that there was some grown-up in charge of the financial system whom they had never met; now, they knew there was not." (Pg. 244)
Not quite as engaging as Liar's Poker, this is still an interesting and engaging book about the recent financial crisis.
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