Saturday, March 26, 2011

Book Review - The Big Short

I checked this book out of the library after reading the inside cover.  I seemed strange that the author, Michael Lewis, also wrote The Blind Side.  I didn't read the book but the movie was excellent.


The book describes the subprime mortgage fiasco from the side of the people that made huge amounts of money while everyone else was losing theirs.  It was very enlightening to confirm that the Wall Street firms that were in trouble over the housing crisis were criminal in their goal to make as much money as possible.


The book highlights the few lone individuals that couldn't figure out why the big firms were so gung ho and were the ones who bought insurance on "the destruction of the financial system."


There are some complicated explanations on the instruments created for the purpose of greed and the lax government oversight as well as the turning of the other cheek of the rating agencies.


The Big Short is a very good book on understanding how the U.S. financial system brought the world to its knees.

No comments:

Post a Comment