The Big Short: Inside the Doomsday Machine by Unknown, Michael Lewis
A brilliant accountcharacter-rich and darkly humorousof how the U.S. economy was driven over the cliff. When the crash of the U. S. stock market became public knowledge in the fall of 2008, it was already old news. The real crash, the silent crash, had taken place over the previous year, in bizarre feeder markets where the sun doesnt shine, and the SEC doesnt 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 cant pay their debts. The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case, they werent talking., The crucial question is this: Who understood the risk inherent in the assumption of ever-rising real estate prices, a risk compounded daily by the creation of those arcane, artificial securities loosely based on piles of doubtful mortgages? Michael Lewis turns the inquiry on its head to create a fresh,
Business
The Big Short: Inside the Doomsday Machine
Unknown, Michael Lewis
Category: Business
Tags: Business
A brilliant accountcharacter-rich and darkly humorousof how the U.S. economy was driven over the cliff. When the crash of the U. S. stock market became public knowledge in the fall of 2008, it was already old news. The real crash, the silent crash, had taken place over the previous year, in bizarre feeder markets where the sun doesnt shine, and the SEC doesnt 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 cant pay their debts. The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case, they werent talking., The crucial question is this: Who understood the risk inherent in the assumption of ever-rising real estate prices, a risk compounded daily by the creation of those arcane, artificial securities loosely based on piles of doubtful mortgages? Michael Lewis turns the inquiry on its head to create a fresh,
