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The Big Short

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Category: Books
Inside the Doomsday Machine
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Financial Crises explained
Michael Lewis writes great books, and The Big Short is no exception. His explanation of the events preceding the 2008 crash and the causes behind it are really fascinating.

His writing is very good at explaining incredibly complicated (also ridiculous) subjects like credit default swaps and collateralized debt obligations while not boring the reader to tears while he's doing it. At the end of the book I found myself looking back at what I was doing while everything was going on and thinking how useful it would have been to have known this stuff three years ago.

This is a great book if you're interested in the financial meltdown and want to be able to understand what happened. It reads like a thriller and will keep you entertained all the way through.

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Rybizline Fayetteville, NC

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Mortgage Meltdown Explained
Michael Lewis, write a much needed explanation of what the hell happened during the market melt down and housing crisis of a few years ago. This book will show you what went wrong and why, as well as how the future may be impacted by this monstrosity of misguidance.

A great entertaining read. Perfect for Michael Lewis fans and those that may be new to the market or are curious to understand what everyone was talking about during the times.

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Very Well Written
This story sheds the light on who really saw the market collapse of 2008 coming. They made a lot of money, and are pretty unknown in the investment industry.

This book is some king of investment thriller, it will keep you on the edge of your seat.

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ICResearch Montreal, Quebec

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Great story
I found a lot of joy reading The Big Short. It followed around a lot of investors as they all played different roles in the financial metldown. Not only was it an entertaining read but it was very educational. Definitely a must read book.

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TheSnowMan Houston, Tx

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Revelaing Look into the Derivatives Schemes
Excellent read on what the investment banks were doing, thinking and how they created the CDOs, CDSs and other toxic crap that blew up the financial system. The narrative keeps you going through what can be overwhelming and boring descriptions, but once you understand what they were doing, you will be infuriated.

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a documentary about an interesting gamble everyone took
this is an explanation of how wall street and the banks were overlooking risk in the real estate market, presented in chronological fashion. most of the people alive today had never experienced a real estate market that turned sour for more than five minutes and these people were assessing the risk of giant bags full of mortgages. i think that we are still not done. this book mainly describes the people that saw the flaw in the rating agencies' assessment of risk and took financial action to short the stock and bonds.

this market really accelerated after 9/11, when people were looking around for SOMETHING that was still going to pay. people had $ available, but few good places to put it. the real estate market picked up steam because other places to put capital were lagging, and this fed on itself. in turn, this action begins to push up prices, people without mortgages start buying because they are afraid that if they don't, they will be priced out of the market. speculators are drawn to the market. and riskier loans begin to be written to fuel the machine. the housing market couldn't go down because it's tentacles spread through banks and wall street. even now, the risk is not recognized.

when i got my economics degree, i was taught that the rate of interest includes risk and inflation, as well as "economic interest". the rate of interest is STILL too low. so there are still big flaws in the marketplace and the market is used to living with these flaws. the market doesn't disclose the flaws voluntarily. the capital market is all interconnected, so there is no "safe" place to put "your money" i guarantee that risk is not negative and inflation is not negative.

the definition of money should have been referred to in this book:

Money is a representation of a unit for exchange, a store of value, and a medium of exchange. money is only as good as your neighbor says it is and is willing to trade for it. if fraud rules the marketplace, then goods will be worth "more" than money and economic crisis is sure to follow. in the 1980's and 1990's, the economists knew that we were looking for a "soft landing" for the economy. i never understood why no one talked about this outside of the classroom.

when you finish reading the BIG SHORT, you might think that this piece of history is over, that the crisis has been averted, that we are all on track. this is not true. this is a book about how it happened, but it basically starts in the middle and ends in the middle. the consequences should be looked as dominoes falling, but the book only describes the tipping point and the first few dominoes to fall. i was disappointed that the conclusion of the book didn't make it clear, however maybe the author just wanted to document a very interesting point in time and the people that saw a looming crisis and gambled on their position.

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Less politics, more drama
This is an exceptionally exciting book on what a few, previously obscure, finance nerds were doing in the mid '00's (I still think Burry deserves orders of magnitude more credit than he gets -- even in this book, where he's basically credited as the guy who invented a legal/financial instrument to act on this disaster).

It's less politically angled than many I've read that basically want to say: "look how these evil government tools capitulated to the soulless-Republican-banker-cartoon-villains in the sinister black skyscrapers as they conspired to send all us peasants into tent-cities and collect every last dime for themselves".

It gives a much much less "heavy" insight into what the adults were actually DOING about the crisis instead of simply complaining that the crisis occurred at all. It's definitely an exciting page-turner, imo, and no socioeconomic or political demographic is alienated by the writing at all. I recommend this book constantly. It makes Eisman and Burry into rockstars of the Chanos/Soros variety, and it doesn't go into such minute detail that I would hesitate to recommend it to my non-math-geek friends.

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NeverEnuf81 Orlando, FL

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Displaying 11-17 of 17 Total Reviews
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