Joseph Raffetto's Reviews > Boomerang: Travels in the New Third World

Boomerang by Michael   Lewis
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Dec 23, 2011

it was amazing
bookshelves: business, favorites
Read in December, 2011

In Michael Lewis new book he captures the global financial insanity that gripped so many countries. He goes on a financial tour to discover why each economy collapsed--or how they avoided financial catastrophe. Lewis writes with a travel writer's flair for the idiosyncrasies of each subject. Boomerang is filled with compelling information about each country he explores. Here are some examples.

Iceland fisherman became investment bankers and quickly threw Iceland into terrible investments, bankrupting the banks and the country.

In Greece the culture of everyone being on the dole as well as the endemic tax fraud and lack of tax revenue sank the country and the banks and not the other way around. The Greece government officials make incredible salaries. The incredible amount of government workers can retire as young as forty-five and so on. The rich and corporations pay no taxes. In fact, no one pays taxes, not because of the laws but because of lack of enforcement.

In Ireland, there was the cheap and easy credit bringing on an insane housing boom and then, of course, a bust and now bankrupt banks.

The German people did not take the easy and cheap credit. Their banks were not perfect and one particular bank made some terrible mistakes and got sucked into the U.S. prime mortgage mess. But Germany is in excellent shape and now is being pushed to bail out the rest of Europe.

Lewis touches on the U.S., particularly cities and the high costs of pensions and the ability to sustain paying retired workers a pension that is similar to what they made while working.

This is a great read with lots of interesting anecdotes and people and fascinating cultural color. The German fascination with poop being one of the most odd.

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05/24/2016 marked as: read

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