Ross's Reviews > The Big Short: Inside the Doomsday Machine

The Big Short by Michael Lewis
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Mar 14, 12

Read in March, 2012

I've been wanting to read this book since the day it came out. Finally got around to it. It is an interesting look into our current mess of a financial system. Lewis shows us the financial crisis from the perspective of the pessimists, those who saw it coming and placed huge bets against it. By placing those bets, they provided further liquidity for those on the other side of the bet to continue to package and repackage terrible investments. This book is painful to read because you know what happens. You know the pessimists are right. It's obvious in hindsight that the bond traders were insane, that the incentive structures in place created this behavior, and that the US was due for an enormous slide. As you get to the epilogue and then the new afterword, it becomes even more painful when you realize that something similar will happen again. That the government, the rating agencies, and the general public can't compete with the Wall Street machine. The stock market just returned to its 2008 high! All together, I liked the book because the topic intrigues me. I didn't love the book because the topic disgusts me.
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