false 4216241 0393065146 9780393065145 136 44 http://photo.goodreads.com/books/1255580250m/4216241.jpg http://www.goodreads.com/book/show/4216241.Panic_The_Story_of_Modern_Financial_Insanity 776 Michael Lewis 11098 1842 4 0 false Fri Jun 12 00:00:00 -0700 2009 Fri Jan 09 06:27:18 -0800 2009 Fri Jun 12 19:16:26 -0700 2009
The book contains interesting morsels from financial reporters to Nobel Laureates on past events like the Asian Currency Crisis, The Russian Bankruptcy and the fall of Long Term Capital Management but ends up coming off like a time capsule or history lesson most of the time. Not sure if I would call it enjoyable reading all the time, but it certainly is informative especially if you are trying to catch up with recent history of the financial markets.

I'd call it a book for the advanced beginner in macro-economic theory and a useful reference, but not something to get you through a vacation or a stay at the in-laws. But I gave it four stars because he often includes examples that criticize important government and business leaders for their sins of commission as well as their sins of omission, such as the way the IMF and Western leaders stood by and allowed Yeltsin's government to turn Russia into an oligarchy full of cronyism and corruption, turning a blind eye as the (few) assets that could have turned around the former superpower were allowed to fall into the hands of an elite group. Yet not a peep of criticism was raised in the name of preserving diplomacy. A funny thing happens when you read the chapter on the Russian bankruptcy in the 90's. If you substitute America for Russia in the chapter, you get a pretty accurate picture of exactly what is happening today. Scary.

In the end, while the jabs Lewis takes are rarely powerful, they are always right on the money (so to speak).]]>