The Opposition…

The Big Short: Inside the Doomsday Machine

Michael Lewis

Discussion: 2010-Jan-Feb-Mar

Why we're reading this: The Daily Show March 15, 2010;
The Colbert Report February 1, 2011
[close] The Daily Show March 15, 2010;
The Colbert Report February 1, 2011

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2010-Jan-Feb-Mar

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* March 2010
By Tiffany , WristStrong · 1 post · 11 views

last updated Feb 25, 2011 02:42PM

* February 2010
By Tiffany , WristStrong · 1 post · 6 views

last updated Feb 25, 2011 12:57PM

What Members Thought

Apr 18, 2010 Dea rated it it was amazing · review of another edition

This book stayed on my reading list for quite some time, I guess I did not want to dive into the yet another rehashing of the crisis that had made me so physically ill so many times before. And honestly, I was a bit hesitant taking on such a complex topic. After all, we have heard so many times that the cause of the crisis was so mingled that no one knows what to do, or how to prevent it, or who is to blame.

But here it is. I have tackled the book. I have hacked through the difficult terminology This book stayed on my reading list for quite some time, I guess I did not want to dive into the yet another rehashing of the crisis that had made me so physically ill so many times before. And honestly, I was a bit hesitant taking on such a complex topic. After all, we have heard so many times that the cause of the crisis was so mingled that no one knows what to do, or how to prevent it, or who is to blame.

But here it is. I have tackled the book. I have hacked through the difficult terminology and the causes and reasons of who, what, where and why; and I would like to say that I am glad I did. This book, perhaps because it had lined up so well with what I had already known, was truly a great read. I will admit I had to take notes and reread certain passages, while others I just left behind without any hope of comprehension, but it did offer explanations. Michael Lewis, named names and pointed fingers, and perhaps it is what I had wanted all along since the crisis started, and perhaps those he had named really were not the originators of the crime of the century but they did have a hand in it. And now I know their names. And now I know that so many not only had gone unpunished but had walked away with millions lining their pockets while the government did nothing to make sure this would not happened again.

Possibly another reason I had enjoyed this book was because it had evoked emotion in me. So often books on politics and economics are dry and boring however, this read almost like a detective story. Looking at the big picture from the eyes of the people who had predicted the collapse you are given a much better handle on the situation as a whole. It is no longer just numbers on the computer screen or the television; you are seeing those numbers have an effect on the small circle of people who were right there. Of course there are many stories of the housing crisis told from the victims who have lost their homes and their jobs but this was the look from inside the beast as it died, before the waves of its death have reached those who ultimately had to pay, and are still paying, a very large price.

I also have to say that I enjoyed the human aspects of those whose stories were told. It was not just the “Banker X” or “Trader K” or “CEO of a multi-billion dollar company”, it was people who had their own personal quirks and problems and human traits. It was people that said dude, and double dipped their food. It was people who had children and wives, and those who got a high from seeing the money trickle by the million into their private accounts. There were people who had morals and there were people whose morals were questionable. And of course, perhaps, this is all an opinion of the author and the only reason I feel gratification in reading the book is because I already believed all those things ahead of time.

Everyone must read this book. This should not be the only, nor the first book you read on the financial crisis but you must read it. I laughed, I cried, I felt sick, and I got so mad I saw red, but I read through it because in the end I had learned something new. Something I did not know before. And even though I feel helpless and unable to do anything about the situation that angers me so much, I feel better knowing the inside game. Even if it is not the whole game. Even if the knowledge is slightly skewed but it is better than to hide one’s head in the sand.
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Dec 27, 2010 Al Rowell rated it really liked it

Michael Lewis launches his book with a simple concept: with all the losses at the major Wall Street investment banks, who could have foreseen the impending collapse and shorted the investment firms themselves to make an unprecedented return? Among others, he finds a one-eyed financial trader with Aspergers who had the singular focus to see what all of Wall Street refused to see: the explosion of subprime mortgages, the collusion of the rating agencies in promoting CDO's, and the mind-boggling ri ...more

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Jan 16, 2011 judy rated it it was amazing

Shelves: non-fiction

Reading this book a few more times is as close as I'm going to get to understanding the market meltdown. Not bad when you consider that the vast majority of Wall Street inhabitants had no clue what they were doing either. Lewis is amazing. He can take subjects I'm almost phobic about and make them fascinating. I rarely buy books anymore but I'm thinking about making an exception for him. ...more

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Aug 31, 2010 Linda rated it liked it

Shelves: mc-burg

Michael Lewis does his best to explain the economic melt down, but my eyes still glaze over with this type of finance. I am glad I read the book and I have already secured Lewis's first book "Liar's Poker" which documents his post-college job on Wall Street. Despite the eye glaze, I still got a lot out of this book and would recommend it. ...more

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Mar 05, 2012 Pang rated it liked it

Shelves: ecomics-finance, why-did-i-bother

Unfortunately I had to stop reading this book because another priority came up. It was a good read at least up to the point I got to, but I was not that excited about the topic anymore since I'd read other books on the same subject. It won't go on my "to-read" list, however. May be I'll try it again another time down the road... ...more

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