Boomerang Quotes

“Everywhere you turn you see Americans sacrifice their long-term interests for a short-term reward.”
― Michael Lewis, Boomerang: Travels in the New Third World

“Germans longed to be near shit, but not in it. This, as it turns out, is an excellent description of their role in the current financial crisis.”
― Michael Lewis, Boomerang: Travels in the New Third World

“Isocrates: “Democracy destroys itself because it abuses its right to freedom and equality. Because it teaches its citizens to consider audacity as a right, lawlessness as a freedom, abrasive speech as equality, and anarchy as progress.”
― Michael Lewis, Boomerang: Travels in the New Third World

“...a tourist can't help but have a distorted opinion of a place: he meets unrepresentative people, has unrepresentative experiences, and runs around imposing upon the place the fantastic mental pictures he had in his head when he got there.”
― Michael Lewis, Boomerang: Travels in the New Third World

“The politicians in Ireland speak Gaelic the way the Real Housewives of Orange County speak French.”
― Michael Lewis, Boomerang: Travels in the New Third World

“TWO THINGS STRIKE every Irish person when he comes to America, Irish friends tell me: the vastness of the country, and the seemingly endless desire of its people to talk about their personal problems. Two things strike an American when he comes to Ireland: how small it is, and how tight-lipped. An Irish person with a personal problem takes it into a hole with him, like a squirrel with a nut before winter. He tortures himself and sometimes his loved ones, too. What he doesn’t do, if he has suffered some reversal, is vent about it to the outside world. The famous Irish gift of gab is a cover for all the things they aren’t telling you.”
― Michael Lewis, Boomerang: Travels in the New Third World

“Alcoa, the biggest aluminum company in the country, encountered two problems peculiar to Iceland when, in 2004, it set about erecting its giant smelting plant. The first was the so-called hidden people—or, to put it more plainly, elves—in whom some large number of Icelanders, steeped long and thoroughly in their rich folkloric culture, sincerely believe. Before Alcoa could build its smelter it had to defer to a government expert to scour the enclosed plant site and certify that no elves were on or under it. It was a delicate corporate situation, an Alcoa spokesman told me, because they had to pay hard cash to declare the site elf-free, but, as he put it, “we couldn’t as a company be in a position of acknowledging the existence of hidden people.”
― Michael Lewis, Boomerang: Travels in the New Third World

“The retirement age for Greek jobs classified as "arduous" is as early as fifty-five for men and fifty for women. As this is also the moment when the state begins to shovel out generous pensions, more than six hundred Greek professions somehow managed to get themselves classified as arduous: hairdressers, radio announcers, writers, musicians, and on and on and on.”
― Michael Lewis, Boomerang: Travels in the New Third World

“The relationship between the people and their money in California is such that you can pluck almost any city at random and enter a crisis. San Jose has the highest per capita income of any city in the United States, after New York. It has the highest credit rating of any city in California with a population over 250,000. It is one of the few cities in America with a triple-A rating from Moody’s and Standard & Poor’s, but only because its bondholders have the power to compel the city to levy a tax on property owners to pay off the bonds. The city itself is not all that far from being bankrupt.”
― Michael Lewis, Boomerang: Travels in the New Third World

“The first thing Gutenberg sought to publish, after the Bible, was a laxative timetable he called a “Purgation-Calendar.” Then there is the astonishing number of anal German folk sayings. “As the fish lives in water, so does the shit stick to the asshole!,” to select but one of the seemingly endless examples.”
― Michael Lewis, Boomerang: Travels in the New Third World

“The succession of financial bubbles, and the amassing of personal and public debt, Whybrow views as simply an expression of the lizard-brained way of life. A color-coded map of American personal indebtedness could be laid on top of the Centers for Disease Control’s color-coded map that illustrates the fantastic rise in rates of obesity across the United States since 1985 without disturbing the general pattern. The boom in trading activity in individual stock portfolios; the spread of legalized gambling; the rise of drug and alcohol addiction; it is all of a piece. Everywhere you turn you see Americans sacrifice their long-term interests for a short-term reward.”
― Michael Lewis, Boomerang: Travels in the New Third World

“THE SECRET OF SUCCESS IS TO UNDERSTAND THE POINT OF VIEW OF OTHERS. —Henry Ford”
― Michael Lewis, Boomerang: Travels in the New Third World

“The smart person accepts. The idiot insists.”
― Michael Lewis, Boomerang: Travels in the New Third World

“When Neil Armstrong took his small step from Apollo 11 and looked around, he probably thought, Wow, sort of like Iceland—even though the moon was nothing like Iceland. But then, he was a tourist, and a tourist can’t help but have a distorted opinion of a place: he meets unrepresentative people, has unrepresentative experiences, and runs around imposing upon the place the fantastic mental pictures he had in his head when he got there. When Iceland became a tourist in global high finance it had the same problem as Neil Armstrong.”
― Michael Lewis, Boomerang: Travels in the New Third World

“Hitler’s doctors told U.S. intelligence officers that their patient had devoted surprising energy to examining his own feces; and there was pretty strong evidence that one of his favorite things to do with women was to have them poop on him.”
― Michael Lewis, Boomerang: Travels in the New Third World

“the less the female presence, the less rational the approach to trading in the markets.”
― Michael Lewis, Boomerang: Travels in the New Third World

“What do you tell your mother when she asks you where to put her money?” I asked. “Guns and gold,”
― Michael Lewis, Boomerang: Travels in the New Third World

“When you borrow a lot of money to create a false prosperity, you import the future into the present. It isn’t the actual future so much as some grotesque silicone version of it. Leverage buys you a glimpse of a prosperity you haven’t really earned.”
― Michael Lewis, Boomerang: Travels in the New Third World

“Leverage buys you a glimpse of a prosperity you haven’t really earned.”
― Michael Lewis, Boomerang: Travels in the New Third World

“The problem with police officers and firefighters isn’t a public-sector problem; it isn’t a problem with government; it’s a problem with the entire society. It’s what happened on Wall Street in the run-up to the subprime crisis. It’s a problem of people taking what they can, just because they can, without regard to the larger social consequences. It’s not just a coincidence that the debts of cities and states spun out of control at the same time as the debts of individual Americans. Alone in a dark room with a pile of money, Americans knew exactly what they wanted to do, from the top of the society to the bottom. They’d been conditioned to grab as much as they could, without thinking about the long-term consequences. Afterward, the people on Wall Street would privately bemoan the low morals of the American people who walked away from their subprime loans, and the American people would express outrage at the Wall Street people who paid themselves a fortune to design the bad loans.”
― Michael Lewis, Boomerang: Travels in the New Third World

“In 1980 only 23 percent of state pension money had been invested in the stock market; by 2008 the number had risen to 60 percent.”
― Michael Lewis, Boomerang: Travels in the New Third World

“This preternatural love of rules almost for their own sake punctuates German finance as it does German life. As it happens, a story had just broken that a German reinsurance company called Munich Re, back in June 2007, or just before the crash, had sponsored a party for its best producers that offered not just chicken dinners and nearest-to-the-pin golf competitions but a blowout with prostitutes in a public bath. In finance, high or low, this sort of thing is of course not unusual. What was striking was how organized the German event was. The company tied white and yellow and red ribbons to the prostitutes to indicate which ones were available to which men. After each sexual encounter the prostitute received a stamp on her arm to indicate how often she had been used. The Germans didn’t just want hookers: they wanted hookers with rules.”
― Michael Lewis, Boomerang: Travels in the New Third World

“What happened was that everyone in Ireland had the idea that somewhere in Ireland there was a little wise old man who was in charge of the money, and this was the first time they’d ever seen this little man,” says McCarthy. “And then they saw him and said, Who the fuck was that??? Is that the fucking guy who is in charge of the money??? That’s when everyone panicked.”
― Michael Lewis, Boomerang: Travels in the New Third World

“Left alone in a dark room with a pile of money, the Irish decided what they really wanted to do with it was buy Ireland. From each other. An Irish economist named Morgan Kelly, whose estimates of Irish bank losses have been the most prescient, has made a back-of-the-envelope calculation that puts the property-related losses of all Irish banks at roughly 106 billion euros. (Think $10.6 trillion.) At the rate money flows into the Irish treasury, Irish bank losses alone would absorb every penny of Irish taxes for the next four years.”
― Michael Lewis, Boomerang: Travels in the New Third World

“Take whatever is thrown at you and build upon it. “Yes . . . and” rather than “No . . . but.” “The idiot is bound by his pride,” he says. “It always has to be his way. This is also true of the person who is deceptive or doing things wrong: he always tries to justify himself. A person who is bright in regard to his spiritual life is humble. He accepts what others tell him—criticism, ideas—and he works with them.”
― Michael Lewis, Boomerang: Travels in the New Third World

“Thousands upon thousands of government employees take to the streets to protest the bill. Here is Greece’s version of the Tea Party: tax collectors on the take, public-school teachers who don’t really teach, well-paid employees of bankrupt state railroads whose trains never run on time, state hospital workers bribed to buy overpriced supplies.”
― Michael Lewis, Boomerang: Travels in the New Third World

“...[H]uman beings are neurologically ill-designed to be modern Americans. The human brain evolved over hundreds of thousands of years in an environment defined by scarcity. It was not designed, at least originally, for an environment of extreme abundance... Even a person on a diet who sensibly avoids coming face-to-face with a piece of chocolate cake will find it hard to control himself if the chocolate cake somehow finds him... When faced with abundance, the brain's ancient reward pathways are difficult to suppress. In that moment the value of eating the chocolate cake exceeds the value of the diet. We cannot think down the road when we are faced with the chocolate cake.”
― Michael Lewis, Boomerang: Travels in the New Third World

“Yet another hedge fund manager explained Icelandic banking to me this way: you have a dog, and I have a cat. We agree that each is worth a billion dollars. You sell me the dog for a billion, and I sell you the cat for a billion. Now we are no longer pet owners but Icelandic banks, with a billion dollars in new assets. “They created fake capital by trading assets amongst themselves at inflated values,” says a London hedge fund manager. “This was how the banks and investment”
― Michael Lewis, Boomerang: Travels in the New Third World

“The Greek public health-care system spends far more on supplies than the European average—and it is not uncommon, several Greeks tell me, to see nurses and doctors leaving the job with their arms filled with paper towels and diapers and whatever else they can plunder from the supply closets.”
― Michael Lewis, Boomerang: Travels in the New Third World

“A banking system is an act of faith: It survives only for as long as people believe it will.”
― Michael Lewis, Boomerang: Travels in the New Third World