Will Byrnes's Reviews > The Big Short: Inside the Doomsday Machine
The Big Short: Inside the Doomsday Machine
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Michael Lewis looks at a handful of people who saw what was happening in the US economy, tried to sound an alarm, but also used their knowledge to make barrels of cash.
If the tales told here, following the fiscal 9/11 that is Wall Street ethics, do not scare you away from investing with any Wall Street firm, I do not know what will. Lewis may single-handedly revive stuffing cash in mattresses as a savings option.
![description](https://i.gr-assets.com/images/S/compressed.photo.goodreads.com/hostedimages/1611892725i/30775989._SX540_.jpg)
Michael Lewis - image from Boston’s WBUR - photo by Robin Lubbock
What becomes clear is that there is no substitute for doing the hard work of gathering and analyzing data. That, really, is what the people portrayed here did. And they were confident enough in their analysis that they used it to personal advantage. Not all are Gordon Gecko types, sociopathic greed machines. Some even tried to warn legislators and corporations at risk just how crazy the bubbling market had become. I suppose it should come as no shock that short-term gain, even if based on insanity, will always triumph long-term rationality if it means reducing the next quarter’s profits. Well, almost always.
One key is the willingness of ratings agencies, like Moody’s and S&P, to hold their noses and rate as triple-A offerings that should have been rated as triple-crap. As long as the ratings agencies are reliant on businesses which bring products to them to rate, it is difficult to see how meaningful change can be effected.
Lewis has produced a very interesting portrait not only of a group of super-bright analysts, but of Wall Street gone wild. The book offers insight into the details of how the mess was made possible. It is one of the best looks at the financial crisis I have seen. Maybe I should invest in a better mattress?
1/22/16 - Saw the film tonight, and it is fracking brilliant!
=============================EXTRA STUFF
Links to Lewis's personal and Facebook sites
Reviews of other books by the author
----- Boomerang
----- Moneyball
If the tales told here, following the fiscal 9/11 that is Wall Street ethics, do not scare you away from investing with any Wall Street firm, I do not know what will. Lewis may single-handedly revive stuffing cash in mattresses as a savings option.
![description](https://i.gr-assets.com/images/S/compressed.photo.goodreads.com/hostedimages/1611892725i/30775989._SX540_.jpg)
Michael Lewis - image from Boston’s WBUR - photo by Robin Lubbock
What becomes clear is that there is no substitute for doing the hard work of gathering and analyzing data. That, really, is what the people portrayed here did. And they were confident enough in their analysis that they used it to personal advantage. Not all are Gordon Gecko types, sociopathic greed machines. Some even tried to warn legislators and corporations at risk just how crazy the bubbling market had become. I suppose it should come as no shock that short-term gain, even if based on insanity, will always triumph long-term rationality if it means reducing the next quarter’s profits. Well, almost always.
One key is the willingness of ratings agencies, like Moody’s and S&P, to hold their noses and rate as triple-A offerings that should have been rated as triple-crap. As long as the ratings agencies are reliant on businesses which bring products to them to rate, it is difficult to see how meaningful change can be effected.
Lewis has produced a very interesting portrait not only of a group of super-bright analysts, but of Wall Street gone wild. The book offers insight into the details of how the mess was made possible. It is one of the best looks at the financial crisis I have seen. Maybe I should invest in a better mattress?
1/22/16 - Saw the film tonight, and it is fracking brilliant!
=============================EXTRA STUFF
Links to Lewis's personal and Facebook sites
Reviews of other books by the author
----- Boomerang
----- Moneyball
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Reading Progress
Started Reading
May 1, 2010
–
Finished Reading
June 3, 2010
– Shelved
June 3, 2010
– Shelved as:
nonfiction
June 3, 2010
– Shelved as:
economics
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message 1:
by
Lilo
(new)
-
added it
Jan 30, 2015 12:00AM
![Lilo](https://images.gr-assets.com/users/1366528768p1/19470614.jpg)
reply
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![Steve](https://images.gr-assets.com/users/1291695844p1/236411.jpg)
![Will Byrnes](https://images.gr-assets.com/users/1291462190p1/1526851.jpg)
or
My mattress pays market rates
or
My mattress is a classic. The interest it generates is unimportant compared to the pleasure one receives from appreciating its inherent beauty.
![Keith](https://images.gr-assets.com/users/1660195938p1/4848626.jpg)
![Ms.pegasus](https://images.gr-assets.com/users/1335705124p1/5015851.jpg)
![Lilo](https://images.gr-assets.com/users/1366528768p1/19470614.jpg)
Investment/savings problem solved.
I recommend everybody with some extra cash to do the same.
![Will Byrnes](https://images.gr-assets.com/users/1291462190p1/1526851.jpg)
![Lela](https://images.gr-assets.com/users/1434757168p1/9920233.jpg)
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![Will Byrnes](https://images.gr-assets.com/users/1291462190p1/1526851.jpg)
I believe that the corruption was always there. Now it is on steroids, and 1% control of government is greater than it has ever been, so big players are immune to prosecution. The gains in national productivity for the last forty years have gone entirely to the wealthy. Our national economy seems more a form of organized crime than a true free market
![Lilo](https://images.gr-assets.com/users/1366528768p1/19470614.jpg)
Is the movie out yet, and if yes, has it the same title as the book?
I might allow an attack on my gall bladder for 2 hours but not for as long as it would take me to read the book.
![Lilo](https://images.gr-assets.com/users/1366528768p1/19470614.jpg)
Thanks, Will. I am afraid it will be a while before it comes out as a DVD. Do you think it will be able to see it ON DEMAND? We have never tried this function.
![Lela](https://images.gr-assets.com/users/1434757168p1/9920233.jpg)
![Lilo](https://images.gr-assets.com/users/1366528768p1/19470614.jpg)
Thank you for the info, Lela. So it doesn't make any sense to check for a movie that has just recently come to the movie theaters.
![Lela](https://images.gr-assets.com/users/1434757168p1/9920233.jpg)
![Lilo](https://images.gr-assets.com/users/1366528768p1/19470614.jpg)
Thank you so much again, Lela. I'll check to see if this book is a double release.
I plan to watch more movies in the future. Since I am unlikely to live long enough to read all the books on my TBR-list, I think I'll compromise on some and watch the movie instead of reading the book. It only takes 2 hours to watch a movie, whereas it takes considerably longer to read a book.
![Lela](https://images.gr-assets.com/users/1434757168p1/9920233.jpg)
![Lynne](https://images.gr-assets.com/users/1377625678p1/17408049.jpg)
![Will Byrnes](https://images.gr-assets.com/users/1291462190p1/1526851.jpg)
![Will Byrnes](https://images.gr-assets.com/users/1291462190p1/1526851.jpg)
Thanks, Hades. Sorry I missed this one when you posted it. Will definitely check out the doc.