The tsunami of cheap credit that rolled across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering entire societies the chance to reveal aspects of their characters they could not normally afford to indulge. Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to ...
The tsunami of cheap credit that rolled across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering entire societies the chance to reveal aspects of their characters they could not normally afford to indulge. Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to turn their country into a pinata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish. Michael Lewis's investigation of bubbles beyond our shores is so brilliantly, sadly hilarious that it leads the American reader to a comfortable complacency: oh, those foolish foreigners. But when he turns a merciless eye on California and Washington, DC, we see that the narrative is a trap baited with humor, and we understand the reckoning that awaits the greatest and greediest of debtor nations.
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Lewis treats a serious subject with his familiar humor, but be not misled: financial problems overseas in the Eurozone stemming from the excesses of Wall Street that were so ably chronicled by Lewis in his previous book, The Big Short, may "boomerang" back to bite us in the butt. At particular risk are American cities and states that invested in some of the crappy products Wall Street created and have created unsustainable budget deficits themselves.
Nov 25, 2011
Boomerang will make your head spin
A truly frightening case study of how we got up the preverbal creek and how much deeper it will get and how much more it will smell! I'm now looking for a paddle!
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