salsadancer reviewed The Big Short: Inside the Doomsday Machine (Movie Tie-in Editions) on + 27 more book reviews
A difficult subject made interesting and entertaining in its telling by this honest, straight-talking author. We learn how the overvalued real estate market in the U.S. led to the financial crisis of 2008. The crisis was fueled by an overheated market in mortgage bonds and their derivatives, including collateralized debt obligations and credit default swaps. It led to the destruction of nearly $2 trillion of wealth.
The story is told through the eyes of 10 or 12 people in the financial industry who were deeply involved in what was happening. Several of these people were among the few who saw what was coming and profited greatly from the financial collapse by taking "Big Short" positions of buying credit default swaps. Well written, fast moving and very informative.
The story is told through the eyes of 10 or 12 people in the financial industry who were deeply involved in what was happening. Several of these people were among the few who saw what was coming and profited greatly from the financial collapse by taking "Big Short" positions of buying credit default swaps. Well written, fast moving and very informative.
