May 03, 2010

The Big Short

Much enjoyed -- although "enjoy" might be a stretch given the subject matter -- Michael Lewis's The Big Short, which attempts to get at the root cause of the banking debacle last year.

I’ve mentioned before that the biggest shock of my adult life was discovering there were no adults, or at least precious few. Lewis mentions something along those lines with respect to the financial world:
“The big Wall Street firms, seemingly so shrewd and self-interested, had somehow become the dumb money… Charlie and Jamie had always sort of assumed that there was some grown-up in charge of the financial system whom they had never met; now, they saw there was not.”

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