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I have read a bunch of books about the 2007 financial crash. By focusing on the people that made a lot of money from the crash, this book explains quite clearly the underlying causes of the crash. Unfortunately this book requires a bit of understanding of how markets and financial products work. If you have these basic understandings, this is the best of the bunch of books examining the 2007 crisis. Not only were the characters quite fun to read about, but the story helped explain the underlying causes of the crisis in an interesting and compelling way. I generally recommend this as a great place to start if you want to understand the mechanics of what happened in the financial crisis of 2007.
21 of 21 people found this review helpful
Lewis should be heralded for the way he takes a very complex idea (sub-prime mortgage default swap collateral debt obligations) and breaks it down into easy-to-understand language. If you were at all confused about how the financial system tanked in 2008, you'll be glad you read this book and also pretty disgusted at the kind of magical thinking that went on on Wall Street. But what makes this book readable is his characterization of three oracular entities (Mike Burry, Steve Eisman, and the Cornwall Capital Group) that foresaw the collapse before anyone else ever did. The characters come across as misanthropic, boisterous, and naive respectively and allow the reader to see the tragedy through three very different perspectives. A read you won't want to put down (...or turn off).
60 of 62 people found this review helpful