ePub: Download Liars Poker Norton Paperback Michael eBook (KINDLE, PDF, MOBI) + Audio Version


  • File Size: 986 KB
  • Print Length: 313 pages
  • Publisher: W. W. Norton & Company; Reprint edition (March 15, 2010)
  • Publication Date: March 15, 2010
  • Language: English

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Trying to find reading Michael Lewis' posts in Vanity Fair journal for really a while now, so this manufactured for an interesting conjunction with what I've read so far. Thoroughly enjoyed The Large Short, and was specially thankful that it was adapted into a film. All the statistics and so forth available were a small hard to follow at times, so having the particular visual backup later on was a bonus. This specific guy seemed to tumble into the industry through fortunate connections so his insider/outsider perspective creates an exciting take on a genuinely bizarre culture., Essential reading for everyone who wants to understand what happened within the Walls Street crash. The awesome now that what the particular author intended as the cautionary tale, showing the particular inevitable crash after a craze of unchecked greed wiped out the security associated with so many in America, was taken by many since inspiration to do exactly the same!, Interesting and funny concurrently. Lewis is the simply person with a background in finance and trading that can make this subject matter well worth reading. It offers a personal information into Wall Street., Increase and bust are continue to around, despite every work to get a better way. Minimizing the chance that folks entrusted with other people's funds are permitted to consider was once after a moment the goal of regulators, who have been able to do so to be able to some degree, for the reason that diverse custodians were limited to be able to different risks. Remove all of the effective limitations between banks, stock and bond brokers, insurers, get rid of any interest in expense being a vehicle to be able to provide capital and decrease liability over the lengthy term, add higher frequency trading, arbitrage, computer algorithms trading against one another, insurance without reserves commensurate for the risk.... and you have got our current global financial universe. And it's all just smoke and mirrors. Oh, yeah go buy those gold bricks within the belief that when the particular smoke clears and the particular mirrors are shattered of which you will be "safe", that they may buy your approach out of the mayhem. I would short of which position., This books lays the groundwork for the particular near financial collapse associated with 2008. The personalities, behaviour and world views associated with the jerks that practically destroyed our economy are usually starkly portrayed from your perspective of an insider. Lewis is an engaging author that brings humor and human nature into all their work. The amazing thing is that the qualities of the jerks has become the norm and the acolytes of greed have risen to brand new heights of political strength and influence along along with their vulgarity and absence of values. Wall Street is actually a zero sum game--with far more losers than champions. Hard to put down when started., What Michael Lewis did this season for the particular sub-prime mortgage meltdown in  The Big Brief: Inside the Doomsday Device , he did 20 or so years earlier for the particular S&L crisis in  Liar's Poker . Walls Street bond & investments traders like to consider of themselves as  Enron: The Smartest Guys in the Room   because they can market ice for the Eskimos. They will can dream up new ways of selling risk as well as the future of risk, in increasingly-obscure derivatives which often not only fooled the particular buying public into trading in these worthless bonds, but were so dissimulé and convoluted that the particular ratings agencies (Moody's and Standard & Poor's) terribly misrated them. The Securities and Exchange Commission, eviscerated by Reagan and their henhouse wolves, was not willing -- or unable -- to regulate the approaching disaster.

Either time!

And the pieces are all in position for another beast Wall Street blow-up, to be able to be bailed out once more by unwitting (and unwilling) taxpayers ("TBTF"). Wall Street has figured out just how to pass each of the risk of gambling with additional peoples' money to the particular taxpayers, while keeping all of the profits on their own. You don't even want to be be a good investor in the share market anymore to obtain fleeced. Uncle Sam may reach into your wallet on behalf of Wall Street!

Lewis warned us of the particular danger after the first time it happened, but evidently nobody listened (or not necessarily the best people). Page 163: "The mortgage trading table started out corner shop to be able to supermarket. By increasing the particular number of products, they will increased the number associated with shoppers. The biggest consumers, the thrifts, often got a very particular want. They wanted to develop beyond the limits enforced with the Federal Home Mortgage Bank Board in Washington. It was a continuous struggle to stay a single step ahead of music regulators in Washington. Many 'new products' invented simply by Salomon Brothers were outdoors the rules of the particular regulatory game; these were not necessarily required to be detailed on thrift balance bedding and therefore offered a approach for thrifts to develop. In some cases, the particular sole virtue of the new product was their classification as 'off-balance sheet. ' To attract brand new investors and dodge brand new regulations, the market started to be ever more arcane and complex. "

Could it be any kind of wonder that the same thing happened again in 2008?

If there's any doubt that Wall Street acts solely in their self-interest (customers are there to absorb losses, nothing else), Lewis lays it out on page 199: "I should have got felt guilty, of program, but guilt was not necessarily the first identifiable sensation to emerge from our exploding brain. Relief was. I had formed told him the particular news. He was shouting and moaning. And this was this. That was all he or she could do. Shout and moan. That was the particular beauty of being a middleman, which I did not necessarily appreciate until that instant. The client suffered. I failed to. He wasn't going to be able to kill me. He wasn't even likely to sue me personally. I wasn't going to be able to lose my job. Upon the contrary, I was a minor hero at Salomon for dumping the sixty thousand dollar loss into somebody else's wallet. "

Taxpayer, sew upward your pockets.

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Liars Poker Norton Paperback Michael
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