The release of the book by Michael Lewis entitled ‘The Big Short: Inside the Doomsday Machine’ is a timely read. I am reading it now, and it is an eye opening tell all book from the viewpoint of the inside of Wall Street on the crash of the housing market in recent years. If you have not read this book, you should. Especially if you are in anyway connected to the real estate or mortgage industry.
It has been my experience that so many people in the real estate profession, especially mortgage loan officers and appraisers were wrongfully targeted in the media as corrupt, when in fact it was the men behind the scenes on Wall Street that were the fools pulling the strings on this disaster.
With a President in the White House, and a Congress right now throwing all kinds of wrong solutions around in a political high stepping effort to appear as if they are doing something to correct the damage, it is useful to read and understand some of the people behind pulling the pin in the grenade, and even those who made the bomb to begin with.
Paperback editions of this book are now out in stores, and I highly recommend that you take time to read it if you have not already done so.
The publishing notes on the release of this book describe it as follows:
“The real story of the crash began in bizarre feeder markets where the sun doesn’t shine and the SEC doesn’t dare, or bother, to tread: the bond and real estate derivative markets where geeks invent impenetrable securities to profit from the misery of lower–and middle–class Americans who can’t pay their debts.
The smart people who understood what was or might be happening were paralyzed by hope and fear; in any case, they weren’t talking.
Michael Lewis creates a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestseller Liar’s Poker. Out of a handful of unlikely–really unlikely–heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest chronicler of our time. “