Boomerang

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Boomerang

by Michael Lewis

Norton | October 4, 2011 | Hardcover

Boomerang is rated 5 out of 5 by 1.
The tsunami of cheap credit that rolled across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering entire societies the chance to reveal aspects of their characters they could not normally afford to indulge. Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to turn their country into a pinata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish. Michael Lewis's investigation of bubbles beyond our shores is so brilliantly, sadly hilarious that it leads the American reader to a comfortable complacency: oh, those foolish foreigners. But when he turns a merciless eye on California and Washington, DC, we see that the narrative is a trap baited with humor, and we understand the reckoning that awaits the greatest and greediest of debtor nations.

Format: Hardcover

Dimensions: 288 pages, 8.75 × 6 × 0.9 in

Published: October 4, 2011

Publisher: Norton

Language: English

The following ISBNs are associated with this title:

ISBN - 10: 0393081818

ISBN - 13: 9780393081817

Found in: Business and Finance

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Reviews

Rated 5 out of 5 by from Boomerang returns dividends on time invested Bestselling author Michael Lewis delivers again with this series of themed travelogues about the financial crisis and originally published in Vanity Fair. Each of the articles stands well on its own, but in series they manage to bring an additional element, a much broader perspective on the financial crisis and on human nature. Lewis travels to the major hot-spots: Iceland, Greece, Ireland, Germany and the US, noting the similarities and the differences in each of their situations, but mostly letting the individual characters who populate his essays tell the stories. Descriptions of people are rich, humorous, playful and cutting, but never mean spirited - the kind of descriptions your friends might use at your roast. Descriptions of countries’ national characters and of specific places are equally pithy; “it’s the sort of place bankers stay because they think it’s where the artists stay.” As expected, bank leadership, politicians and regulators fare poorly in Lewis’ crosshairs, and although they play small walk-on parts, investment banks such as Merrill Lynch come across as morally bankrupt and duplicitous, far worse than their aforementioned dimwitted but greedy co-conspirators. Lewis is finance literature’s equivalent of television’s Jon Stewart, calling all out on their motives, their revisionist explanations, and their mistakes. Ultimately, though, Lewis settles on the root cause - it’s us; it’s human nature and short term thinking. One of his interviewees sums it up best when he says about the virtual bankruptcy of his city, “I think we’ve suffered from a series of mass delusions.” As much as Charles Kindleberger’s excellent book Manias, Panics and Crashes offers a deep retrospective of the evidence of our foibles, Boomerang offers finely drawn characters who give insight into the human behaviour that inevitably leads to the crashes. A much different perspective, much more enjoyable to read, but no less effective. (Margaret Atwood’s “Payback” is an equally excellent and alternative take). As a former bond trader himself, Lewis has an easy grasp of the issues, the interests and the conflicts, and he segues from character to character and setting to setting to weave his story in the most entertaining and engaging of ways. These strengths set Lewis apart from most financial writers who concentrate on a chronological recounting of facts, with character development playing second fiddle. In all of the best ways in these short articles, Lewis is like Charles Dickens with a sketchbook rather than the vast canvas of a full length novel. You really should read this book. You will be entertained, you will learn something, and whatever your political or economic stripe, you will pause for some self reflection, because in the end the financial crisis boomerangs back to us and to human nature.
Date published: 2011-11-13

– More About This Product –

Boomerang

by Michael Lewis

Format: Hardcover

Dimensions: 288 pages, 8.75 × 6 × 0.9 in

Published: October 4, 2011

Publisher: Norton

Language: English

The following ISBNs are associated with this title:

ISBN - 10: 0393081818

ISBN - 13: 9780393081817

From the Publisher

The tsunami of cheap credit that rolled across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering entire societies the chance to reveal aspects of their characters they could not normally afford to indulge. Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to turn their country into a pinata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish. Michael Lewis's investigation of bubbles beyond our shores is so brilliantly, sadly hilarious that it leads the American reader to a comfortable complacency: oh, those foolish foreigners. But when he turns a merciless eye on California and Washington, DC, we see that the narrative is a trap baited with humor, and we understand the reckoning that awaits the greatest and greediest of debtor nations.

About the Author

Michael Lewis was born October 15, 1960, in New Orleans, Louisiana. He is an American contemporary non-fiction author. His bestselling books include Liar's Poker, Moneyball: The Art of Winning an Unfair Game, and The Blind Side: Evolution of a Game. His latest nonfiction book is called, Home Game: The Accidental Guide to fatherhood. Lewis lives Berkely, California with is wife and children.
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