Boomerang by Michael Lewis Book Review
Boomerang: Travels in the New Third World by Michael Lewis is another source of information to understand the massive crash of 2008. Published by W. W. Norton & Company on October 3rd 2011, within it short 224 pages author gives a guided tour through Greece, Iceland, Ireland and other different places who had been hard hit by the fiscal tsunami of 2008.
Mr. Lewis also said that Boomerang is a companion book to his 2010 bestselling book The Big Short: Inside the Doomsday Machine.
Boomerang by Michael Lewis Summary
As Pogo once said, “We have met the enemy and he is us.”
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 piñata 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.
ebook 1st recommendation: