Summary of "The Big Short" by Michael Lewis
The Big Short by Michael Lewis delves into the lead-up to the 2007-2008 financial crisis, focusing on a few individuals who foresaw the collapse of the housing market and profited from it. This detailed narrative brings into focus the actions and motivations of key players in the financial world who recognized the impending disaster and took steps to capitalize on it. The book not only sheds light on the mechanics of the financial instruments that contributed to the crisis but also critiques the broader Wall Street culture that allowed such a catastrophe to occur. The Prologue: A Personal Insight Lewis begins the book with a personal account of his time on Wall Street in the 1980s. As a bond salesman at Salomon Brothers, he witnessed firsthand the corrupt practices that eventually led to financial instability. His first book, Liar’s Poker , was written with the hope that exposing these practices would lead to change. However, instead of reform, the industry became more adept at hiding
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