A masterful account of today's money culture, showing how
the underpricing of risk leads to
catastrophe.
When it comes to markets, the first
deadly sin is greed. Michael Lewis is our jungle guide
through five of the most violent and costly upheavals in
recent financial history: the crash of '87, the Russian
default (and the subsequent collapse of Long-Term Capital
Management), the Asian currency crisis of 1999, the Internet
bubble, and the current sub-prime mortgage disaster. With
his trademark humor and brilliant anecdotes, Lewis paints
the mood and market factors leading up to each event, weaves
contemporary accounts to show what people thought was
happening at the time, and then, with the luxury of
hindsight, analyzes what actually happened and what we
should have learned from experience.
As he proved in
Liar's Poker, The New New Thing, and
Moneyball, Lewis is without peer in his understanding
of market forces and human foibles. He is also, arguably,
the funniest serious writer in America.
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