, my brother in law, Ace, lent me .let's just get out of the way that I am a huge Lewis fan and this one did not disappoint. I Finally (i think!) understand what a CDO is and what a credit default swap is, though I am not 100% certain I could explain it.
Anyway, what really astounds me is our continual ability to forget that corporations are nothing more than aggregations of people. Just because you work at Morgan Stanley doesn't necessarily mean that you are smarter than everyone else....in fact, often times, it is a liability, as you tend to trust others, thinking they are smarter than average.
If Michael Moore's documentaryCapitalism: A Love Story
Is on ine side of the spectrum and Too Big is on the other, the Big Short is the goldilocks option.
As Ace pointed out, "I am not an anti-Wall St guy, per SE, but it is wrong that places like Goldman Sachs got 100% of the money owed to them at taxpayer expense."
I think the other thing that was so astounding was how everyone was so guilty....not just the consumers who were either stupid or victims or both but also everyone along the way in the lending business...right up to Greenspan.
reading books like this will help us,i hope, not repeat the mistakes of he past. If we do, as a society, at least we will hopefully be on the other side of the bet.
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