![]() ![]() Rounding out our group are Charles Ledley and Jamie Mai, two super-smart college grads whose intelligence is only matched by their aimlessness. Another is Steve Eisman, a New York analyst looking to spark a class war. One is Michael Burry, an isolated genius from California. To anyone who was looking, it should have been obvious that a financial collapse was imminent, but there were only a handful of people with this foresight. To make things even stranger, the ratings agencies were acting like these terrible mortgages were top of the line. You know what happens when you assume.īy the early 2000s, these mortgages had become the foundation for our entire economic system, even though the actual quality of those mortgages had been declining for years. Over the '80s and '90s, financial companies started investing heavily in Americans' home mortgages, propped up by the assumption that home prices would never go down. Filled to the brim with human stories and blessedly free of equations and graphs, The Big Short is the perfect starting point for learning about the 2008 financial crisis.Īfter all, do you even know what caused the 2008 stock market crash? We sure didn't before reading The Big Short.īasically, the entire global economy was nearly destroyed by home mortgages. Most people roll their eyes at the mere thought of economics and finance-that is, if those eyes haven't glazed over first-so we don't blame you for being a little scared before approaching The Big Short. The Big Short: Inside the Doomsday Machine Introduction ![]()
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