The Big Short：Inside the Doomsday Machine

The#1NewYorkTimesbestseller:abrilliantaccount—character-richanddarklyhumorous—ofhowtheU.S.economywasdrivenoverthecliff.WhenthecrashoftheU.S.stockmarketbecamepublicknowledgeinthefallof2008,itwasalreadyoldnews.Therealcrash,thesilentcrash,hadtakenplaceoverthepreviousyear,inbizarrefeedermarketswherethesundoesn'tshine,andtheSECdoesn'tdare,orbother,totread:thebondandrealestatederivativemarketswheregeeksinventimpenetrablesecuritiestoprofitfromthemiseryoflower-andmiddle-classAmericanswhocan'tpaytheirdebts.Thesmartpeoplewhounderstoodwhatwasormightbehappeningwereparalyzedbyhopeandfear;inanycase,theyweren'ttalking.Thecrucialquestionisthis:Whounderstoodtheriskinherentintheassumptionofever-risingrealestateprices,ariskcompoundeddailybythecreationofthosearcane,artificialsecuritieslooselybasedonpilesofdoubtfulmortgages?MichaelLewisturnstheinquiryonitsheadtocreateafresh,character-drivennarrativebrimmingwithindignationanddarkhumor,afittingsequeltohis#1best-sellingLiar'sPoker.Whogotitright?heasks.Whosawtherealestatemarketfortheblackholeitwouldbecome,andeventuallymadebillionsofdollarsfromthatperception?AndwhatqualitiesofcharactermadethosefewpersistwhentheirpeersandcolleaguesdismissedthemasChickenLittles?Outofthishandfulofunlikely—reallyunlikely—heroes,Lewisfashionsastoryascompellingandunusualasanyofhisearlierbestsellers,provingyetagainthatheisthefinestandfunniestchroniclerofourtimes.