Boomerang: Travels in the New Third World
The tsunami of cheap credit that rolled across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering entire societies the chance to reveal aspects of their characters they could not normally afford to indulge.
Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to turn their country into a piñata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish.
Michael Lewis's investigation of bubbles beyond our shores is so brilliantly, sadly hilarious that it leads the American reader to a comfortable complacency: oh, those foolish foreigners. But when he turns a merciless eye on California and Washington, DC, we see that the narrative is a trap baited with humor, and we understand the reckoning that awaits the greatest and greediest of debtor nations.
Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to turn their country into a piñata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish.
Michael Lewis's investigation of bubbles beyond our shores is so brilliantly, sadly hilarious that it leads the American reader to a comfortable complacency: oh, those foolish foreigners. But when he turns a merciless eye on California and Washington, DC, we see that the narrative is a trap baited with humor, and we understand the reckoning that awaits the greatest and greediest of debtor nations.
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Community Reviews
This book is a collection of 5 essays Michael Lewis wrote after the financial meltdown in 2007-2008. Each essay is a comic look at the disaster of the financial crisis in each of 5 countries: Iceland, Greece, Ireland, Germany, and America (specifically at a state and local level in California).
It's very interesting as an examination of how many people in the financial marketplace had no idea what they were doing, and it's also pretty entertaining and humorous. On the other hand, it's unnecessarily racist against the peoples it examines, with the exception of Americans who somewhat get a pass because supposedly the American culture and abundance itself exceeds what the human mind is designed to cope with. That presentation of huge groups of people, their motivations, and their histories undermines Lewis's expertise of financial players and events.
It's very interesting as an examination of how many people in the financial marketplace had no idea what they were doing, and it's also pretty entertaining and humorous. On the other hand, it's unnecessarily racist against the peoples it examines, with the exception of Americans who somewhat get a pass because supposedly the American culture and abundance itself exceeds what the human mind is designed to cope with. That presentation of huge groups of people, their motivations, and their histories undermines Lewis's expertise of financial players and events.
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