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Boomerang: Michael Lewis Takes On The Globe

abstract:Michael Lewis, author of The Big Short has a new book out that essentially takes TBS on a world tour. Boomerang: Travels in the New Third World is Lewis's take on how the world financial markets got caught in the financial crisis. He devotes a chapter each to Iceland, Germany, Greece and Ireland and asigns sweeping character assessments to explain their investor Gestalt. Forbes says "[Boomerang] demystifies Germany's role in the global debt calamity." Jackie McNish at the Globe and Mail says, "In Boomerang, a travelogue through the globe’s economic ruins, Lewis takes us into the lives of the hapless and misguided government officials, bankers and speculators who stoked the 2008 financial fires we wishfully and wrongly believed had been doused by massive government bailouts. Turns out, taxpayer dollars only stalled the carnage. Like a boomerang, the crisis is now swinging back with a vengeance and this slight, poignantly humorous 212-page book tells even the most informed student of global economics why it was inevitable." Check out Lewis's interview on You Tube with PBS economics correspondent, Paul Solman at this cozy little European-style restaurant in Washington, DC. What I love is how Lewis pokes a stick in the eye of all the people who he says thought they could beat the system. He says they were that guy in a dark room sitting next to a wad of money. Who could resist? They all knew what they were doing, and they handled it in their own stereotypical way. Don't take offense. The world tour's last stop is America, where Lewis claims that Americans, adept at re-inventing themselves without the fear of a European-like stigmata post-bankruptcy will use their "stories of woe" to rise pheonix-like out of the current world quagmire. My stock portfolio could use a little boost - thanks Michael..


October 26, 2011



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