I’ve just finished reading Michael Lewis’ The Big Short: Inside The Doomsday Machine. He manages to craft a story involving credit default swaps into an absolute page turner. The narrative is a pulverizing piece of literary work that will stand as a clear record of how the American people were cheated by a morally bankrupt system that by design had to fail. The story reads like a curious piece of fiction. Only it’s not. It’s all real. Lewis tells the story of Wall Street’s recent meltdown better than the bankers and investors themselves seem to understand what happened. Overlapping stories and characters are woven together in a style that consistently made me think of HBO’s The Wire. Here are a few select words from one hedge fund trader who made tens of millions of dollars by betting against the system.
I think there is something fundamentally scary about our democracy… because I think people have a sense that the system is rigged, and it’s hard to argue that it isn’t.