I'm thrilled to have gained this enlightening knowledge. The real entertainment lies in the bizarre incompetence and stupidity of people. However, it's also disheartening to witness the terrible things happening to ordinary individuals. Listening to the audiobook was a fantastic experience as it educated me while I multitasked. Personally, I find the idea of reading this as a physical book less appealing. The author refers to himself as a "financial disaster tourist" and shares his experiences in five different areas: Iceland, Greece, Ireland, Germany, and California. His exceptional writing skills make nonfiction content highly engaging. As an example, in Ireland, homeowners are unable to abandon their homes like in the United States. Even if the bank repossesses the property, the homeowner remains responsible for the debt and cannot declare bankruptcy to escape it. I particularly appreciated the author's phrase "In their rush to freedom, the Irish built their own prisons."
I would have liked to see more discussions on the future, perhaps by incorporating different expert opinions. I desired more insights into "what might happen." The Vallejo, California, story serves as an excellent illustration of potential outcomes, but certain parts were unclear. For instance, the author mentions that "the city had 1,013 claimants with half a billion dollars in claims but only $6 million to dole out to them." Later, a judge approves the bankruptcy plan for Vallejo in August 2011, resulting in creditors receiving 5 cents on the dollar and public employees receiving approximately 20 to 30 cents on the dollar. This raises a question for me. If Vallejo were to distribute all the money at once today (let's say the $6 million), how much would retired workers (such as police officers, firefighters, teachers, etc.) receive? Assuming a retired person has $30,000 per year for the rest of their life, which has a present value of $500,000, would they receive $100,000 upfront (around 20%) and nothing further? Or would the $100,000 be placed into an annuity, providing them with $6,000 annually? Alternatively, would they receive $6,000 each year from the city for as long as there is money? It would have been beneficial if the author had clarified this point.
I understand that this entire book was originally published in a series of articles for Vanity Fair magazine. Currently, all sections except for the one on Iceland are available to read for free online.
Regarding the narrator, Dylan Baker's performance was superb.
Genre: This audiobook falls under financial nonfiction.
Michael Lewis continues to expose the underlying causes of the economic downfall, attributing it to the relentless pursuit of wealth and the sheer lack of intelligence.
The portrayal of different cultures is not accurately depicted.
The author appears to be heavily influenced by right-wing perspectives without critically examining them.
Implementing austerity budgets has resulted in significantly reduced economic growth.
When "The Big Short" was released, Michael Lewis hit the perfect balance between entertaining me and guiding me through financial events with ease. It served as a great introduction to more in-depth studies and remains one of the best books in making complex subjects accessible. Lewis is undeniably a skilled writer, and I have no intention of raining on his parade. However, I must admit that I was already well-versed in the topics covered in his latest two books, as other authors had beaten him to the punch. In fact, his latest work on behavioral economics is simply a retelling of a story that has been told countless times before. Nevertheless, when I stumbled upon this book on sale, I thought it would be a good opportunity to revisit the events of 2008. Having experienced my own personal milestones during economic downturns, I have a unique connection to them and find studying them fascinating. Unfortunately, I find myself incredibly bored by the superficial approach taken in this book. It feels as if I'm trapped in a chair, forced to endure my Uncle Gordon's never-ending family slide shows. Alternatively, it's like listening to an overly confident, pretentious guy sipping wine and giving a travel commentary that dumbs everything down to a point where I can't tolerate it. It's putting me to sleep...
In "Boomerang: Travels in the New Third World", Michael Lewis shares a series of stories that shed light on the widespread recklessness during the financial crisis of 2008. The narrative begins in Texas, where the author encounters Kyle Bass, who gained fame by successfully betting against subprime mortgages. Bass has since transitioned to placing bets on countries going bankrupt, considering the massive amount of debt they have accumulated. Lewis takes readers on a journey to Iceland, Greece, Ireland, and Germany, before returning to California, which the book portrays as being in dire straits. Lewis skillfully combines informal and amusing storytelling with an exploration of the economic factors that led to the 2008 meltdown. For example, in Iceland, he introduces a fisherman who capitalized on borrowing Japanese yen at a low interest rate and using them to purchase Icelandic kroner, resulting in Iceland's temporary wealth and subsequent financial troubles. Surprisingly, the book concludes with an unexpected encounter with Arnold Schwarzenegger, shedding light on California's fiscal policy and the potential for its collapse. While "Boomerang" taught me new information, it did not drastically alter my perspective on the world. Nevertheless, it is a rare find to come across a book that is both educational and entertaining.
In my personal opinion, this book is a must-read because it sheds light on the recurring issues that arise when it becomes too easy to acquire money, as seen in countries like Iceland, Ireland, and Greece. In Iceland, the transformation of fishermen into bankers led to the rapid downfall of the country. Ireland experienced a real estate boom driven by easy money, resulting in inflated prices that were detached from their true value. Greece, on the other hand, witnessed widespread spending beyond means, with unaffordable pensions, rampant tax evasion, and deceitful budgets and tax collection reports that are difficult to believe. The author also delves into the financial state of American municipalities, exploring the consequences of mismanagement. The Irish government's decision to pay off bonds issued by private banks to private individuals pushed the country to the brink of bankruptcy. Meanwhile, bankrupt towns in California struggle to meet the unrealistic salary and pension demands imposed by a flawed system. What truly astonishes me is how effortlessly the author gathers such astonishing information. He approaches the subject almost like a curious tourist, conducting interviews along the way. However, it is clear that his thorough preparation played a significant role in his ability to uncover these remarkable insights.
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