★★★★★ Doing the improbable...

The Big Short: Inside the Doomsday Machine

Michael Lewis

In the book The Big Short: Inside the Doomsday Machine, and even more in the movie made from it, Michael Lewis does something that, if not literally impossible, at least on the face of it looks highly improbable -- he writes a nonfiction book about financial markets leading up to the 2007-2008 Financial Crisis that is as gripping and exciting as the best of fictional thrillers. Even more astounding, he doesn't avoid discussion of the financial derivatives that destroyed financial markets -- instead, he focuses on them.

In the early 2000s, the price of housing in the USA rose because it rose -- investors saw that the price was rising and bought buildings for more than they were worth confident that the price would continue to rise and they would be able to sell for much more than they paid. This sort of thing has happened many times in history and is generically called a "financial bubble". We were reassured by almost every finance professional that the housing market was sound -- that the price of housing had never fallen and that it was, therefore, a sound investment. (I was there and paying attention -- I remember the voices of "There is nothing to worry about." well.) The housing market was not sound.

The Big Short is the story of a small number of investors who realized that a crash was inevitable. They looked for a way to bet that the price of housing would fall. In finance, betting that the price of something is going to fall is known as short-selling. Thus, these investors were looking for a way to short the housing market. That's where the title "The Big Short" comes from. By focusing on this small group of investors and what they learned as they investigated the housing markets, Lewis makes the story personal.

And it really happened! Although the stakes of this thriller are lower than one in which nuclear armageddon is on the line, the world-wide financial crash really happened, and the result was the biggest financial crisis since the Great Depression. It was a devastating event that ruined many people's lives, and ended some. People died. In the movie, but not the book, there is an extraordinary scene in which one of the investors tells two others that for every 1% increase in unemployment, 40,000 people die, and that they are betting for this to happen. It is true.

Should you read the book, or just see the movie? Well, you know who you are -- if you're the sort of person who prefers the book to the movie, then do what comes naturally. Or do both! I did, and I enjoyed both.

Amazon review

Goodreads review

Comments

★★★★☆ A spaceship makes tea and a detective looks for bodies

The Tea Master and the Detective Aliette de Bodard Aliette de Bodard 's The Tea Master and the Detective is a novella/novelette (it took me about two hours to read) set in de Bodard 's Xuya Universe . In my opinion, a reader will benefit from a little background reading on Xuya before attempting any Xuya stories. Of the three I have read so far, which are The Citadel of Weeping Pearls , Of Wars, and Memories, and Starlight , and The Tea Master and the Detective , this is the only one that is really comprehensible without a prior introduction to the world. The main innovation in this story, and one of the principle features of de Bodard 's Xuya, is the existence of spaceships who are persons. Science Fiction fans will have encountered the idea of conscious spaceships before this. The earliest example of it that I know was Anne McCaffrey 's The Ship Who Sang , and a more recent example is Ann Leckie 's Imperial Radch ...

★★★★★ Witches and pain magic

Storm Cursed Patricia Briggs As I have noted elsewhere , the three pillars of magical society in Patricia Briggs 's Mercyverse , also Mercyverse , are werewolves, vampires, and fae. However, she also feels free to import any folkloric creatures that anyone has ever told stories about. Thus Mercy herself is descended from First Nation not-quite-a-god Coyote. Aside from the big three, most of these other magical beings are one-offs. And since Briggs is all about the politics and palace intrigue, they don't have the standing to become pillars of Mercyverse magical society. In fact, the first three books, Moon Called , Blood Bound , and Iron Kissed , served as introductions to werewolves, vampires, and fae, respectively. If there is a fourth, it is witches. Witches are important in the Mercy Thompson series and even more in the companion Mercyverse series Alpha and Omega . Columbia basin witch Elizaveta Arkadyevna has a...

★★★★★ Kaladin and Sylphrena dance

Wind and Truth Brandon Sanderson Some books contain a moment so perfect, so luminous, that it glows up an entire series. I think of the scene in Lloyd Alexander 's Chronlces of Prydain in which Fflewddur Fflam burns his harp, or the reunion of Molly and Foxglove in Ben Aaronovitch 's Lies Sleeping , or Cordelia's return from her shopping trip in Lois McMaster Bujold 's Barrayar . Wind and Truth , the latest installment in Brandon Sanderson 's Stormlight Archive contains such a moment. It is when Kaladin, trying to imagine something that would make him happy, realizes, "He wanted to go dancing with Syl." Kaladin, "an old spear who wouldn’t break," is a grizzled veteran who has been a solider, a slave, and a leader and who has survived the hardest of lives. Sylphrena is an honorspren -- that is, she is an audible, visible, and occasionally tangible embodiment of Honor. She and Kal are bound by oaths, not t...

★★★★★ Brilliant, dark and dangerous and angry

Once There Was Kiyash Monsef Marjan Dastani is an orphan. Her mother died of cancer when she was eight years old. Her mother's death broke Marjan and it broke her father Jamsheed. Eight years passed, then her father was murdered. That was three months ago. Marjan is still grieving, and hers is not a gentle grief. Marjan does not grieve gentle -- she grieves hard and she grieves angry. Marjan's father was a veterinarian. He had a small, struggling practice in Berkeley. Marjan, being still in High School, has no formal training in veterinary practice. Her father, however, let her watch while he treated animals, and even asked her assistance. Even without formal training, Marjan is a practically trained vet. Marjan's father frequently left Marjan to herself for days or a week while he left town on unexplained trips. Now, months after her father's death, she receives a phone call, and a request to travel to England (along with a first-class air ticket). At the airport a dig...

★★★★☆ Once the engine starts, it's great

The Briar Book of the Dead AG Slatter Personnes d’un certain âge had an experience that I think most of you young folks now manage to avoid: starting a small gasoline engine with a pull cord. Here's what that's like. You always start by flooding the carburetor. Then you pull the cord, the engine turns over, and stops. You do it again and again. Finally, maybe on the fourth pull the cylinder fires once -- "putt". Then, on the next pull, you hear it fire three times -- "Putt, putt, putt," and stall again. At last, you pull once more time, the engine catches, you open the throttle a bit -- "Roar!", and you're off. I mention this, because that's what reading A.G. Slatter 's The Briar Book of the Dead was like. At the beginning I could feel Slatter trying to start this plot. She'd pull the cord, it turned over and failed to catch. Finally, about a third of the way into the book, I felt the engine fire. The next chapter after that it...

★★★★★ Finding a home

The Blue Sword Robin McKinley When I was growing up my father's job kept my family moving. Mom and Dad eventually settled down, but just when they did I became an itinerant academic, moving to study and work at various research institutions. I was a 27 year old grad student at Stanford when I first read The Blue Sword and the longest I had ever lived in one place was six years. (Understand, I am not complaining -- I was and am a Happy Nomad.) There's a peculiar type of homesickness experienced by rootless people. One usually thinks of homesickness as being away from and missing a very specific place -- the place one calls home. But I had no place to call home. And yet I sometimes felt homesick -- I felt the lack of a home -- all the more because there was no home where I longed to be. In the first few chapters of The Blue Sword I immediately recognized this feeling of rootless homesickness in Angharad (Harry) Crewe, the hero of the book. As the book begins Harry ...

★★★★☆ Thursday Next goes recursive

First Among Sequels Jasper Fforde We ended Something Rotten with what looked a lot like a resolution. We learned that Granny Next, who had been hanging around wearing blue gingham and looking for the ten most boring books ever written, was in fact Thursday herself in her old age. If you've read the previous books in Jasper Fforde 's Thursday Next series , nothing will surprise you less to learn that 110-year-old Thursday had somehow become a contemporary of mid-thirty-year-old Thursday and died happily in her presence. And if you HADN'T read the other books, you might think that this means that Thursday is going to survive to a grand old age and die peacefully, in the presence of her family. Happy endings all around! But of course nothing is more labile than the past in the Thursday Next series . Thursday's husband Landen has blinked in and out of existence for most of the previous books. So, although I do suspect that Thursday's eventual fate will be as fo...

★★☆☆☆ There must be a more concise way to say, "Scientists are bad, and I don't understand virology."

Rise: A Newsflesh Collection Mira Grant Rise: A Newsflesh Collection is a collection of short fiction adjacent to Seanan McGuire 's Newsflesh series of zombie novels. It includes all the Newflesh short fiction currently (14-Jul-2022) listed on Goodreads' Newsflesh series page , except for Fed . And the collection is NOT short. Most of the eight stories included are novellas and took me about two hours each. So, it was a long slog, which I undertook only as part of my project to read everything McGuire has published. I was glad to reach the end. There is, in my opinion, one rather good story in here: The Day the Dead Came to Show and Tell . By itself it would rate a high three stars. It is the reason the book gets two stars rather than one. Without further ado, here are the stories: Countdown tells the story of how the Kellis-Amberlee virus (the Newsflesh zombie virus) came to be. it is a long recitation of McGuire ...

★★★☆☆ Simon is still droopy, but at least we learn things

With Sweet Peace Seanan McGuire With Sweet Peace is Seanan McGuire 's September 2022 Patreon reward. It is a story in her October Daye series , and continues the recent series of short stories about Simon and August Torquill's settling into their new lives in Saltmist. Here's how she introduced it on Patreon, Uh-oh! Here we go again. Faerie needs therapists, but at least August knows what those are, and can help her father a little bit with trying to figure himself out. We're Undersea again, as the timeline marches forward, and August gets info Toby lacks. With Sweet Peace is the sixth Patreon story set in what I will call the Lorden household (because Lorden/Twycross/Torquill becomes unwieldy). In A Killing Frost Simon Torquill was freed of his entanglements with several horrifying fae women: Eira Rosynhwyr, Amandine, and Oleander (although to be accurate, Oleander had already been dead for several novels at the time) and immediate...

★★★★☆ An adult middle-grade children's novel

The Very Secret Society of Irregular Witches Sangu Mandanna When I began The Very Secret Society of Irregular Witches I thought it was a middle-grade novel. The cover is very middle-grade-ish. And three of the main characters, the young witches girls Altamira, Terracotta, and Rosetta, are middle- grade or young-teen girls. The tone is also very middle-grade. As Sangu Mandanna writes in her Acknowledgements When I started writing this book, we were eight months into the pandemic and all I wanted to work on was a warm, cozy, romantic story about magic and family. And that, indeed, is what she wrote. Mika, our heroine, is a lonely, emotionally scarred young woman who finds a home and a family. It is all very warm and cozy -- it feels like the perfect middle-grade novel. I was therefore a little surprised by this quote: Her eyes very round, seven-year-old Altamira said, with perfect gravity, “That was some excellent Mary Poppins shit right there.” That made me laugh ...

Search This Blog