Be Sure your Sins will – – -?

Jack gets to do the Monday book this week –

The Big Short –  Michael Lewis

Of course, the movie is probably just as famous as the book and I’ll have something to say about that later.

Our good friend and financial guru David recommended this to us because he reckoned it was one of the most eye-opening books he’d ever read about the financial shenanigans that led to the great meltdown of 2008. He described it as “really, really frightening” and he should know!

He also said that he saw no evidence that any lessons had been learned since then (except perhaps in Iceland, where they jailed the bankers, changed the banking regulations and turned around their economy in record time).

The book follows the experiences of a number of people who separately stumbled across an enormous flaw in the mortgage market based on a complete lack of oversight by the rating agencies. The folk involved had different motives for pursuing this: some realized they could make enormous amounts of money by betting that the market would crash, while others were more interested in exposing the crooks and getting the banking regulations changed. The book follows these characters as their paths cross and they become aware of each other, ultimately more or less working together. As they variously stumble across ever more blatant disregard for financial common sense among financial professionals who should also have seen what was wrong, they begin to home in on the rating agencies. That’s when they discover that these agencies, supposedly holding the banks to account, are actually in their pockets.

So, what of the movie?

I actually enjoyed it just as much as the book but for different reasons. Of course the movie has to be much shorter and that’s hard to pull off. You need to keep the essentials and be careful what gets cut out. I think, in this case, it was a good idea to not have the author of the book write the screenplay (in fact I think it almost always is.) I recently watched a film that was directed and cast by the author of the book it was based on, and who also wrote the screenplay – it went straight from a limited theater run to the Netflix ‘B list’ with barely a pause.

So, what’s the ‘take away’ from the book? In the case of this reader, a profound belief that human greed will always manage to dress itself in respectable clothes, attend the right Church, give to the most fashionable charities (or start one) and find the most influential politicians to bribe.

Something else I took away – potential move to Iceland – – –

 

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Filed under book reviews, Life reflections, Little Bookstore of Big Stone Gap, reading, Uncategorized, Wendy Welch, writing

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