Panic! The Story of Modern Financial Insanity (Hardcover)
|Author: Michael Lewis|
|The Story of Modern Financial Insanity
A masterful account of today's money culture, showing how the underpricing of risk leads to catastrophe.
When it comes to markets, the first deadly sin is greed. Michael Lewis is our jungle guide through five of the most violent and costly upheavals in recent financial history: the crash of '87, the Russian default (and the subsequent collapse of Long-Term Capital Management), the Asian currency crisis of 1999, the Internet bubble, and the current sub-prime mortgage disaster. With his trademark humor and brilliant anecdotes, Lewis paints the mood and market factors leading up to each event, weaves contemporary accounts to show what people thought was happening at the time, and then, with the luxury of hindsight, analyzes what actually happened and what we should have learned from experience.
From the Publisher:
An analysis of five financial upheavals in recent history includes coverage of the 1987 stock market crash, the Internet bubble, and the sub-prime mortgage crisis, in a report that reveals how public knowledge differed from what was actually taking place.
Noted business writer Michael Lewis collects some of the best, most incisive writing about business and finance, focusing on four major financial crises in the late 20th and early 21st centuries. In the articles and reporting by Paul Krugman, Jeffrey Sachs, Joseph Stiglitz, and others--including Lewis--examine the causes behind each crisis, a common thread emerges of widespread irrational denial in the financial community. They also reveal that in many cases the public was shielded from the true scope of the disaster.