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Book: The Big Short: Inside the Doomsday Machine
Quotes of Book: The Big Short: Inside the
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  1. Michael Lewis _ The Big Short: Inside the

    A Home without Equity Is Just a Rental with Debt,
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  2. Michael Lewis _ The Big Short: Inside the

    What are the odds that people will make smart decisions about money if they don't need to make smart decisions-if they can get rich making dumb decisions?
    book-quotemoneyrecession

  3. Michael Lewis _ The Big Short: Inside the

    When you're a conservative Republican, you never think people are making money by ripping other people off," he said. His mind was now fully open to the possibility. "I now realized there was an entire industry, called consumer finance, that basically existed to rip people off.
    book-quotewall-streetrecessionrepublican

  4. Michael Lewis _ The Big Short: Inside the

    A thought crossed his mind: How do you make poor people feel wealthy when wages are stagnant? You give them cheap loans.
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  5. Michael Lewis _ The Big Short: Inside the

    That was the problem with money: What people did with it had consequences, but they were so remote from the original action that the mind never connected the one with the other.
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  6. Michael Lewis _ The Big Short: Inside the

    Success was individual achievement; failure was a social problem.
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  7. Michael Lewis _ The Big Short: Inside the

    In Bakersfield, California, a Mexican strawberry picker with an income of $14,000 and no English was lent every penny he needed to buy a house for $724,000.
    book-quoterecessionreal-estate

  8. Michael Lewis _ The Big Short: Inside the

    The CDO was, in effect, a credit laundering service for the residents of Lower Middle Class America. For Wall Street it was a machine that turned lead into gold.
    book-quotewall-streetrecession

  9. Michael Lewis _ The Big Short: Inside the

    What are the odds that people will make smart decisions about money if they don't need to make smart decisions--if they can get rich making dumb decisions? The incentives on Wall Street were all wrong; they're still all wrong.
    book-quote

  10. Michael Lewis _ The Big Short: Inside the

    They appeared to know enough to justify their jobs, and nothing more.
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  11. Michael Lewis _ The Big Short: Inside the

    When the Goldman Sachs saleswoman called Mike Burry and told him that her firm would be happy to sell him credit default swaps in $100 million chunks, Burry guessed, rightly, that Goldman wasn't ultimately on the other side of his bets. Goldman would never be so stupid as to make huge naked bets that millions of insolvent Americans would repay their home loans. He didn't know who, or why, or how much, but he knew that some giant corporate entity with a triple-A rating was out there selling credit default swaps on subprime mortgage bonds. Only a triple-A-rated corporation could assume such risk, no money down, and no questions asked. Burry was right about this, too, but it would be three years before he knew it. The party on the other side of his bet against subprime mortgage bonds was the triple-A-rated insurance company AIG-American International Group, Inc.
    book-quotecredit-default-swapsubprime-mortgage-bondsgoldman-sachs

  12. Michael Lewis _ The Big Short: Inside the

    Eisman was quick to see narratives, he explained the world in stories, and this was one of the stories he used to explain himself. The
    book-quote
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