Prospect summer recommends: The Big Short

By John Kay  

As gripping as a thriller

 

As gripping as a thriller

The Big Short by Michael Lewis (Allen Lane, £25)

This book is a remarkable achievement: it is as gripping as a thriller, yet it manages to explain the financial innovation that triggered the 2007-08 financial crisis in straightforward terms. It provides a lucid introduction to the world of subprime mortgages, asset-backed securities and credit default swaps through the eyes of people who understood what was going on—and profited handsomely in consequence. From his first book Liar’s Poker on, Lewis has demonstrated the capacity to illuminate…

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