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Michael Lewis says inventive banking practices stabilised the market

Yves Smith, in her review of Michael Lewis’ The Big Short, provides us with an explanation of the mechanics of the financial crisis that is convoluted, counterintuitive, and ultimately utterly compelling. Her analysis manages to illuminate both why the boom went on so long and why the bust has been so brutal. It deserves broader exposure.

Let’s begin, as Smith does, with Michael Lewis’ new book. Lewis, a gifted author with…

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