I am looking forward to reading some books about the collapse of Wall Street. I am praying that Michael Lewis writes one. I was very happy to find this article written by him. If you are interested in the subject, I would make it required reading for this weekend. It is somewhat lengthy, but very entertaining. You will understand the title of this post if you read the article.
Michael Lewis is one of my favorite authors. His book Liar’s Poker: Rising Through the Wreckage on Wall Street is an easy read if you want to start to understand some of the nonsense that went on in financial circles in the ’80s and ’90s.
Cross posted at LITGM.
2 thoughts on “Could You Explain That To Me, In English?”
Thanks for the link;it’s for things like this that I love this website. He accurately describes a perfect storm of greed and stupidity.
There is a parallel here with the MSM. If you sell people crappy widgets,they wise up quickly and you are out of business. Sell people crappy ideas and they don’t seem to mind it at all.This applies to “professionals” employed as fiduciaries as much as your everyday zhlub.
I hope the downsizing of Wall St. is permanent. I never thought they were adding value-now everyone sees that.
Tx Ren. I had a conversation with a financial advisor yesterday, he knew less about many things than I did. Fail for him. I don’t know how he has a job. He certainly won’t be managing any of my money.
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