The Big Short: Inside the Doomsday Machine

If you want to know who and what really triggered the financial chaos and calamity through which we all have just lived, a must read is The Big Short by Michael Lewis.

If you are a true community banker, this book will make your blood boil. The arrogance and greed that Lewis exposes on the part of many “elites” on Wall Street will leave you shaking your head and fist. If nothing else, read the book’s epilogue. It will open your eyes, or, as the saying goes, “The truth will set you free.” And when you are done, you will know exactly why the community banking industry needs an independent, focused voice. Why we need ICBA.

One thought on “The Big Short: Inside the Doomsday Machine

  1. One thing “Big Short” fails to mention is how the 2two GSEs were shorted to the tune of $130 Billion in common equity which went into somebody else’s pockets!! In addition GSE preferred was intentionally not made par by Henry Paulson upon repetitive messages sent by ICBA. That letter sent by you Cam, is fresh in memory and it clearly stated the impact on community banks well before the conservatorship.

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