‘Liar’s Poker’ Author Sees Upside To Market Crash

When Michael Lewis looks back on the Wall Street he wrote about in his 1989 best-seller, Liar’s Poker, the street looks positively quaint. At the time, it was shocking that an investment bank CEO made $3 million a year. His newest book, Panic: The Story of Modern Financial Insanity
is a collection of essays and articles written during the past two decades. As Lewis tells NPR’s Renee Montagne, it begins with the crash of October 1987. “It seemed to be the first of a new breed of financial panic, and it was panic without any seeming economic consequence,” Lewis says. Since then, “the financial market seemed to be able to convulse in the most extraordinary ways without most people ever really feeling very much. And the lessons people seemed to learn … was that, well, markets do these crazy things, but in the end they don’t really matter.” Full story here.

November 25, 2008 by Uncategorized 1

You may also like...

1 Response

  1. Au says:
    November 26, 2008 at 12:23 am

    Liar’s Poker
    Well…..it’s true isn’t it? “the financial market seemed to be able to convulse in the most extraordinary ways without most people ever really feeling very much. And the lessons people seemed to learn … was that, well, markets do these crazy things, but in the end they don’t really matter.”

    This new generation seems to believe that they are “entitled” to everything good (including being bailed out) and “exempt” from taking responsibility for the havoc they have caused.

    As long as the CEO’s are in receipt of the bail, then to hell with their employees and their customers. It’s a shame that people are ok with the fact that they have lost billion’s and billion’s of other people’s hard earned money and accept no personal responsibility for their greed driven actions.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

LISNews Archives