RESOURCE REVIEW: The Big Short: Inside the Doomsday Machine

Spring 2011, Vol. 36, No. 1

Abstract: In this review of The Big Short: Inside the Doomsday Machine (which remains a bestseller) by Michael Lewis, CRE William P.J. McCarthy gives a big thumbs up to the author, referring to him as a “brilliant chronicler of business affairs,” in his story about what occurred on Wall Street and beyond during the global financial meltdown and subprime mortgage fiasco that peaked in 2008. McCarthy says those in the real estate and finance industries will read in amazement how widespread and deep the greed, corruption and incompetence of some of the supposedly best minds and most privileged leaders in business led to the loss of $1.75 trillion in wealth in the subprime mortgage markets, shamed capitalism and ruined thousands of lives in the process.