If you have not yet bought the original copy, make sure to purchase it before buying this unofficial summary from aBookaDay. SPECIAL OFFER $2.99 (Regularly priced: $3.99) OVERVIEW This review of The Big Short: Inside the Doomsday Machine by Michael Lewis provides a chapter by chapter detailed summary followed by an analysis and critique of the strengths and weaknesses of the book. The main theme explored in the book is how corruption and greed in Wall Street caused the crash of the subprime mortgage market in 2008. Despite being completely preventable, the big firms in Wall Street chose to ignore the oncoming fall in favor of making money. Michael Lewis introduces characters—men outside of the Wall Street machine—who foresaw the crisis and, through several different techniques, were able to predict how and when the market would fall. Lewis portrays these men—Steve Eisman, Mike Burry, Charlie Ledley, and Jamie Mai—as the underdogs, who were able to understand and act upon the obvious weaknesses in the subprime market. Lewis’s overall point is to demonstrate how the Wall Street firms were manipulating the market. They used loans to cash in on the desperation of middle-to-lower class Americans, and then ultimately relied on the government to bail them out when the loans were defaulted. Using anecdotes and interviews from the men who were involved first-hand, the author makes the case that Wall Street, and how they conducted business in regards to the subprime mortgage market, is truly corrupt beyond repair, and the men he profiles in this novel were trying to make the best out of a bad situation. By having the words from the sources themselves, this demonstrates Lewis’s search for the truth behind what actually happened. Ultimately, we as an audience can not be sure if the intentions of these underdogs were truly good, but Lewis does an admirable job presenting as many sides to the story as possible. The central thesis of the work is that the subprime mortgage crisis was caused by Wall Street firms pushing fraudulent loans upon middle-to-lower class Americans that they would essentially not be able to afford. Several people outside of Wall Street were able to predict a crash in the market when these loans would be defaulted on, and bought insurance to bet against the market (essentially, buying short). Over a time period from roughly 2005-2008, the market crashed and huge banks and firms lost billions of dollars, filed for bankruptcy, or were bailed out by the government. These men, the characters of Lewis’s novel, were able to bet against the loans and made huge amounts of money, but it was not quite an easy journey. Michael Lewis is a non-fiction author and financial journalist. He has written several novels—notably Liar’s Poker in 1989, Moneyball in 2003, and The Blind Side in 2006. Born in New Orleans, he attended Princeton University, receiving a BA degree in Art History. After attending London School of Economics and receiving his masters there, he was hired by Salomon Brothers where he experienced much about what he wrote about in Liar’s Poker. He is currently married, with three children and lives in Berkeley, California. SUMMARY PROLOGUE: POLTERGEIST Michael Lewis begins his tale of the remarkable—and strange—men who predicted the immense fall of the housing market by immediately exposing himself as the exact opposite type of person from them. He explains to the reader that he has no background in accounting, business, or money managing.

    Economics has things to say about AC/DC and Arthur Boyd, dating and dieting, Grange and Geelong, murder and poverty. Incentives matter, often in surprising ways, and seemingly simple everyday activities can have unexpected outcomes. Insights from behavioural economics can also help us make better decisions.If you like fresh facts and provocative ideas, this is great train and weekend reading. You'll soon see the world and the people around you in a new light.'Essential reading for the 21st century' - Karl Kruszelnicki'Economics isn't the only thing, but Andrew Leigh reminds us that it can explain almost everything.' - George Megalogenis'What do you get when you cross a politician with an economist? A captivating, charming, and nicely-written book. Who knew?' - Annabel CrabbAndrew Leigh is the federal member for Fraser, ACT. He has a PhD from Harvard, was a Professor of Economics at the Australian National University, appears regularly in the media, and is author of several books, including Battlers and Billionaires.

    In the world that is taking shape, the unique combination of Canada's success at home as a diverse society and its reputation internationally as a sympathetic and respected partner consititute national assets that are at least as valuable as its natural resource wealth. As the world becomes more competitive and complex, and the chances of deadly conflict grow, the example and the initiative of Canada can become more important than they have ever been. That depends on its people: assets have no value if Canadians don't recognize or use them, or worse, if they waste them. A more effective Canada is not only a benefit to itself, but to its friends and neighbours. And in this compelling examination of what it as a nation has been, what it has become and what it can yet be to the world, Joe Clark takes the reader beyond formal foreign policy and looks at the contributions and leadership offered by Canada's most successful individuals and organizations who are already putting these uniquely Canadian assets to work internationally.

    By his late forties, he'd gone from Princeton to Harvard Law to dramatic success as a prosecutor and attorney general to the governorship of New York. Many thought he would become the first Jewish president of the United States. Then came the prostitution scandal that shocked and mystified the nation. Peter Elkind's definitive account gets at all sides of this complex man: the well-intentioned do-gooder, the aggressive lawyer, the hardball politician, the dutiful son, the loving husband and father, and the secretive "Client 9" of the Emperor's Club escort service. Elkind interviewed dozens of key sources ranging from Spitzer's family, friends, and closest aides, to targets of his high-profile investigations, to central players in the prostitution ring. He reveals many groundbreaking new details about Spitzer's rise, his short time as governor, and the way his enemies plotted against him. The result is a gripping, almost Shakespearean narrative-a tragedy of one man's noble intentions and fatal flaws and the powerful forces (both internal and external) that destroyed him.

    

    

    But often, a company's published accounts offer clues to impending disaster, providing you know where to look. Through the forensic examination of more than 20 recent stock market disasters, Tim Steer reveals how companies hide or disguise worrying facts about the robustness of their business. In his lively style, he looks at the themes that underlie the ways companies hide the truth and he stresses that in an assessment of a company's accounts, investors should always bear in mind that the only fact is cash; everything else - profit, assets, etc - is a matter of opinion. Full of invaluable lessons for investors, the book concludes with some trenchant observations on what is wrong in the worlds of investment, audit and financial regulation, and what changes should be introduced.

    Churchill, 1948: World War II was the defining event of our age—the climactic clash between liberty and tyranny. It led to revolutions, the demise of empires, a protracted Cold War, and religious strife still not ended. Yet Churchill maintained that it was all avoidable. Here is a transformative view of Churchill’s theories, prescriptions, actions, and the degree to which he pursued them in the decade before the war. It shows that he was both right and wrong: right that Hitler could have been stopped; wrong that he did all he could to stop him. It is based on what really happened—evidence that has been “hiding in public” for many years, thoroughly referenced in Churchill’s words and those of his contemporaries. Richard M. Langworth began his Churchill work in 1968 when he organized the Churchill Study Unit, which later became the Churchill Centre. He served as its president and board chairman and was editor of its journal Finest Hour from 1982 to 2014. In November 2014, he was appointed senior fellow for Hillsdale College’s Churchill Project. Mr. Langworth published the first American edition of Churchill’s India, is the author of A Connoisseur’s Guide to the Books of Sir Winston Churchill, and is the editor of Churchill by Himself, The Definitive Wit of Winston Churchill, The Patriot’s Churchill, All Will Be Well: Good Advice from Winston Churchill, and Churchill in His Own Words. His next book is Winston Churchill, Urban Myths and Reality. In 1998, Richard Langworth was appointed a Commander of the Most Excellent Order of the British Empire by HM The Queen “for services to Anglo-American understanding and the memory of Sir Winston Churchill.”

    Her first book, Useful Idiots, was an eight-week New York Times bestseller. Now she’s back, switching her focus from foreign policy to domestic issues. Unlike some conservatives who throw verbal hand grenades, Charen never gets shrill or mean. Instead, she focuses on the facts to reveal exactly why liberals are wrong—and how their proposals hurt the very people they claim to be fighting for, as well as the country as a whole. Do-Gooders is a guide to the smug know-it-alls in politics, the news media, and Hollywood who think they know what’s best for the poor and other needy Americans. From Marian Wright Edelman to John Kerry, Hillary Rodham Clinton to Rob Reiner, this book will skewer the liberals by name. It covers topics such as: • Education: Do-gooders send their own kids to private schools while working to deny poor children a better education through voucher programs. • Affirmative Action: Do-gooders defend racial preferences at all costs while ignoring the enormous problems they create for African Americans at all levels of achievement. • Welfare: Do-gooders thought welfare reform in the 1990s would hurt the poor, and they still refuse to admit how much it actually helped. By collecting and exposing the most outrageous quotes and actions of the do- gooders, this book will become a must-read for conservatives across the country as they gear up for the next round of policy battles.

    With access to the Obama re-election machine, Michael Hastings reports the behind-the-scenes story of the campaign trail: from Obama's self-destructive performance at the first debate to the harrowing days of Hurricane Sandy, all culminating in his triumphant victory late in the evening on November 6th. Along the way, Hastings gives a first hand account of the excitement and madness traveling with the White House press corps, bringing to life a series of unforgettably strange moments from the trail. From one of the sharpest, funniest, and most controversial young American journalists writing today comes "Panic: 2012" - the definitive account of how President Obama almost blew it.

    He explains how bankers worldwide created a secret trillion-dollar machine that delivered cheap mortgages to the masses and riches beyond dreams to the financial innovators.Fundamental to this saga is how “the people who hated to lose” were persuaded to accept risk by “the people who loved to win.” Why did people come to trust and respect arcane financial tools? Who were the bankers competing to assemble the basic components into increasingly intricate machines? How did this process achieve its own unstoppable momentum—ending in collapse, bailouts, and a public outcry against the giants of finance?Provocative and intriguing, The Devil’s Derivatives sheds much-needed light on the forces that fueled the most brutal economic downturn since the Great Depression.

    

    This densely researched, compellingly argued book exposes how public-sector unions and their leaders--the "shadowbosses" of the title--are destroying the rule of law, stealing elections, degrading government services, paralyzing public education, and pushing the United States into a grim future of insolvency and decline. Authors Mallory and Elizabeth Factor disturbingly reveal the unions' plan to exert control over Social Security and disability recipients, veterans, and every other group that receives government money. A chilling exposé, SHADOWBOSSES is also a call to citizen action against those who really hold the power in America today.

    How did this marvel of self-organized complexity evolve? How is wealth created within this system? And how can wealth be increased for the benefit of individuals, businesses, and society? In The Origin of Wealth, Eric D. Beinhocker argues that modern science provides a radical perspective on these age-old questions, with far-reaching implications. According to Beinhocker, wealth creation is the product of a simple but profoundly powerful evolutionary formula: differentiate, select, and amplify. In this view, the economy is a "complex adaptive system" in which physical technologies, social technologies, and business designs continuously interact to create novel products, new ideas, and increasing wealth. Taking readers on an entertaining journey through economic history, from the Stone Age to modern economy, Beinhocker explores how "complexity economics" provides provocative insights on issues ranging from creating adaptive organizations to the evolutionary workings of stock markets to new perspectives on government policies. A landmark book that shatters conventional economic theory, The Origin of Wealth will rewire our thinking about how we came to be here—and where we are going.

    She is the girl with the blue tattoo.The story behind the distinctive tattoo is the stuff of legends. Some believed it was placed on her face during her captivity, following the brutal murders of her family members and the kidnapping of her and her sister. Others believe it was placed on her after her return.Rumors swelled. Her tattoo became a symbol of Native barbarianism and the triumph of American goodness, but like many stories of that era, the truth is far more complicated.This short book details the murders, her captivity, the aftermath, and her baffling return to her captors. Unravel the mystery of the woman who would become famous for all the wrong reasons and discover what her life story says about cultural identity, the power of resiliency, and what happens when fact and fiction bend and twist to muddy the waters.Read on to find out the truth!