The Big Short : Inside the Doomsday Machine written by Michael Lewis he explores the crash of the stock market in 2008. He examines the move into subprime mortgage bonds which led to that crash which took place over the course of a few months in 2007 when the pricing of housing dropped significantly nationwide. The Big Short is a character driven narrative, Lewis examines and identifies a group of people who saw the crash coming and remained silent in order to protect other potentially more beneficial investments.
The Big Short ePub focuses on Mortgage bonds more specifically credit default swaps (CDSs) and collateral debt obligations (CDOs). According to Lewis it began in the 1980’s when a change occurred on Wall Street; young men were allowed to walk in and advise others regarding how to invest, making millions while doing so. Part of this change was the creation of the mortgage bond which basically consisted of hundreds of mortgages which could be offered to the American public.
In 2007 the housing market started to plummet. And with it mortgage bonds began to fail and so did the banks that invested heavily in CDOs and CDSs. To get the full story check below.
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