kent nickell
Well-known member
hagiography: any biography that idealizes or idolizes its subject
Michael Lewis author of Liar's Poker has a new popular book The Big Short where he applauds the people who won big by shorting the subprime home mortgage market. Yves Smith is not so complimentary...
ie
""So who was ultimately on the other side of these lionized trades? When Wall Street could no longer pay the Magnetars, the biggest chump of all, taxpayers in the US and abroad stepped into the breach. We are the ones bearing the enormous cost of state sponsored bailouts and real economy damage, the wreckage this “greatest trade ever” hath wrought""
"""Lewis’ desire to satisfy his fan base’s craving for good guys led him to miss the most important story of our age: how a small number of operators used a nexus of astonishing leverage and camouflaged risk to bring the world financial system to its knees and miraculously walked away with their winnings. These players are not the ugly ducklings of Lewis’ fairy tale; they are merely ugly. Whether for his own profit or by accident, Lewis has denied the public the truth."""
http://www.nakedcapitalism.com/2010/03/debunking-michael-lewis-subprime-short-hagiography.html
Michael Lewis author of Liar's Poker has a new popular book The Big Short where he applauds the people who won big by shorting the subprime home mortgage market. Yves Smith is not so complimentary...
ie
""So who was ultimately on the other side of these lionized trades? When Wall Street could no longer pay the Magnetars, the biggest chump of all, taxpayers in the US and abroad stepped into the breach. We are the ones bearing the enormous cost of state sponsored bailouts and real economy damage, the wreckage this “greatest trade ever” hath wrought""
"""Lewis’ desire to satisfy his fan base’s craving for good guys led him to miss the most important story of our age: how a small number of operators used a nexus of astonishing leverage and camouflaged risk to bring the world financial system to its knees and miraculously walked away with their winnings. These players are not the ugly ducklings of Lewis’ fairy tale; they are merely ugly. Whether for his own profit or by accident, Lewis has denied the public the truth."""
http://www.nakedcapitalism.com/2010/03/debunking-michael-lewis-subprime-short-hagiography.html
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