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Michael Lewis: The Big Short Audio Book Summary
Published by Michael Lewis in 2010, The Big Short is a non-fiction book about the housing bubble in the United States. Lewis conducted a great deal of research into what caused the real estate crash in the 2000s, and tries to find out why that bubble burst.
In the book, Lewis talks about the people who created the kind of market that allowed lenders to bet against people who were taking out loans. Many of these people profited from the 2007 recession. He looks into what motivates people to bet against the market in this way.
Lewis also looks at some of the people that predicted that the housing bubble would burst. These people included Meredith Whitney, Greg Lippman, Eugene Xu, and Steve Eisman. Though many people spoke out against the problem, they were largely ignored until after the crash had occured.
Of course, Lewis also looks at some of the people who denied that there was a problem with the real estate market until the very end. These people included Wing Chau, Joseph Cassano, and Howie Hubler, who managed to lose 9 billion dollars on a single bad trade.
Though Lewis does name names, he also goes into great detail about the many things that caused the housing bubble to burst so spectacularly. He doesn’t focus on any one problem or person and goes over the entire spectrum of issues that caused the real estate market to become what it was.
One of the biggest culprits was the increase in prices for land. This caused builders to spend massive amounts of money in order to secure property for housing developments, which were never completed. Many builders were bankrupted by the housing crash.
He also looks at the way property prices of all sorts went up in price at the same time that land prices did. Many people felt at though they had to spend more than they could afford in order to secure a home. People took big risks, and many of them wound up getting their home foreclosed upon as a result.
Lewis makes it clear that there were a number of different things that fueled the real estate market crash. Some people were motivated by greed, while others simply made poor decisions. In some cases, people made terrible choices simply because they didn’t want to admit that they were wrong about something.
Anyone who has wondered how the real estate market could have crashed so quickly will benefit from reading The Big Short. It is detailed and full of fascinating interviews. It includes interviews, data, and more. People can find the answers to most of its questions within its pages.
Unlike many writers who have tackled the financial crisis, Lewis comes from a sports writing background. Because of this, he knows how to present the information in a compelling and easy to understand way. Even people who aren’t experts on the real estate market should be able to get a lot out of this book.