Book Summary
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Everywhere you turn you see Americans sacrifice their long-term interests for a short-term reward.
Boomerang
The tsunami of cheap credit that swept the globe between 2002 and 2008 was more than a financial phenomenon: it was a temptation, allowing entire societies to reveal aspects of their personalities they couldn't otherwise afford to indulge in.
Icelanders wanted to quit fishing and work as investment bankers. The Greeks intended to transform their nation into a piñata loaded with money and let as many people as possible smack it. The Germans desired to become even more German, while the Irish desired to become less Irish.
The American reader is lulled into a comfortable complacency by Michael Lewis' exploration of bubbles outside our boundaries, which is beautifully, cruelly amusing. When he turns a ruthless eye on California and Washington, DC, however, we recognize that the story is a ruse disguised as comedy, and we comprehend the fate that awaits the largest and greediest of debtor nations.
Everywhere you turn you see Americans sacrifice their long-term interests for a short-term reward.
