I've just read (finally!) Michael Lewis's Liar's Poker: Rising Through the Wreckage on Wall Street
, the classic 1989 memoir of life at Salomon Brothers investment bank in the run-up to the Wall Street crash of 1987. Lewis was hired to trade mortgage bonds (yes, the mortgage bonds that precipitated the crash of 2008) fresh from the London School of Economics, dispatched to Salomon's legendary training program in NYC, then shipped back to London.
Lewis was a gifted salesman who made millions for the firm, but he was also deeply skeptical of the whole enterprise. This is an unbeatable combination, as it situated him perfectly to critically examine the culture, economics and ethics of the overheated bubble as it expanded, expanded, and, finally burst.
It doesn't hurt that Lewis is a fantastic writer with a particular talent for explaining the minutae of investment banking without making you want to gouge your own eyes out. Through vivid portraits of the movers and shakers on Wall Street, Lewis recounts the origin stories of junk-bonds, corporate raiding, mortgage bonds, the S&L crisis, and the founding of Fannie Mae and Freddy Mac (both founded at the behest of Salomon in order to backstop the mortgage bond market).
It's been 20 years since this was published, but there's never been a better time to read it. The hairy-knuckled, hyper-competitive, pirahnoid Wall Street and City traders he describes here could be the same hedge fundies who're poised over the tub with razors at their wrists today.
Liar's Poker: Rising Through the Wreckage on Wall Street
In the late 1960s and 1970s, the mind-expanding modus operandi of the counterculture spread into the realm of science, and shit got wonderfully weird. Neurophysiologist John Lilly tried to talk with dolphins. Physicist Peter Phillips launched a parapsychology lab at Washington University. Princeton physicist Gerard O’Neill became an evangelist for space colonies. Groovy Science: Knowledge, […]
Timothy Ellis’ galaxy spanning space opera continues in Hero at the Gates! We’re 9 damn books in and the central plot is finally about to get past its prelude! I’ve really enjoyed this massive story. 9 novels ago Jon Hunter was a wet behind the ears kid on board his uncle’s space trader. Now he’s […]
Modern civilization has all but disappeared. It falls to a fearless, dedicated and slap-stick bunch known as Post-Apocalyptic Nomadic Warriors to help humanity recover. With help like this, you might be better off on your own! Benjamin Wallace’s first installment in the Duck and Cover series is a quick and witty read. We find America […]
Amazon’s Audible is hands-down the most popular place to find audiobooks. With its library of over 180,000 books, Audible has the biggest audiobook selection in the world, and a membership gets you a free book each month. You can sync Audible across multiple devices, so you’ll never lose your spot whether you’re on your computer or your phone.This […]
#1. A-Audio Legacy Noise Cancelling Headphones with 3-Stage Technology The A-Audio Legacy Headphones are the Boing Boing Store’s best seller this month, and it’s easy to see why. With 40mm drivers, powerful circuitry, and memory foam padded circumaural ear cups, these are clearly super high-quality headphones. Plus, the patented 3-Stage Technology lets you toggle between passive […]
Vaping is getting more mainstream by the day, which means there’s been an influx of quality yet affordable vaporizers on the market. We’re particularly excited about the APX Wax Vaporizer Kit, which is an easy-to-use, high-quality vape that works with both dry herbs and waxy concentrates.If you’re a beginner trying to get into vaping, the APX […]