Panic: The Story of Modern Financial Insanity

Panic: The Story of Modern Financial Insanity

Panic: The Story of Modern Financial Insanity
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Book Summary Information

Editor: Michael Lewis
Edition: Hardcover
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2008-11-17
ISBN: 0393065146
Number of pages: 352
Publisher: W.W. Norton & Co.

Book Reviews of Panic: The Story of Modern Financial Insanity

Book Review: Condemned to Repeat it.
Summary: 4 Stars

Lewis' book was not what I expected. It's not a book by Michael Lewis. It's a book edited by him. But the editing is good. There is nothing new about financial market panics. The pieces chosen by Lewis indicate this every clearly. Change the names of the actors and you have the same plot.

Summary of Panic: The Story of Modern Financial Insanity

A masterful account of today's money culture, showing how the underpricing of risk leads to catastrophe.

When it comes to markets, the first deadly sin is greed. Michael Lewis is our jungle guide through five of the most violent and costly upheavals in recent financial history: the crash of '87, the Russian default (and the subsequent collapse of Long-Term Capital Management), the Asian currency crisis of 1999, the Internet bubble, and the current sub-prime mortgage disaster. With his trademark humor and brilliant anecdotes, Lewis paints the mood and market factors leading up to each event, weaves contemporary accounts to show what people thought was happening at the time, and then, with the luxury of hindsight, analyzes what actually happened and what we should have learned from experience.

As he proved in Liar's Poker, The New New Thing, and Moneyball, Lewis is without peer in his understanding of market forces and human foibles. He is also, arguably, the funniest serious writer in America.

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