Posted by admin | Posted in Books | Posted on 05-10-2011
Author/writer Michael Lewis predicted on Tuesday that Greece and Ireland will default on its debts and Greek PM George Papandreou and German Chancellor Angela Merkel are likely to be forced out as Europe’s financial crisis plays out. Lewis -starting his career exposing the culture of excess at Salomon Brothers in “Liar’s Poker”- is currently promoting his new book “Boomerang: Travels in the New Third World”, published this week by W.W. Norton.
The “Boomerang: Travels in the New Third World” book details three years of research and reporting on Iceland, Ireland, Greece, Germany and California, revealing aspects of the global economy’s woes and the national characteristics behind them. It follows his bestseller “The Big Short” about the U.S. subprime mortgage meltdown.
Lewis believes efforts by European leaders to bail out Greece again and stave off contagion in Ireland, Portugal, Italy and even Spain only put off the inevitable. While Lewis cautions that no one knows exactly how matters will play out, his predictions are closely watched given his position as one of America’s best selling and most respected business journalists.
Michael Lewis isn’t just a disturbingly prolific journalist who elevated Billy Beane to mythic status. He’s also a one-man center of power who enriches and ennobles all those with whom he consorts, according to New York Magazine, which neglects to really examine why having so much influence concentrated in a journalist who signs autographs for senators might itself be disturbing:
“What other journalist can claim to have changed the way the game of baseball is played, influenced resolutions like the Dodd-Frank Act, and possibly inspired Sandra Bullock to adopt a black baby?”
Hedge fund manager Kyle Bass is a big character in Michael Lewis’ new book, Boomerang: The Meltdown Tour. Bass believes a Greek default is inevitable, and will be messy. He also correctly called the subprime mortgage explosion, but now Hayman Capital Management, his hedge fund, is big enough to make some Paulson-sized profit if he’s right again.
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