I've finally just finished the first chapter, dealing with Steve Eisman, in Michael Lewis' The Big Short.
It's an interesting counterpoint to both Margin Call, which explicitly deals with some of the same issues as those raised by Steve Eisman (the tradition of selling in the financial markets, the contradictory ideas that gave rise to the subprime mortgage debacle, the notion that for the first time, in the securities back by subprime mortgages, you are selling something that has no or very little value), and to Steve Jobs.
At this particular moment, I'm reflecting that some of the charm of this chapter is that Steve Eisman is such an outlier himself: someone who's abrasive and without manners. And I'm very interested in him. Why is it that I find Steve Eisman interesting, and Steve Jobs a fraud? If I'm honest, I'd have to say that it's hype. That hype is a powerful tool, and that's why we use it. But it can have a backlash - that at the same time that it's so persuasive to so many people, there will always be some people who just won't get it, or more accurately, just won't feel it, and will first marvel and then recoil at the enthusiasm of others.
It's an interesting counterpoint to both Margin Call, which explicitly deals with some of the same issues as those raised by Steve Eisman (the tradition of selling in the financial markets, the contradictory ideas that gave rise to the subprime mortgage debacle, the notion that for the first time, in the securities back by subprime mortgages, you are selling something that has no or very little value), and to Steve Jobs.
At this particular moment, I'm reflecting that some of the charm of this chapter is that Steve Eisman is such an outlier himself: someone who's abrasive and without manners. And I'm very interested in him. Why is it that I find Steve Eisman interesting, and Steve Jobs a fraud? If I'm honest, I'd have to say that it's hype. That hype is a powerful tool, and that's why we use it. But it can have a backlash - that at the same time that it's so persuasive to so many people, there will always be some people who just won't get it, or more accurately, just won't feel it, and will first marvel and then recoil at the enthusiasm of others.
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