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A thought crossed his mind: How do you make poor people feel wealthy when wages are stagnant? You give them cheap loans.
Michael Lewis
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Michael Lewis
Age: 64
Born: 1960
Born: October 15
Author
Journalist
Writer
New Orleans
Louisiana
Michael M. Lewis
Feel
Crossed
Feels
Loan
Giving
Wages
Mind
Cheap
Make
Wealthy
People
Poor
Thought
Loans
Give
Stagnant
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A tourist can't help but have a distorted opinion of a place: he meets unrepresentative people, has unrepresentative experiences, and runs around imposing upon the place the fantastic mental pictures he had in his head when he got there.
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When an American declares bankruptcy, when he hits bottom, he can reinvent himself. There's a story he can tell. We tolerate reinvention. We encourage reinvention. That's what this country has that Europe does not. It's not just a crisis it's an opportunity.
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I'd stumbled into a job at Salomon Brothers in 1985, and stumbled out, richer, in 1988, and even though I wrote a book about the experience, the whole thing still strikes me me as totally preposterous-which is one reason the money was so easy to walk away from.
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My judgement is not good when I am on a book tour. I am not thinking about it that much. What happens is I will go back home. I have a 4-year-old and a 1-year-old and a wife who is now taking care of them who is wondering where her husband is.
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The sentimentality of baseball is very deeply rooted in the American baseball fan. It is the one sport that is transmitted from fathers to sons.
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When something happens people didn't predict, they find ways to explain it as if it were predictable.
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Looking into it a bit, Jamie found that the model used by Wall Street to price LEAPs, the Black-Scholes option pricing model, made some strange assumptions.
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We have the Google family calendar. Before a week starts, my wife and I sit down to decide who's driving who to school or when can we go out on a date.
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Girls tend to attribute their failures to factors such as lack of ability, while boys tend to attribute failure to specific factors, including teachers' attitudes. Moreover, girls avoid situations in which failure is likely, whereas boys approach such situations as a challenge, indicating that failure differentially affects self-esteem.
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Like Adam, formed from clay, children are formed from the biological material of which they are made or by the hands of their parents.
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The only thing history teaches us, a wise man once said, is that history doesn’t teach us anything.
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My client loved risk. Risk, I had learned, was a commodity in itself. Risk could be canned and sold like tomatoes.
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In their leaders, advisers, and experts, people much prefer overconfidence, total certainty, to any kind of doubt.
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In Bakersfield, California, a Mexican strawberry picker with an income of $14,000 and no English was lent every penny he needed to buy a house for $724,000.
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Donald Trump got almost 3 million fewer votes than Hillary Clinton! He happened to get more in some of the right places. It was just like one of those things where a stock going up and people impose a false sense of order on it. It's really more intellectually honestly viewed as a disorderly process.
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All of a sudden the market is all about algos and routers.
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Incredibly, at this critical juncture in financial history, after which so much changed so quickly, the only constraint in the subprime mortgage market was a shortage of people willing to bet against it.
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