Summary of Boomerang

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Rating

9 Overall

7 Importance

8 Innovation

10 Style


Recommendation

As the euro zone grapples with the repercussions of the 2008 financial crisis – with debtor nations jockeying to end austerity and powerhouse Germany unwilling to bend – financial journalist and expert wordsmith Michael Lewis looks back to see how it all began. His 2011 tours through Iceland, Ireland, Greece and Germany throw helpful, entertaining illumination on the irresponsible – or out-and-out strange – behavior that got Europe into such a lasting jam. Lewis’s wry and highly readable travelogue hinges on individual stories and features Europeans’ memorable expressions of disgust, defiance and sheepishness. His visit to suburban California at the end of the book will disturb your sleep for months to come. There is one comfort: You will thoroughly enjoy how well Lewis writes. getAbstract recommends his bestseller to anyone concerned about the world’s future financial health. Revisit the start of the meltdown, and see how far (or not) the world economy has come.

In this summary, you will learn

  • How Iceland, Ireland and Greece tumbled into crisis during the financial meltdown of 2008;
  • What role Germany played in the euro zone’s recovery as of 2011; and
  • How US state and local governments faced their own economic crises.
 

About the Author

Michael Lewis, the best-selling author of Moneyball and Liar’s Poker, has also written for Vanity Fair, The New York Times and Slate.

 

Summary

Iceland’s Meltdown
Iceland became a surprise entrant into the economic bubble that burst spectacularly in 2008. Iceland’s banks held only a few billion dollars in 2003, but by 2006-2007, their assets rose to nearly $150 billion, many times higher than the nation’s gross domestic product...

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