Boomerang is a quick – but scary – read about the recent economic meltdowns in Iceland, Greece, Ireland, Germany and the US. Boomerang doesn’t go into nearly as much detail as a book like Too Big To Fail (highly recommended read), but it does provide some high level insight into the origins of the issues (it wasn’t all the housing meltdown), the players involved, and, in most cases, the incompetence that led to where we are today.
Sample scary stat from Lewis’ section on California (“Too Fat to Fly”): “This year the state will directly spend $32 billion on employee pay and benefits, up 65% over the past 10 years. Compare that to spending on higher education (down 5%), health and human services (up just 5%), and parks and recreation (flat), all crowded out in large part by rising employment costs.”
If you like Michael Lewis’ writing style and are interested in what’s happening in our global economy, Boomerang is worth the read.