Join bestselling author and journalist Michael Lewis as he dives into the alarming rise of the gambling epidemic among young men. He shares intriguing stories from his Wall Street days and the chaotic art market, highlighting the addictive nature of trading and sports betting. Michael also reflects on the personal cost of pursuing one’s passion over societal expectations. With a sharp critique of how these issues affect individuals and society, he underscores the importance of understanding the risks and realities of gambling.
Michael Lewis emphasizes the importance of following one's passion over profit, shaped by his father's encouraging advice during his education.
His firsthand experiences on Wall Street during the 1980s inspired 'Liar's Poker', reflecting the chaotic culture of financial trading.
In his podcast 'Against the Rules', Lewis highlights the rise of sports gambling addiction among youth and its societal implications.
He stresses the responsibility of media figures to present controversial topics ethically, advocating for accountability in combating misinformation.
Lewis intertwines personal narratives with economic themes, making complex ideas relatable while fostering empathy through storytelling.
Deep dives
Michael Lewis's Background and Career Path
Michael Lewis's journey into writing and storytelling is shaped by his background and experiences. Raised in New Orleans, he attended Princeton University, where he majored in art history, initially unconcerned with future employment prospects. His father's encouragement to pursue passion over profitability allowed Lewis to delve into subjects that genuinely excited him. After leaving Princeton, he began working in various roles, including a stock boy at an art gallery, which provided him with unique insights into the art world and, later, the finance sector.
The Rise of Michael Lewis in Financial Writing
Lewis's entry into the finance world came during a pivotal time in the late 1980s when he secured a position at Solomon Brothers. There, he witnessed firsthand the chaotic yet lucrative environment of Wall Street during a period of significant financial expansion. His experiences at Solomon inspired him to write 'Liar's Poker', capturing the reckless, party-like culture of the trading floor. This book became a bestselling success, propelling his career and establishing him as a prominent voice in financial journalism.
The Impact of 'Liar's Poker' and Subsequent Works
After the success of 'Liar's Poker', Lewis wrote several influential books, including 'The Big Short' and 'Moneyball', both of which examined complex financial topics and exposed systemic flaws in industries. His engaging narrative style and knack for simplifying intricate subjects made his work widely accessible and captivating for readers. These books not only became critical and commercial successes but were also adapted into acclaimed films, further solidifying his status as a leading author. Lewis's writing consistently reflects his ability to uncover broader societal issues through the lens of specific events.
The Current Gambling Epidemic Among Young Men
In his recent podcast season 'Against the Rules', Lewis explores the troubling rise of sports gambling among young men, highlighting the predatory nature of the industry. The alarming trend of gambling addiction, especially among adolescents, is exacerbated by technology and societal pressures, leading to significant mental health concerns. Lewis discusses the algorithms used by companies that target vulnerable individuals, capitalizing on the potential for addiction. By profiling the psychological impact of gambling, he sheds light on the larger consequences for society.
Exploring the Ethics of Media Influence
During his discussion, Lewis critically examines the responsibilities of media figures, such as podcasters and journalists, when they present controversial topics. He emphasizes the need for accountability, especially when influential voices like Joe Rogan give platforms to fringe theories that can mislead the public. The conversation raises questions about the balance between free expression and the ethical obligation to challenge misinformation. Lewis advocates for more rigorous standards in how discussions around critical issues, such as vaccination, are approached in mainstream media.
Personal Anecdotes and Insights on Art
Lewis shares personal stories about his time in the art world, reflecting on his work with rare artworks and the implications of authenticity. His experiences as a stock boy at a prestigious gallery offered him insights into the, at times, murky intersections of art, wealth, and power. He recounts remarkable encounters with art dealers and collectors, revealing the often unseen aspects of art valuation and sales. Through his anecdotes, he illustrates the sometimes comical and absurd realities behind what makes art so profoundly valuable.
The Intersection of Economics and Personal Stories
In addition to finances and art, Lewis highlights the intertwining of personal narratives with economic themes. His storytelling method often weaves together broader economic concepts with the individual experiences of those directly impacted by these systems. By grounding complex ideas in relatable human stories, he helps readers to understand and engage with topics they may find daunting. This technique not only educates but also fosters empathy towards characters in his narratives.
Future Projects and Ongoing Conversations
Looking ahead, Lewis expresses keen interest in continued explorations of pressing social issues through his writing and podcasts. He aims to uncover the nuances of public perceptions toward government institutions and the experiences of civil servants. In his upcoming book, 'Who is Government?', he plans to delve into real stories of public service, showcasing the often-overlooked dedication of government employees. Through these projects, he seeks to encourage public discourse about the role of government in contemporary society, emphasizing its significance in shaping lives.
Critiques of Societal Norms and Subcultures
Lewis also addresses the frustrations and challenges in modern society, particularly among young men who feel disconnected or disempowered. By investigating topics like involuntary celibacy and gaming culture, he sheds light on the emotional struggles faced by many. He connects these feelings to broader themes of frustration and anger that spur individuals to align with extremist beliefs or subcultures. In this context, Lewis highlights the importance of understanding and addressing these sentiments to promote healthier societal interactions.
Michael Lewis (Who is Government: The Untold Story of Public Service, Against the Rules, The Big Short) is a best-selling writer, journalist, and podcast host. Michael joins the Armchair Expert to discuss his dad’s advice to not waste his education to figure out what he wanted to do for a living, incredible insider art stories from being the stock boy of the Wildensteins’ private collection, and learning that the world is a conspiracy of people who understand economics. Michael and Dax talk about diving headfirst into the bleeding edge of Wall Street in the 80s, getting in trouble (but not fired) for writing an article in the Wall Street Journal claiming that everyone in his firm was overpaid, and how Chevy Chase’s dad convinced him to write his first book. Michael explains being wired to live the life you want versus one the world wants you to, hating the feeling of not telling the reader everything that’s important regardless of the consequences, and taking on the predatory sports gambling epidemic with his podcast Against the Rules.
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