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106. Michael Lewis: Donald Trump, Sam Bankman-Fried, and the future of the USA

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Nov 4, 2024

Guest

Michael Lewis

Michael Lewis, bestselling author of "Moneyball" and "The Big Short," shares his sharp insights on the intersection of finance, politics, and society. He delves into Trump's significant but complicated impact on American governance and probes the eccentricities of Sam Bankman-Fried. The discussion also highlights how cultural roots shape identity and the role of luck and privilege in success. Lewis reflects on the shifting landscapes of Wall Street and the evolving dynamics of power in America, making this a must-listen conversation.

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Episode notes

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ANECDOTE

Lewis's Upbringing

Michael Lewis grew up in New Orleans as a child of aristocrats, learning to embrace leisure.
His father humorously claimed their family motto was "Do little as possible and that unwillingly."

question_answer

ANECDOTE

Unlikely Beginnings

Michael Lewis's writing career began unexpectedly with a sex magazine article.
He later stumbled into journalism through an Economist internship despite lacking a science background, proving that fraudulence is a journalistic asset.

insights

INSIGHT

The Role of Luck

Success often hinges on luck and chance, but successful people tend to omit this from their narratives.
Recognizing luck fosters gratitude, while ignoring it breeds selfishness.

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Cultural Roots and Personal Narratives

02:25 • 6min

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Unconventional Beginnings: A Journey from Sex Writing to Journalism

08:51 • 3min

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The Role of Luck and Privilege in Success

11:53 • 3min

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Trump's Governance and the Fifth Risk

14:38 • 11min

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Trump, Bankman-Fried, and Shifting Landscapes

26:02 • 26min

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#525

• Mentioned in 33 episodes

The Fifth Risk

Michael Lewis

In *The Fifth Risk*, Michael Lewis delves into the Trump administration’s botched presidential transition, highlighting the consequences of willful ignorance and greed among its leaders. The book explores the critical services managed by the U.S. government, including ensuring food and drug safety, predicting extreme weather events, and tracking black market uranium. Lewis focuses on the Departments of Energy, Agriculture, and Commerce, revealing their often-overlooked roles and the dedicated employees who work within them. The title 'The Fifth Risk' refers to 'project management,' the unforeseen and long-term risks that only a vigilant and committed agency can forecast and prevent. Lewis's narrative is character-driven, featuring interviews with former federal staff members and historical context to illustrate the importance of effective government management and the dangers of short-term solutions.

#111

• Mentioned in 100 episodes

The big short

Inside the Doomsday Machine

Michael Lewis

The Big Short tells the story of the 2007-08 financial crisis through the lens of several key players who predicted and profited from the collapse of the housing market. The book focuses on characters such as Steve Eisman, Mike Burry, Greg Lippmann, and the founders of Cornwall Capital, who saw the impending disaster and made significant gains by shorting the market. Lewis explains the complex financial instruments and the systemic failures that led to the crisis, making the narrative both accessible and engaging.

#82

• Mentioned in 116 episodes

Moneyball

The Art of Winning an Unfair Game

Michael Lewis

The book tells the story of the Oakland Athletics' 2002 season, where General Manager Billy Beane and his assistant Paul DePodesta used advanced statistical analysis, known as sabermetrics, to assemble a competitive team despite a limited budget. The approach, pioneered by Bill James, focused on metrics such as on-base percentage and slugging percentage rather than traditional measures like batting average and runs batted in. This data-driven strategy allowed the Athletics to compete with teams having much larger payrolls, like the New York Yankees, and achieve significant success, including a 20-game winning streak and a playoff appearance.

#168

• Mentioned in 76 episodes

Liar's poker

Michael Lewis

Liar's Poker is a non-fiction, semi-autobiographical book that details Michael Lewis's three-year tenure at Salomon Brothers, one of Wall Street's premier investment firms in the 1980s. The book provides a behind-the-scenes look at the culture of bond traders, highlighting the frat-boy camaraderie, killer instincts, and high-stakes games of bluffing and deception. Lewis describes the creation and use of mortgage bonds, the excessive bonuses, and the ruthless competition among traders. The narrative also touches on the author's disillusionment with the industry, leading to his resignation and transition into financial journalism.

#189

• Mentioned in 68 episodes

Going Infinite

The Rise and Fall of a New Tycoon

Michael Lewis

In 'Going Infinite', Michael Lewis delves into the life of Sam Bankman-Fried, the enigmatic founder of the failed cryptocurrency exchange FTX. The book provides a psychological portrait and a financial roller-coaster ride, tracing Bankman-Fried's trajectory from becoming the world's youngest billionaire to his eventual downfall. It covers topics such as high-frequency trading, cryptocurrencies, effective altruism, and the justice system. Despite criticism for its sympathetic portrayal of Bankman-Fried, the book offers a fascinating insight into the complex world of cryptocurrencies and the character of its central figure.

#2595

• Mentioned in 10 episodes

The New New Thing

A Silicon Valley Story

Michael Lewis

The book tells the story of Jim Clark, the founder of several billion-dollar companies including Silicon Graphics, Netscape, and Healtheon. It explores Clark's relentless pursuit of the 'new new thing' and his impact on the tech industry. Lewis provides a detailed look at the roles of venture capitalists, entrepreneurs, and programmers in Silicon Valley, highlighting the unique culture and financial dynamics of the region during the late 1990s. The book also critiques the traditional business models and the inflated value of tech companies during that period.

What do Silicon Valley, Wall Street, and Washington DC all have in common? Why has Donald Trump made the impact he has in the US? What was Sam Bankman-Fried really like to work alongside?

Rory and Alastair are joined by the writer of Moneyball and The Big Short to answer all these questions and more.

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