Rating: 
Summary: An anecdotal confirmation of Keynes's chapter 12 in the GT
Review: This is a superb ,blow by blow, in the trenches,account of how the capital markets of the USA are organized and function on a day to day basis.In chapter 12 of the General Theory(GT},Keynes correctly categorized the financial markets as a game of Old Maid or Musical Chairs,where the goal is "...foreseeing changes in the conventional basis of valuation a short time ahead of the general public"(Keynes,1936,p.154).Wall Street speculators" are concerned,not with what an investment is really worth to a man who buys it "for keeps",but with what the market will value it at,under the influence of mass psychology,three months or a year hence"(Keynes would have said three minutes or three hours if he were writing the GT today)(Keynes,pp.154-155).The capital,financial and stock markets are not organized to maximize long run net present value,but very short run net present value.The markets are essentially based on a short run ,short sighted,pennywise poundfoolish approach that does not maximize long run economic growth and welfare.Keynes's views were the direct result of his extensive hands on experience in operating in such markets himself over a forty year period.The potential bookbuyer is urged to read this book simultaneously with chapter 12 of the GT.
Rating: 
Summary: very entertaining, eye-opening
Review: This was a very good read. It kept me entertained the whole time. I came away from it with a better understanding of the bond market and many of the Wall Street firms.
I read the book after having it recommended by a friend who has a friend that made a killing as a bond trader. He was constantly relating stories from his days trading, and said the book was very close to the way it was when he was trading.
Even if it is only half true, I realize that they make their money from commisions, not from making my money grow.
If you are looking for Wall St. entertainment, I highly recommend it. If you are thinking of investing all your money with brokers, again I highly recommend it so you can rethink that plan.
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Summary: Cynical but humorous view of life inside an investment bank
Review: "Liar's Poker" is an insider's view of life at an investment bank. It is written in a cynical tone, with plenty of self-deprecating quips such as "It [end of year bonus] was more than I had contributed to society; Christ, if social contribution had been the measure, I should have been billed rather than paid at the end of the year."
The book portrays Wall Street as a testsoterone driven money making factory. It is OK to gouge the clients as long as it makes money for the firm. In fact, such activities are actively encouraged. The bottom line is always the bottom line. It matters not if you have to crawl over the corpse of your best friend to stab your colleague in the back. If, at the end of the year you made a lot of money for the firm then you were in line for a fat bonus and a round of back slapping from the "Big Swinging Dicks". Wall Street is a fine example of Darwinian forces at work. It is a near pure meritocracy where the strong survive and the weak are swallowed whole.
I found the book highly entertaining. The author is not a professional writer, and this shows in certain sections of the book where the prose is unpolished. Nonetheless, a highly entertaining sojourn into Salomon Brothers and if you have even a passing interest in finance or investment banking, I recommend this as a good read.
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Summary: A good book about the good old days
Review: If you want a book that allows you to dream about the good old days where money was in plenty, attitudes rained supreme, and traders made big bets calling each others bluff, then this book is for you.
These times may not come back for a very long time, but it is in some ways parallel to the dot-com days in its exceptional nature of being out of the ordinary with a wealthy aroma in the air. Brokerage firms as described in Liar's Poker still have much of the same personalities, although cut throat competition has made it a much different landscape and not nearly as profitable as it once was. Still, if you work in the financial services sector, this is a good book to get back to the roots of the more mature bigwigs in your office that still have their moneyclips.
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Summary: An insider's view of Solly
Review: "Liar's Poker" is worth a read if you want an insider's account of life on Wall Street. The book doesn't pretend to glorify the easy money that Lewis and his ilk made during the bond schlepping go-go days of the 1980's. Rather, Lewis is disillusioned by the greedy culture and hypocritical short-sightedness at Salomon Brothers, but not enough that he doesn't enjoy the ride for a few oh-so-profitable years. Like his other books, "Liar's Poker" is fun to read. His anecdotes about the training program and the trading floor, albeit surely embellished, read like a day at the amusement park. The key shortcoming is an oozy 20-something self-righteousness that pervades many of the book's chapters, and reaches a crescendo in the final pages. But hey, arrogance begets credibility. And when it comes to describing Wall Street in the 1980's, Lewis is as credible a spokesman as anyone.
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Summary: Excelent insight into the world of wallstreet
Review: Michael Lewis is obviously an excellent writer. The words simply flow from him. He speaks from experience so his perspective is insightful, and entertaining.I have always been mesmerized by wallstreet, as well as silicon valley, simply because we it allows us, if even for just a few hours, to imagine the possibility of attaining great wealth legitimately thru our talent and hard work. He reminds me of Kurt Vonnegut. But Kurt speaks of the old wrld, the one our fathers lived in. Lewis in more today. Somewhat ike Po Bronson
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