Books Journalists Should Read, Definitely

Boomerang: Travels in the New Third World by Michael Lewis


This is the second Michael Lewis book I have read, with a previous review of Moneyball.

Lewis is a bestselling author and journalist, specializing in business journalism. His forte from the two books that I’ve read is transforming complex economic and business issues into easy-to-understand prose. Lewis also displays a wicked sense of humor in this book, sometimes veering toward scathing, but always entertaining. The title alone demonstrates his sense of the absurd. Look at the table of contents and the countries covered—the new Third World includes Iceland, Greece, Ireland, Germany and the United States.

If you’ll notice, three of the five countries Lewis includes in his list have already experienced severe financial meltdown, and some would probably argue that all five are headed in that direction, which is why Lewis considers them part of the new Third World.

This book details his travels into this new Third World to discover why financial meltdown has occurred or is occuring.

Boomerang shows a top-notch reporter’s skills at their best. Using statistics and personal anecdotes, this book details the economics behind the global financial meltdown and the cultural imperatives that drove it.

Whether it was the unregulated ability for Icelanders to become investment bankers—the overconfidence of the traditional fishermen to learn anything quickly—or the idea that Irish from throughout the world would find their way back to Ireland to buy the massive numbers of second homes being built, it’s easy to see how cultural imperatives, lax loan standards and just plain delusion led many of these countries and to financial disaster.

While this book wasn't on the CMA list of books journalists should read, I think it should be added. Lewis tells a compelling story, using great reporting and clear analysis. If that isn't a great example of good communication, especially for young journalists, I don't know what is.

Up next, the previously promised review of Joan Didion’s Slouching Towards Bethlehem.