Word: eisman
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...Steve Eisman knew that calamity would eventually come. The hedge-fund manager bet big against the subprime-mortgage market and won. So did Mike Burry, a social recluse who began investing at night during his medical residency. Jamie Mai and Charlie Ledley, two 30-somethings who started trading in a Berkeley garage, "assumed that there was some grownup in charge of the financial system." There wasn't. In The Big Short, Michael Lewis, who chronicled an earlier era of Wall Street excess in 1989's Liar's Poker, tells the story of investors who asked questions that no one else...
...years into the Great Recession, it's time to face the truth: optimism feels good, really good, but it turns out to be the methamphetamine of run-amok American capitalism. Meth induces a "Superman syndrome." Optimism fed into what Steve Eisman, a banking analyst who foresaw the crash, calls "hedge-fund disease," characterized by "megalomania, plus narcissism, plus solipsism" and the belief that "to think something is to make it happen." The meth-head loses his teeth and his mind; the madcap optimists of Wall Street lost something like $10 trillion worth of pension funds, life savings and retirement accounts...
...Steven Eisman helps dissolve the unions of mostly wealthy clients in Nassau County, N.Y. In the traditional thinking about the recession-led split, non--wage earners "who were willing to stay in a less-than-perfect relationship become less willing once the credit cards are taken away," he says. But recently some lawyers have noticed that as stock prices have plunged, they've gotten inquiries from business owners and investors looking to unhitch now, with the idea that being poorer on paper will work to their advantage when dividing assets...
...genetic studies are still preliminary, but if confirmed, they could lead to a simple screening test that would alert vulnerable people at a young age, early enough for them to take steps that could help ward off the disease. Says Dr. John Eisman, who led the groundbreaking research at the Garvan Institute & of Medical Research in Sydney: "I envision a woman going in for a blood test, which will become as routine as a cholesterol check, to assess her bone density and risk for osteoporosis...
...starting to squirm like patients in a dentist's waiting room. Everyone is resigned to a little pain, but all are praying they can avoid a full-blown root canal. "Basically, I'm preparing to have to dig deeper into my pockets in the near future," says Sherwin Eisman, the Republican mayor of middle-class Huber Heights (pop. 40,000), near Dayton. He fears that additional federal taxes will inspire local voters to reject any attempts to raise local levies, including a May ballot proposal to raise the city income tax from 1% to 1.25% for additional fire and police...