Michael Lewis: No Problem With Wall Street People

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April 2 (Bloomberg) -- Author Michael Lewis explains the process behind his best-selling books and the common thread that runs through all of his projects on Bloomberg Television’s “Market Makers.”

How you come up with the ideas for your books.

If you go back to "liar's poker" to today, is there a single line that you could draw in your books?

There is an element of accident in all of them.

This one came up because i wrote a magazine piece about the goldman sachs, the computer programmer, who was put in jail.

I started asking people what is hft, and they led me to the subject.

I got curious.

It always starts with some innocent curiosity that is usually small.

The oakland -- the oakland a's, the way that started, in the mid-1990's, i started to pay attention to the salary differences between the right fielder and a left fielder and wondered how ticked off the left fielder was when the right fielder, who was making $10 million more, dropped a fly ball.

I wondered about class distinction in baseball, which ended up leading to "moneyball." it usually starts with some question.

Then it becomes a book when the idea is big enough and the characters are good enough, and it does not fit into a magazine.

You always seem drawn to improbable hero's, people, by virtue of circumstance as much as anything else, are thrust into the position of trying to destabilize and in some cases destroy the status quo.

The experience is totally disruptive.

I think that is because the people who are disrupting their environments tend to be the best at describing the environment they are distracting dust disrupting.

They have and analyze the anatomy of the environment.

They are vehicles for describing the world around them.

Those kinds of people end up being good vehicles for describing the world around them.

Now that the world hates banks, bankers, finance, are you just waking up and doing and i told you so dance?

It is funny you say that.

I do not regard high-frequency traders as villains.

It is like blaming the line for unity and antelope.

They are wired that way.

The system is screwed up.

Wired to do what?

Exploit opportunities, glitches in the system.

They are not wired to say that this is moral or immoral, that this is good for the world.

They do not think that way.

To answer your question, if you look at "liar's poker" i guess it is more hostile on wall street, but it is more of a funny book about life on wall street.

I have a lot of great friends on wall street.

I do not have a problem with the type of person on wall street.

Broken systems bother me.

Why does it have to be so inefficient?

Isn't that part of the natural order?

You talk about perverse incentives.

Wall street is full of that.

At is how we ended up with a problem in "the big short." every effort to create that makes more bad incentives.

What i like about this story, it is not a story about demanding regulatory involvement or throwing people in jail.

It is an entrepreneurial story in the middle of all street, really a silicon valley story.

Disruptive entrepreneurship in the financial sector is possibly a path to perform.

Regular readers will always have circles run around them.

Even if the ftc were really trying to do their job and make the stock market a level playing field, almost certainly they would introduce some regulation that somebody would figure out how to game.

Somebody always finds an

This text has been automatically generated. It may not be 100% accurate.


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