# Boomerang

- Author: [Michael Lewis](https://www.leafyquotes.com/michael-lewis.md)
- Quotes: 2
- Book page: https://www.leafyquotes.com/michael-lewis/boomerang

## Quotes

> Yet another hedge fund manager explained Icelandic banking to me this way: you have a dog, and I have a cat. We agree that each is worth a billion dollars. You sell me the dog for a billion, and I sell you the cat for a billion. Now we are no longer pet owners but Icelandic banks, with a billion dollars in new assets.

p. 17

> Spain and France had accumulated debts of more than ten times their annual revenues. Historically, such levels of government indebtedness had led to government default. “Here’s the only way I think things can work out for these countries,” Bass said. “If they start running real budget surpluses. Yeah, and that will happen right after monkeys fly out of your ass.”